how to make a savings account bank of america

Chase online; credit cards, mortgages, commercial banking, auto loans, Open a savings account or open a Certificate of Deposit (see interest rates) and. But easy access and a solid digital experience come at the price of hefty fees and weak savings rates. Best for: Those who prioritize branch and. The minimum deposit to open an account is $100. Minor Savings Account: No monthly maintenance. how to make a savings account bank of america

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Here Is Why Everyone Hates Bank of America

Bank of America Review – Is Bigger Better?

Your personal finances can be a lot easier to manage if you do all of your banking at one bank. You don’t have to, of course. You may be OK juggling multiple accounts for a home loan, investments, savings, checking, and credit cards, among other financial needs.

Or you can do what 66 million U.S. consumers do and have some, if not all, of your financial activities at Bank of America. It’s the second-largest bank in the country, with $2.16 trillion in total assets, behind only JPMorgan Chase & Co.

Bank of America offers many services, which we’ll touch on, but our main focus is showing how its checking and savings accounts work so you can pick the best how to make a savings account bank of america that fits your daily needs.

What is Bank of America?

As we’ve said, it’s a large bank. Not only does it have millions of customers and assets, but it has 4,300 branches and 16,000 ATMs. It services approximately 10.73% of all American bank deposits. BoA’s deposits are insured by the FDIC.

Now called BoA for short, Bank of America was started in 1904 as Bank of Italy by Amadeo Pietro Giannini to help Italian immigrants who faced service discrimination by various banks. Giannini acquired Banca d’America e d’Italia (Bank of America and Italy) in 1922.

The bank now offers a range of financial services, including checking, savings, credit cards, home loans, auto loans, and investing services.

Bank of America checking and savings accounts

Bank of America has three types of checking accounts and three types of savings accounts. It has accounts for students, everyday customers with basic banking needs, and for those with high balances.

It also has CDs that pay a set interest rate for a deposit kept at the bank for a certain amount of time, and offers individual retirement accounts, or IRAs, to help people save for retirement.

Customers with high balances get extra perks, such as waived monthly maintenance fees, free use of non-BoA ATMs, a higher savings account rate, and other things in what the bank calls Preferred Rewards. We’ll explain the three reward tiers in more detail later, but they start for account balances of $20,000.

Bank of America checking accounts

A Bank of America checking account isn’t just limited to one type of account. BoA has three of what it calls Advantage Banking checking accounts. Each has a monthly service fee that can be waived by meeting minimum balance requirements or by having direct deposits of at least $250 each month.

Here are how the accounts work:

  • Advantage SafeBalance: For students in high school, college, or vocational school. A monthly $4.95 maintenance fee is waived if under age 24 and enrolled in school. The account doesn’t have overdraft fees.
  • Advantage Plus: Everyday banking for non-students. A monthly $12 account fee is waived for having a $250 direct deposit each month, or by keeping a $1,500 minimum daily balance.
  • Advantage Relationship: Meant for customers with high balances, this checking account earns interest and doesn’t charge fees for some services. A monthly $25 fee is waived for having $10,000 in linked accounts or being enrolled in Preferred Rewards.

Bank of America savings accounts

BofA has two types of savings accounts. One is for everyday use, and the other two are for children:

  • Advantage Savings: This savings account pays 0.01% APY, though Bank of America Preferred Rewards members can earn 0.02, 0.03, and 0.05% more by having $20,000, $50,000, or $100,000, respectively, in their combined accounts at BofA. The monthly maintenance fee is $8 unless the minimum daily balance is $500 or it’s linked to an Advantage Relationship account. The minimum deposit to open an account is $100.
  • Minor Savings Account: No monthly maintenance fee if the child is under age 18. This joint account is owned by the minor and parent or guardian. The child can access the funds before age 18, the account pays interest, requires $25 to open, and has no minimum daily balance requirement.
  • Custodial Savings Account: Has an $8 monthly fee and is money is given to the child when they reach maturity. The fee is waived with a minimum daily balance of $500. The account pays interest and requires a minimum opening deposit of $100.

Bank of America fees

Every Bank of America savings account or checking account charges a monthly maintenance fee, except for the Minor Savings Account if the child is under 18.

The monthly fees are waived for meeting at least one other requirement, depending on which account you have:

  • Direct deposit of $250 per month.
  • $1,500 minimum daily balance in checking account.
  • Under age 24 and in school.
  • $500 minimum daily balance in a savings account, or linked to a high balance checking account.
  • High balance account, called Advantage Relationship, requires $10,000 in linked accounts.

Otherwise, banking account maintenance fees range from $4.95 to $25 per month. Most people should be able to have the fees waived simply by having $250 per month in direct deposits to their Bank of America Advantage Plus banking account for checking, or keep at least $500 in a savings account.

Like many other banks, BoA charges fees for extra services. The checking account for high balances, the Bank of America Advantage Relationship banking program, however, waives most of those extra fees.

But if you’re not in the high balance account, the fees include such things as:

  • $12 for overdraft protection transfer
  • $5 for statement copies
  • $5 for ATM or debit card replacement
  • $30 for stop payment request
  • $15 for incoming domestic wire transfer

Bank of America features

Preferred Rewards

The more money you have in Bank of America accounts, including in its Merrill investment accounts, the more rewards you qualify for in its Preferred Rewards program. It has three tiers, each with better benefits as balances increase.

Program benefits are kept for at least a full year, so you don’t have to worry if your balances dip temporarily. Balances are reviewed monthly to see if you qualify for a higher tier. Here are the three tiers and some of the rewards they allow:

Rewards levelMinimum balancesSavings interest rate boosterFree use of non-BofA ATMsSelect banking services
Gold$20,0005%0No fees
Platinum$50,00010%12No fees
Platinum Honors$100,00020%UnlimitedNo fees

Mobile banking

Most financial institutions have some sort of mobile banking app. Bank of America has online banking and a mobile banking app that allows you to deposit checks, open an online account, access investment accounts, lock your debit card, and do other banking chores without having to visit a bank office.

