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  Bank of America Minor Savings Account
Bank of America Minor Savings Account
in Savings Accounts from Bank of America · Member FDIC
Unaffiliated

Bank of America Minor Savings Account

Unaffiliated
in Savings Accounts from Bank of America · Member FDIC
Net Recommendation Score 0  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

0

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

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Highlights
Community Rating

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Monthly Fee $0
APY (Annual Percentage Yield) 0.01% - 0.02%
Minimum Balance to Earn APY $0.01

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 are available in 50 states (and Washington, DC).

Key Takeaways

  • Low interest rate. The maximum annual percentage yield for this account is only 0.02%.
  • $0 monthly fee. This account does not charge any monthly account fees.

Bank of America savings account Pros & Cons

Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Access to a nationwide network of ATMs.
  • No signup bonus.
  • Does not come with a debit card
  • Higher than average wire transfer fees.

Bank of America savings account FAQ

Are savings accounts from Bank of America federally insured?

Yes, your deposits 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?

The minimum deposit to open a Bank of America savings account is $25.
Bank of America Minor Savings Account Minimums
Description
Minimum Balance to Earn APY $0.01
Minimum Opening Deposit Starting at $25
Minimum Required Balance $0

What APY does Bank of America Minor Savings Account offer?

Bank of America savings account offers a variable 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?

Yes, you can typically set up a direct deposit to this account. 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.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Other Services by Bank of America

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View all savings accounts offered by Bank of America

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Earn APY $0.01
Minimum Opening Deposit Starting at $25
Minimum Required Balance $0
Monthly Fee $0
International ATM Surcharge $5
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $16
Wire Transfer Fee - International (Outgoing) $45
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $35
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
Account Features
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Automatic Transfers
  • Branch Access
  • Member FDIC
  • Teen Checking Account
APY (Annual Percentage Yield) 0.01% - 0.02%

Bank of America Minor Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

0

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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