$100 Show Minimum deposit to open Details
Review by Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. The Bank of America Advantage
Savings account gives you the safety and security of one of the largest US banks, along with the convenience of its comprehensive branch and ATM networks. You also get rewarded with a higher APY, extra cashback perks and discounts on BOA products if you keep a high account balance. But it has an $8 monthly fee that you’ll need to avoid and an initial 0.01% APY, which means you’ll only earn $0.10 for every $1,000 you keep in the account — and that’s before fees. Unless you’re set on opening a BOA account, your money will grow faster with a high-yield savings account from another bank. Open a Bank of America Advantage Savings account online, by phone or at a branch in about ten minutes, either solo or as a joint account. Online
By phone At a branch EligibilityTo open this account, you’ll need to meet a few eligibility requirements. Non-US citizens can also open an account as long as you have a permanent US address and valid passport.
For Preferred Rewards:
Required informationWhether you apply online or at a branch, you’ll need to provide the following information to open an account:
The main benefits of Bank of America’s savings account is that you get higher rewards the more money you save and you get access to one of the largest US bank networks. You can also take advantage of programs available to many BOA customers, like automated savings or its savings account for kids.
This Bank of America savings account won’t grow your money as fast as accounts from other banks, and you have to keep a high balance to earn its best APY. Consider all of the drawbacks to this account before making a final decision.
Grow your money faster with the socially conscious Aspiration or fee-free Quontic Bank’s High Yield Savings. If you prefer big brands, consider Discover’s Online Savings, which offers a recognizable brand and many financial products for your convenience. Check the Compare box to see accounts that fit your savings style, and select Go to site to apply for your preferred choice. Bank of America makes it easy to deposit and withdraw money with this savings account. Routing numbers vary depending on your state, so check the Bank of America website to find the one that applies to you. Deposits
Withdrawals:
What if I make more than six withdrawals per month from my Bank of America savings account?BOA usually charges a $10 fee each time you make more than six outgoing transactions and you risk having your account closed. But this policy may be temporarily suspended due to the coronavirus pandemic. Contact BOA for information regarding its current policy. There are four ways you can get in touch with a Bank of America representative:
Social media
Savings account ratings★★★★★ — Excellent ★★★★★ — Good ★★★★★ — Average ★★★★★ — Subpar ★★★★★ — Poor We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features. Read the full methodology of how we rate savings accounts. What is the minimum balance in Bank of America savings account?You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more, OR • Link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking or Bank of ...
How do I avoid a Bank of America savings account fee?Monthly Fee. No monthly maintenance fee for each statement cycle that you:. Maintain a minimum daily balance of at least $500.. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts). What is the minimum balance to avoid fees for Bank of America?When you maintain a combined balance of at least $10,000 or more each statement cycle on your Bank of America Advantage Relationship Banking® account, the monthly maintenance fee is waived. Combined balances include: The average daily balance in eligible linked checking and savings accounts for the statement cycle.
Is Bank of America savings account free?Fees. The Bank of America Advantage Savings account requires a $100 opening deposit, which is on the higher end for brick-and-mortar savings accounts. There is an $8-per-month maintenance fee that is waived for the first six months for new account holders.
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Minimum balance for savings account bank of america
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