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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 balance
  • 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 account
  • Use it as a linked backup account to help cover your payments and purchases through Balance Connect® for overdraft protection. Fees may apply. Please refer to your Personal Schedule of Fees for more information.

Bank of America Advantage Savings Account

Account balance amountStandard Annual Percentage Yield (APY)

Preferred Rewards clients get extra interest based their relationship tier.

How to qualify layer

Bank of America Advantage Savings Account

Account balance amount
Standard Annual Percentage Yield (APY)

Preferred Rewards clients get extra interest based their relationship tier.

How to qualify layer

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

Monthly Fee

  • No monthly maintenance fee for each statement cycle that you:
  • Maintain a minimum daily balance of at least $XXXX
  • or
  • Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (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)
  • or
  • An account owner is under age 18
  • or
  • An account owner is under age 25 and qualifies as a Student
  • or pay $XXXX/month
  • For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months.

Required Opening Deposit

  • $XXXX

Withdrawal Limit Fee

  • 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.
  • Other limits apply to certain types of withdrawals and transfers.
Monthly FeeRequired Opening DepositWithdrawal Limit Fee
  • No monthly maintenance fee for each statement cycle that you:
  • Maintain a minimum daily balance of at least $XXXX
  • or
  • Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (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)
  • or
  • An account owner is under age 18
  • or
  • An account owner is under age 25 and qualifies as a Student
  • or pay $XXXX/month
  • For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months.
  • $XXXX
  • 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.
  • Other limits apply to certain types of withdrawals and transfers.

View all fees

Download the Personal Schedule of Fees

 

Information for

What you'll need to apply:

  • Name, date of birth, Social Security number (all applicants)
  • Phone number and email address
  • Physical U.S. address (no PO boxes)

Depending on various factors, we may also ask for a U.S. driver's license or state ID card during your application.

Verifying your identity:

If we can't verify your identity online, we'll need to see two forms of ID layer at a financial center to open an account. Examples of when this may happen:

  • You've had issues with your checking history
  • You have limited credit/work history in the U.S.
  • You (or your co-applicant) are under age 16

Prefer to apply at a financial center? Schedule an appointment

Helping you stay protected with ID verification

We take your privacy and security seriously. That's why we may ask to see you at a financial center to verify two forms of ID.

Accepted forms of ID

You'll need one primary and one secondary ID per applicant.

Your primary ID is a government-issued photo ID like a U.S. driver's license, learner's permit, state ID card or passport.

Your secondary ID can include a student or work ID, proof of insurance, or bank card from another financial institution.