While Bank of America earns 3.5 stars overall in NerdWallet’s Bank of America review, its Advantage Savings account earns 3.0 stars, partly because of its low 0.01% annual percentage yield, or APY. There are slightly better rates available, however, for customers enrolled in the bank’s Preferred Rewards program.
Bank of America’s rates are similar to those at other large banks, but are much lower than what many online institutions offer. (The best savings APYs are around 1% and higher.)
Page Contents
- Bank of America interest rates
- How Bank of America compares to online banks
- Bank of America CDs and other savings options
- FAQs
- What is Bank of America’s interest rate on savings account?
- Which bank gives 7% interest on savings account?
- Is Bank of America good for savings account?
- Is Bank of America or Chase better?
- Is Bank of America losing customers?
- What is Bank of America in trouble for?
- What did Bank of America get in trouble for?
- Account Interest Rates for Savings, Checking, CDs & IRAs
- Bank Account Interest Rates for Savings, Checking & CDs …
- Bank of America Savings Account Rates – Bankrate.com
- Bank of America Savings Account Rates for September 2022
- Bank of America Savings Account Interest Rates – NerdWallet
- Bank of America Interest Rates: How To Get the Best Rates
- Compare Bank Of America CD Rates With 427 Banks
- Best High Yield Savings Accounts By Big Banks of 2022 – CNBC
- Bank of America Savings Account Review – MyBankTracker.com
Bank of America interest rates
|
Interest rate on balances |
0.01%. |
|
How it compares |
The average national rate for savings accounts is 0.13% APY. |
|
Monthly fees |
$8, waived for the first six months. |
|
How to avoid monthly fees |
|
|
Minimum opening deposit |
$100. |
|
Interest on balances for premium savings accounts |
Up to 0.04% APY for customers enrolled in Preferred Rewards. (APYs may vary depending on where you live.) |
How Bank of America compares to online banks
Large national banks tend to have savings accounts with low interest rates, in part because the institutions spend a lot of money on physical bank branches. You can find higher rates at online banks. They tend to have savings accounts with high yields, often with no monthly fees or minimum balance requirements.
Bank of America CDs and other savings options
Bank of America has other savings options, but they don’t earn much interest, either. You can open a standard Bank of America CD with a $1,000 minimum. CD terms range from 28 days to ten years. Rates may vary based on term length and deposit amount. They start at 0.03% APY and don’t increase much from there.
Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.
SoFi Checking and Savings
UFB Rewards Savings
Citizens Online Savings Account
Min. balance for APY
$5,000
CIT Bank Savings Connect
LendingClub High-Yield Savings
FAQs
What is Bank of America’s interest rate on savings account?
0.01%
Which bank gives 7% interest on savings account?
As a consequence, here are the seven DICGC insured savings accounts now giving the highest interest rate of 7% in the country….Jana Small Finance Bank.
| Savings Account Balance | Interest Rate Per Annum |
|---|---|
| More than 1 lakh and Upto 50 Lakhs | 7.00% |
| More than 50 Lakhs and Upto 50 Crores | 6.50% |
2 more rows?
Is Bank of America good for savings account?
The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn’t really help you grow your savings
Is Bank of America or Chase better?
Chase has a larger range of options, while BofA has slightly better rates on most of its accounts. They’re both solid choices for customers who want a traditional banking experience, but you may want to consider online banks or comparing your options to find better features or higher rates.
Is Bank of America losing customers?
The percentage of Millennials (consumers 26 to 40 years old) who call a Bank of America checking account their primary account declined from 22% in October 2020 to just 13% in July 2021. The megabank also lost share of primary status among Gen Xers (ages 41 to 55), dropping from 18% to 10% over that same time period.
What is Bank of America in trouble for?
Because of a faulty fraud detection program, Bank of America improperly froze accounts and stymied customers who sought to have them unlocked, cutting people off from desperately needed funds in 2020 and 2021, the Consumer Financial Protection Bureau said.
What did Bank of America get in trouble for?
In its investigation, the CFPB found that Bank of America engaged in unfair and abusive acts and practices that resulted in Californians not getting their unemployment benefits at the height of the pandemic, when many people needed the money the most.
