Bank Of America Savings Account Upgrade

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It's not surprising, given that it is among the largest U.S. banks that offers a wide range of banking products and services.

Bank of America offers one savings banking account option: the Rewards Savings account. But, it is one of a long list of options that may be available to you.

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In this Bank of America Savings Account review, we'll break down the fees, rates, and services of this account so that you'll be able to determine whether it is the right savings account for you.

Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability.

If you’re more concerned with finding an easily accessible savings account than with earning money on it, the Bank of America Rewards Savings account does the job. 

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This savings account does have a $8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee.

The minimum balance required for the Bank of America savings account is $500 per day. It means that the balance posted in the account at the end of every day must be $500 or more in order to waive the monthly fee.

Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts.

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This fee applies to all types of withdrawals and transfers, including withdrawals at ATM's and financial centers, and transfers initiated by telephone, mail, online banking, or by any other electronic means. 

Luckily, Bank of America caps the withdrawal limit fee at six, so you won’t pay more than $60 on those transactions in a single month.

However, if you can maintain a $20, 000 or greater minimum daily balance in your savings account, or if you are enrolled in the Preferred Members program, BofA will allow you to make more withdrawals from your savings account at no additional cost to you.

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When you use your Bank of America debit card to buy coffee, clothes, magazines, groceries, and other products, the bank automatically rounds up the dollar amount and transfers the difference to your savings account. 

So, in other words, if you spend $23.50 on a shirt, BofA will automatically round your purchase up to $24.00 even, and you’ll see that extra $0.50 transfer from your checking account go right to your savings. The amounts are small, but they add up if you use your debit card regularly.

If your savings account is converted to a checking account, either by yours or the bank's discretion, you can still be a part of the Keep the Change program. The small transfers will be deposited into your newly-converted checking account.

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It's important to note, however, that if your preferred form of payment is by cash or credit card, the program will be ineffective since you're not using your debit card.

One of the perks of banking with BofA is that offers great services to help you plan ahead for your child's future.

If you're a parent who wants to start saving for your child as early as possible, then Bank of America offers two savings accounts to help you get your child's financial future started.

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BofA's Minor Savings Account allows you as the parent/guardian to open a savings account for your child, given they are under 18 years old.

The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child's name.

The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America, is a savings account designed to act like a stash-away account to save the most money for your child.

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As the parent/guardian, you are the custodian of the account and you are responsible for managing and distributing funds on behalf of your child.

It's important to note that this kind of savings account is governed by the state where the account is opened, and once you deposit your funds into your child's account, those funds irrevocably become the property of your child.

This means that even though you as the parent/guardian are allowed to control the account, the actual funds must legally only be used for expenses that pertain to your child (and those expenses must benefit your child). Most commonly, this type of account is used for paying for college or some kind of schooling.

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The funds that are deposited into this account will be accessible to your child once it reaches maturity -- when your child reaches the age of 18 or 21 -- depending on state law.

Note: Funds may be withdrawn before it reaches maturity, but only for legitimate expenses. Although these expenses can be for educational purposes, they are not limited to just that -- the only rule is that the expenses must be used for the good of your child.

You can manage your savings account on Bank of America’s desktop site and through its mobile app. Both platforms allow you to transfer money between Bank of America accounts and to external accounts.

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The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements.

It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn't really help you grow your savings.

However, the Child Savings accounts can be great starter-savings accounts for your kids to help teach them money management skills and grow their finances for the future.

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Casey Hynes writes for on personal finance, digital marketing, and rights issues. Education: M.A. in Journalism from Columbia University School of Journalism.

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Bank of America’s Online Bill Pay lets you pay your monthly bills. Like your utilities, credit card, or even your phone bill quickly and securely.

First thing you’ll do, is sign into Online Banking and click Bill Pay. From here you can set up the companies you want to pay. Make sure you have your latest bills handy because you’ll need to enter in your account information. To add a new company you want to pay, click Add a new Pay-To account. Then under Pay a Company, choose Browse a list of companies. From here, you can look for companies by category, company name, or do a search. If you don’t see the company you’re looking for, you can always add it by

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