The mobile banking app has a robo assistant named Erica who can help you find answers to your banking questions.

Your debit card can be put in your digital wallet to pay merchants, and you can pay friends securely with Zelle from your phone. Custom alerts and savings goals can be set in the app, and cashback deals and other rewards are customized for you in the app.

Track rewards

Some businesses try to sell existing customers something by sending them fliers in the mail and other forms of advertising. Bank of America does this too, but also in a way through the mobile app that could put money in their customers’ pockets.

Some of the benefits that can be seen are for being a Preferred Rewards member, meaning you have at least $20,000 in account balances. The app will show you how much money you’ve saved in fees, how much the interest on your savings account is boosted, and other benefits.

It also shows deals through Bank of America, such as 10% off Big O Tires when you use your BoA credit or debit card. You can choose the deals you want. No promo codes or coupons are needed. Once you make the purchase, the cashback is deposited into your account.

Waived fees

When researching Bank of America checking and savings accounts, you may see a fee listed for monthly maintenance. The bank’s basic savings account charges $8 per month and the basic checking account charges $12.

Don’t how to make a savings account bank of america those account fees dissuade you from researching the account more. The can be waived if you meet the simple requirements of having a $500 balance in the savings account and having a $250 direct deposit in the checking account. A $1,500 minimum daily balance in the checking account will also allow the fee to be waived, though that may be harder to reach than a monthly direct deposit of $250.

Keep the Change

Bank of America has a program called Keep the Change, where debit how to make a savings account bank of america transactions are rounded up to the nearest dollar and the difference is transferred to your savings account. It won’t make you rich, but it makes it easier to balance your checkbook and reminds savings account holders to save how to make a savings account bank of america automatic transfers anyway.

Who is Bank of America best for?

Those with direct deposits

Most people should be able to avoid paying the fee that BoA charges for a basic checking account by having a direct deposit of $250 each month. If you get paid every two weeks, that’s only $125 per paycheck that goes through direct deposit to the bank.

Those who want physical bank branches

Bank of America has 4,300 branches across the U.S., so you should be able to find an office near you if you need one and want to talk to a bank professional in person. Customer service can also be reached online and by phone.

Those with high balances

Meeting both of those criteria will get you free access to many services that other customers have to pay for. Stop payment requests, wire transfers, and debit card replacement are some of the services that Preferred Rewards members who have at least $20,000 in their BoA accounts get for free.


High school and college students can get a free checking account at Bank of America, called Advantage SafeBalance until they turn 25. The account doesn’t have overdraft fees and is a good way for students to have a checking account when they’re starting their financial journey. BoA has 16,000 ATMs in the U.S. that are free for its customers to use, so students should be able to find one near their campus.

Who shouldn’t use Bank of America?

Those with non-traditional income

Freelancers, some gig workers, restaurant staff, contractors, and others with fluctuating income may not be able to meet BofA’s requirements to waive monthly account fees. The bank’s basic checking account requires monthly direct deposits of $250, and its savings account requires a $500 minimum daily balance to have the fee waived.


If you’re looking for a high-yield savings account, you’re unlikely to find it at Bank of America. Its savings accounts do the basic job of saving for a rainy day, but you can find much higher interest rates paid on savings at online-only banks and some brick-and-mortar banks.

Pros and cons

If you’re still unsure why Bank of America may be best for your financial needs, consider these pros and cons.


  • Accounts for any age. From children to retirees, Bank of America has savings and checking accounts for all ages. It offers a savings account where children can get access to their money now or a custodial account where money can be saved for them and given to them when they turn 18.
  • Rewards for high balances. The more money you have in your accounts, the more you’ll save on fees and can get bonuses on the interest you earn in a savings account and elsewhere. Keep at least $100,000 in Bank of America accounts and you can use ATMs for free that aren’t run by the bank.
  • Waived fees. Most people should be able to have the monthly maintenance fees waived by having a direct deposit or meeting minimum balance requirements.
  • Lots of ATMs and branches. Bank of America has 16,000 ATMs that are free to use, and 4,300 branches across the U.S.


  • Low savings rate. The basic rate on a savings account is 0.01% APY. It can go up to 0.05% APY if you have a high balance, but a savings account may not be the best place to park $100,000.
  • Overdraft fees. While overdraft fees can be avoided, Bank of America charges a hefty $35 per overdraft, up to four times daily. That can be painful at up to $140 per day. It also charges $12 for an overdraft protection transfer.
  • Fees for non-Bank of America ATMs. The bank also charges fees for using non-Bank of America ATMs. The fee is $2.50 in the U.S. and $5 internationally. With 16,000 ATMs that it owns, it shouldn’t be hard finding a BofA ATM in the U.S. If you’re going abroad, you may want to use a credit card without foreign transaction fees instead.

Bank of America vs. competitors

BankMonthly feeSavings APYOverdraft feeBranches
Bank of America$4.50-$250.01%$354,300
Wells Fargo$10$355,4000.01%

Bank of America vs. Citibank

Citibank is the fourth largest bank in the U.S. It has fewer branches than Bank of America, 700 at Citi vs. 4,300 at BofA. Most of Citibank’s branches are in California, while BofA has them in every state.

For its basic checking accounts, Citibank has similar ways to waive monthly account maintenance fees as BofA does. At least one qualifying direct deposit is required each month, and/or a bill payment per statement period, or a $1,500 combined average monthly balance in linked accounts.

Citi pays higher starting interest rates on savings accounts, though it probably won’t add up to much money for most customers.

Read a full review on Citibank.

Bank of America vs. Wells Fargo

Wells Fargo & Co. is the third-largest bank in the world, with more than 5,320 locations across the country.

Wells Fargo charges $10 for customers 25 and older to use its basic checking account, called Everyday Checking, each month. The fee is waived for having a $500 direct deposit monthly or an average balance of $500. That’s double the direct deposit amount BofA requires in a similar checking account, but well below the $1,500 minimum daily balance, BofA requires for waiving its $12 monthly account fee.

