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- Bank of America (Member FDIC) has a regular savings account, minor savings account, and custodial savings account.
- The bank pays 0.01% APY on all its savings accounts, but you may qualify to earn up to 0.05% APY on a Bank of America Advantage Savings Account if you're a Preferred Rewards member with a large account balance.
- Some banks compound interest daily, but Bank of America only compounds your interest monthly.
- Bank of America pays similar rates to other big-name banks, like Chase and Wells Fargo, but you can earn more by opening a high-yield savings account with another institution.
- See Business Insider's picks for the best high-yield savings accounts »
Bank of America pays a low rate of 0.01% APY on savings accounts. You may qualify for slightly higher rates on your Bank of America Advantage Savings Account as a Preferred Rewards member, but they're still relatively low.
Bank of America also only compounds interest monthly, whereas many banks compound interest daily, helping you earn more over time.
Bank of America savings rates are comparable to other brick-and-mortar banks, like Chase and Wells Fargo. So if you want to save with a big national bank, then Bank of America is still a worthwhile option.
Bank of America savings rates
|APY||Minimum opening deposit|
|Advantage Savings Gold||0.02%||$100|
|Advantage Savings Platinum||0.03%||$100|
|Advantage Savings Platinum Honors||0.05%||$100|
|Custodial (UTMA) Savings||0.01%||$100|
The Bank of America Advantage Savings Account rates are pretty low, especially considering how much you could earn by opening a high-yield savings account. Even its highest-tier rate falls below the average savings rate of 0.06%.
Bank of America Advantage Savings Account
Get the latest Bank of America stock price here.
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