What is the current Bank of America savings interest rate?

The standard APY for the Advantage Savings account is 0.01%, with potential increases up to 0.04% for Preferred Rewards members.

Does Bank of America offer high-yield savings accounts?

No, Bank of America does not offer high-yield savings accounts.

How do I qualify for a higher interest rate with Bank of America?

By enrolling in the Preferred Rewards program, which requires maintaining combined balances of $20,000 or more across eligible accounts, you can receive a slightly higher APY.

Are Bank of America savings accounts FDIC-insured?

Yes, deposits in Bank of America savings accounts are insured by the FDIC up to the standard insurance amount of $250,000 per depositor, per ownership category.

What fees are associated with Bank of America savings accounts?

The Advantage Savings account has an $8 monthly maintenance fee, which can be waived by meeting certain requirements, such as maintaining a minimum daily balance of $500.

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Bank of America Savings Account Interest Rates for 2025

March 6, 2025

4 min Read

Written by Quinlan Grim

Edited by Nupur Gambhir

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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.

Account	Annual Percentage Yield (APY)
Advantage Savings
Advantage Savings, Gold tier
Advantage Savings, Platinum tier
Advantage Savings, Platinum Honors tier

A standard interest rate of is fairly low compared to the national average interest rate for a savings account. 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.

Overview of Bank of America Savings Account Options

Bank of America’s primary savings product is the Advantage Savings account. Key features include:

Minimum Opening Deposit: $100
Monthly Maintenance Fee: $8, which can be waived by maintaining a minimum daily balance of $500, linking to an eligible checking account, or enrolling in the Preferred Rewards program
Interest Rates: Standard APY of , with potential increases through the Preferred Rewards program

Key Benefits of Bank of America Savings Accounts

While the interest rates may be lower, Bank of America savings accounts offer several advantages:

Convenience and Accessibility: With a vast network of branches and ATMs, customers have easy access to their funds nationwide.
Preferred Rewards Program: Offers benefits such as credit card rewards bonuses, discounts on home and auto loans, and fee waivers, in addition to slightly higher savings account APYs.
Digital Banking Features: Robust mobile and online banking platforms provide tools for budgeting, goal setting, and account management.

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

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

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

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 March 6, 2025.

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