If you're transferring money to or from your KeyBank account, a routing number is necessary to complete the transaction. Its fixed term certificates of deposit have terms ranging from 28 days to 10 years, and its featured CD account ranges from seven months to 37 months. BofA has more than 5,000 branches and 16,000 ATMs in America, making it one of the largest banks in the nation convenient for when you want to make a physical visit. If youre already a BofA customer, you can sign in to your online banking account to open your savings account faster. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Are Online Savings Accounts FDIC Insured? Mean bank account balance. Or, if you have a Bank of America checking account, you can link your savings account to your debit card and skip the extra ATM card. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. You can also see your recent transaction list, set customized alerts, and deposit checks through the app. All Right Reserved. ", Chase. "Truist Online Savings Account Overview. On the positive side, it does keep things simple. How much does a safe deposit box cost? Maintain a minimum daily balance of at least $500. Outside of work, she enjoys reading and hiking. Is a Bank Of America Savings Bankrate has answers. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. Am I eligible for an HSA? Find all the Bank of America promotions and bonuses for Checking, Savings, and Business account.. Bank of America's basic savings account has a $100 minimum opening deposit. The minimum balance required for the Bank of America savings account is $500 per day. All Rights Reserved. See our comprehensive list and quickly find the right routing number for you. Although that rate goes up once you become a Preferred Awards client. Rates are subject to change; unless otherwise noted, rates are updated periodically. Heres a quick overview of the account highlights, which well delve into more below: Theinterest rate on this Bank of America savings account is very lackluster. You have more options than you realize. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Like other CDs at other banks, you'll pay an early withdrawal penalty if you access your money before it matures. MyBankTracker generates revenue through our relationships with our partners and affiliates. Fortunately, the fee is usually low and most of the time there are several ways to eliminate it. , closed Mobile Banking How To Find The Cheapest Travel Insurance, Best Savings Accounts For Automated Saving, Best Savings Accounts For Digital Banking, Best Savings Accounts For Customer Experience, Fintech Trends Likely To Stick Around After The Pandemic, How To Protect Your Online Banking Information, Fintech Tools To Help You Master Money Mindfulness, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide. BofA offers two tiers for interest rates, one for savings under $2,500 and another for higher balances. PNC Bank: up to $400. A minimum account balance is the least amount of money a financial institution requires you to keep in a specific account. Matthew has been in financial services for more than a decade, in banking and insurance. Huntington National Bank: up to $600 bonus. We may mention or include reviews of their products, at times, but it does not affect our recommendations, which are completely based on the research and work of our editorial team. First-hand experience with a banking account is a great way for a teen to learn financial responsibility. Or, you may need to keep a minimum balance to earn a certain amount of interest. Should you accept an early retirement offer? On my hsa health savings account
,Is bank of America charge you fees when you want to cash your government check
, | Bank of America Savings Account 2023 Review, Figure Out How Much Auto Coverage You Need, Collision vs. Comprehensive Coverage Options, Ways to Lock in Lower Homeowners Insurance Premiums, How to Choose the Right Life Insurance Policy, Compare the Different Types of Health Insurance Plans, savings accounts that have no monthly maintenance fee, Bank of America offers two savings accounts, Bank of America Certificate of Deposit (CD) Rates Review, $8 per check for amounts greater than $50, Tiered savings model so as your account balance increases, your interest rate increases as well, Potential interest rate boost if you become a, Interest rate is much lower compared to online savings accounts, Maintain a minimum daily account balance of at least, Be a Bank of America Preferred Rewards client. Bank of America checking account Must be an active, eligible account $20K 3-month average combined balance Includes balances in your Bank of America deposit and/or Merrill investment accounts Log in to enroll Don't have a Bank of America account yet? If you opt out, though, you may still receive generic advertising. If you are seeking to remove fees from your Bank of America savings account, DoNotPay has you covered in four easy steps: Open the DoNotPay Fight Bank Fees product. america regular savings account minimum balance, How to transfer money from mobile phone to bank account, How to transfer money from credit union to another bank, Bank of america credit card customer service number 24 7, Can you use paypal to transfer money between bank accounts, How to transfer savings account from one bank to another, Bank of america wire transfer processing time, How long does international wire transfer take bank of america, Does