Predictable monthly payments
A fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan.
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Get a call back
from one of our lending specialists
By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.
Fixed-rate mortgages are a good choice if you:
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Think interest rates could rise in the next few years and you want to keep the current rate
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Plan to stay in your home for many years
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Prefer the stability of a fixed principal and interest payment that doesn’t change
Today’s low rates for fixed-rate mortgages
Rates based on a $200,000 loan in ZIP code 95464
Rates based on a $200,000 loan in ZIP code 95464
Rate
The rate of interest on a loan, expressed as a percentage.
Annual percentage yield (APR)
The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.
Points
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).
Monthly Payment (estimated)
The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.
Fixed-rate mortgage
A home loan with an interest rate that remains the same for the entire term of the loan.
Adjustable-rate mortgage (ARM)
Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.
Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.
We need additional information
In order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.
We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios. If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.
FAQs
What is the interest rate at Bank of America?
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. |
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What will interest rates be in 2022?
Mortgage rates are currently near 5.5%, and I expect them to hover between 5.5% and 6% between now and the end of 2022.? Freddie Mac: ?We forecast 30-year fixed rates to average 5% in 2022 and rise to 5.1% in 2023.?
What are current interest rates?
Current mortgage and refinance rates
| Product | Interest rate | APR |
|---|---|---|
| 30-year fixed-rate | 5.949% | 6.041% |
| 20-year fixed-rate | 5.763% | 5.873% |
| 15-year fixed-rate | 5.085% | 5.263% |
| 10-year fixed-rate | 4.835% | 5.013% |
5 more rows
What bank has the best interest rate on savings accounts?
Here are the best online savings account interest rates
- Bread Savings (formerly Comenity Direct) ? APY: 2.15%, min. …
- CIT Bank ? APY: 2.10%, min. …
- Citizens ? APY: 2.10%, min. …
- Synchrony Bank ? APY: 2.05%, min. …
- Citibank ? APY: 2.00%, min. …
- Ally Bank ? APY: 1.85%, min. …
- Barclays Bank ? APY: 1.80%, min.
What is the prime rate today 2022?
The current Bank of America, N.A. prime rate is 5.50% (rate effective as of July 28, 2022).
Will interest rates go down in 2023?
Fed’s Mester Backs Rates Above 4% Early Next Year, No 2023 Cuts.
Will interest rate go up more in 2022?
The pace slowed in the second quarter, then interest rates shot up after the Fed’s 0.75% federal funds rate hike in mid-June. The central bank said it anticipates multiple similar hikes in 2022. Mortgage rates could climb throughout the rest of the year as a means to offset inflation.
Is a 2.75 interest rate good?
Is 2.875 a good mortgage rate? Yes, 2.875 percent is an excellent mortgage rate. It’s just a fraction of a percentage point higher than the lowest-ever recorded mortgage rate on a 30-year fixed-rate loan.
Is a 4.75 mortgage rate good?
If you’re shopping for an FHA 30 year fixed mortgage, 4.75% is your “Best Execution” target. If you’re shopping for a 15 year fixed mortgage rate, we see a sweet spot at 4.25%. On 5-year ARMs, we’ve heard of very well qualified borrowers being quoted rates as low as 3.50%.
Mortgage Rates – Today's Rates from Bank of America
Mortgage Rates – Today’s Rates from Bank of AmericaSkip to main contentGet the right mortgage to finance your new homePlease wait a moment while we retrieve our low ratesfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.View current mortgage rates for fixed-rate and adjustable-rate mortgages and get custom ratesRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.We need additional informationIn order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.We offer a wide range of loan options beyond the scope of this calculator, which is designed to…
Account Interest Rates for Savings, Checking, CDs & IRAs
Account Interest Rates for Savings, Checking, CDs & IRAs Sign inLog inLocationsShow/Hide Menu related links Bank Account InterestRates and APYsplease wait while the page loadsConsumer & Small Business Interest RatesSelect View PDF to access checking, savings, CD and IRA account rates and APYs specific to your area.View PDF Consumer & Business Online Rates View PDF Consumer & Business Online RatesInformation for:ZIP code * Please select your countySelect a countyGoEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location.ZIP code * GoContact usSchedule an appointmentSchedule an appointmentCall usPhone number:800.432.1000
Home Loans and Current Rates from Bank of America
Home Loans and Current Rates from Bank of AmericaWhat are your home loan goals? layerLet us help find the home loan that’s right for youfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Your prequalificationIf you’re an existing customer please log in to Online Banking, if not please log in as a guest.Our home loans — and low home loan rates — are designed to meet your specific home financing needsToday’s low mortgage rates† disclosures Dagger Intro Rate MortgageRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464Mortgage Rates Table5y/6m ARM Variable X.XXX%5y/6m ARM Variable X.XXX%RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.We need additional informationIn order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios. If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.Refinance your mortgage with our low refinance rates — and potentially lower your monthly mortgage paymentToday’s low refinance ratesRates based on a $250,000 loan in ZIP code 95464Rates based on a $250,000 loan in ZIP code 95464Mortgage Rates Table5y/6m ARM Variable X.XXX%5y/6m ARM Variable X.XXX%RateThe rate of interest on a loan, expressed as…
Bank Account Interest Rates for Savings, Checking & CDs …
Bank Account Interest Rates for Savings, Checking & CDs from Bank of America Save this page Print this page Continuar en inglés Cancelar
Fixed-Rate Mortgage Loans and Rates at Bank of America
Fixed-Rate Mortgage Loans and Rates at Bank of AmericaPredictable monthly paymentsA fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan.failureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Fixed-rate mortgages are a good choice if you:Think interest rates could rise in the next few years and you want to keep the current ratePlan to stay in your home for many yearsPrefer the stability of a fixed principal and interest payment that doesn’t changeToday’s low rates for fixed-rate mortgagesRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.We need additional informationIn order to provide you with the best possible rate estimate, we need some additional information. Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists.We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios. If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.
