Bank of America Savings Account Interest Rates Revealed for November 2023

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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 in November 2023. 

Bank of America Savings Account Interest Rates

Here are the details on Bank of America savings interest rates and other features account holders can expect.

Bank of America Advantage Savings

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.

An 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 September 2023 is 3.7%. 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. 

Interest Rates for Preferred Rewards Members

One way to improve your savings account’s interest rate is to become a Preferred Rewards Member with Bank of America. Here’s an overview of Preferred Rewards interest rates by tier.

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

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

Bank of America CDs and IRAs

Bank of America does not offer a high-yield savings account. Its only available savings account is Advantage Savings, with the option to earn higher interest through a Preferred Rewards membership. 

However, Bank of America does offer certificates of deposit and individual retirement accounts as long-term savings options. Interest rates for these accounts vary depending on your term, location, account type and other factors.

If you want to open a CD or IRA, you can contact your local branch to learn more about Bank of America’s rates. 

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 how Bank of America’s savings rates compare to savings accounts from 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, Member FDIC

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 it can be waived in any of the following ways:

• 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
• If you are under the age of 25
• If you are below the age of 18

Final Take: 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.  

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 Nov. 2, 2023. 

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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