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Bank of America is one of the largest banks in the US.
Bank of America; Alyssa Powell/Business Insider
The bottom line: The Bank of America Advantage Savings Account rates are lower than the average savings account but similar to what other national banks pay. If you’re searching for a high interest rate on a savings account, you’ll earn more by opening a high-yield savings account.
Bank of America savings rates
APYMinimum opening depositAdvantage Savings0.01%Bank of America Advantage Savings AccountAdvantage Savings Gold0.02%$100Advantage Savings Platinum0.03%$100Advantage Savings Platinum Honors0.04%$100Minor Savings0.01% $25Custodial (UTMA) Savings0.01%$100
You can earn slightly higher rates by becoming a member of the Preferred Rewards program. To join, you must also have a Bank of America personal checking account and maintain a certain three-month total average balance in all your Bank of America bank accounts or Merrill Lynch investments.
The three-month total average balance requirement is $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
Bank of America savings rate vs. Wells Fargo savings rate
As with Bank of America, you’ll earn Wells Fargo Way2Save® Savings Account Annual Percentage Yield (APY) with Wells Fargo if you have the Wells Fargo Way2Save® Savings Account. If you get the Wells Fargo Platinum Savings Account, you may be able to earn 0.02% APY if you qualify for a relationship rate by having a linked Wells Fargo checking account.
Wells Fargo’s main advantage over Bank of America is that it compounds interest daily rather than monthly. But because both banks pay such low rates, daily versus monthly compounding probably won’t make a huge difference in how much you earn.
When it comes down to it, you may choose the bank that has a location closest to your home.
Bank of America savings rate vs. Chase savings rate
Chase and Bank of America’s savings accounts are pretty similar. The standard rate for Chase Savings℠Chase Savings℠. But if you have the Chase Premier Savings℠ Account you have the potential to earn up to Chase Premier Savings℠ Account depending on whether you qualify for a relationship rate. To earn 0.02% APY, you’ll need to have Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking, and make at least five monthly transactions from your checking account.
If you’re set on a brick-and-mortar bank, then your choice between Bank of America and Chase could come down to which bank has a location near your home.