Bank of America Rewards Savings Account

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

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
• $0 monthly account fees 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.

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 Rewards Savings Account offer?

Bank of America savings account offers a variable 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?

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.