The Bank of America Minor Savings Account is a joint savings account between parents and kids under age 18. The minimum deposit is $25 and there’s no fee until the child turns 18 years old. But the interest rate is almost nonexistent at 0.01% and you must visit a local branch to get started.
Cassidy Horton is a freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
The Bank of America Minor Savings Account is a basic kids’ savings account with no monthly fee and a low opening deposit. But the benefits stop there. The APY is a measly 0.01% and you can’t open this account online.
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Unless you already bank at BoA and want to keep your accounts under one roof, we recommend going with a kids’ bank account that earns more interest — that way your child can watch their savings grow.
For example, the Alliant Kids Savings Account earns 3.1% APY and the Capital One Kids Savings Account earns 0.3%. If your child has a $500 account balance, they’d earn $0.05 with BoA compared to $4.50 from Alliant and $2.50 from Capital One.
Plus, both Alliant and Capital One allow you to open a savings account for your kid online, so you don’t have to visit a branch.
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You must visit a local branch to open the Bank of America Minor Savings Account. You can’t take care of it online or over the phone because the bank won’t open accounts for minor unless they are physically present at a branch with one of their parents. You can visit BoA’s website to schedule your appointment.
The Bank of America Minor Savings Account comes with standard features such as FDIC insurance, online and mobile banking and account alerts. But it also has these extra perks:
As with all savings accounts, you can’t make more than six outgoing transactions a month without paying a penalty. But the Bank of America Minor Savings Account also has these drawbacks:
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We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Get an impressive 5.2% APY, which is 12.1x higher than the national average. All with $0 fees and only a $1 minimum deposit required. FDIC insured.
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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.
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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.
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.
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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.
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.
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Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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
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