Bank of America offers you a number of savings accounts to park your money. However, the yields offered by BofA will do very little to help you grow your savings: The yields are lower than the national average and you can find many other options from other banks that will get you a bigger payout.
Bank of America earned 2.4 out of 5 stars in Bankrate’s overall review of its deposit accounts. For its savings accounts, the bank scored slightly higher, earning 2.6 out of 5 stars.
Bank of America savings account rates
Let’s take 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, Gold||0.02%||0.02%||$100|
|Advantage Savings, Platinum||0.03%||0.03%||$100|
|Advantage Savings, Platinum Honors||0.05%||0.05%||$100|
Note: The APYs (Annual Percentage Yield) shown are as of August 17, 2020. The APYs for some products may vary by region.
How Bank of America savings accounts compare to top-yielding banks
The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: the bigger your balance, the more interest you can earn. But with 0.06 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. Some banks are currently paying around 1.05 percent APY for your savings.
A few savings accounts that will give you a much bigger payout include those offered by Vio Bank, BMO Harris Bank and Marcus by Goldman Sachs. Check out even more accounts that can help grow your savings with Bankrate’s list of institutions that offer high yields.
Other savings options at Bank of America
You have other savings options from B of A. The bank offers certificates of deposit with terms ranging from one month to ten years. However, the yields are low compared to other banks.