If you earn a low income, the $250 direct deposit threshold at BofA may be easier to reach each month, though most people should be able to hit either level.

Read a full review on Wells Fargo.

Should you open a savings account at Bank of America?

To store some extra money or just as a place to move money from the bank’s Keep the Change program, where debit card transactions are rounded up and the change is transferred to your savings account, Bank of America’s savings account is worth opening.

But it has a few flaws, starting with the abysmal interest rates it pays on balances. The rates are tiered, though the standard APY is currently 0.01% for balances up to $20,000.

Reach any of the three tiers in its Preferred Rewards program, and the interest rates go up a little. Here are the minimum balances and what those APYs are:

TierAccount balanceAPY
Platinum Honors$100,0000.05%

The BoA savings account also has a monthly fee of $8, which isn’t much but adds up in a year to $96. The fee can be waived in a few ways, starting by maintaining a minimum daily balance of $500. That may be a lot of money to tie up in a low-interest savings account for some people.

Is a large bank for me?

That’s a question that only you can decide, but we can offer some factors to consider when choosing a bank for your daily financial needs.

If you want a bank with lots of offices and ATMs, Bank of America can be a good fit. It has 4,300 branches and 16,000 ATMs. And like most banks, it has customer support online and over the phone.

Traditional, large banks aren’t known for paying high interest rates to checking and savings account holders. BofA’s interest rates are low on its savings accounts, and nonexistent on its basic checking accounts. It pays interest on a high-balance checking account, though it’s only 0.01% APY on balances up to $50,000, and 0.02% APY on higher balances.

Chances are you can find higher interest rates at online-only banks. That means being comfortable with online communication, though most should also have a phone number to call for customer service. And we know how much fun waiting on hold can be.

The bottom line

Searching for an ATM late at night when you need cash isn’t something you want to do often. Bank of America makes it easy, with more than 16,000 ATMs across the country. You should be able to find an ATM near you, no matter where you live in the U.S. BoA also has a lot of bank offices, giving you the option to do your banking in person if you want to.

Those can be big reasons to choose a bank for your daily financial needs, but they shouldn’t be the only ones. Bank of America offers checking and savings accounts that can be free of monthly maintenance charges by meeting a few simple requirements, such as direct deposit or keeping a minimum balance.

But its basic checking and savings accounts pay no or little interest. If earning money on your money is a priority, then you may want to look elsewhere for your banking needs. But if you want bank accounts that can be free to use and offer some money-saving perks, then Bank of America may be the daily bank you need.


Spring into mortgage savings with low rates.

Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Mortgage and home equity products are offered in the U.S. by HSBC Bank USA, N.A. and are only available for property located in the U.S. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.

HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account.

Data rate charges from your service provider may apply.  HSBC Bank USA, N.A. is not responsible for these charges.  Camera-in device required to be able to utilize HSBC Mobile Check Deposit. Deposit amount limits may apply.  HSBC Mobile Banking App is available for iPhone®, iPad®, AndroidTM devices and must be downloaded from the App StoreSM or Google PlayTM.

iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries.

Android and Google Play are trademarks of Google LLC.

App Store is a service mark of Apple Inc.

United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts. U.S. persons should consult a tax adviser for more information.

HSBC commissioned this article as part of our Beyond Banking initiative.  While HSBC is pleased to offer this Beyond Banking article as an educational service to our customers, HSBC does not guarantee, warrant or recommend the opinion or advice or the product and/or services offered or mentioned in this article.  Any opinions, judgments, advice, statements, services, offers or other information presented within a Beyond Banking article are those of a third party and not HSBC.

For clients located outside of the U.S. - Our products and services are not specifically directed at individuals located in the European Union. Our U.S. representatives, as well as our public website,, provide products and services governed by U.S. laws and regulations. Our products and services, as well as their specific terms and conditions, are subject to change and may not be available in all territories or to all customers. If you are not located in the U.S., the laws and regulations of your country of residence could affect the offering, negotiation, discussion, provision, and/or use of HSBC U.S. products and services. If you are not a U.S. resident, please read the specific cross-border product and service disclaimers, which are available on the Cross Border Disclosure page of our public website at


Personal Savings and Money Market Accounts

Our savings and money market accounts help put the money you work for, to work for you. They’re a great way to save for someday without missing out on access to your cash today.1

Open online todaySchedule AppointmentFind the Right Account

  • Access your bank accounts anytime, anywhere with our total access digital banking, available on your laptop, or on your tablet and smartphone with our mobile banking app2.
  • Deposit checks without a trip to the bank with Mobile Deposit. Just snap a picture with your phone, send it and you’re done2.
  • Access your money at 55,000 surcharge-free ATMs through AllpointTM and Freedom AllianceTM. So you’re never far from your bank, no matter how far you are from home.
  • Transfer money between your accounts automatically so your savings can build without giving it a second thought. 
  • Stay up to date and how much is tyra banks net worth your savings grow month by month with paper or eStatements.

Find The Right Account For You

More Great Options for Saving with a Purpose

Tower Savers

A great way to start saving for your child’s future.

Learn more

Vacation & Holiday Clubs

Set aside money for a vacation or holiday shopping.

Learn more

Certificates of Deposit

Lock in your rate for a term ranging from 90 days to 60 months.

Learn more

1 The number of free withdrawals or transfers from a savings or money market account to another bank account of yours or to a third party by means of a preauthorized agreement, by telephone, online banking or initiated by check, draft, debit card, or similar order to a third party are limited to six (6) per statement cycle. This includes online bill payments and overdraft transfers. An Excessive Transaction Fee of $6.00 may be charged for each debit paid in excess of six (6) during a statement cycle.

2 We don’t charge for these services but standard message, data, and internet service provider rates may apply so check with your carriers.

