Savings with Bank of America’s Advantage: If you’re looking for a better option and location to store your money and valuables, we advise that you give one of the most well-known institutions in the United States, The Bank of America, some thought.
Savings with Bank of Americas Advantage
The Bank of America Advantage Savings account gives you the safety and security of one of the largest US banks, along with the convenience of its comprehensive branch and ATM networks.
You also get rewarded with a higher APY, extra cashback perks, and discounts on BOA products if you keep a high account balance.
But it has an $8 monthly fee that you’ll need to avoid and an initial 0.01% APY, which means you’ll only earn $0.10 for every $1,000 you keep in the account — and that’s before fees.
Unless you’re set on opening a BOA account, your money will grow faster with a high-yield savings account from another bank.
Advantage Savings Bank of America Interest Rate
The Bank of America Advantage Savings account offers multiple ways to earn rewards.
Although it has tiered interest rates, you’ll only earn 0.01% to 0.04% depending on your balance, which is lower than the competition.
Bank Of America Advantage Savings APY
You can open a Bank of America Advantage Savings account online, by phone, or at a branch in about ten minutes, either solo or as a joint account.
1. Online
1. Go to the provider’s site and follow the steps to apply.
From Bank of America’s website, click Savings, then Bank of America Advantage Savings.
2. Click Open now.
3. Check any relevant boxes, then click Go to Application.
4. Enter your personal information, then click Continue.
5. Fund your account and adjust any account options, then click Continue.
6. Read and agree to the terms and conditions, then click Continue.
7. Review and submit your application.
2. By Phone
If you’d prefer to speak with a representative to open this account, you can call 844-375-7031 at any time.
3. At a Branch
Visit a customer service agent or make an appointment at your local Bank of America branch.
Eligibility
To open this account, you’ll need to meet a few eligibility requirements. Non-US citizens can also open an account as long as they have a permanent US address and valid passport.
1. At least 18 years old
2. Permanent US address
3. Social Security number for all account holders
4. Deposit at least $100
5. Valid passport for non-US citizens
For Preferred Rewards
Earn a higher APY if you qualify as a Preferred Rewards member.
Keep the average amount in all your BOA deposit or Merrill Edge investment accounts at these qualifying levels.
1. Gold members: $20,000
2. Platinum members: $50,000
3. Platinum Honors members: $100,000
4. Required information
Whether you apply online or at a branch, you’ll need to provide the following information to open an account:
1. Name
2. Date of birth
3. Address
4. Employment information
5. Contact information
6. Social Security number — or passport for foreign applicants
Benefits Of This Bank of America Savings Account
The main benefits of Bank of America’s savings account are that you get higher rewards the more money you save and you get access to one of the largest US bank networks.
You can also take advantage of programs available to many BOA customers, like automated savings or its savings account for kids.
1. APY Grows With your Account Balance
Qualify for an APY up to 0.04% if you’re a Preferred Rewards member.
Members also get discounts on other BOA products, earn more cashback on credit card purchases than non-rewards members, and more.
2. Wide Network of Branches And Items
BOA offers over 4,000 branches for in-person banking and over 16,000 ATMs, offering convenience and accessibility that competitors don’t.
3. Automatic Savings
BOA’s Keep the Change program lets you round up debit card purchases and deposit the difference in your savings account.
Otherwise, you can set up automatic transfers to grow your savings quickly.
4. Earn Rewards
Get up to 10% cash back at participating retailers through BOA’s Bank Amerideals.
Sign in to your account to choose which deals you want to redeem, and then use your qualifying debit or credit card.
5. Overdraft Protection
Overdraft protection keeps your transactions from getting declined so that you can keep up with your financial needs.
Advantage Savings Account Bank of America Rules
This Bank of America savings account won’t grow your money as fast as accounts from other banks, and you have to keep a high balance to earn its best APY.
Consider all of the drawbacks to this account before making a final decision.
1. Low-Interest Rate
You start with a 0.01% APY, which is low but common for brick-and-mortar banks.
2. Monthly Service Fee
This account has an $8 monthly service fee.
But BOA offers several ways to avoid it, such as maintaining a minimum balance of $500, linking qualifying accounts, or becoming a Preferred Rewards member.
3. Opening Deposit Requirement
You need at least a $100 minimum deposit to open.
This requirement is low compared to some savings accounts, but not commitment-free.
4. Withdrawal Limits
Every withdrawal past the six-monthly maximum is subject to a $10 fee. This is the usual policy, but this federal requirement is currently suspended.
Contact BOA to see if this fee is temporarily waived.
5. Overdraft Fee
You’ll be charged a $35 overdraft fee every time you use overdraft protection, up to four times daily.
6. Branches Not In Every State
Bank of America operates in all 50 states but has no retail branches in AK, AL, HI, LA, MS, MT, ND, NE, SD, VT, WI, WV, or WY.