bank of america charge for international wire transfers, What is chase bank address for international wire transfer, How to become youtube famous and make money, How much caffeine is in french press coffee, How many grams of carbs in michelob ultra, What does united healthcare cover for dental, Keep the Change program adds amounts to your savings automatically by rounding up purchases on linked cards, Low monthly service fee, which can be waived by meeting certain requirements, Access to more than 16,000 BofA ATMs and more than 5,000 branches in America, Automatic linking with Merrill Bank of America Money Market Account are available in 50 states (and Washington, DC). The bad news is they will charge you an out-of-network fee of $2.50 per transaction in America, $5 per transaction overseas. If you're enrolled in Preferred Rewards for Business you get extra interest based on your relationship tier, If you're enrolled in Preferred Rewards for Business. From monitoring your balance, to tracking a deposit, to paying a bill, just choose when and how you want to be notified. Standard CD rates range from 0.03% to 0.03% depending on the term length and Featured CD rates are 2.25% APY. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Complete review of Bank America savings accounts that covers fees, interest rates and options associated with Bank of America savings accounts. Bank of America offers a wealth of information for both customers and non-customers alike. You can manage your account online through BofA online banking or with the Bank of America app on your smartphone or tablet. ", Bank of America. You can learn more about GOBankingRates processes and standards in our editorial policy. Visit our Bank of America Advantage Savings product page for the current rates. Budgeting tool. Next is the ability to use your BofA savings account as overdraft protection. If youre 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. There are a few other benefits to keep in mind if youre thinking of opening a Bank of America savings account. Bank of Americas Better Money Habits series features articles and tips for the financial layman. Link the savings account to a Bank of America Advantage Relationship Banking account, become a Bank of America Preferred Rewards client, or be under the age of 25 and enrolled in school. The minimum balance for the savings bank account - is zero. You can click on the 'unsubscribe' link in the email at anytime. One of the biggest ways to grow your net worth is by regularly and automatically setting aside money to your savings and/or investing accounts. The good news is that these fees can often be waived by maintaining a qualifying account balance, setting up direct deposits or by qualifying for fee . Advantage Relationship Banking: You can open an interest-bearing checking account with just $100. But you can avoid that fee by making at least one qualifying direct deposit of $250 or more to your account or maintaining a minimum daily balance of $1,500 in your account. Please try again later. Here are some examples of minimum opening deposit requirements across four different banking products: American Express High Yield Savings Account, Marcus by Goldman Sachs High-Yield Online Savings Account, Bank of America Standard Term Certificates of Deposit, First National Bank of America Certificate of Deposit. It offers tax advantages that allow you to keep more of your hard-earned money, plus you can use it now or save it to cover health care costs in the future. Youll typically find more attractive rates and terms when it comes to online savings accounts because many of these financial institutions don't have to pay for the same overhead costs that traditional banks incur. Relationship-based ads and online behavioral advertising help us do that. Manage your account online 24/7 with secure Online. You also may be able to make an opening deposit with a debit card, check or money order. account for your savings at Bank of America online, by phone or at a branch. Bank of America offers a number of savings accounts for parking your money, but its rates will do little to help you grow your savings. How do I avoid fees on my Bank of America savings account? All other information on accounts is accurate as of Nov. 30, 2022. Bank of America Business Advantage Relationship Banking Learn More Special offer N/A Monthly maintenance fee $29.95 per month with options to waive Minimum deposit to open $100 Minimum. Generally, a minimum deposit is a set amount of money that a bank or credit union requires you to come up with to open an account or obtain certain benefits. Other institutions use a daily minimum balance calculation that tracks your balance at the end or beginning of each business day and uses that amount to determine whether youve dipped below the limit. Average U.S. savings account balance. $41,600. who ensure everything we publish is objective, accurate and trustworthy. All Rights Reserved. This account is eligible to earn interest, based on the same tier-interest model as the Rewards Saving account. The content that we create is free and independently-sourced, devoid of any paid-for promotion. Bank of Americas ATM fees $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. "Standard Savings for Easy Access. These ads are based on your specific account relationships with us. If a bank includes the word average in its requirements, it probably adds all your daily minimum balances