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Bank of America Advantage Savings Review: Good for Branch and ATM Access, but APY Is Near-Zero

Review Updated
Dana George
Dana George
| 2 others [ + ]
Robin Hartill, CFP
Robin Hartill, CFP
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Our quick take: The Bank of America Advantage Savings is best-suited for those who want the stability and convenience associated with banking at Bank of America, but aren't especially concerned about APY.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Ratings Methodology
Rates as of Apr 28, 2025

Bank of America Advantage Savings

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.01% Rate info Circle with letter I in it. Preferred Rewards members are eligible for higher APY. Gold tier earns 0.02%, Platinum earns 0.03%, and Platinum Honors earns 0.04%.
Min. To Earn APY
N/A
  • FDIC insured 
  • Large network of local branches
  • Relationship benefits for Preferred Rewards members
  • Mobile check deposits
  • Low APY
  • Only one savings account option
  • Monthly fee unless you meet monthly requirements
  • Requires a $100 minimum opening deposit

Bank of America Advantage Savings does not earn a competitive APY, even for Preferred Rewards members, and it carries a monthly fee except for minor and college students under 25 years of age. Still, the savings account is a viable option for those wanting in-person local banking or an account with an established big bank.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 28, 2025. Terms apply.
Min. to earn: $0
N/A
Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our writers, Robin Hartill, uses the Bank of America Advantage Savings account herself.

Here's Robin's experience:
Image of reviewer

When I was 16 and had my first job, my mom took me to Bank of America, where I opened my first checking and savings accounts. I still have both of those accounts today, mostly out of convenience. Most of my liquid savings is parked in a high-yield savings account, but tapping that money can be a bit of a headache.

I've saved several thousand dollars over the years in my Bank of America Advantage Savings account through Bank of America's Keep the Change® Savings Program, which rounds up your debit card purchases to the nearest dollar and deposits them in your savings account.

Pretty much every cent in the account comes from Keep the Change® savings. The money earns virtually nothing in interest, but it gives me peace of mind to know that I have savings I can easily access at a Bank of America branch or ATM if necessary.

Full Bank of America Advantage Savings review

Let's take a look at the shortcomings and benefits of this savings account in this Bank of America Advantage Savings review.

Bank of America Advantage Savings interest rate

Account APY Minimum Deposit
Bank of America Advantage Savings 0.01% $100
Data source: Bank of America.

If you're chasing maximum APY, look elsewhere. While the top high-yield savings accounts offer rates of 4% and higher, the Bank of America Advantage Savings account's standard APY is an abysmal 0.01%. Preferred Rewards members can earn slightly higher APYs, but even the highest rate is roughly one-tenth the national savings account average APY of 0.41%.

Fees

The Bank of America Advantage Savings account has an $8 monthly fee that's waived for the first six months. After that, the charge can be waived in the following circumstances:

  • You maintain a daily balance of at least $500
  • You link the account to an approved Bank of America checking account
  • You're a member of the Preferred Rewards program and qualify for the Gold, Platinum, Platinum Honors, Diamond, or Diamond Honors tier.
  • You're younger than 25.

The account doesn't have overdraft fees. If you attempt to withdraw more money than you have in your account, the transaction will be declined.

Minimum balance

The account requires a $100 opening deposit. If you don't maintain a daily balance of at least $500, you could get hit with an $8 monthly fee if you don't meet the other criteria for a fee waiver.

These requirements aren't unusual for a brick-and-mortar bank, though many free savings accounts offered by online banks have no minimum opening deposit or minimum balance.

Withdrawal limit

Bank of America says there may be limits on how much you can withdraw from ATMs based on several factors, including the type of account and the specific ATM's capabilities. It doesn't specify withdrawal limits for the Bank of America Advantage Savings account.

Mobile app

Bank of America's mobile app gets an average rating of 4.8 stars in the Apple App Store and 4.6 stars in the Google Play store.

You can use the app to manage your account, transfer funds, send money with Zelle, make mobile check deposits, monitor your credit score, and more. You can also get help from Bank of America's AI-powered virtual assistant, Erica®.

How to access your money

One advantage Bank of America has over online banks is how quickly you can access your money. With approximately 3,800 brick-and-mortar locations and 15,000 ATMs, it's easy to get your money when needed.

Deposit options

There are multiple ways to deposit cash or checks into your Bank of America Advantage Savings account, including:

  • Direct deposit
  • Mailing a deposit
  • Dropping a deposit off at a Bank of America ATM
  • Transfer from existing Bank of America accounts
  • Via mobile check deposit
  • Wire transfer

Withdrawal options

Similarly, there are also a multitude of ways to withdraw cash from your account.

  • In-branch withdrawal
  • ATM withdrawal
  • Electronic bank transfer
  • Wire transfer
  • Transfer to another Bank of America account

Online user reviews

The big complaint online reviewers have about the Bank of America Advantage Savings account is its minuscule APY. Many users say they've switched to high-yield savings accounts or certificates of deposit (CDs) to earn better rates on their savings.

However, some users suggest keeping a small amount in a Bank of America savings account, despite the low APY, since the money is easy to access, and keeping the remainder of savings in an account with more earnings potential.

Top perks

Branch and ATM access: Bank of America has roughly 3,800 branches and 15,000 ATMs, making it a good option for those who prefer brick-and-mortar banking.

Ease of making withdrawals: Some online banks with high-yield savings accounts require you to transfer money to a checking account to access your savings. If the checking account is at another institution, you may need to wait a couple of days for your funds. The Bank of America Advantage Savings account offers multiple ways to access your funds, though.

Easier to hit Preferred Rewards status. Balances in your Bank of America Advantage Savings account can help you reach Bank of America Preferred Rewards status. One perk of this status is a savings interest rate booster, but let's be honest: No one's going to jump for joy over the maximum APY that the status affords you. Several other perks are potentially more valuable, though -- like a credit card rewards booster, discounts on origination fees for mortgages and refinances, and savings on home equity loan and auto loan interest.

What could be improved

Low APY: Hands-down, the biggest drawback of the Bank of America Advantage Savings account is its near-zero interest rates. Some of the top-rated high-yield savings accounts pay 400 to 500 times the account's standard 0.01% APY.

Potential for monthly fees: If you don't meet at least one of the account's criteria for a fee waiver, like maintaining a $500 daily balance, you could get hit with an $8 monthly fee. The fee could erode your savings quickly if you have a fairly small balance.

Minimum opening deposit: The Bank of America Advantage Savings account's $100 minimum opening deposit isn't especially unusual, but many savings accounts have a lower opening deposit -- or none at all.

Is Bank of America Advantage Savings FDIC insured?

Yes, the Bank of America Advantage Savings account is FDIC insured. Deposits of up to $250,000 per depositor, per institution, per ownership category are federally insured, meaning you'll be able to access your funds in the event of a catastrophe, like a bank run or collapse.

Bank of America Advantage Savings is right for you if:

The account could be right for you if you do your other banking at Bank of America and want the convenience of handling all your financial needs in one place, particularly if you're a fan of in-person banking. However, if earning top dollar on your savings is important to you, look elsewhere.

Keep reading about Bank of America

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Depending on your Preferred Rewards tier, your rate may be as low as 0.01%.

  • A Bank of America Advantage Savings account is a convenient place to save money for anyone with an existing Bank of America checking account, as the ability to quickly transfer money could come in handy in an emergency situation.

  • To avoid the $8 monthly fee, you can maintain a daily balance of at least $500, link the account with a Bank of America checking account, or become a Preferred Rewards member. The fee is also waived if you're younger than 25.