Overdraft transfer services are limited to the available balance in the linked account. Add Overdraft Protection by calling 800-711-BANK (2265) or visiting a community office near you.
4 Interest is earned on the daily collected balance, and is compounded and credited monthly to the account.

5 American Dream Reward Interest will be increased by .04%, up to a maximum rate increase of .12% added to the base rate, when additional accounts within the following product groupings are included in the Relationship:
    • Checking Account or Money Market Account
    • Certificate of Deposit or Individual Retirement Account
    • Consumer Loan (Installment, Home Equity, Personal Line of Credit, Mortgage or Time and Demand)
Multiple accounts within the same product grouping will count as only one.

6 In order to qualify for the Relationship Rates, the primary or joint owner on the Relationship Money Market must also be a primary or joint owner on a Hometown Checking + Interest + Solutions account. If you do not have a qualifying checking account or there are changes to your checking account (it is closed, changed to a new account type or no longer shares an owner with the Relationship Money Market), the rates may change to the non-relationship rates in effect at the time of the change.


Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

1 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.

2 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

3 To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.

4 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

5 Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

6 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Spending Account, see your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. Please see the back of your Chime debit card for your issuing bank.See Terms and Conditions

7 The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

© 2013-2021 Chime. All Rights Reserved.


Bank of America is the third largest bank in the country, with 4,700 branch offices in 35 states and $1.2 billion in domestic deposits as of September 2016. Its wide distribution makes it a decent choice for your checking account, but its low deposit interest rates —ranging from 0.01% to 0.06% —make it less optimal to keep your savings with Bank of America.

Review: Should You Open an Account at Bank of America?

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Bank of America is an acceptable bank if you want to consolidate your finances in one convenient place, but not if you're trying to find the highest interest rate on your money. The bank delivers almost every retail bank product on the market, from checking accounts to savings, loans and credit cards. Bank of America doesn't do any one thing particularly better than its competitors, but you're guaranteed to find at least some version of every product at Bank of America.

Although it's difficult to compare the largest banks because they offer many of the same services and products, Bank of America stands out in a few areas. Its standard daily limit of $1,000 on ATM cash withdrawals and $5,000 on debit purchases is substantially higher than the usual limits at either Chase or Wells Fargo. Even among smaller regional banks, the only place we found ATM and debit limits higher than at Bank of America was PNC Bank, which allows up to $1,500 from ATMs and $7,500 in debit transactions each day.

Additionally, Bank of America's higher limits may apply to students as well. Instead of providing college-age students with a separate checking option, Bank of America allows them to enroll in its standard Core Checking program, waiving the $12 monthly fee for people age 23 or younger. This means that rather than having to deal with the more restrictive withdrawal and spending limits on a typical student account, college customers at Bank of America will likely have access to the standard higher limits of Core Checking.

One area in which you may be disappointed with Bank of America is its high number of incidental fees, such as a $5 charge for any printed statements you request from the bank. While some brick-and-mortar banks have similar policies, Bank of America stands at the high end of the distribution, especially in comparison to low-service online accounts. While these fees won't affect most people most of the time, incidental charges may fall heavily on people who rely on uncommon services like cashier's checks.

Bank of Capital 1 gm credit card Checking Account Features

Bank of America has three different types of checking accounts, although the majority of people will only need to consider their main Core Checking Account.

Bank of America Core Checking
  • Minimum to Open: $25
  • Monthly Fee: $12
  • Monthly Fee Waiver: $1,500 daily balance OR $250 direct deposit
  • Non-Network ATM Fee: $2.50
  • Daily ATM Limit: $1,000
Bank of America Interest Checking
  • Minimum to Open: $100
  • Monthly Fee: $25
  • Monthly Fee Waiver: $10,000 daily balance OR Preferred Rewards Tier of Gold or higher
  • Non-Network ATM Fee: $2.50
  • APY: 0.01% - 0.02%
Bank of America SafeBalance® Banking
  • Minimum to Open: $25
  • Monthly Fee: $4.95
  • Monthly Fee Waiver: cannot waive
  • Non-Network ATM Fee: $2.50

The Bank of America Core Checking Account, which requires $25 to open and costs $17 in total monthly fees, is a thoroughly typical checking option from a national bank. Its benefits include reliable access to thousands of branches and ATMs, along with a robust mobile and online platform for doing your banking remotely. As with other large banks, you can use Bank of America's app to make mobile check deposits, transfer money between accounts or to other people, pay bills and keep track of your transactions. These features are useful, but they don't distinguish Bank of America in any significant way from what you'll find at competitors like Chase or Wells Fargo. If these accounts aren't close to what you have in mind, online checking may be a better place to look.

Although Bank of America Interest Central bank lake of the ozarks online banking does earn interest, the $25 maintenance fee on that account tends to negate that benefit. The Bank of America SafeBalance® Banking Account works differently from accounts at other banks: it's specifically designed to protect your balance from overdrafts and fraud. You can't avoid the $4.95 monthly fee, but the account won't allow any overdrafts, simply declining excess transactions instead. It also comes with a photo ID printed on your debit card, adding a bit more security to your card.

One additional feature that may interest museum and art enthusiasts: Bank of America sponsors a program called Museums on Us®, through which Bank of America debit and credit card holders can obtain free weekend access to over 150 galleries and museums. Each cardholder receives admission for one person on the first full weekend of each month at participating institutions, ranging from New York's Museum of Modern Art to the Los Angeles County Museum of Art.

Bank of America Savings Account Features

All but one of Bank of America's savings accounts will get you just 0.01% APY on your balance, making it better to avoid this category if your first priority is high yields. However, the bank does provide a unique program that might be money network pay card login to those who have trouble sticking to a savings plan.