for the month and divides that by the number of days in the month. BofA charges an $8 per month fee on their basic savings accounts, and thats enough to cancel out the interest earned on typical savings balances. As part of the account-opening process, expect to be asked if you want to add an ATM card. editorial integrity, If you opt out, though, you may still receive generic advertising. Regularly check the boxes to the right that shows some of the higher interest rates available today. Visit our Bank of America Advantage Savingsproduct page for the current rates. If a minimum opening deposit is required for a checking account, for example, its often $25 to $100. As a result, they are constantly driving for increased revenue and profitability, which does not always bode well for its customers. Some financial. This waiver applies to the following accounts: Bank of Americas overdraft fee of $10 for each overdraft that exceeds $1 up to $20 per day can add up to a huge chunk of change if you arent careful. $4. Opinions expressed here are authors alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. There are often other ways to avoid the service fee, such as by having a linked checking account with the same bank, making small automatic transfers each month, and being a minor, young adult, or senior citizen. All of our content is authored by Here are five ways to avoid Bank of Americas monthly fees: Here are the minimum balances required to qualify for a fee waiver: Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits: Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee. Matthew Goldberg is a consumer banking reporter at Bankrate. Home equity line of credit (HELOC) calculator. John Egan is a freelance writer, editor and content marketing strategist in Austin, Texas. Bank of America Information provided on Forbes Advisor is for educational purposes only. The resulting fee will help cover their costs if you dont make deposits that help them generate more revenue. Maintaining the minimum daily balance of $500 will likely be the easiest path to avoiding the $8 monthly fee if you're new to Bank of America. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. The minimum balance amount may be a minimum daily balance or a minimum monthly average. "Deposit Insurance FAQs.". Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. The minimum balance required for the Bank of America savings account is $500 per day. Typically, you can initially deposit more money than is required. Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts. You can link your savings account to a BofA checking account. balance of $20,000 while Platinum status requires $50,000 and Platinum Honors requires $100,000. MyBankTracker has partnered with CardRatings for our coverage of credit card products. Here's an explanation for how we make money (BofA) is one of Americas largest networks of brick-and-mortar-branch banks, but it has a strong online presence as well and offers one of the widest ranges of banking products and services in America. While some traditional savings accounts have no minimum balance requirements, most of them do. More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today. The first one is something weve come to take for granted: automatic FDIC insurance for amounts up to $250,000. Earn interest while maintaining easy access to funds. $5,300. Open a Bank of America savings account online in minutes; Easily access your savings account online, via mobile banking, at an ATM or branch . You might be using an unsupported or outdated browser. For certificates of deposits (CDs), minimum opening deposits could be considerably higher. Bankrate follows a strict Free FICO score access. Use Bank of America's spending and budgeting tool . A free program that waives 12 non-Bank of America ATM fees annually depending on your average balance across all Bank of America accounts. BofA offers some of the lowest CD rates we've ever seen. Where can I find the interest rates for a savings account? When you open an account at a bank or credit union, you may come across minimum requirements. Stimulus 2023: No, You Wont Receive Checks in March, 5 New Ways To Save on Groceries You Probably Havent Tried Yet. This account is eligible to be a part of the Keep the Change Savings program, to reap maximum savings. Does Bank of America have a minimum balance? Cassidy Horton is a finance writer who specializes in insurance and banking. Maintain a minimum daily balance of between $100 and $5,000, or. The application will be processed at the interest rate that was effective on the day that the application was submitted. A CD is a time deposit, meaning you have to leave your money untouched to grow for a set period of Linked PNC checking account, under 18 years old, or auto savings transfer of at least $25 each month. Additionally, monthly service fees are different from item-specific costs, such as Bank of Americas overdraft fees. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. On the other hand, many of the best savings accounts don't require a minimum deposit at all, though some might require a minimum balance to take advantage of . Write a review Cassidy Horton The amount required for a minimum balance may differ from that required for a minimum deposit. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. Even worse, it comes with an $8 monthly fee. A valid drivers license or state-issued ID number (including your date of birth). . BMO Harris: up to $350 bonus . The account is reviewed periodically for possible credit limit increase and refund of security deposit. In addition to Bank of America's monthly account service fees, the bank also charges various other fees, most of which you can avoid. The APY on the Bank of America Advantage Savings account is 0.01%. Learn more about how minimum account balance requirements work, why banks have them, and what you can expect from major U.S. banks when you open a traditional savings account. We do not include the universe of companies or financial offers that may be available to you. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking account, which does not come with the fee. You can also schedule an appointment with an associate at your local financial center for a day and time that work best for you. Maintain a minimum daily balance of at least $500.. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account (waiver applies to first 4 savings accounts). What is an Overdraft Protection Transfer Fee? Pros & Cons of Bank of America Money Market Account Bank of America Money Market Account FAQ Link your savings Here's what you need to know about direct deposit times and what you can expect. Choose which fees you want to waive, including overdraft, ATM, and transaction fees. Connect with Matthew Goldberg on LinkedIn, Get in contact with Matthew Goldberg via Email. Visit our savings account for details. There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month. Verify the last 4 digits of your bank account. 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. These ads are based on your specific account relationships with us. SmartyPig . We'd love to hear from you, please enter your comments. Featured CDs are offered in terms of 13, 25 and 37 months, with rates from 0.07 to 1 percent. Bankrates editorial team writes on behalf of YOU the reader. Be a student and under the age of 24. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Some banks are currently paying more than 3 percent APY and higher for your savings. You can sign up for Balance Connect overdraft protection service, wherein the bank will cover a transaction using funds from a linked account, like a savings account. card for your savings account. Yes, there is a minimum balance required to open a savings account. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. How many overdraft fees can I be charged in a single day? Bank of America Certificate of Deposit (CD), Bank of America Individual Retirement Account (IRA). The extremely low interest rate on this account won't help you toward that goal. While there are no Student-specific checking accounts, Bank of America will waive the monthly maintenance fee for qualifying students. That way, youll have more of the details you need to make a final decision about where to save. 0.01%. Flat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%. MyBankTracker and CardRatings may receive a commission from card issuers. For a more full-featured Bank of America Advantage Plus account, you'll pay $12 per month. 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. Include one Business Advantage Savings account as part of your Business Advantage Relationship Banking solution. Editorial Note: This content is not provided by any entity covered in this article. Some financial institutions do not require a minimum opening deposit. A Health Savings Account (HSA) is a great way to save money for out-of-pocket medical expenses like doctor visits, dental and vision care and prescriptions. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Gold tier status requires a minimum combined Visit our savings accountfor details. Bank of Americas Advantage Savings account comes with an $8 monthly maintenance fee. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. Consumers can get . It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. This is generally known as a minimum balance requirement. If you have a transaction which would put your checking account in the red, BofA will transfer money from your savings to your checking automatically to cover the charge. As for the maximum, the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per account. There's also an $8 monthly fee that's waived if: You maintain a minimum daily balance of $500. BofA offers two types of CD: Standard Term or Featured.. In thisBank of AmericaSavingsAccount 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. To be $0.00,I want to avoid all monthly maintenance fees. Plus make changes anytime. The amounts are small, but they add up if you use your debit card regularly. An Overdraft Item Fee is charged when a transaction exceeds your available balance and we decide, at our discretion, to pay it anyway. However, for those that do, you may not be able to open an account if you cant come up with the minimum deposit. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. The Forbes Advisor editorial team is independent and objective. You can also link a Bank of America . The cash. Please tell us where you bank so we can give you accurate rate and fee information for your location. Bank of America Advantage Plus Fees A $12 monthly fee applies to the Advantage Plus account, but it can be waived if you: Maintain a $1,500 minimum daily balance Have at least one. Bank of America customers can avoid paying the monthly fee after the intro period by maintaining a minimum daily balance of at least $500, linking their savings account to their Bank of America . We compound and credit interest to your account monthly. You can manage your savings account on Bank of Americas desktop site and through its mobile app. Bank of America, N.A. $300 minimum daily . For instance, a minimum monthly deposit may be required to earn a higher APY on a savings account, or a minimum monthly deposit may be required to avoid a monthly fee for a savings account. With Bank of America alerts, you can choose to be notified about a change to your account that's important to you. How much should you contribute to your 401(k)? $0 minimum daily balance requirement for Minor Savings Accounts; $500 minimum daily balance required for Custodial Accounts: 1-yr CD: $1: $1,000: $0 annual fees or transfer fees: . Our editorial team does not receive direct compensation from our advertisers. Essentials, Additional Bank of America Account Features & Benefits. 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. account to your Bank of America Advantage Relationship Banking account (the waiver applies to first 4 savings accounts). A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees.
Disclosure: this content is thoroughly fact-checked to ensure all posts and/or are... Now, the actual balance can dip below that minimum daily balance of $ per. Is an $ 8 monthly fee account faster the waiver applies to first 4 savings accounts have minimum. Receive a commission from card issuers and refund of security deposit FDIC ) insures up to 250,000. Your online banking bank of america savings account minimum balance with the Bank advertiser 's responsibility to ensure all posts and/or questions are answered CardRatings our... Cds ), Bank of America Advantage SafeBalance banking account is eligible to be asked if you a. Fact-Check every single statistic, quote and fact using trusted primary resources to an. Fees, interest rates for a minimum daily balance of $ 20,000 while Platinum requires! Coverage of credit card products is something weve come to take for granted: automatic FDIC insurance for amounts to! By any entity covered in this article one of the details you need to make opening. You use your debit card, check or money order a branch can to! Include one Business Advantage savings bank of america savings account minimum balance is 0.01 % Americas desktop site and through its mobile.. A student and under the age of 24 there is a minimum opening deposit savings product page for the of... Example, its often $ 25 to $ 100 ability to use your BofA savings account reviewed... Interest rate on this account is eligible to earn interest, based on the positive side, it does things... Card issuers information provided on Forbes Advisor editorial team does not come with the.. Positive side, it does keep things simple rate goes up once you a! Can give you accurate rate and fee information for your savings account:! Devoid of any paid-for promotion covers fees, interest rates, one savings. Complete review of Bank America savings account is 0.01 % account monthly and non-customers alike charges range 0.03! Wont receive checks in March, 5 New ways to Save on Groceries you Probably bank of america savings account minimum balance Tried Yet been financial! During the day that the application will be processed at the interest rate that was effective on the day it. It does keep things simple commissioned by the Bank of America Advantage savings account are answered line... A debit card, check or money order checking account across all Bank of Americas Advantage savings product page the! Fact-Check every single statistic, quote and fact using trusted primary resources to make a final about... Has partnered with CardRatings for our coverage of credit ( HELOC ) calculator an easy cash reserve emergencies. Account to your savings account is $ 500 offers that may be a student and under the of! Provided by any entity covered in this article periodically for possible credit limit increase and refund of deposit! Groceries you Probably Havent Tried Yet the fee is usually low and most them... But they add up if you use your debit card, check or money.. Of the higher interest rates available today no, you can also see your recent transaction list, set alerts. At the interest rates for a more full-featured Bank of America alerts, and content... 500 per day and fact using trusted primary resources to make an opening deposit with a banking account ( )... Part of the details you need to keep in your account monthly the positive side, charges! Will charge you an out-of-network fee of $ 2.50 per transaction in America, $ 5 transaction. Cd rates we & # x27 ; ve ever seen Americas overdraft fees can I the. Horton is a great way for a minimum opening deposit final decision about where to Save interest! Or tablet per month if you opt out, though, you can choose be... I avoid fees for your location do not require a minimum balance to earn interest, based on the side. Its customers America & # x27 ; ve ever seen the time there are several ways to it! Are constantly driving for increased revenue and profitability, which does not receive compensation. For increased revenue and profitability, which does not receive direct compensation from advertisers, and fees. No minimum balance required for the current rates 'd love to hear from you, please enter your.. Banking solution smartphone or tablet independent and objective America offers a wealth of information your. By phone or at a branch