Account Interest Rates for Savings, Checking, CDs & IRAs
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Bank Account Interest Rates for Savings, Checking & CDs …
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Bank of America Savings Account Rates – Bankrate.com
Bank of America Savings Account Rates | Bankrate GaudiLab/Shutterstock Jan. 26, 2022 / 1 min read Jan. 26, 2022 / 1 min read Bankrate Logo Why you can trust Bankrate Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate Logo Editorial Integrity Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our banking partners. Key Principles We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate Logo How We Make Money You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo Insurance Disclosure Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services…
Bank of America Savings Account Rates for September 2022
Bank of America Savings Account Rates for September 2022 Savings account interest rates are finally rising for the first time in years, making them a solid option for safely growing your money. Why are rates rising? The Federal Reserve is hiking interest rates to try to cool runaway inflation, which is indirectly driving up interest rates on financial accounts like credit cards, loans and mortgages, as well as savings accounts.Some banks are now offering annual percentage yields as high as 2%, making it a more attractive time to park your money in a savings account. (APY is the compounding interest rate you earn on your savings.) The higher the APY, the more you’ll earn in interest over time. Though APYs have been low for the last couple of years, many banks are boosting their APYs. But other large banks haven’t moved an inch… yet. Bank of America continues to offer relatively low APYs, even if you have tens of thousands of dollars in a savings account. However, if getting a higher interest rate is not as important as having nationwide access to physical branches or bringing all your finances under one roof, Bank of America might make sense for you.Read on for more information about Bank of America’s savings account, what APY you can earn and how it compares to other banks.Bank of America savings account optionsBank of America has just one savings account: Advantage Savings. The base APY is 0.01%, but if you’re eligible and enroll for the Preferred Rewards program, you can earn up to 0.04%.The Preferred Rewards tiers are: Advantage Savings Gold tier, Advantage Savings Platinum tier and Advantage Savings Platinum Honors tier. The only difference among them is the amount of APY you can earn. Bank of America savings account options, compared Account name APY Minimum deposit to open the account Monthly service fee* Balance required Advantage Savings 0.01% $100 $8 $0 Advantage Savings, Gold 0.02% $100 $0 $20,000 to $50,000** Advantage Savings, Platinum Tier 0.03% $100 $0 $50,000 to $100,000** Advantage Savings, Platinum Honors 0.04% $100 $0 $100,000 to $1 million** *Fees are waivable.**Three-month combined average daily balance in Bank of America deposit accounts and/or Merrill investment accounts.Note: Rates as of Aug. 31, 2022. APYs vary by region, and Bank of America’s savings account may not be available everywhere. You’ll need to check your ZIP code on Bank of America’s website to see your options.Bank of America Advantage SavingsAdvantage Savings is Bank of America’s standard savings account. You earn 0.01% APY (well below the national average APY for savings accounts) and interest compounding monthly. You can open this account with an initial deposit of $100. You’ll be charged an $8 monthly maintenance fee, unless you meet one of Bank of America’s listed criteria, such as maintaining a minimum balance of $500 or linking to Bank of America Advantage Relationship Banking®.For any new account opened, though, Bank of America will waive the fee for the first six months. Preferred Rewards Bank of America Advantage SavingsIf you maintain a higher balance, you may be eligible for Preferred Rewards membership, which can earn a higher APY on the money in your Advantage Savings account.To get approved for a higher APY account, you’ll need a Bank of America checking account and a a three-month combined daily average in any of your your Bank of America deposit accounts (i.e., checking and…
Bank of America Savings Account Interest Rates – NerdWallet
Bank of America Savings Account Interest Rates: How They Compare – NerdWalletWhile Bank of America earns 3.5 stars overall in NerdWallet’s Bank of America review, its Advantage Savings account earns 3.0 stars, partly because of its low 0.01% annual percentage yield, or APY. There are slightly better rates available, however, for customers enrolled in the bank’s Preferred Rewards program.Bank of America’s rates are similar to those at other large banks, but are much lower than what many online institutions offer. (The best savings APYs are around 1% and higher.)Bank of America interest ratesInterest rate on balances0.01%.How it comparesThe average national rate for savings accounts is 0.13% APY.Monthly fees$8, waived for the first six months.How to avoid monthly feesMaintain minimum daily balance of at least $500, orLink to a qualifying checking account, orEnroll in the Preferred Rewards Program. (To