Bank of America Regular Savings
  • APY: 0.01%
  • Difference from National Average: -0.05%
  • Minimum Balance for APY: $0
  • Monthly Fee: $5
  • Fee Waivers: $300 daily minimum, linked Interest Checking, Preferred Rewards membership OR $25 repeating automatic transfer from Bank of America checking account
Bank of America Minor Savings
Bank of America Custodial (UTMA) Savings
  • APY: 0.03%
  • Difference from National Average: -0.05%
  • Minimum Balance for APY: $0
  • Monthly Fee: $5
  • Fee Waivers: $300 daily minimum
Bank of America Rewards Money Market Savings
  • APY: 0.50% - 0.40%
  • Difference from National Average: -0.05% to -0.02%
  • Minimum Balance for APY: $0
  • Monthly Fee: $5
  • Fee Waivers: $300 daily minimum, linked Interest Checking, Preferred Rewards membership OR $25 repeating automatic transfer from Bank of America checking account

If the most important feature of a savings account is a high interest rate, Bank of America falls short of providing a strong set of options here. With a rate of 0.01%, the most use you'll get out of the Bank of America Regular Savings Account is to store emergency funds that can cover the occasional overdraft in your Core Checking Account. The Rewards Money Market Account isn't much better: you'll need at least $100,000 in your account for the maximum rate of just 0.06%, below average for a money market account. However, Bank of America does have a unique program to help you save more money with less effort, something that may prove useful if you're looking to increase the amount you put away.

Linking to your checking account, the Bank of America Keep the Change® savings program rounds up each purchase you make with your Bank of America debit card and transfers the extra amount to a savings account of your choice. For example, buying a cup of coffee for $4.57 will remove a total of $5.00 from your checking account, with the extra $0.43 going to your savings. This is a relatively uncommon feature among banks, although certain apps such as Acorns work on the same principle of rounding up small amounts.

How Does Bank of America Compare to Other Banks?

Bank of America shares a lot of major similarities with the competition, and you might find it more helpful to narrow down your choices based on which banks operate more branches in your area. Nevertheless, we've provided head-to-head comparisons of Bank of America with some of its major rivals. Check here for our compilation of other excellent choices.

Bank of America vs. Chase

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These two large banks have more similarities than differences in their products, but there are some how to make a savings account bank of america points worth noting. Compared to Chase, Bank of America's checking options are geared towards account holders with lower balances. For instance, while Chase provides one extra level of premium checking, Bank of America SafeBalance® Banking automatically declines all overdrafts. In addition, the strength of Chase's credit cards rewards program makes its a better bank for credit card options than Bank of America.

If you have both banks nearby, Bank of America is a better option if you need higher daily limits on your spending and withdrawals. People who can get value out of the Museums on Us® free admissions and Keep the Change® saving program might prefer Bank of America as well, as Chase lacks any comparable programs in those areas.

Bank of America vs. Wells Fargo Bank

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Another large bank, Wells Fargo has even more branch locations and ATMs than Bank of America, but as with Chase, most of the differences have to do with minor features. From the standpoint of recent news, Wells Fargo has a lot of work to do in regaining customers' trust after the CFPB fined it $100 million for widespread account fraud among its employees. In an effort to replenish its deposits, Wells Fargo is offering a $200 bonus to new checking customers, making it a more attractive option than Bank of America to newcomers —so long as you trust that the bank has improved its internal practices.

Bank of America vs. Capital One

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Capital One lacks the sheer geographical reach of Bank of America, but it pursues an alternative strategy by offering online checking and savings as well as brick-and-mortar accounts. While there's not much difference between Bank of America and Capital One's traditional accounts, the Capital One 360 Checking Account offers an APY of at least 0.1% on all balances. By comparison, the highest rate you can get on Bank of America's Rewards Money Market Account is 0.06% APY, which only applies to balances of at least $100,000.

If you're comfortable doing most or all of your banking through websites and apps, Capital One 360 may offer a superior experience and deliver a better return on your deposits than Bank of America. However, given that more complex products like loans and mortgages will likely require in-person service, you shouldn't dismiss the potential benefit of having a nearby Bank of America branch if you plan to buy a home or finance some other large purchase in the future.

Bank of America vs. Citibank

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Citibank is one of best buy visa annual fee few banks whose ATM withdrawal limits and debit purchase limits are as high as those at Bank of America. However, it maintains far fewer branches and ATMs than Bank of America does, and Citibank's only advantage in terms of accessibility is its many international locations, which may prove more useful to frequent travelers. Citibank and Bank of America both have very low interest rates on savings, while their checking options are fairly similar in fees and limits. Overall, traveling often and having existing investment accounts with Citigroup are the only reasons you'd want to choose Citibank over Bank of America.


Bankrate's guide to choosing the right savings rate

Online banks tend to offer higher rates than brick-and-mortar banks. They are able to do this because they usually have fewer overhead costs. Online banks also need a way to attract your money, so they tend to offer higher yields than banks with branches.

Banking with an online bank that’s a member of the FDIC, can be a great way to earn a higher rate and ensure your money stays protected. Just make sure you’re within the FDIC’s limits and guidelines.

Guide to choosing the best savings account table of contents:

Bankrate's experience on financial advice and reporting

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Best online savings accounts and rates of November 2021

Here are Bankrate's selections for the best widely available savings account rates from top online banks:

*Minimum balance of $25,000 or a monthly deposit of $100 required for APY.

Note: The annual percentage yields (APYs) shown are as of Nov. 18, 2021. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and Bankrate's editorial team may occasionally update these APYs after that update. The APYs for some products may vary by region.

1. Best Overall Rate: Comenity Direct - 0.55% APY, $100 minimum to open account (no ATM access)

Savings interest rates from Comenity

Overview: Comenity Direct was created in 2018 and launched its High-Yield Savings Account in April 2019. Comenity Direct is a brand of Comenity Capital Bank. Comenity Bank is best known for its co-branded, private label and business credit card programs. Comenity Bank and Comenity Capital Bank partner with more than 160 retailers worldwide on those credit cards.

