Bank of America savings account review

Do you want to learn about all the features of the Bank of America savings account? Responsible Economy thoroughly analyzes the fees, requirements, yields, and all the conditions that Bank of America offers in its savings account. Additionally, we provide a comparison with the best savings accounts that you can open in the United States, along with an explanatory video to guide you through the process.

Explicative video

We’ve created a video that presents a concise and straightforward summary of all the features of the Bank of America savings account. If you find our content helpful and informative, we’d greatly appreciate your support through a subscription. By subscribing, you’ll receive daily videos covering a wide range of topics related to responsible finance and economy.

Features

n this section, we will showcase all the features of the Bank of America savings account. You will find comprehensive information about fees, requirements, yields, and all the conditions that Bank of America offers in its savings account

Interest rate

Bank of America savings account rates

The interest rate offered by the Bank of America savings account, which stands at 0.04% APY, may indeed be considered relatively low compared to other savings accounts in the market

Fees

Bank of America savings account fees


The Bank of America savings account comes with a monthly fee of $8, but you can avoid this fee by meeting one of the following conditions:

  • Maintain a minimum daily balance of at least $500 in your account.
  • Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account.
  • Be a Bank of America Preferred Rewards member.
  • Have an account owner who is under the age of 18.
  • Have an account owner who is under the age of 25 and qualifies as a Student.

Minimum deposit

To open the Bank of America savings account, a minimum initial deposit of $100 is required.

ATMs and withdrawls

You can make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. However, a $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle.

Deposit funds

You can conveniently deposit funds into your Bank of America savings account by making bank transfers or mailing a check.

Best savings accounts 2023

We have conducted a comparison of the Bank of America savings account with the best savings accounts that you can open in the United States. In this comparison, we present the main characteristics of each savings account.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Savings accounts calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Bank of America savings account calculator

Bank of America savings account calculator

Your earnings:
Total Result:

Video with the best savings accounts

We also have made a video with the best savings accounts:

Pros and cons

Once we have reviewed all the features of the Bank of America savings account and thoroughly analyzed the main characteristics of the best savings accounts, we are now ready to present a table summarizing all the advantages and disadvantages:

ProsCons
High number of branches and ATMsFees up to $8 per month
Low interest rates
Minimum deposit $100
Pros and cons Bank of America savings account

Requirements

Opening the savings account is a straightforward process, and you only need to meet the following requirements:

  • Age: You must be over 18 years old.
  • Residency: You need to live in the United States.
  • Phone: You must have an American phone number.

Documentation

  • Certified copy of identity document: In most cases, your current, valid passport will suffice, although some other types of ID may also be acceptable.
  • Certified copy or original proof of address: Your proof of address will typically be a bank or building society statement or a utility bill.
  • Your signed Client Agreement: The bank will require you to sign the Client Agreement, which outlines the terms and conditions of the savings account and your responsibilities as an account holder.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After conducting a thorough review, our conclusion is that Bank of America does not offer a competitive savings account. The interest rate of 0.04% is relatively low compared to other savings accounts available in the market. Additionally, the requirement to make a minimum deposit of $100 to open the account may be a deterrent for some potential customers. Furthermore, the monthly fee of $8, if certain requirements are not met, could impact the overall returns for account holders.

However, it’s essential to highlight that Bank of America does have a significant advantage in terms of accessibility. With a high number of ATMs and branches across the country, customers can easily access their accounts and conduct banking transactions.

In conclusion, while Bank of America offers extensive accessibility through its network of ATMs and branches, its savings account may not be the most competitive option due to the low interest rate, minimum deposit requirement, and potential monthly fee. As responsible consumers, it’s crucial to explore other alternatives with better interest rates and fewer fees to make the most of our savings

More information about Citizens

Here you have interest information about Citizens:

InformationDescription
Websitehttps://www.bankofamerica.com/
Twitterhttps://twitter.com/BankofAmerica
Facebookhttps://www.facebook.com/BankofAmerica
YouTubehttps://www.youtube.com/user/bankofamerica
information about Bank of America

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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