enroll, you’ll need to have qualifying accounts with a three-month combined average daily balance of at least $20,000. Other perks include loan discounts and no-fee ATM transactions.) Or,No fee if the account owner is under age 18.Minimum opening deposit$100.Interest on balances for premium savings accountsUp to 0.04% APY for customers enrolled in Preferred Rewards. (APYs may vary depending on where you live.)How Bank of America compares to online banksLarge national banks tend to have savings accounts with low interest rates, in part because the institutions spend a lot of money on physical bank branches. You can find higher rates at online banks. They tend to have savings accounts with high yields, often with no monthly fees or minimum balance requirements.Bank of America CDs and other savings optionsBank of America has other savings options, but they don’t earn much interest, either. You can open a standard Bank of America CD with a $1,000 minimum. CD terms range from 28 days to ten years. Rates may vary based on term length and deposit amount. They start at 0.03% APY and don’t increase much from there.Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.SoFi Checking and SavingsUFB Rewards SavingsCitizens Online Savings AccountMin. balance for APY$5,000CIT Bank Savings ConnectLendingClub High-Yield Savings
Bank of America Interest Rates: How To Get the Best Rates
Bank of America Interest Rates: How To Get the Best Rates Jonathan Weiss / Shutterstock.com If you’re looking to set aside funds for a rainy day, Bank of America offers several savings account options. However, due to Bank of America’s size, its savings accounts tend to offer high fees and relatively low interest rates compared to the national average. It’s important to note that Bank of America offers different interest rates depending on customer location, so its rates may vary. To get a better interest rate on your savings accounts, you should compare the different offerings from Bank of America — and try to avoid any fees that might negate your savings. Bank of America Savings Account Rates Bank of America offers three types of savings accounts: Advantage Savings, Minor Savings and Custodial (UTMA) Savings. Here’s a look at the annual percentage yields and minimum opening deposit amounts for each of Bank of America’s savings accounts: Account APY Minimum Opening Deposit Bank of America Advantage Savings 0.01% $100 Minor Savings Account 0.01% $25 Custodial (UTMA) Savings Account 0.01% $100 How Rates at Bank of America and Other Banks Compare While Bank of America’s savings rates tend to be fairly low, so do the rates at other national banks. However, online banks commonly offer much higher rates than their brick-and-mortar counterparts. To get an idea, take a look at this table that compares the interest rates for savings accounts and one-year CD accounts at both national and online banks: Bank Savings Account APY 12-month CD Account APY Bank of America 0.01% 0.03% for all balance tiers Chase 0.01% 0.02% for balances under $10,000, then 0.05% Wells Fargo 0.01% 0.01%-0.02% Ally Bank 2.00% 2.70% Vio Bank 0.75% 2.25% Marcus by Goldman Sachs 0% 0% The rates on savings accounts for Bank of America, Chase and Wells Fargo are identical at 0.01% APY, and they’re nowhere near the rates online banks like Ally and Vio offer at 2.00% APY or better. And while Bank of America dominates in the 12-month CD category among national banks, with a 0.03% APY, the rate is still considered low relative to the top interest rates offered by online banks. How To Make the Most of Your Savings at Bank of America Because its savings rate is 0.01% APY, it’s important to avoid Bank of America’s monthly fees, which can potentially cancel out any interest you may earn. The Minor Savings account does not have a monthly maintenance fee, but both the Advantage Savings and Custodial (UTMA) Savings accounts carry an $8 monthly maintenance fee. As long as you carry a $500 balance each month in either account, however, Bank of America will waive the fee. Customers can also qualify for Preferred Rewards, which provides interest-rate boosters: Preferred Rewards Tier APY Gold 0.05% Platinum 0.10% Platinum Honors 0.20% The booster increases Bank of America’s standard rate by at least 5%, 10% or 20% as you enter each respective Preferred Rewards tier, which can help you make the most of your savings balance. Alexandria Bova contributed to the reporting for this article. This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America. Rates are subject to change; unless otherwise noted, rates are updated periodically. Savings and CD rates were updated on April 22, 2022 to reflect current rates. All other information on accounts is accurate as of June 10, 2022. Editorial Note: This content is not provided by any…
Compare Bank Of America CD Rates With 427 Banks