7. Compare With Other Savings Accounts
Grow your money faster with the socially conscious Aspiration or fee-free Quontic Bank’s High Yield Savings.
If you prefer big brands, consider Discover’s Online Savings, which offers a recognizable brand and many financial products for your convenience.
How Do I Deposit Or Withdraw Money?
Bank of America makes it easy to deposit and withdraw money with this savings account.
Routing numbers vary depending on your state, so check the Bank of America website to find the one that applies to you.
1. Deposits
1. At a branch or ATM
2. Direct deposit
3. Online transfer and wire transfer
2. By Mail
1. With Bank of America mobile deposit
2. Keep the change rewards program
3. Withdrawals
1. At a branch or ATM
2. Online transfer and wire transfer
3. Bill pay
Bank of America Advantage Savings Minimum Balance
You can make more than six withdrawals at the ban on your account, but it’s not recommended.
BOA usually charges a $10 fee each time you make more than six outgoing transactions and you risk having your account closed.
But this policy may be temporarily suspended due to the coronavirus pandemic. Contact BOA for information regarding its current policy.
How Can I Get In Touch With Customer Service?
There are several ways you can get in touch with a Bank of America representative:
1. By phone: 315-724-4022
2. By email: Sign in to your online banking account, navigate to the Help & Support menu, and click Contact Us.
3. Live chat: Visit the BOA website and click the chat icon to start the live chat.
4. In-person: Visit a branch or set up an appointment
Social Media
1. Facebook: Bank of America
2. Instagram: @BankofAmerica
3. Twitter:@BankofAmerica
Bank of America Advantage Savings Offer Code
Bank of America’s savings product is called Bank of America Advantage Savings.
Here’s a quick look at all that you get with a Bank of America Advantage Savings account.
1. Low-Interest Rates
Bank of America savings isn’t going to earn you any money. It’s a very low-interest-rate product and is unable to compete with many of the other high-interest savings account services on the market.
If this product isn’t really for those looking to earn money off of their savings, who is it for?
The Bank of America savings account requires a $100 deposit to open. It has a tiered interest rate structure, but currently, all tiers earn 0.01% APY.
Rates do change for Preferred Rewards clients, but only slightly. Here’s a summary of the tiers:
1. Gold: 0.02%
2. Platinum: 0.03%
3. Platinum Honors: 0.04%
As you can see, it doesn’t matter which tier you are in as your money isn’t going to notice the difference.
Bank of America does offer several other savings products, including CDs, IRAs, and savings accounts for kids.
If you’re thinking perhaps that Bank of America CDs offer the best interest rates, you’d be right. But they are still far below what you can get on savings accounts at other banks.
2. All-In-One Banking Solution
To whom is this product for if it earns almost no interest on deposits?
If you already have accounts at Bank of America and want to maintain a savings account for whatever reason, you’re the ideal person to open a Bank of America Advantage Savings account.
There’s something to be said for ease of access and convenience when all of your accounts are connected and in one location. This goes double if you particularly like Bank of America.
3. Round-Up Savings
If you also have a Bank of America checking account, its Keep the Change product could help you save a little money every time you make a purchase.
Each time you swipe your debit card, BoA can round your transaction up to the next dollar and move the change to your Advantage Savings account.
This can be a painless way to build up your emergency fund in small chunks each day.
But if you’d like to invest your round-up savings in the stock market, you may want to consider using an all-in-one finance app like Acorns or Stash instead.
4. Relationship Rewards
One of the best reasons to stash your savings in a BoA Advantage Savings account would be to qualify for a Preferred Rewards tier.
In addition to needing a BoA checking account, here are the combined balances that you’ll need to qualify for each tier:
1. Gold: $20,000
2. Platinum: $50,000
3. Platinum Honors: $100,000
Note that if you’re a Merrill Edge customer, your investment account balances also count towards the combined balances that you need to reach a Preferred Rewards tier.
Preferred Rewards members get access to a variety of benefits including discounts on Merrill Edge Guided Investing fees, savings and rewards bonuses, loan discounts, and waivers on ATM out-of-network fees.
Advantage Savings Bank of America Transfer Fee
A $500 daily balance must be maintained to avoid the $8 monthly fees.
If the balance drops below $500 during the day but goes back to $500 by the end of the day, the account will not be charged a fee.
The fee is also waived for children under the age of 18 and students under 25.
Bank of America Advantage Savings Avoid Fee
Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account.
Become a Bank of America Preferred Rewards Client
There are also a few transaction fees that you’ll want to do your best to steer clear of. Some examples include:
1. Card replacements: $5.00 per card.
2. Statement copies: $5.00 each.
3. Excessive transfers: You are allowed six transfers and withdrawals per statement. Going past this amount will result in a $10 fee for each additional transfer and withdrawal.
4. Non-Bank of America ATM usage: $2.50 within the U.S. plus any fees charged by the ATM operator. The fee is $5 outside of the U.S. plus ATM operator fees.
