Last Updated: 04/18/2025
SuperMoney User Recommendation Score +29
Mostly recommended7 total votes
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Highlights
Community Rating
Mostly recommended
APY (Annual Percentage Yield)
0.01% - 0.04%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $100
Minimum Balance to Earn APY
N/A
Number of Reviews
Bank of America Advantage Savings Review
Bank of America Advantage Savings 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 0.04%.
- Monthly maintenance fee waived. Maintain a minimum daily balance of at least $500, link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account, when you are a Bank of America Preferred Rewards client, an account owner is under age 18, or an account owner is under age 25 and qualifies as a Student.
- $100 minimum opening deposit. This is a typical minimum initial deposit.
Bank of America savings account Pros & Cons
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Bank of America savings account FAQ
Are savings accounts from Bank of America federally insured?
Yes, your deposits are insured 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.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Bank of America Advantage Savings offer?
Bank of America savings account offers a variable APY starting at 0.01% and ranging up to 0.04% (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?
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.
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.
Other Services by Bank of America
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Other Savings Accounts from Bank of America
Rating not yet determined
APY (Annual Percentage Yield)
0.01% - 0.02%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25
Minimum Balance to Earn APY
$0.01
SuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +29, or 3.6 on a 5-point rating scale.
+29
-1000+100
No one recommends
Everyone recommends
Bank of America Advantage Savings Community Reviews
Would you recommend Bank of America Advantage Savings to your friends?
Tarah D.
Jul 2, 2022
May or may not recommend
I would not recommend Bank of America for ANY financial needs. Bank of America charges hidden fees, and when you try to call to get an explanation of charges you get the run around. In my opinion Bank of America is very dishonest in their lending practices. I had checking and savings account with Bank of America for years until I realized the customer was not their priority. ...Show More
Renee D.
Jan 5, 2022
May or may not recommend
As I would recommend the checking accounts and credit cards, Bank of America makes saving easy through this account. Able to connect with your other BofA accounts it enables your to transfer money in easily through the website or app. The interest rate is surprisingly helpful once you are able to save over the minimum balance. Along with enrolling in the account Bank of America offers lots of support services ...Show More
LD
Layla D.
Jan 18, 2021
May or may not recommend
I opened a savings account with Bank of America five years ago. I registered my little daughter with me in the account, she was under eighteen so I was no longer required to pay any account fees. Once I opened my account, I started to use mobile banking, it was very simple. Any issues I faced were resolved quickly. I was very satisfied with their services.
OD
Olivia D.
Oct 28, 2020
May or may not recommend
I would recommend Bank of America Rewards Savings Account in a heartbeat. This account is a low cost way to accrue interest on your savings at a reasonable cost. I have been banking with Bank of America for over ten years and this is one of the services that keeps me coming back.
SC
S C.
Oct 11, 2020
May or may not recommend
As far as banks/savings accounts go, there isn’t anything that stands out good or bad. They do offer many locations and atm machines but more often than not, wait times to see a teller are usually very long.
SS
Sharon S.
Oct 3, 2020
May or may not recommend
I honestly hate Bank of America, I’m so glad that I finally paid my credit cards off recently so I could close my account! I had them for 7 years and I was late on some payments twice and they dropped my credit limit from $2,500 to $500! And that was 5 years ago, and they never raised my credit limit again!
DG
David G.
Sep 23, 2020
May or may not recommend
I've had a Bank of America Savings Account for over 10 years. This company never fell short of exceeding my expectations. The interest rate is typical for savings accounts that other large banks offer. But its the customer service that stands out for BOA. Any time I have an ad hoc event (irregular withdrawal, irregular deposit, suspicious activity), BOA notifies me immediately via email. This helps me keep ...Show More
Showing 7 of 7 reviews
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