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Whether you're new to saving or an experienced saver, you can enjoy a wide-range of benefits with a Bank of America Advantage Savings account

  • Easily transfer money from your checking account to build your balanceFootnote 1
  • Enroll in our Keep the Change® savings program and we'll round up the difference when you make everyday purchases with your Bank of America debit card and transfer the difference from your checking account to your savings accountFootnote 2
  • Use it for Overdraft ProtectionFootnote 3 in case your checking funds run too low

Rates & Fees

Bank of America Advantage Savings Account

Balance amount Standard Annual Percentage Yield APYFootnote 4
Less than $2,500 0.03
$2,500 and over 0.03

Preferred Rewards members get an interest rate booster based on their tier.

How to qualify

Monthly Fee Required Opening Deposit Withdrawal Limit Fee

No monthly maintenance fee for each statement cycle that you:

Maintain a minimum daily balance of at least $500

or

Link your Rewards Savings account to your Bank of America Advantage Relationship Banking™ account (waiver applies to first 4 savings accounts)

or

When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)

orpay $8/month

$100

Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle.Footnote 5

Other limits apply to certain types of withdrawals and transfers.Footnote 1

View all fees

Download the Personal Schedule of Fees

1.
Federal regulations and the Deposit Agreement and Disclosures limit the number of the following types of withdrawals and transfers from a savings account to a total of 6 each monthly statement cycle (each month for savings accounts with a quarterly statement cycle): automatic or pre-authorized transfers, telephone transfers, Online Banking transfers or payments, or, if checks or debit cards are allowed on the account, check, draft and point-of-sale transactions. If you exceed these limits on more than an occasional basis, we convert your account to another type of account and your account may no longer earn interest.
2.
Upon enrollment, we will round up your MasterCard® or Visa® debit card purchases to the nearest dollar and transfer the difference from your checking account to your Bank of America® savings account. If your savings account enrolled in Keep the Change® is converted to a checking account, Keep the Change transfers will continue to be made into that account. We may cancel or modify the Keep the Change service at any time without prior notice. Keep the Change is not available for small business debit cards.
3.
Overdraft Protection Transfer fees may apply. Please refer to your Personal Schedule of Fees for details. If you enroll in Overdraft Protection with your credit card, overdraft transfers will be Bank Cash Advances under your Credit Card Agreement and will accrue interest at the APR stated in your Credit Card Agreement. A fee may apply to each transfer. Please refer to your Credit Card Agreement for additional details.
4.
Annual Percentage Yield (APY) is accurate as of 07/08/2025. Rates may change at any time without prior notice, before or after the account is opened. Fees could reduce earnings on the account.
5.
You will be charged no more than 6 Withdrawal Limit Fees in any statement cycle. If you maintain a minimum daily balance of $20,000 or more in this account or if you are enrolled in the Preferred Rewards Program, you won't be charged this fee.

What you'll need to apply:

  • Social Security number and date of birth of all account holders (up to one co-applicant)
  • Phone number and email address
  • Physical U.S. address (no post office boxes)
  • Debit card or account information for funding your new account

Apply at a banking center if:

  • You have limited credit history, making identity verification difficult
  • You have had issues with your checking history
  • You are depositing more than $100,000 today

How to qualify

To enroll in Preferred Rewards you need an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts. Learn more about Preferred Rewards.

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