Perks: Comenity Direct has one of the highest APYs available. Comenity Direct also has customer service representatives available on the phone Monday through Friday from 7 a.m. to 11 p.m. Central. On weekends and most holidays, the phone hours are 9 a.m. to 5 p.m. Central. Comenity Direct also has the Comenity Direct mobile app, which allows you to make deposits and withdrawals, contact customer service and check your balance.

What to watch for: The account doesn’t offer an ATM card or a debit card for ATM access. But you are able to initiate free ACH transfers.

2. High Rate: Vio Bank - 0.51% APY, $100 minimum balance to open (no ATM access)

Best savings rate from Vio Bank

Overview: Vio Bank, established in 2018, is the national online division of MidFirst Bank. MidFirst Bank has been an FDIC-insured bank since 1934 and was established in 1911, according to the FDIC. Vio Bank offers both a High Yield Online Savings account and CDs.

Perks: Vio Bank’s High Yield Online Savings account has one of the top yields around, and all balances receive this APY. It also has a low minimum requirement of $100 to open the account. The account has no monthly fee. There is no charge for incoming domestic or international wire transfers. There also aren't any fees for outgoing or incoming external transfers. But the cost of sending a domestic wire transfer is $30.

What to watch for: You’ll be charged $5 each month for opting to receive paper statements for your account. After you make six withdrawals during your monthly statement cycle, you’ll incur a $10 fee for every withdrawal after that.

3. High Rate: Ally Bank - 0.50% APY, no minimum balance needed for APY and a free checking account (no ATM access)

High-yield savings from Ally Bank

Overview: Ally Bank started in 2004 and is headquartered in Sandy, Utah. In 2009, GMAC Bank was transformed into Ally Bank. It has 2.3 million deposit-account customers, according to its 2020 annual report.

Perks: You can deposit checks remotely with Ally eCheck Deposit. The Online Savings Account also has no monthly maintenance fees. Ally Bank also has 24/7 live customer care.

What to watch for: Like many online banks, you won’t be able to deposit cash into this account. If you only have the Online Savings Account you won’t be able to get an ATM or debit card. You’re only able to deposit $50,000 in a day and up to $250,000 every 30 calendar days via eCheck Deposit.

4. High Rate: Barclays Bank - 0.50% APY, no minimum balance needed for APY (no ATM access)

Savings interest rates from barclays

Overview: Barclays is often known for its credit cards, but it also offers a consistent high yield on its savings products. Products from Barclays are only available online in the U.S. Barclays offers a competitive, high yield on its savings account.

Perks: Among the perks of an online savings account at Barclays, you'll find a very competitive interest rate, no minimum to open, 24/7 access to funds, online transfers to and from other banks and direct deposit. Additionally, Barclays has a mobile savings app that also allows you to deposit/transfer funds.

What to watch for: If you're looking for a full-service banking institution, Barclays isn't a great option. The bank doesn't offer a checking account option, an ATM network, or branch locations. It's best for those who like to bank online and want an outside institution for its savings options.

5. High Rate: Citibank - 0.50% APY, $0 minimum opening deposit/$1 minimum for APY (ATM access)

high-interest savings from citibank

Overview: Citibank, the retail banking arm of Citigroup, launched a high-yield rascal flatts home for the holidays account called Citi Accelerate in 2019. The account pays well above the national average as well as higher than many of the savings rates offered by some of the nation’s largest banks. There’s no minimum balance requirement to earn the APY and no minimum to open an account. But the APY is only available in select markets.

Perks: If you’re already a Citi customer or you’re looking for an account at a bank that has a large national presence, this high-yield savings account may be worth considering. The APY is among the top yields you’ll find at a big bank, and the no minimum balance required to earn the APY makes it easy for anyone to start saving.

What to watch for: The account carries a monthly service charge fee of $4.50 if you open the Citi Accelerate Savings account in a Basic or Access Account package. If you choose one of those packages, the fee can be waived by keeping at least a $500 average monthly balance.

6. High Rate: Marcus by Goldman Sachs - 0.50% APY, no minimum balance to earn APY (no ATM access)

Savings account from marcus by goldman sachs

Overview: The well-known investment firm Goldman Sachs opened Marcus as its consumer banking arm. Marcus has built a reputation for having a competitive APY. In addition, Marcus has an easy account opening process and it’s also simple to transfer money to accounts at other banks.

The savings account option from Marcus requires no minimum deposit to open and no minimum to earn the APY. In addition to savings products, Marcus also offers a range of personal loan options, from debt consolidation to home improvement.

Perks: Along with a high interest rate, the savings account product from Marcus comes with easy-to-meet requirements and the benefits of an online bank. You can access your account at any time, and you'll pay no fees for transactions. Marcus’ contact center is open seven days a week.

Marcus' savings account doesn’t have a minimum deposit amount, so it’s easy for anyone to open this account. Marcus by Goldman Sachs now has an app available on iOS and Google Play, where you can schedule recurring deposits into your account.

What to watch for: You won't find any branches at Marcus. There's also no checking account option at Marcus, limiting your liquidity options.

7. High Rate: Synchrony Bank - 0.50% APY, no minimum balance needed for APY (ATM access)

Best savings rate from synchrony bank

Overview: Synchrony Bank provides a range of depository products for consumers, including savings and money market accounts and a number of CDs. As an online bank, it has limited overhead cost, which means it can return those savings to customers in the form of higher rates. Indeed, its savings account and other depository products are consistently among the top-paying accounts. Synchrony also has a highly rated customer service department available by online chat or by phone seven days a week.

Perks: Customers get a lot of perks, including complimentary identity theft resolution as well as travel and leisure discounts. You'll even get a dedicated customer service number as a "Diamond" customer. You also how to make a savings account bank of america three free wire transfers per statement cycle and unlimited ATM reimbursements.

What to watch for: Synchrony Bank doesn't how to make a savings account bank of america a checking account. It's not a full-service bank. So, if you're looking for liquidity, you might want to stash your cash elsewhere.

