Bank of America is considered one of the biggest national banks in the United States. This bank is also home to the Advantage Savings account. The Advantage Savings Account Bank of America is a basic savings account that’s also a great option for people who want to keep their money securely.
Unfortunately, this Bank of America savings account comes with a lower interest rate. Every new customer of Bank of America needs to learn every detail about the account offerings. It is going to help new customers decide if the programs of Bank of America is the right program.
Different Savings Accounts at Bank of America
The Bank of America offers different options for savings accounts. Customers need to compare the different products and their pros and cons. By comparing those products, customers will be able to see which savings account offered by Bank of America is the right option.
1. Advantage Savings Account Bank of America
The APY or annual percentage yield of this advantage savings account from Bank of America reaches 0.04%. This means the advantage savings account doesn’t earn a competitive APY, even though you are a member of the Preferred Rewards program.
Also, this advantage savings account carries a monthly fee. Those who are college students and minors under 25 years of age won’t get a monthly fee. Still, this advantage savings account is a good option for those looking for local banking or accounts with established big banks.
| Cons | Pros |
| Low annual percentage yield. | Mobile check deposits. |
| Requires a USD100 minimum opening deposit. | Large local branch network. |
| Monthly fee unless customers meet monthly requirements. | Preferred Rewards members will get relationship benefits. |
| Online one savings account product is available. | Insured by FDIC. |
2. Minor savings account Bank of America
Another savings account option from Bank of America is this minor savings account. This savings account has more pros than cons. The annual percentage yield of this savings account is 0.01%. Below are some pros and cons of the minor savings account.
| Cons | Pros |
| Low annual percentage yield on CD and savings accounts. | Quality mobile app. |
| Only offers one option for the savings account. | Various terms for a certificate of deposits. |
| Flexible checking account. | |
| Large branches network. | |
| Strong mobile and online banking tools. | |
| Excellent relationship benefits. |
3. Custodial Bank of America savings account
Here is the third option for those looking for savings accounts from Bank of America. The custodial savings account from Bank of America also offers a 0.01% annual percentage yield. Just like the previous savings accounts, below are some pros and cons of the custodial savings account.
| Cons | Pros |
| Low annual percentage yield on certificate of deposit and savings accounts. | Quality mobile app. |
| Only offers one option for a savings account. | Excellent relationship benefits. |
| Various terms for the certificate of deposits. | |
| Strong mobile and online banking tools. | |
| Flexible checking account. | |
| Large network of branches. |
The Only Savings Account Bank of America
Bank of America used to have some savings account options. But now, Bank of America has only one savings account available. The advantage savings account is now the only savings account option offered by Bank of America.
This advantage savings account will charge a USD8 monthly maintenance fee. However, customers can avoid this monthly maintenance fee if they maintain a USD 500 or more monthly balance in their account when they link qualifying Bank of America checking accounts.
Bank of America is also waiving the monthly maintenance fee for qualified students who are under 25 years old. Below are the top perks of a savings account at Bank of America.
1. Automatic savings option
Bank of America has a program known as Keep the Change. This unique program will let customers round up purchases they made with their debit card and then transfer the difference to the savings account. This is a very unique program everyone would love.
2. Cashback deals
Another great perk of Bank of America’s advantage savings account is that customers can now earn up to 10% cashback on some select purchases through a unique program called BankAmeriDeals. This cashback deal is perfect to accompany the fee waiver program for college students.
Students under 25 years old can be eligible for the fee waiver program on Bank America’s Advantage savings account. Check out the terms before applying for this fee waiver program.
3. Relationship benefits
Advantage savings account Bank of America offers a Preferred Rewards membership program that is free. It comes with some relationship bonuses. The perks include discounts on investment fees, bonus rewards on some credit cards of Bank of America, and interest rate loan discounts.
You will need to meet balance and account requirements if you want to be eligible for this program and earn relationship benefits.
Improvements Bank of America Can Make
Bank of America can improve the monthly fees program. Customers can get a fee waiver program by meeting specific criteria. However, many top savings accounts won’t charge monthly fees. Also, Bank of America offers a lot of fee-free ATMs.
Unfortunately, the Advantage Savings account doesn’t come with any debit card. You will have to earn a checking account from Bank of America to earn the debit card. The student savings account Bank of America offers lower interest rates compared to the national average rate.
If you want to maximize your savings, the savings account from Bank of America isn’t the best option. The members of the Preferred Rewards program from Bank of America can get higher bonus rates. But the highest bonus tier is far below what other online banks are offering.
Accessing Money in a Bank of America Savings Account
With roughly 17,000 fee-free ATMS and 4,200 bank branches across the country, customers of Bank of America can earn their funds anywhere. This national bank also offers various ways to access your money with no fee.
If you want to deposit funds into the savings account of Bank of America, you can do it through ATMs, direct deposit, wire transfer, mobile check deposit, check by mail, and in person when you visit local bank branches.
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The advantage savings account Bank of America is now the only savings account offered by Bank of America. This savings account comes with some cons and pros. Make sure that you learn every detail about this savings account and compare it with other savings accounts before enrolling.