Bank of America Savings Account Review

The Bank of America savings account may be a good fit for customers looking to save with a trusted banking partner that has been around for over two and a half decades.

Savings APY
0.01%
Min. Deposit
N/A
J.D. Power Rating
804/1,000
SimpleScore
3 / 5.0
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SimpleScore Bank of America 3
Savings APY 2
1Y CD APY 2
Customer Satisfaction 2
Mobile App 4
Product Variety 5

The monthly maintenance fee is low and easily avoidable, the interest rate is comparable to other traditional banks, and there is a fee-free savings option available for minors. Bank of America was founded in 1998 and currently operates out of its headquarters in Charlotte, North Carolina. In the 25 years that the bank has been in service, the customer base has grown to over 66 million strong.

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In this article

    Bank of America at a glance

    BankMin. DepositAPYFeesKey Benefit
    Bank of America$1000.01% – 0.06%$8 monthly maintenance, but waivableFee-free account for minors

    What we like about it

    The Bank of America savings account has one of the lowest monthly fees at only $8. Additionally, the requirements to get that fee waived are easily attainable. Bank of America also offers fee-free savings accounts for minors under the age of 18, which may be great for parents looking to teach their children about money and savings. For parents looking to set their children up for success in life, the bank also offers custodial savings accounts for the same low, easily-avoidable monthly fee.

    On top of this, Bank of America has one of the highest-rated apps for iOS and Android that delivers easy account management tools and virtual assistance.

    Things to consider

    While the minimum deposit to open a Bank of America savings account is low at $100, there are comparable banks with savings account options that offer a $0 minimum. This won’t be a major deterrent for many, but it could be for some. Additionally, the APY rate is on par with other traditional brick-and-mortar banks, but it does fall short when compared to other high-yield savings accounts available at online banks.

    What you need to know

    The Bank of America interest rate on a savings account carries an APY from 0.01% to 0.06% based solely on your tier status with the bank. Gaining tier status requires an active checking account with Bank of America and certain minimum total asset levels for each tier. The standard savings account can be opened with a $100 minimum deposit. If you’re an existing Bank of America customer, you can easily link your rewards savings account to your other Bank of America accounts.

    If you’re looking to get started and open an account now, here are the steps.

    1. Decide if you want to apply online or at a branch location. Bank of America allows prospective customers to open a savings account online or at one of the many branch locations located throughout the country. If you need to fund your account in cash, have had issues with ID verification in the past, or are depositing over $100,000 you will need to apply at a branch location.
    2. Collect the necessary documents. You will need your Social Security number, date of birth, phone number, email address, physical U.S. address, and a debit card or other method to fund your account.
    3. Complete the application and fund your account. The last step is to complete your application and wait for approval. It may take a few days for your initial deposit to post into your savings account, but the account should be active the same day for most people.

    Fees and charges

    Bank of America has an $8 monthly maintenance fee on all checking accounts. The good news is that this fee is waivable if you maintain a minimum daily balance of $500, link your account to a Relationship Banking account or if you’re a preferred rewards client.

    The fee for any transaction over the federally mandated limit of six per month is $10, which is fairly standard among most banks. Bank of America’s overdraft fee is $35, but you can link another account to your Bank of America savings account to protect against overdraft. but this feature comes with a $12 fee for each time it’s used.

    Mobile app platform

    The Bank of America app scored a 4.8/5.0 in the App Store with over 2.1 million ratings and a 4.7/5.0 in the Google Play store with over 680,000+ ratings. Features of the app include the ability to review all accounts in real-time, make changes and transactions, and send or request money through Zelle. Additionally, the app has a virtual assistant named Erica that can help answer questions and find information.

    Other products and tools

    Bank of America offers a full array of banking products for individuals, small businesses and major corporations. These products include mortgages, investment assistance, checking accounts, credit cards, small business loans and auto loans. Bank of America does not offer any forms of credit monitoring but does offer credit counseling services.

    For additional savings options, the bank also offers minor savings accounts for kids under the age of 18 and custodial savings accounts (UTMAs). The custodial savings accounts carry the same monthly fee structure as the traditional savings account, but the minor savings account is available fee-free.

    How do I pick the best savings account?

    Finding the right savings account is an essential step in your financial journey, as you will most likely keep the account for years. When selecting a checking account, you’ll want to consider more than just the interest rate return.

    Some of these other factors to look at include associated fees, how fees are avoided, available overdraft protections, customer service options and the account minimums needed to open an account. While you might not be able to find an account that checks all of the boxes, determine which factors are the most important and which are deal-breakers, then prioritize them.

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    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best savings accounts of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    APY

    Savings accounts are meant to earn at least a little interest, which is why we reward brands with higher APYs on savings accounts.

    Savings Tools

    Brands that make it easier to save score higher SimpleScores. We considered tools such as savings buckets, automatic transfers and goal-tracking when comparing this metric.

    Customer satisfaction

    We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

    Customer support

    The savings account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

    Additional products

    When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs and more. Providers that have more additional products score higher.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.