Bank of America Savings Account Fees & Rates 2021

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 Savings Account Fees & Rates 2020

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
The 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 is 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 an $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% cashback 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.

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

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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Bank of America Savings Account Fees & Rates 2021