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Bank Of America Business Savings Account Interest Rate
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Bank Of America Savings Interest Rates In March 2024
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Bank of America Advantage Savings Account interest rates are lower than the average savings account, but similar to what other national banks pay. If you are looking for a high interest savings account, you will get more benefits by opening one of the best interest savings accounts.
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Bank of America (Member FDIC) is one of the best banks in the Southwest, but its financial reporting is not its strength. Like other national brick-and-mortar financial institutions, Bank of America pays generally low savings rates.
A High Interest Savings Account Is Not Out Of Reach: What To Know
Bank of America has a primary savings account. The Bank of America Advantage Savings Account interest rate depends on your eligibility for Preferred Rewards, a rewards program that offers higher interest rates on savings accounts and discounts on bank accounts, car loans and home loans.
Bank of America savings rates are lower than the average savings account. The Bank of America Advantage Savings Account pays between 0.01% and 0.04% APY.
The savings account typically pays 0.01% APY, but you can earn between 0.02% and 0.04% APY if you join the Preferred Rewards program. To participate, you must also have a Bank of America personal checking account and maintain a specified three-month average total balance in all of your Bank of America bank accounts or Merrill Lynch investments.
The three-month total balance requirement is $20,000 for Gold level, $50,000 for Platinum level, and $100,000 for Platinum level.
Bank Of America Savings Account Interest Rates
What is the Bank of America Savings rate? Chevron Symbol Indicates an expandable section or menu, or sometimes previous/next navigation options.
The Bank of America Advantage Savings Account pays between 0.01% and 0.04% APY. The price depends on whether you qualify for a Preferred Rewards program category.
Is Bank of America a good bank for savings accounts? Chevron Symbol Indicates an expandable section or menu, or sometimes previous/next navigation options.
Bank of America Advantage Savings may be a good option if you qualify for a monthly service fee waiver and are interested in the bank’s other services. However, Bank of America is not a good choice for a competitive savings rate.
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What are the disadvantages of a Bank of America savings account? Chevron Symbol Indicates an expandable section or menu, or sometimes previous/next navigation options.
The biggest disadvantage of the Bank of America Advantage Savings Account is that it pays low interest. The average savings account pays 0.47% APY, and online banks have high interest savings accounts that pay up to 6.17% APY.
How can I avoid the monthly service fee on the Bank of America Advantages Savings Account? Chevron Symbol Indicates an expandable section or menu, or sometimes previous/next navigation options.
The Savings Advantage account fee is automatically waived for new customers for the first six months. Next, you’ll need to have at least $500 in your account each day, enroll in the bank’s Preferred Rewards program, or connect to an Advantage Relationship checking account. If you are under 18 or a student under 25, there is no monthly service fee.
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Your Wells Fargo Savings rate will be 0.01% APY if you have the Wells Fargo Way2Save® Savings Account. If you get the Wells Fargo Platinum Savings Account, you can get the most competitive interest rates based on your account balance. This account pays between 0.25% and 2.51% APY.
Wells Fargo’s primary advantage over Bank of America is that it accrues interest daily instead of monthly. But because both banks charge low fees compared to the best online banks, you are likely to find other financial institutions that are ultimately better for competitive savings rates.
When it comes down to it, you can only choose the bank closest to your home.
Overall, Chase’s savings rate is significantly lower than the national average. Chase Savings℠’s regular rate is 0.01% APY. But if you have the Chase Premier Savings℠ account, you have a chance to earn between 0.01% and 0.02% APY, depending on whether you qualify for the affiliate fee. To earn 0.02% APY, you must have a Chase Premier Plus℠ or Chase Sapphire℠ checking account and make at least five monthly transactions in your checking account.
What Is A Savings Account? All You Need To Know
If you’re at a brick-and-mortar bank, your choice between Bank of America and Chase may depend on which bank has a location near your home.
Bottom Line: The interest rate on the Advantage Bank of America Savings Account is lower than the average savings account, but similar to what other national banks pay. If you are looking for a high interest savings account, you will get more benefits by opening one of the best interest savings accounts.
At Business Insider, we rate bank accounts on a scale of zero to five stars. For our Bank of America savings rate review, we used our savings account methodology that looks at interest rates, minimum deposits, monthly service fees, customer service availability, mobile app ratings and company ethics.
Laura Grace Tarpley (read) is a senior editor at Personal Finance Insider. He oversees coverage of mortgage rates, refinance rates, lenders, bank accounts, and lending and saving tips for the Finance Insider staff. He was a writer and editor for Business Insider’s “The Road to Home” series, which received a silver award from the National Associate of Real Estate Editors. He is also a Certified Personal Finance Educator (CEPF). He has been writing about personal finance for over seven years. Before joining the Business Insider team, he was a freelance financial writer for companies such as SoFi and The Penny Hoarder, as well as an editor at FluentU. You can contact Laura Grace at ltarpley@. Learn more about how Personal Finance Insider selects, rates and covers financial products and services »
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Sophia Acevedo is Business Insider’s banking editor. Edit and write banking reviews, banking guides and articles on banking and savings for the Finance Insider staff team. He is also a Certified Personal Finance Educator (CEPF). Sophia joined Business Insider in July 2021. Sophia graduated from California State University Fullerton, where she studied journalism and minored in political science. It is based in Southern California. You can find her on Twitter at @sophieacvdo or email sapevedo@. Read more about how the Finance Insider staff selects, evaluates and covers financial products and services >> Below are links to some of the most popular stories:
Evelyn Hann is Business Insider’s Compliance and Operations partner, supporting Insider’s Personal Finance team. Personal Finance Insider is the personal finance section of Business Insider that incorporates business partnerships and affiliates into the money news, information and advice that Business Insider readers already know and love. The compliance team’s mission is to provide readers with verified and current stories so they can make informed financial decisions. The team also works to minimize risk to affiliates by ensuring the language is clear, accurate and fully compliant with affiliate marketing rules and regulations aligned with the publisher. Prior to joining Business Insider, he held various legal and compliance roles in various industries. , including the legal and pharmaceutical industries. Evelyn received her M.S. BA in Marketing from Boston University in 2022. Before combining and consolidating his knowledge of law and business, he spent a year taking a 1L course at Suffolk University School of Law to expand his legal knowledge. He also completed MBA courses in business law while working toward a Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money and her 5-year-old Bichon named Tibber.
Editorial note: The opinions, analyses, reviews, or recommendations expressed in this article are solely those of the authors and have not been reviewed, approved, or endorsed by any map publisher. Read our editorial standards.
Please note: Although the above offers are correct at the time of publication, they are subject to change at any time and may change or become unavailable.
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