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Savings Account

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How we can help

Our savings account layer offers benefits and rewards made to help you hit goals faster, along with access to Bank of America's broad network of support.

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.

Fees

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

Rates , open

With tiered interest rates, the more you save, the more you could earn.

Today's rates

Account balanceStandard Annual Percentage Yield (APY)

Today's rates

Account balance
Standard Annual Percentage Yield (APY)

Preferred Rewards clients can earn even more. How to qualify layer

Gold Tier APYPlatinum Tier APYPlatinum Honors Tier APY

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

More savings account options

We also offer CDs, IRAs and savings accounts for kids. Planning for college? Check out 529 College Savings Plans from Merrill.

Here's what comes with your account

Here's what comes with your account , open

A trusted network

We're here when you need us.
Along with 24/7 access online, you can find us at thousands of ATMs and financial centers.

Find a location near you

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.

More help managing money

More help managing money , open

Short-Term Savings Calculator

See how long it takes to save for the things you want and need.

Give it a try

Discover the power of planning

Discover the power of planning , open

Once you open your account, you can take advantage of even more tools designed to help you set goals and track progress.

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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