Note you can reduce or eliminate the last two fees on this list by becoming a Preferred Rewards member. You can see the full fee schedule for the Bank of America Advantage Savings account here.
Bank of America Advantage Savings Interest Rate
Here’s a closer look at the rates offered by B of A’s savings accounts. The rates are for those living in the New York tri-state area and could vary by state.
| Account name | Interest rate | APY | Minimum deposit |
| Minor Savings Account | 0.01% | 0.01% | $25 |
| Custodial (UTMA) Savings Account | 0.01% | 0.01% | $100 |
| Advantage Savings | 0.01% | 0.01% | $100 |
| Advantage Savings, Gold | 0.02% | 0.02% | $100 |
| Advantage Savings, Platinum | 0.03% | 0.03% | $100 |
| Advantage Savings, Platinum Honors | 0.04% | 0.04% | $100 |
Note: Annual percentage yields (APYs) shown are as of Jan. 24, 2023, for the New York City area and may vary by region for some products.
Kid’s Bank Account
One of the perks of banking with BofA is that offers great services to help you plan for your child’s future.
1. Put Another Way
If you’re a parent who wants to start saving for your child as early as possible, then Bank of America offers two savings accounts to help you get your child’s financial future started.
2. Minor Savings Account
BofA’s Minor Savings Account allows you as the parent/guardian to open a savings account for your child, given they are under 18 years old.
The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child’s name.
Here Are Some of The Perks Of the Minor Savings Account
1. No monthly maintenance fee if the account owner is 18 years old or under.
2. If you maintain a $300 account balance, the Withdrawal Limit Fee will be waived.
3. The minor has access to the funds before they turn 18.
4. You can make automatic transfers to your child’s saving account from your own BofA checking account to help build their finances.
5. The account earns interest so you can reap maximum rewards.
Bank of America Advantage Savings Fees
Take a look at BOA savings fees.
| Type | Fee |
| Monthly Maintenance Fee | $0 |
| Withdrawal Limit Fee | $1 |
| Minimum Opening Deposit | $25 |
| Overdraft Item Fee | $35 |
| NSF: Returned Item Fee | $35 |
| Overdraft Protection Transfer Fee | $12 |
| Non-Bank of America ATMs | $2.50 |
| Statement Copies | $5 |
| Deposited Item Returned | $12 |
| Check-Cashing Fee | $8 per check for amounts greater than $50 |
Discover Savings Account
Some other savings accounts offered by Bank of America
Custodial (UTMA) Savings Account
The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America;
Is a savings account designed to act like a stash-away account to save the most money for your child?
Note:
1. As the parent/guardian, you are the “custodian” of the account and you are responsible for managing and distributing funds on behalf of your child.
2. It’s important to note that this kind of savings account is governed by the state where the account is opened;
And once you deposit your funds into your child’s account, those funds irrevocably become the property of your child.
This means that even though you as the parent/guardian are allowed to control the account, the actual funds must legally only be used for expenses that pertain to your child (and those expenses must benefit your child).
3. Most commonly, this type of account is used for paying for college or some kind of schooling.
4. The funds that are deposited into this account will be accessible to your child once it reaches maturity — when your child reaches the age of 18 or 21 — depending on state law.
Note: Funds may be withdrawn before it reaches maturity, but only for legitimate expenses. Although these expenses can be for educational purposes, they are not limited to just that;
The only rule is that the expenses must be used for the good of your child.
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Things to Highlight From Bofa’s Custodial Savings Account
1. There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500.
2. You are allowed 6 transfers/withdrawals per month; if you go over 6, you will be charged $10/withdrawal (up to a maximum of 6 charges per cycle).
3. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account.
4. This account is eligible to be a part of the Keep the Change Savings program, to reap maximum savings.
5. This account is eligible to earn interest, based on the same tier-interest model as the Rewards Saving account.
Bank of America Minor Custodial (UTMA) Savings Account Fees
BOA minor savings account fees
| Type | Fee |
| Monthly Maintenance Fee | $8 |
| Withdrawal Limit Fee | $10 |
| Minimum Opening Deposit | $100 |
| Overdraft Item Fee | $35 |
| NSF: Returned Item Fee | $35 |
| Overdraft Protection Transfer Fee | $12 |
| Non-Bank of America ATMs | $2.50 |
| Statement Copies | $5 |
| Deposited Item Returned | $12 |
| Check-Cashing Fee | $8 per check for amounts greater than $50 |
Bank of America Online Banking
You can manage your savings account on Bank of America’s desktop site and through its mobile app.
Both platforms allow you to transfer money between Bank of America accounts and external accounts.
You can also see your recent transaction list, set customized alerts, and deposit checks through the app.
If you have any questions concerning Savings with Bank of America’s Advantage, please feel free to use the comment box below and ask us your question. We will be very pleased to answer you.
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