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Savings Account

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Advantage Savings Account

Whether you’re new to saving or an experienced saver, you can enjoy a wide-range of benefits with one simple savings account layer. Simply put, every dollar you add to your Advantage Savings account combined with our rewards programs gets you one step closer to your savings goal.

What is a savings account?

A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.

Other savings options

Learn more about Bank of America CDs, IRAs or savings accounts for children

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Planning for future college expenses?
Learn more about Merrill Edge 529 College Savings Plans


Fees , open

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 (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)
  • or pay $XXXX/month
  • For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months
  • Students under 24 who are enrolled in school may also qualify for a waiver
  • $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.


Rates , open

As your balances grow, your interest rate may increase too

Advantage Savings Account

Account balance amountStandard Annual Percentage Yield (APY)

Advantage Savings Account

Account balance amount
Standard Annual Percentage Yield (APY)

If you're enrolled in Preferred Rewards

Gold Tier APYPlatinum Tier APYPlatinum Honors Tier APY

Preferred Rewards clients get extra interest based on 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


Benefits , open

Your Advantage Savings account comes with...

Mobile Banking
Get convenient account access, now with fingerprint sign-in and Touch ID®. Use our free mobile app to deposit checks, check balances, pay bills, transfer money and locate ATMs and financial centers on the go. Plus, with our customizable mobile app alerts you can stay informed of just about everything that happens with your savings account.

Fee waiver for students

Between tuition and textbooks, putting aside extra cash can be hard. We can help by waiving the monthly maintenance fee for qualifying students.

Student waivers for Bank of America Advantage Savings

Students under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details.


Resources , open

Spending & Budgeting

Stay on top of your finances with this Online and Mobile Banking tool.

See how it works

Family Life Banking

Find out how to make the most of your financial life for you and your family.

Explore Family Life Banking

Short-Term Savings Calculator

See how long it takes to save for the things you want in life.

Try the Savings Goal Calculator

Looking for more information about savings accounts?
We're here to help. Find out more about what matters most to you

Other available savings

Savings Accounts for Children

Accounts designed to help you save for your children

CDs and IRAs

Looking for a more long-term savings option? Investigate other types of accounts.
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