Bank of America Savings Account Interest Rates: November 2023

Bank of America Savings Account Rates

Bank of America savings account interest rates are an all-around big disappointment. In today’s rising interest rate environment, where many banks offer interest rate increases just about every other week, Bank of America is remaining stubbornly stingy with the absolute bare minimum rate possible for the average customer. To add insult to injury, BofA also charges a monthly fee unless you’re diligent about qualifying for a waiver each month.

Bank of America doesn’t treat all customers so unfavorably—some it treats marginally better, but again, only enough to make a superficial claim at adding more benefits. If you’re able to maintain many thousands of dollars on deposit with the bank you can boost your rate, but you’ll still be left far behind in the dust by virtually any other option. 

Bank of America Savings Accounts: Key Features

Some banks offer several types of savings accounts for people in different situations, but not Bank of America: It only offers one option, the Bank of America Advantage Savings account. Instead, it modifies this single bank account to waive fees or offer higher rates depending on your circumstances. 

The different savings account tiers (Gold, Platinum, Platinum Honors) refer to the levels of Bank of America’s Preferred Rewards program; the more money you hold in eligible Bank of America and Merrill Lynch accounts, the higher your tier. Gold requires at least $20,000; Platinum requires $50,000; and Platinum Honors requires $100,000.

The base savings account charges an $8 monthly fee, although it’s waived for the first six months after you open the account. After that, you can qualify for a monthly fee waiver in a few different ways:

• If you’re a minor or a student under the age of 25
• If you keep at least $500 in your savings account
• If you’re a member of the Bank of America Preferred Rewards program
• If you link certain Bank of America checking accounts to this savings account (each of which carries its own set of fees and waivers)

Keep in mind that each of these options is either a limited-duration event, or will require active monitoring on your part each month to ensure you’re not charged a fee. You’ll also be charged a $10 fee if you make more than six withdrawals each month, regardless of the method, and a $2.50 ATM fee for using non-Bank of America ATMs (plus any third-party ATM fees charged by the machine’s operator). 

In return for all of these fees, you’ll earn just about the lowest rate that any bank in the country is offering right now. Any interest you are able to earn will be compounded monthly and credited to your account with each statement cycle.

About Bank of America: Other Savings Options

Bank of America is the second-largest bank in the country, featuring almost 3,900 branches across 38 states. All of those in-person branch locations are expensive to operate, which is probably one of the factors keeping the rates low and the fees high on Bank of America accounts. 

That said, if you prefer to do your banking in person, even if it means earning a nearly-nonexistent interest rate and paying high fees, then it’s hard to beat BofA’s footprint. Only two other banks—Chase and Wells Fargo—offer more locations. Among retail banks, Bank of America received middling reviews in J.D. Power’s annual survey of customer satisfaction in 2023. 

In addition to savings accounts and certificates of deposit, Bank of America offers a full suite of other financial products as well, making it a one-stop shop. The general pattern among all of these accounts is that unless you qualify for a Preferred Rewards tier, you’ll earn interest rates so low you’ll hardly see anything accrue and you’ll be constantly working to avoid fees as well. 

If you’re able to keep at least $20,000 deposited with Bank of America, you’ll be able to qualify for the lowest-level Gold Tier in its Preferred Rewards program. If you really want to bank with Bank of America, we recommend aiming for this level at a minimum since this will, at least, waive your monthly fees. 

Compare Savings Account Rates

Unless you have a compelling reason to stick with Bank of America for your savings journey, we recommend choosing another bank. You could potentially earn far more in interest with just about any other bank, especially if you’re comfortable choosing an online-only option.