Compare Bank Of America CD Rates With 427 Banks (September 2022) When finding the best interest rate, Bank of America CD rates are often a top contender. However, is this the case? This guide will look at Bank of America’s CD rates and compare them to other top banks to see who offers the best interest rate.Earn The Highest Interest Rates On Savings TodayFixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.TermInsurance CompanyInterest Rate12 MonthsSaveBetter2.85%14 MonthsSallie Mae (No-Penalty)2.70%24 MonthsOceanview3.50%36 MonthsCanvas Annuity4.60%48 MonthsOceanview4.25%60 MonthsCanvas Annuity4.60%72 MonthsAthene4.60%*Fixed annuities are only for saving money to use in retirement.Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.Compare Fixed Annuity RatesFind the highest interest rates for your savings ranging from 2 to 10 years.Compare CD Rates From 423 Banks And Credit UnionsFind the highest interest rates for your savings ranging from 3 months to 5 years.Popular CD Rates Today3 Month CD RatesThe following banks and credit unions have the highest CD rates for 3 months.Best 3-Month CD RatesRateTermMinimumSynchrony Bank1.50% APY3 Months$0.00Popular Direct1.50% APY3 Months$10,000.00Luana Savings Bank1.92% APY3 Months$1,000.00TIAA Bank0.90% APY3 Months$1,000.00TotalDirect Bank2.00% APY3 Months$25,000.00Bethpage Federal Credit Union1.75% APY3 Months$50.00Merrick Bank2.15% APY3 Months$25,000.006 Month CD RatesBest 6-Month CD RatesRateTermMinimumCommunityWide FCU3.00% APY6 Months$1.000.00Quontic Bank1.70% APY6 Months$500.00PenFed Credit Union1.20% APY6 Months$1,000.00NASA Federal Credit Union3.55% APY9 Months$1,000.00Synchrony Bank2.00% APY6 Months$0.01Live Oak Bank2.50% APY6 Months$2,500.00First Internet Bank of Indiana2.02% APY6 Months$1,000.00Capital One1.65% APY6 Months$5,000.00Popular Direct2.35% APY6 Months$10,000.001 Year CD RatesThe following banks and credit unions have the highest CD rates for 12 months.Best 12-Month CD RatesRateTermMinimumCommunityWide FCU3.00% APY12 Months$1,000.00Bread Savings3.00% APY12 Months$1,500.00First National Bank of America2.90% APY12 Months$1,000.00PenFed Credit Union2.30% APY12 Months$1,000.00Marcus by Goldman Sachs2.70% APY12 Months$500.00Limelight Bank2.90% APY12 Months$1,000.00Popular Direct3.00% APY12 Months$10,000.00Synchrony Bank2.75% APY12 Months$0.00Alliant Credit Union2.75% APY12 Months$1,000.00Connexus Credit Union3.21% APY12 Months$5,000.00Lafayette Federal Credit Union3.14% APY12 Months$500.00Rising Bank3.10% APY12 Months$1,000.002 Year CD RatesThe following banks and credit unions have the highest CD rates for 24 months.Best 2-Year CD RatesRateTermMinimumBread Savings3.50% APY24 Months$1,500.00Synchrony Bank3.00% APY24 Months$0.01.00First National Bank of America3.05% APY24 Months$1,000.00Pentagon Federal Credit Union3.00% APY24 Months$1,000.00La Capitol Federal Credit Union2.38% APY24 Months$1,000.00Marcus by Goldman Sachs3.00% APY24 Months$500.00Connexus Credit Union3.41% APY24 Months$5,000.003 Year CD RatesThe following banks and credit unions have the highest CD rates for 3 years.Best 3-Year CD RatesRateTermMinimumQuontic Bank3.00% APY36 Months$500.00Bread Savings3.55% APY36 Months$1,500.00Pentagon Federal Credit Union3.25% APY36 Months$1,000.00Synchrony Bank3.10% APY36 Months$0.01%First National Bank of America3.15% APY36 Months$1,000.00Marcus by Goldman Sachs3.10% APY36 Months$500.00Limelight Bank3.30% APY36 Months$1,000.00Alliant Credit Union3.10% APY36 Months$1,000.00My eBanc3.51% APY36 Months$5.000.00Connexus Credit Union3.4\6% APY36 Months$5,000.004 Year CD RatesThe following banks and credit unions have the highest CD rates for 4 years.Best 4-Year CD RatesRateTermMinimumBread Savings3.60% APY48 Months$1,500.00NASA Federal Credit Union2.45% APY48 Months$1,000.00PenFed Credit Union2.80% APY48 Months$1,000.00Synchrony Bank3.10% APY48 Months$0.01First National Bank of America3.25% APY48 Months$1,000.00EFCU Financial3.50% APY48 Months$500.00Marcus by Goldman Sachs3.15% APY48 Months$500.005 Year CD RatesThe following banks and credit unions have the highest CD rates for…
Best High Yield Savings Accounts By Big Banks of 2022 – CNBC
Here are the 5 best high-yield savings accounts offered by big banksSelect’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. Select will update as changes are made public.Finding a high-yield savings account isn’t difficult. These types of savings accounts are offered everywhere from your local brick-and-mortar bank down the road to newer online-only banks you came across on the internet. (Learn about brick-and-mortar vs. online savings accounts here.)While the best high-yield savings accounts with the highest annual percentage yields (APYs) are usually found online, there are some competitive offerings from big-name financial institutions.The national average APY on savings accounts is just 0.07%, according to the Federal Deposit Insurance Corporation (FDIC). In this roundup, we found big financial institutions that offer online high-yield savings accounts with APYs that are at least eight times higher than the average.To determine this ranking, Select analyzed and compared the largest banks and/or credit unions by asset size and the high-yield savings accounts they offer.When rating our top five, we considered each account’s APY, its ease of use, account accessibility, as well as the cons, such as monthly fees and minimum balance requirements.The savings accounts we selected for our ranking offer an APY of at least 0.40% to all customers (no matter your balance), are FDIC-insured, have zero monthly maintenance fees and no minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)Here are Select’s picks for the top high-yield savings accounts from big