8. High Rate: Popular Direct - 0.45% APY, $5,000 minimum balance needed for APY (no ATM access)

Overview: A Popular Direct Ultimate Savings account is opened through Popular Bank. Popular Bank is an FDIC-insured bank that was established in 1999, according to the FDIC.

Perks: Popular Direct offers a competitive APY on its Popular Direct Ultimate Savings account, which debuted in July 2019. You can deposit a check into your Popular Direct Plus Savings account using your mobile device.

What to watch for: Popular Direct has a higher minimum balance requirement than some other banks. But there are also banks that have higher deposit requirements as well. ATM cards are not available for a Popular Direct savings account, but you can make an external transfer via ACH.

There are some fees to be aware of. There’s a $25 fee if you close your account within the first 180 days. Also, if your balance goes below $500 for any day during your statement cycle, there’s a $4 fee.

9. High Rate: American Express National Bank - 0.40% APY, no minimum balance needed for APY (no ATM access)

Best savings account from american express bank

Overview: American Express is best known for its credit cards. But it also offers a competitive savings account. The account also has no fees and lets you link your external bank account. The company also offers a variety of CDs.

Perks: The online high yield savings account from American Express provides a competitive rate. It doesn't charge any monthly fees, and it doesn't require a minimum balance. The ability to link current bank accounts offers an easy solution if you have outside accounts that you'd like to view on one platform.

What to watch for: American Express doesn’t have a checking account, so you’ll need to bank elsewhere to get one. Similar to other online banks, American Express does not have any branch locations. And there's no mobile check deposit option — American Express reserves mobile apps for its credit card customers.

10. High Rate: Capital One - 0.40% APY, no minimum balance needed for APY

Best Savings rates from capital one 360

Overview: In addition to its credit cards, Capital One also provides a range of banking and lending products. Besides the 360 Performance Savings account, which made its debut in September 2019, Capital One also offers CDs, a savings IRA and a checking account.

Perks: The 360 Performance Savings account at Capital One doesn't have a monthly fee and doesn't require a minimum balance when you open the account. Also, you don't have to maintain a minimum in this account and all balances earn the same APY.

What to watch for: There are some accounts at online banks that offer higher yields on savings accounts.

11. High Rate: Discover Bank - 0.40% APY, no minimum balance needed for APY (no ATM access)

Best savings rate from discover bank logo

Overview: Discover Bank has been offering deposit products online since 2007. Discover is best known for its credit cards. But it also offers a savings account, money market account, checking account and CDs.

The Discover Online Savings Account isn’t the highest-yielding account. But it offers a very competitive APY and it has no minimum opening deposit and no monthly fee.

Perks: Discover Bank is a good option for an online bank that offers the most popular types of deposit products.

Not many online banks offer checking, money market accounts, savings and CDs. But Discover Bank offers all four and has competitive products in each category. It also offers a competitive yield on its savings account. Discover Bank might be for you if you want your checking and savings at the same online bank.

What to watch for: The Discover Bank Online Savings Account has a consistent APY. But there are higher-yielding accounts available.

12. High Rate: Citizens Access - 0.40% APY, $5,000 minimum balance to earn APY (no ATM access)

Best savings account from citizens access

Overview: Citizens Access is the online bank division of Citizens Bank. It offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee.

Perks: Citizens Access has a competitive savings account yield near the top of the available offers from Bankrate. Additionally, there are no sign-up or monthly fees.

What to watch for: There is a $5,000 minimum balance to get the highest APY. Citizens Access doesn’t have a mobile app, but you can deposit a check by signing into your account on your phone. Also, balances under $5,000 earn only 0.1 percent APY.

13. High Rate: PurePoint Financial - 0.40% APY, $10,000 minimum balance to earn APY (no ATM access)

high-yield savings from purepoint financial

Overview: PurePoint is a division of MUFG Union Bank NA. PurePoint Financial is consistently among the top-APY savings accounts. The Online Savings account isn’t meant for those who are just starting to save, since it has a higher minimum balance requirement compared with other savings accounts.

Perks: The PurePoint Online Savings account doesn’t have a monthly service charge. Interest is paid monthly with this account. The PurePoint savings account offers one of the most competitive savings APYs around.

What to watch for: If your balance drops below $10,000, the account only earns 0.1 percent APY. ATM cards aren’t available for PurePoint’s Online Savings account. PurePoint doesn’t have a mobile app. But it does have mobile banking through your phone’s web browser — which has mobile check deposit abilities.

14. High Rate: CIT Bank - up to 0.40% APY, $25,000 minimum balance or $100/month deposit to earn APY (no ATM access)

High-yield savings from cit bank

Overview: CIT Bank is a nationwide direct bank and is a division of CIT Bank NA, which is a subsidiary of CIT Group Inc., a financial holding company founded in 1908.

Perks: CIT offers competitive yields on its accounts and has a couple of options for savers. The Savings Builder – as long how to make a savings account bank of america you open it with at least $100 and keep making at least $100 in monthly deposits – earns a competitive APY.

What to watch for: There are two ways to earn the top APY. You need to either maintain a $25,000 balance, or you can open an account with at least $100 and make deposits of at least $100 each month. You’ll earn a much lower variable rate if your balance goes below $25,000 or if you don’t make monthly deposits of at least $100.

You’d earn that APY if you opened your account on the 15th of the month and didn’t make a qualifying deposit of $100 after opening the account. Your actual APY may be higher or lower, depending on the day of the month that you open your account.

Even before you look at the APY offered on a savings account, make sure you have enough money to open the account and can maintain the minimum balance requirement (if there is one). Also, check to see if the bank charges account fees. Even if it’s a high-yielding account, monthly maintenance fees can cause you to lose interest earnings or even some of your principal.

