Bank Of America High Yield Saving Account

Written by Matthew Goldberg Written by Matthew GoldbergArrow Right Consumer banking reporter Matthew Goldberg is a consumer banking reporter at . Matthew has been in financial services for more than a decade, in banking and insurance. Connect with Matthew Goldberg on Twitter Twitter Connect with Matthew Goldberg on LinkedIn Linkedin Get in contact with Matthew Goldberg via Email Email Matthew Goldberg

Edited by Brian Beers Edited by Brian BeersArrow Right Managing editor Brian Beers is the managing editor for the Wealth team at . He oversees editorial coverage of banking, investing, the economy and all things money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers

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Bank Of America Savings Account Review 2023

Bank of America offers a number of savings accounts for parking your money, but its ultra-low rates will do little to help you grow your savings. They are much lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates.

Bank of America earned 3.8 out of 5 stars in ’s overall review of its deposit accounts. For its savings accounts, the bank scored 2.9 out of 5 stars. One big advantage that Bank of America offers customers is access to a large branch network with around 3, 900 financial centers and more than 15, 000 ATMs.

Here’s a closer look at the rates offered by Bank of America’s savings accounts. The rates are for those living in the New York tri-state area and could vary by state.

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Note: Annual percentage yields (APYs) shown are as of Aug. 24, 2023, for the New York City area and may vary by region for some products.

The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: The higher your balance, the more interest you can earn. But with 0.04 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions.

Savings accounts offered by Ally Bank, Bask Bank and Capital One all offer much higher rates. ’s list of institutions that offer high yields can help you find the best savings account rates.

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Bank of America imposes an $8 monthly maintenance fee on its savings accounts. Although it is possible to have this fee waived if you meet certain criteria, such as maintaining a $500 balance, many other banks charge no monthly fees on savings accounts.

Bank of America offers other savings options beyond savings accounts. Its fixed term certificates of deposit (CDs) have terms ranging from 28 days to 10 years, and its featured CD account ranges from seven months to 37 months.

While the latter offers a more robust yield depending on the term and the balance, you need at least $1, 000 to open the CD, making it less accessible compared to CDs at other banks. Moreover, the yields for the fixed-term CDs are extremely low. You can easily find better rates elsewhere.

Bank Of America High Yield Savings: 2022 Zinssätze

Matthew Goldberg is a consumer banking reporter at . Matthew has been in financial services for more than a decade, in banking and insurance.

Edited by Brian Beers Edited by Brian BeersArrow Right Managing editor Brian Beers is the managing editor for the Wealth team at . He oversees editorial coverage of banking, investing, the economy and all things money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers Managing edito

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