Bank of America Minor Savings Account Review

Bank of America Minor Savings Account is offered by Bank of America, a bank founded in 1784 and based in Charlotte, NC. Bank of America Minor Savings Account is available in 50 states (and Washington, DC).

• Low APY. The maximum annual percentage yield for this account is only 0.02%. See www.bankofamerica.com/depositsrates for today's rates.
• $0 monthly fee. This account does not charge a monthly Service Charge.
• Bill pay. Pay your bills to practically anyone in the United States through Bank of America.
• Hard credit pull. Bank of America may require a hard pull on your credit report to open a checking account.

Are savings accounts from Bank of America federally insured?

Yes, your Bank of America savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Bank of America offer a signup bonus?

Bank of America savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Bank of America savings account?

What APY does Bank of America offer?

Bank of America savings account offers an APY starting at 0.01% and ranging up to 0.02% (APY stands for annual percentage yield, rates may change).

What fees does Bank of America savings account charge?

Bank of America savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $30 fee.
• Incoming domestic bank transfers come with a $15 fee.
• Outgoing international bank transfers come with a $45 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $16 fee.
• Bank of America savings account charges $5 every time you request a paper statement.

What features and perks does Bank of America savings account offer?

This savings account includes the following features:

• Fraud monitoring - Bank of America savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Bank of America savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Bank of America savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Bank of America savings account?

The customer support email for Bank of America savings account is customerservicealert@bankofamerica.com.