The Bank of America Advantage Savings account is the bank’s traditional savings solution, designed for people who want to save money safely and conveniently while keeping the flexibility to access their funds when needed.
It offers modest returns but provides the convenience of a major national bank, including a large branch and ATM network, federal insurance coverage, and full integration with Bank of America’s broader financial services.
This account can work both as an emergency fund and as a complement to checking accounts, combining ease of use with the advantages of a large financial institution.
Key Features
Advantage Savings requires a minimum opening deposit of $100. As for returns, the standard APY is quite low: the rate is typically 0.01%, based on the most recent data.
However, customers enrolled in the bank’s loyalty program, Bank of America Preferred Rewards, can receive a boosted rate, improving the APY slightly (for example, to around 0.02% to 0.04% depending on tier).
The account includes all essential features of a modern savings product:
- mobile check deposit;
- automatic transfers;
- customizable alerts;
- 24/7 online access;
- and FDIC insurance coverage.
As expected from a savings account, it does not allow check writing.
Advantages of This Account
One of the main benefits of Advantage Savings is the safety and convenience of banking with one of the largest financial institutions in the U.S. With extensive branch access and thousands of ATMs nationwide, it simplifies withdrawals, deposits, and in-person service when needed.
Integration with the Preferred Rewards program can provide small but meaningful advantages, such as slightly higher yields and reduced fees, especially useful for customers who already use other Bank of America products.
For savers who want liquidity, simplicity, and easy access to funds, the account stands out for its straightforward structure, FDIC protection, and convenience of keeping checking and savings under the same institution. Features like mobile deposits, automatic transfers, and alerts help streamline personal finance management.
Costs and Fees
The account has an $8 monthly maintenance fee, which can be waived by keeping a minimum daily balance of $500, linking the account to an eligible Bank of America checking account, qualifying for Preferred Rewards, or being under 25 years old.
New customers often have the monthly fee waived for the first six months.
Who Is It For?
Advantage Savings suits better individuals who value simplicity and comfort in their banking experience. It works well for customers who already use Bank of America for checking accounts, bill payments, or credit cards and want to maintain a savings account in the same bank.
It’s a practical option for storing small to medium reserves. Such as an emergency fund, especially when the goal is safety and liquidity rather than high returns. It also suits those who prefer keeping part of their money easily accessible and feel more comfortable using a traditional bank despite the low interest rate.
How to Open an Account
To open an Advantage Savings account, you need:
- a minimum deposit of at least $100,
- your personal information, and
- optionally, a linked eligible checking account to help waive the monthly fee.
To avoid the $8 monthly fee, you must keep a minimum daily balance of $500 or be enrolled in Preferred Rewards.
After open the account, you can use the mobile app to make deposits. Also, to do transfers, set up automated transfers, and monitor your balance and earnings. The account is FDIC-insured, ensuring deposit protection.
Is the Bank of America Advantage Savings Account Worth It?
Advantage Savings is worth considering if you prioritize convenience, security, and the practicality of using a major bank with strong infrastructure. For modest short- or medium-term savings, such as an emergency fund, or for anyone who values liquidity and stability, it can be a reasonable choice.
If you’re looking to build savings steadily or prefer a safe and accessible place to store funds, Advantage Savings offers a convenient and reliable option.
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REFERENCES:
https://www.bankofamerica.com/
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