Bank of America Savings Account Interest Rates for September 2024

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Bank of America, Member FDIC, offers a simple savings account and rewards program to store and grow your savings. If you have a Bank of America savings account or are considering opening one, you might be wondering: What are the Bank of America savings interest rates?

Like many major banks, Bank of America offers lower interest rates for most of its savings accounts. Keep reading to learn about Bank of America savings rates, including interest rates for each account type. 

Bank of America Savings Account Interest Rates

Bank of America’s savings account, Advantage Savings, has a standard interest rate of . This rate applies regardless of how much you have saved in the account.

One way to improve your savings account’s interest rate is to become a Preferred Rewards member with Bank of America. Here’s a look at the standard annual percentage yield for the Bank of America Advantage Savings account and the Preferred Rewards interest rates by membership tier.

A standard interest rate of is fairly low. To put that into perspective, the average interest rate for a savings account is 0.46%, according to the Federal Deposit Insurance Corp. The inflation rate as of July 2024 is 2.9%. So the savings interest rate Bank of America offers is not high enough for your savings to keep up with inflation — however, even a low rate is better than no interest at all. It’s still worthwhile to store your money in a savings account instead of a standard checking account. 

Bank of America Savings Account Interest Rates: How To Find Them

If you’ve been wondering about how to find current Bank of America savings rates, you can simply look them up on Bank of America’s rate sheet.

As the rates vary by location and region, you’ll need to enter your ZIP code and select “View PDF.” This sheet will contain all of the bank’s deposit interest rates and APYs for consumer accounts.

Becoming a Preferred Rewards Member

You can qualify for membership in the Preferred Rewards program if you have an eligible personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying accounts. Here are the average daily balances you’ll need to maintain for each tier of membership:

• Gold: $20,000 minimum; less than $50,000
• Platinum: $50,000 minimum; less than $100,000
• Platinum Honors: $100,000 minimum; less than $1 million
• Diamond: $1 million minimum; less than $10 million

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There are no monthly fees to maintain your membership in the Preferred Rewards program.

Are Bank of America’s Savings Account Interest Rates Competitive?

When it comes to interest rates on savings accounts, Bank of America falls a bit behind. Here’s a look at how Bank of America’s savings rates stack up against those offered by other major banks.

Bank of America vs. Wells Fargo

Wells Fargo’s interest rates for its Platinum Savings account range from to APY, which is higher than what Bank of America offers. Users can open an account with $25. You can avoid the $12 monthly fee by maintaining a minimum balance of $3,500.

Bank of America vs. Chase

Chase Premier Savings offers a relationship rate of APY, which is more than the standard APY that Bank of America offers for customers who are not Preferred Rewards members. The account has a waivable monthly fee of $25.

Bank of America vs. Discover® Bank

The Discover® Online Savings account has a significantly higher interest rate than Bank of America’s. It provides an APY of , and there is no stipulation for having a minimum balance.

Benefits of Bank of America Savings Accounts

Although there is no Bank of America high-yield savings account and the bank’s savings rates are on the lower side, the Advantage Savings account has many upsides. The account has added security and smart money management tools. 

Moreover, all Bank of America accounts have excellent fraud protection mechanisms, and its checking accounts offer debit card control mechanisms that help users with convenient banking. Bank of America has thousands of ATMs and financial centers across the country and offers a wide range of banking services that might fit your needs.

Opening a Bank of America Advantage Savings Account

To open an Advantage Savings account with Bank of America, you need a minimum deposit of $100.

This account has a monthly maintenance fee of $8, but no monthly maintenance fee applies if you meet any of the following:

• Maintain a minimum balance of at least $500
• Link your savings account to your Bank of America Advantage Relationship Banking® account
• Become a Preferred Rewards member

Other Types of Interest-Bearing Accounts at Bank of America

Whether or not you decide to open a savings account with Bank of America, it’s useful to explore the bank’s other savings options. Below is a look at the other types of interest-bearing accounts available through Bank of America:

• Certificates of deposit: Bank of America offers CDs with terms ranging from 28 days to 10 years and APYs ranging from to . You’ll need a $1,000 opening deposit to open any CDs available through Bank of America. But the APY you get will vary based on the term length you choose.
• Savings IRAs: You can open an individual retirement account through Bank of America to purchase CDs for your retirement plans. Terms range from six months to 10 years, and APYs range from to .

Notably, Bank of America currently doesn’t offer a money market account to new customers. With that, there is no Bank of America money market rate to consider. Additionally, there is no Bank of America high-yield savings account on the table. You’ll need to look elsewhere if you are seeking a high-yield savings account.

Is Bank of America’s Savings Account Right for You?

Though Bank of America savings interest rates are not competitive, this doesn’t mean it’s not the right savings account for you. Bank of America is a secure bank with a user-friendly app and a large ATM network. If earning interest on savings is your main priority, you might be more interested in an online bank account.  

Sarah Sharkey, Suchetana Bhattacharyea and Caitlyn Moorhead contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 6, 2024. 

The information related to Chase Premier Savings was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.

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