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  Bank of America Rewards Savings Account

Bank of America Rewards Savings Account

in Savings Accounts from Bank of America · fdic

Unaffiliated

Bank of America Rewards Savings Account

Unaffiliated

in Savings Accounts from Bank of America · Member FDIC

SuperMoney Net Recommendation Score +40

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +40, equating to 3.8 on a 5 point rating scale.

+40

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.

Mostly recommended

3 users recommend
1 user is unsure
1 user doesn't recommend
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Highlights
Community Rating Mostly recommended
Monthly Fee $0 - $8
APY (Annual Percentage Yield) 0.01% - 0.05%
APY Minimum Balance N/A
Number of Reviews 5

Bank of America Rewards Savings Account Review

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

Key Takeaways
  • Higher than average APY. Bank of America Rewards Savings Account has an annual percentage yield of up to 0.05%, which is higher than the national average interest rate on savings accounts.
  • $0 monthly Service Charge available. This account charges a monthly service fee of up to $8, but the fee is waived if you keep a minimum balance of $500.
  • $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
  • No ATM fees. Bank of America Rewards Savings Account does not charge fees on ATM transactions.
  • Bill pay. Pay your bills to practically anyone in the United States through Bank of America.
Bank of America savings account Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No signup bonus.
  • No ATM access to Bank of America Rewards Savings Account.
  • Higher than average wire transfer fees.
  • Monthly service charge.
Bank of America savings account FAQ

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?

The minimum deposit to open a Bank of America savings account is $100.
Bank of America Rewards Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee $500
Minimum Opening Deposit Starting at $100

What APY does Bank of America offer?

Bank of America savings account offers an APY starting at 0.01% and ranging up to 0.05% (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.

However, you can waive the monthly fees if you have a minimum daily balance of $500.

  • 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:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • 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.

How do people rate the customer service and user experience of Bank of America savings account?

Overall, Bank of America savings account is mostly recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

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 Avoid Monthly Fee $500
Minimum Opening Deposit Starting at $100
International ATM Surcharge $5
Monthly Fee $0 - $8
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $15
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $16
Wire Transfer Fee - International (Outgoing) $45
Bauer Financial A+/A Rating
Account Features
  • No ATM Fees
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Debit Card Lock/Unlock
  • Debit Card
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.01% - 0.05%

Bank of America Rewards Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +40, equating to 3.8 on a 5 point rating scale.

+40

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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