Bank of America Minor Savings Account

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 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

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?

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.