Bank of America Savings Account Fees & Rates 2020
Bank of America Savings Account Fees & Rates 2020.
Bank of America Savings Account: 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 offers one savings banking account option: the Rewards Savings account. But, it is one of a long list of options that may be available to you.
In this review, we’ll break down the fees, rates, and services of this account so that you’ll be able to determine whether it is the right savings account for you.
Bank of America Savings Account Pros & Cons
Pros
- Automatic savings program available
- Access to shopping deals program
- Access to physical branches
- Mobile apps available
Cons
- Monthly fee
- Interest rate is much lower compared to online savings accounts
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 California 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 | 0.04% | 0.04% | $100 |
| Advantage Savings, Platinum | 0.05% | 0.05% | $100 |
| Advantage Savings, Platinum Honors | 0.06% | 0.06% | $100 |
Note: The APYs (Annual Percentage Yield) shown are as of June 15, 2020. The APYs for some products may vary by region.
Bank of America Savings Account Maintenance Fee
This savings account does have a $8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee. This account bears a$35 overdraft fee and returned item fee, as well as a $12 deposited item returned fee.
Here’s a snippet of some of the other fees that come with this account:
Bank of America 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 |
What are the Benefits of the Bank of America Savings Account?
Beyond the easy access to one of the largest branch and ATM networks in the country, the Bank of America savings account has a variety of other perks:
- Tiered savings. Earn a higher interest rate as your balance increases.
- Earn rewards. Get up to 15% cash back at participating retailers, free ATM transactions and more depending on your balance across all BOA accounts.
- Automatic savings. BOA can round up your debit card purchases and deposit the difference into your savings account. Or, you can set up automatic transfers to or from this account to align with your financial needs.
- Resources. Bank of America offers a suite of tools and resources that can help you plan for goals, develop spending and budgeting habits and more.
- Overdraft protection. Overdraft protection covers transactions that would otherwise be declined.
How to Avoid Monthly Maintenance Fee
Although this account comes with an $8 monthly maintenance fee, you can waive it by meeting one of the following requirements:
- Maintain a minimum daily account balance of at least $500,
- Link it to your Bank of America Interest Checking account, or
- Be a Bank of America Preferred Rewards client
This monthly maintenance fee is higher than what Wells Fargo and TD Bank charge on their comparable banking products.
Read Also: TD Bank 2020 Review: What Does TD Bank Offer?
How to Apply for the Bank of America Account?
You can open a Bank of America savings account online, by phone or at a branch, all in about ten minutes:
Online
- Visit the BOA website, click Savings, then Bank of America Advantage Savings.
- Click Open now.
- Check any relevant boxes, then click Go to Application.
- Enter your personal information, then click Continue.
- Fund your account and adjust any account options, then click Continue.
- Read and agree to the terms and conditions, then click Continue.
- Review and Submit your application.
By Phone
If you’d prefer to speak with a representative to open this account, you can call 844-375-7031 at any time.
At a Branch
Visit a customer service agent or make an appointment at your local Bank of America branch.
How do I Deposit or Withdraw Money?
Bank of America makes it easy to deposit and withdraw money with this savings account:
Deposits
- At a branch or ATM
- Direct deposit
- Online transfer and wire transfer
- By mail
- With Bank of America mobile deposit
- Keep the change rewards program
Withdrawals
- At a branch or ATM
- Online transfer and wire transfer
- Bill pay
Final Say
The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn’t really help you grow your savings.
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