Bank of America offers 3 different savings solutions that are all designed to help meet customers’ goals. Those 3 options are an Advantage savings account, certificate of deposit or CD account, and individual retirement account or IRA. How much is Bank of America savings minimum balance?
Many Americans prefer storing their money in brick-and-mortar banks instead of online-only banks. Among many available banks in the US, Bank of America is considered one of the best. The best savings accounts come from traditional and big banks with a bunch of physical branches.
A Little Detail About Bank of America
Bank of America now has more than 16,000 ATMs and over 4,000 branches around the US. But this bank is well known for its special reward programs for customers. the Advantage Savings account from Bank of America is the best option because it comes with a virtual assistant.
This savings account also comes with a tiered membership rewards program and a cashback program. If you are going to open a checking account at Bank of America along with a savings account, it will be an excellent choice.
However, you may want to know more details about the savings account first. Knowing the Bank of America savings account minimum deposit or balance is going to let you get ready before opening an account in the Bank of America.
Bank of America Monthly Fee Requirement
Before checking the Bank of America savings minimum balance, it is essential to check out the monthly fee requirement first. Customers won’t get a monthly maintenance fee for every statement cycle if customers:
- Maintain their minimum daily balance at least of USD500.
- Or, if customers link their savings account at Bank of America to the advantage relationship banking account also. The monthly fee waiver is going to apply to the first 4 Bank of America savings accounts.
- Another option is becoming the Preferred Rewards member at Bank of America. Based on the tier level, the monthly fee waiver is going to apply to 4 savings accounts or more.
- If customers are under 18 years old, there will be no monthly maintenance fee.
- If the owner of the savings account is under 25 years old and is a qualified student, there will be no monthly maintenance fee as well.
- New customers opening an Advantage savings account will get a free monthly maintenance fee for the first six months. But starting from the seventh month, they need to pay USD8 per month monthly maintenance fee.
Bank of America Savings Minimum Balance And Other Details
Some details customers need to know when planning to open an Advantage savings account at Bank of America include the annual percentage yield detail, minimum balance, monthly fee, maximum transactions, excessive transactions fee, overdraft fees, and so on.
| Annual percentage year | 0.01% but there’s an option to increase the APY if customers are members of the Preferred Rewards program. |
| Minimum balance | USD100 to open an Advantage savings account. |
| Monthly fee | USD8 per month but you can waive it by following the steps explained previously. |
| Maximum transactions | Per statement cycle will get up to 6 free transfers or withdrawals. |
| Excessive transactions fee | If you withdraw more than 6 times in a month, the fee will be USD10. |
| Checking account | Yes. |
| ATM Card | Yes if customers have a checking account at Bank of America. |
Pros and Cons of The Advantage Savings Account
Those looking for the right savings account need to know the pros and cons of this Advantage savings account by Bank of America. Compare this savings account with other banks’ savings accounts. Then, choose the right savings account that meets your style.
| Cons | Pros |
| Lower annual percentage year even though there’s an option to get higher APY. | Offers up to 6 free transfers or withdrawals per statement cycle. |
| Higher minimum deposit to open a savings account compared to other banks. | New accounts will get a free maintenance fee for six months. |
| Has monthly maintenance fees though it also offers options to waive the fee. | Access Erica® for real-time and customized virtual financial assistance. |
| Has a vast ATM network for customers in the US. | |
| Preferred Reward program for customers who have big balances at Bank of America. | |
| Save money from daily purchases through the Keep the Change® program by Bank of America. | |
| Earn cashback on some deals at restaurants, stores, and more through the BankAmeriDeals® program. |
Though you have to maintain a Bank of America savings minimum balance in the savings account, there will be a lot of benefits provided by Bank of America and its outstanding programs. Get more details about those programs from Bank of America.
Different Annual Percentage Yields
The current Advantage savings account’s annual percentage yield at Bank of America is 0.01%. It is the same APY offered by other brick-and-mortar banks and savings accounts. However, customers of Bank of America can benefit from the Preferred Rewards membership.
Three tiers are available in this program: Gold tier, Platinum tier, and Platinum Honors tier. If you are interested in starting any of the three tiers, the minimum balance required by Bank of America is USD 20,000. Below are more details about the three tiers.
| Tiers | Details |
| Gold tier | 5% savings interest rate booster. |
| 25% credit card rewards bonus. | |
| Requires 3-month average combined balance of USD20,000 to under USD50,000. | |
| Platinum tier | 10% savings interest rate booster. |
| 50% credit card rewards bonus. | |
| Requires a 3-month average combined balance of USD50,000 to under USD100,000. | |
| Platinum Honors tier | Requires a 3-month average combined balance of more than USD100,000. |
| 20% savings interest rate booster. | |
| 75% credit card rewards bonus. |
Those who qualify and enrol in the Bank of America’s Preferred Rewards program will be eligible for the elevated annual percentage yield, from 0.02% to 0.05%, depending on which tier.
Monthly Fee Comparisons
The monthly maintenance fee at Bank of America is USD 8. Is it too high for a savings account? Average monthly maintenance fees on other banks range between USD4 and USD25.
You can get a monthly maintenance fee waiver if you meet the requirement. This means the monthly maintenance fee is not too high.
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However, you still have to compare Bank of America savings minimum balance with the requirements of other banks and savings accounts. Comparing different banks will lead to the right savings account that meets your needs.