What is the current Bank of America savings interest rate?

The standard APY for the Advantage Savings account is [info-gbr-rate institution="bank-of-america" product="Online Savings Account"], with potential increases up to [info-gbr-rate institution="bank-of-america" product="Savings Account (high end)"] 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 Interest Rate for 2025

November 7, 2025

4 min Read

Written by Quinlan Grim

Edited by Elizabeth Constantineau

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Bank of America, Member FDIC, offers a simple savings account and rewards program to help you grow your savings. Its savings accounts earn up to annual percentage yield (APY) — below the national average of 0.40%. That makes it less competitive than many online banks offering higher yields.

Still, Bank of America remains a popular choice for savers who value nationwide branch access, digital tools and the ability to manage multiple accounts in one place. Read on for a closer look at Bank of America’s current savings interest rates and how they compare to other options in 2025.

Current Bank of America Savings Interest Rates

See the latest Bank of America’s savings rates for 2025 below.

Account	Annual Percentage Yield (APY)	Minimum Deposit
Advantage Savings		$100
Advantage Savings, Gold tier		$100
Advantage Savings, Platinum tier		$100
Advantage Savings, Platinum Honors tier		$100

How To Earn a Higher Interest Rate at Bank of America

One way to improve your savings account’s interest rate is to become a Preferred Rewards member with Bank of America. Here are some key points to know about this program:

There are no monthly fees to maintain your membership in the Preferred Rewards program.
You can qualify for membership if you have an eligible personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying accounts.

Below are the balance requirements for each rewards tier.

Tier	Balance Needed
Gold	$20,000 to $50,000
Platinum	$50,000 to $100,000
Platinum Honors	$100,000 to $1 million
Diamond	$1 million or more

How Bank of America’s Rates Compare

Wondering if you could earn more elsewhere? Here’s how Bank of America’s savings interest rates compare to other banks.

Top Savings Accounts for {{current_month-name}}

Bank	Account	APY	Minimum Deposit
Bank of America	Advantage Savings	Up to	$100
Capital One	360 Performance Savings	*	$0
Ally	Online Savings		$0
Wells Fargo	Way2Save		$25

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

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: This 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.

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.

FAQ

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.

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 Nov. 7, 2025.

*Capital One interest rates accurate as of Nov. 7, 2025. See website for all current rates.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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