Bank of America savings account rates top out at just 0.04% APY, even for its highest tier, making it one of the least competitive options among major banks for growing your cash. Add in an $8 monthly fee that isn't automatically waived, and it's clear why savers often look elsewhere.
What Bank of America Actually Pays
Bank of America doesn't offer a lineup of different savings products the way some banks do. There's really just one account, the Advantage Savings account, and the bank adjusts the rate and fee structure depending on which tier of its Preferred Rewards program you belong to.
| Account | Required Opening Deposit | APY | Monthly Fee |
|---|---|---|---|
| Standard Advantage Savings | $100 | 0.01% | $8 |
| Gold Tier | $100 | 0.02% | $0 |
| Platinum Tier | $100 | 0.03% | $0 |
| Platinum Honors | $100 | 0.04% | $0 |
To put those numbers in perspective, someone with $10,000 sitting in the top Platinum Honors tier would earn about $4 in interest over a full year. That's not a typo. Even the standard tier, before factoring in the monthly fee, would barely register.
Reaching those higher tiers isn't just a matter of opening the account. Gold status requires keeping at least $20,000 in combined balances across eligible Bank of America and Merrill accounts. Platinum requires $50,000, and Platinum Honors requires $100,000. So the households earning the