Refinance Rates – Today's Rates from Bank of America
Refinance Rates – Today’s Rates from Bank of AmericaSkip to main contentRefinancing your mortgage?We’re ready to helpPlease wait a moment while we retrieve our low ratesfailureGet a call backfrom one of our lending specialistsBy submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.Today’s low refinance ratesView current refinance rates for fixed-rate and adjustable-rate mortgages, and get a custom rateRates based on a $200,000 loan in ZIP code 95464Rates based on a $200,000 loan in ZIP code 95464RateThe rate of interest on a loan, expressed as a percentage.Annual percentage yield (APR)The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.PointsAn amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).Monthly Payment (estimated)The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index.Fixed-rate mortgageA home loan with an interest rate that remains the same for the entire term of the loan.Adjustable-rate mortgage (ARM)Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR). Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments.Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.This estimate requires some additional assistanceThe details of this estimate requires some additional assistance from one of our loan specialists. Please contact us in order to discuss the specifics of your loan.We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios.Get more with Bank of America home loansA no-cost, no-obligation…
CD Accounts – Certificate of Deposit (CD) Interest Rates
CD Accounts – Certificate of Deposit (CD) Interest RatesSkip to main contentHelp grow your savingswith a CD Help grow your savingswith a CD Help grow your savingswith a CDA CD layer typically earns higher interest than a traditional savings accountplease wait while the page loadsFeatured CD accountLock in a higher rate with a larger opening depositMultiple term options availableCompetitive, promotional interest rates$XXXX minimum opening depositStandard Term CD accountSet your own term with a smaller opening deposit28 day to 10 year terms availableRates vary based on balance/term$XXXX minimum opening depositCompare CD optionsFeatured CD accountGet started with Feature CD Account layerStandard Term CD accountGet started with Standard Term CD Account layerMinimum opening deposit$XXXX$XXXXTermChoose from multiple options:XXXX to XXXXSee available terms and rates layerChoose any term:XXXX to XXXXSee available terms and rates layerAnnual percentage yield (APY)XXXX–XXXX%depending on balance and termXXXX–XXXX%depending on balance and termAdditional deposits allowed?No additional deposits until maturityNo additional deposits until maturityEarly withdrawal penalty?Early withdrawal penalty appliesEarly withdrawal penalty appliesWhat is a CD (Certificate of Deposit)?A CD (certificate of deposit) is a type of deposit account that’s payable at the end of a specified amount of time (referred to as the term). CDs generally pay a fixed rate of interest and can offer a higher interest rate than other types of deposit accounts, depending on the market. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds.What you’ll get with any CD accountLocked ratesOnce you’ve chosen a term and made your deposit, your rate is fixed for the length of your term. Early withdrawal penalty applies.FDIC insuranceFDIC insurance up to the applicable limits.Learn more about FDIC insuranceAutomatic renewalsWe’ll automatically reinvest your funds at the end of the term. You’ll get a maturity notice beforehand in case you’d rather redeem your CD.Interested in CD laddering?Everyday savingsA more flexible account with faster access to cashRetirement planningConsider an IRA to help maximize your returnsWhy choose Bank of America?Why choose Bank of America?Financial networkGet unlimited access to our network of financial centers. Our specialists are ready to help.Bank of AmericaPreferred RewardsGet more rewards with your everyday banking™Merrill EdgeLooking for a full range of investment choices?More help managing moneySavings or CDs –Savings or CDs –which is right for you?Great!Terms available for Standard Term CDFeatured CD:Standard Term CDFeatured CDGreat!Before we open your Standard Term CDFeatured CD, choose your:Terms available for Standard Term CDFeatured CD:Term Select menu for TermOpening deposit amount Select menu for Opening deposit amountTerm Select menu for TermOpening deposit amount Select menu for Opening deposit amountAmountInterest RateAPYAnnual Percentage Yield (APY)Choose the desired term, then the deposit amount to see rate options.Term Select menu for TermOpening deposit amount Select menu for Opening deposit amountAmountInterest RateAPYAnnual Percentage Yield (APY)Need more info about CD accounts?Please select your countyEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location.
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 are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bank of America offers a number of savings accounts for parking your…
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 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 savings) and/or a Merrill investment account. Here’s how much APY you can earn and money you’ll need for each of the upper-tier accounts:Gold: 0.02% APY; $20,000 to $50,0000Platinum: 0.03% APY; $50,000 to $100,000Platinum Honors: 0.04% APY; $100,000 to $1 millionAs a Preferred Rewards client, you don’t have to pay the $8 monthly fee. Enrolling in the Preferred Rewards higher tiers isn’t automatic. Once you reach $20,000 in assets, Erica, Bank of America’s AI-driven financial assistant, will nudge you to enroll in the Preferred Rewards program to get the benefits. Once…