¿Do you want to know all the features of the Bank of America savings account? Responsible Economy analyzes the fees, requirements, yields and all the conditions that Bank of America offers in its savings account. We also show you a comparison with the best savings accounts that you can open in the United States and a explanatory video.
Explicative video
Features
In this section, you can see all the features of the Bank of America savings account.
Interest rate
The interest rate that the Bank of America savings account offers is ridiculous because you can only get 0.04% APY.
Fees
Bank of America savings account has a monthly fee of $8 unless you meet one these conditions:
- Maintain a minimum daily balance of at least $500.
- Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account.
- When you are a Bank of America Preferred Rewards member.
- An account owner is under age 18.
- An account owner is under age 25 and qualifies as a Student.
Minimum deposit
A minimum initial deposit of $100 is required.
ATMs and withdrawls
Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle.
Deposit funds
You can deposit funds into the Bank of America savings account by making bank transfers or you can also mail a check.
Best savings accounts 2023
We have made a comparison of the Bank of America savings account with the best savings accounts you can open in the United States in 2023. We show you the main characteristics of each savings account:
- 4,05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 3,60% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 3,40% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 3,40 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Once we have seen all the features of the Bank of America savings account and analyzed the main characteristics of the best savings accounts, we are in a position to see a table with all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| High number of branches and ATMs | Fees up to $8 per month |
| Low interest rates | |
| Minimum deposit $100 |
Requirements
Opening this savings account is very simple, you just have to meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
Documentation
They may also ask you for the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
After all the review, our conclusion is that our conclusion is that Bank of America does not offer a competitive savings account, the interest rate is 0.04%, it requires you to make a minimum deposit of $100 to open the account, and it also has a monthly fee of $8 if you do not you meet certain requirements. On the other hand, Bank of America has a high number of ATMs and branches.
More information about Citizens
Here you have interest information about Citizens:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| YouTube | https://www.youtube.com/user/bankofamerica |
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Bank of America savings account review
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Updated the day 19 May, 2023 by Alfredo Barandiarán
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