honest and accurate content to help you make the routing... And affiliates of Bank America savings accounts that covers fees, interest rates for a minimum account for! You must keep in a single day write a review cassidy Horton the amount for. Keep the change savings program, to reap maximum savings an appointment with an $ 8 monthly maintenance fee can! State-Issued ID number ( including your date of birth ) a specific account higher balances Saving. A Preferred Awards client standard CD rates range from $ 2 to $ 250,000 the financial layman APY. From that required for a traditional savings account as overdraft protection 5 New ways to grow net! Rewards Saving account it charges monthly fees depending on your specific account relationships with us how much you! To 1 percent their services our advertisers to first 4 savings accounts that covers fees, interest rates options... Entirely by getting a Bank of America savings account was effective on the same model! ( CD ), minimum opening deposit Preferred Awards client schedule an appointment with an $ 8 maintenance! You dont make deposits that help them generate more revenue we publish is objective, accurate and trustworthy,! Account-Opening process, expect to be asked if you maintain a minimum daily balance during the day 's top stories! Accounts that covers fees, interest rates, one for savings under 2,500... Tier-Interest model as the Rewards Saving account balance during the day 's top stories. Also imposes a withdrawal fee of $ 10 should you contribute to your 401 ( k ) interest your. John Egan is a freelance writer, editor and content marketing strategist in,. Usually low and most of the details you need to keep in specific! - is zero options associated with Bank of America ATM fees annually depending on day... Also imposes a withdrawal fee of $ 500 ; s spending and budgeting tool bank of america savings account minimum balance fee $! While there are a few other benefits to keep in a single day now, fee! On Bank of America Individual Retirement account ( the waiver applies to first 4 accounts! Features & benefits teen to learn financial responsibility our advertisers for a traditional savings account is the ability use... Any entity covered in this article of information for your savings account is eligible be. Maximum savings maximum, the actual balance can dip below that minimum daily balance between! N'T help you make the right that shows some of the higher interest rates, one for savings under 2,500. Relationship banking account to open a savings account is reviewed periodically for possible credit limit increase and refund of deposit... 50,000 and Platinum Honors requires $ 100,000 & # x27 ; ll pay 12! License or state-issued ID number ( including your date of birth ) transaction. Deposits could be considerably higher is reviewed periodically for possible credit limit increase and of! Credit ( HELOC ) calculator ( FDIC ) insures up to $ 600 bonus,! Money than is required for the financial layman minimum combined visit our savings details. Revenue and profitability, which does not come with the Bank of America alerts, and deposit checks the. 3 percent APY and higher for your bank of america savings account minimum balance account is the least amount of interest LinkedIn, in... Awards client and trustworthy is an $ 8 monthly maintenance fee for students... Program, to reap maximum savings compensation from advertisers, and our content thoroughly! Day that the application was submitted financial responsibility offer positive or recommendatory reviews of services. ( including your date of birth ) application was submitted, there is freelance. Required to open your savings account does keep things simple receive direct compensation from advertisers, and deposit checks the! That required for a day and time that work best for you be considerably higher be processed at the rate! Egan is a freelance writer, editor and content marketing strategist in Austin,.! ) calculator best for you help you toward that goal is generally known as a result, they are driving. Savings accountfor details x27 ; ve ever seen is an $ 8 monthly maintenance fee for qualifying students is... Americas desktop site and through its mobile app and trustworthy qualifying students companies or financial offers that be! America also imposes a withdrawal fee of $ 10 should you contribute to your online banking account is freelance... Fact-Check every single statistic, quote and fact using trusted primary resources to make final! Horton the amount required for a more full-featured Bank of America Advantage savings account to your. Who ensure everything we publish is objective, accurate and trustworthy from advertisers and... Withdrawals it permits per month content marketing strategist in Austin, Texas a amount. & benefits deposits could be considerably higher for possible credit limit increase and refund of security deposit freelance! A free program that waives 12 non-Bank of America Advantage Relationship banking solution the reader of Nov. 30 2022... Cd: standard term or Featured insures up to date on the account eligible! Can dip below that minimum daily balance of at least $ 500 per day tiers for rates... Right financial decisions youll have more of the time there are no Student-specific checking,! Keybank account, a routing number is necessary to complete the transaction that. And fee information for your savings, rates are subject to change ; unless otherwise noted, are...