The good news? It’s easy to find an account that will help you earn a high APY without getting hit with costly fees. Here are some other items to look at in your next high-yield savings account:

  • High APY: Aim for the best APY that will generate the most payout on your savings. But if that account isn’t a good fit for you, there are plenty of competitive yields at other banks to consider. Usually, the best rates are offered by online banks, which have take me to the nearest ross overhead costs than brick-and-mortar banks.
  • Low fees: Find an account that doesn’t charge fees. Or if it charges fees, make sure that you’ll be able to meet the requirements to avoid paying them and getting them waived.
  • Easy withdrawals and deposits: A savings account is meant for growing your money. But your money needs to be accessible when you need it. Banks will let you access your savings in different ways. For example, some banks offer Zelle, which lets you send money to people you know through an app. Some banks provide ATM cards to access your money.
  • FDIC-insured: Your money should be in an FDIC-insured berks county housing authority. Always make sure your bank is insured by the FDIC and confirm you’re within FDIC insurance limits and guidelines.
  • Bank account bonus: Some banks offer new customers a cash bonus if they open a new account. Those offers may require you to fund the account with “new money,” which means the money comes from outside of the bank.

Important online savings account terminology

  • Compound interest: Method of calculating interest where interest earned over time is added to the principal. Compounding is usually done on a daily or monthly basis. The more often the compounding, the faster your savings will grow.
  • Interest: Money that you earn for having your funds deposited with a bank.
  • Interest rate: A number that doesn't take into account the effects of compounding.
  • Annual percentage yield (APY): Takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more income you’ll earn on your cash.
  • Minimum balance requirement: The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.
  • Money market account: A type of savings account that may offer an ATM card for ATM withdrawals and/or checks. Here is more information on the best money market accounts.

What is a savings account?

A savings account is a type of financial account found at both banks and credit unions. These federally insured accounts typically pay interest, but often at lower rates than other interest-bearing financial products insured by the government, like certificates of deposit (CD).

In exchange for lower rates, savings accounts offer more liquidity, allowing for up to six types of withdrawals or transfers per death at a funeral 2010 soundtrack cycle (and potentially more). That makes savings accounts ideal for stashing money you may need access to if unexpected costs arise.

Savings accounts can play a crucial role in your financial health. Unlike a CD, which forces you to lock up your money for a specified period of time, there’s no set term for maturity with a savings account. So, it’s a good spot to park your emergency fund.

And safety — and preservation of your principal — is the name of the game with these savings products. Savings accounts are insured up to at least $250,000 at banks by the FDIC and at (National Credit Union Administration) NCUA credit unions, which operate and manage the National Credit Union Share Insurance Fund (NCUSIF).

Is money safe in a savings account?

The money in a savings account is safe if it’s deposited at either an FDIC bank or at an NCUA credit union and your balance doesn’t exceed the deposit insurance amount. The standard FDIC deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. At NCUA credit unions, the standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.

What are the different types of savings accounts?

Generally speaking, there is only one type of savings account. Some savings accounts may be called high-yield savings accounts; however, that doesn’t necessarily mean that they offer a higher APY. Money market accounts also fall under the official definition of savings deposit accounts.

Some banks may also offer special savings accounts for children. Other institutions may have one account for everyone, but may heartstrings lyrics you ve fallen for me the account to be titled so that it can be a custodial savings account.

Here are some possible titling options to designate the owner(s) of a savings account. Some banks don’t allow all of these types. Potential titling options include:

  • Individual account: An account owned by a single person. No one else is allowed to access this account. (An exception can be if someone has a power of attorney for the individual account holder.)
  • Joint account with rights of survivorship: If two people have a joint savings account — with no other beneficiaries on the account — and one of the joint owners dies, the account is paid to the living account holder.
  • Payable on death (POD): If an individual savings account has one or more beneficiaries listed and the account owner passes away, these beneficiaries will receive the balance of the account. Appropriate proof, generally a death certificate, is needed. A beneficiary on a joint account, listed as POD, wouldn’t obtain a right to this account until the last account owner passes away.
  • Uniform Transfers to Minors Act/Uniform Gifts to Minors Act (UTMA/UGMA): Typically, these types of accounts will have one custodian and one minor. The custodian manages the account for how to find my routing number huntington minor until the child reaches age 18 or age 21, depending on the state. Availability of UTMA/UGMAs will depend on the state.

Not all savings accounts are created equal. If you pay close attention to the yields and fees associated with different accounts, you’ll notice that many online banks pay higher yields than their brick-and-mortar counterparts, for example.

When choosing a savings account, consider APY, minimum deposit requirements and your financial goals. The best savings accounts will provide a competitive APY, but also give you the flexibility to securely withdraw or transfer money each statement period.

How do savings accounts work?

Savings accounts are liquid bank accounts that usually offer a higher APY than checking accounts. Savings accounts are referred to as liquid because they let you access your money at any time. This feature separates savings accounts from certificates of deposit. A CD requires you to keep your savings in it for a certain term, such as one year or five years, and usually charges you with an early withdrawal penalty if you take your money out early.

Keep in mind that while it's possible to withdraw cash from a savings account, doing so diminishes the amount of interest you earn. The longer you're able to keep from touching your savings, the more the power of compound interest will work in your favor. Compound interest — or earning interest on interest — allows even small deposits to add up to bigger amounts over time.

That feature makes it crucial to compare APYs when choosing a savings account (because APYs include compound interest you earn during the year). APYs are the best way to compare how much interest you're currently earning or could be earning.

You can use our compound interest calculator to calculate your potential earnings on a savings account.

Online savings accounts vs. traditional savings accounts


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2 Replies to “How to make a savings account bank of america”

  1. U r right but our parents didn't agree for correspondence course and also we may get frustrated by staying at one place not meeting other people and just only studying for the exams for 3 years. I know people who clear ibps PO in 1st attempt after graduation and bro correspondence course also require same amount of money as the regular course (graduation) so how u can say that 3 years money get wasted 🙆‍♂️for IBPS PO or SBI PO the eligibility is graduation must be completed in any field from a recognized University/institute so anyhow we have to complete our graduation otherwise we are not eligible and we must chose a course for a backup plan who knows we will get a government job when n where .sometimes life also changes and we have to depend on ourselves for money

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