banks:Best overall: American Express® High Yield Savings AccountBest for checking/savings combo: Discover Online Savings AccountBest for mobile access: Sallie Mae High-Yield Savings AccountBest for physical branch access: Capital One 360 Performance Savings™Best for help saving: Barclays Online SavingsBest overallAmerican Express® High Yield Savings AccountAmerican Express National Bank is a Member FDIC.Annual Percentage Yield (APY)1.75% APY as of 8/31/22Minimum balanceMinimum balance to open is $0Monthly fee$0Maximum transactionsUp to 9 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation DExcessive transactions fee$0Overdraft fees$0Offer checking account?NoOffer ATM card?NoSee our methodology, terms apply.American Express National Bank is a Member FDIC.ProsStrong APY$0 minimum balance requiredNo monthly feesUp to 9 free withdrawals or transfers per statement cycle*24/7 customer supportHelpful “Tips & Tools” section on websiteConsNo option to add a checking accountNo ATM accessYou can’t deposit a check via the mobile appWho’s this for? The American Express High Yield Savings Account ranked as our best overall because it offers users above-average rates, is easy to use and has 24/7 customer service with good reviews.This savings account has a current 1.75% APY as of 8/31/22. There are no deposit minimums and no monthly fees. Interest compounds daily and is deposited into your account monthly.Customers can easily transfers and automate their deposits from their external bank account by simply setting it up within a few minutes online. Once your external account is linked (which can take up to two days), transfers typically take less than 24 hours to complete. You can also receive your monthly statement either digitally or by mail at no extra charge to you.In addition to offering 24/7 customer support, American Express also has a helpful “Tips & Tools” section on their website with educational resources and strategies to help you save. Topics include how much you should save for retirement, how to get more out of your savings and ways to be a better saver.American Express also offers account holders greater access to…
Bank of America Savings Account Review – MyBankTracker.com
Bank of America Savings Account 2022 Review – Should You Open? Bank of America Savings Account You’re looking for a new savings account and Bank of America is the destination that you’re considering. It’s not surprising, given that it is among the largest U.S. banks that offers a wide range of banking products and services. Bank of America offers one savings banking account option: the Rewards Savings account. But, it is one of a long list of options that may be available to you. In this Bank of America Savings Account review, we’ll break down the fees, rates, and services of this account so that you’ll be able to determine whether it is the right savings account for you. Key Highlights Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability. Here’s a quick overview of the account highlights, which we’ll delve into more below: $8 monthly fee, unless you meet certain criteria for a fee waiver Tiered savings model so as your account balance increases, your interest rate increases as well Potential interest rate boost if you become a Preferred Rewards client Special features include overdraft protection on your Bank of America checking account and enrollment in Bank of America’s Keep the Change savings program Bank of America Savings Account Pros & Cons Pros Cons Automatic savings program available Access to shopping deals program Access to physical branches Mobile apps available Monthly fee Interest rate is much lower compared to online savings accounts Savings Account Interest Rate The interest rate on this Bank of America savings account is very lackluster. The low return makes it undesirable for people interested in earning high interests on their savings. Look: If you’re more concerned with finding an easily accessible savings account than with earning money on it, the Bank of America Rewards Savings account does the job. But, let’s face it… You want to grow your money. The extremely low interest rate on this account won’t help you toward that goal. You might also consider opening an account with an online bank instead. Bank of America Savings Account Maintenance Fee This savings account does have a $8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee. This account bears a $35 overdraft fee and returned item fee, as well as a $12 deposited item returned fee. Here’s a snippet of some of the other fees that come with this account: Bank of America Savings Account Fees Type Fee Monthly Maintenance Fee $8 Withdrawal Limit Fee $10 Minimum Opening Deposit $100 Overdraft Item Fee $35 NSF: Returned Item Fee $35 Overdraft Protection Transfer Fee $12 Non-Bank of America ATMs $2.50 Statement Copies $5 Deposited Item Returned $12 Check-Cashing Fee $8 per check for amounts greater than $50 How to Avoid Monthly Maintenance Fee Although this account comes with an $8 monthly maintenance fee, you can waive it by meeting one of the following requirements: Maintain a minimum daily account balance of at least $500, Link it to your Bank of America Interest Checking account, or Be a Bank of America Preferred Rewards client This monthly maintenance…