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Bank of America

Bank of America Advantage Savings

Get a head start on your future

Start saving today

Open now Advantage Savings Account

How we can help

Our

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What is a savings account?

A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account.

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can help boost your financial health and put your goals into focus.

Keep the Change®

Have a checking account with us, too? Enroll in Keep the Change® to round up debit card purchases and transfer the difference to savings automatically.Footnote[1]

Learn more about Keep the Change®

Bank of America Life Plan®

Bank of America Life Plan® is an easy, flexible way to set and track your short- and long-term goals, get one-on-one advice and adjust when life changes.Footnote[2]

Learn more about Life Plan

BofA Rewards™

Enjoy benefits that grow as your balances grow—from cash back deals to banking benefits for big milestones. There’s no fee to enroll; all you need is a Bank of America personal checking account.

Learn more about BofA Rewards

Cash Back Deals

Find deals on top brands for shopping, dining, travel and moreFootnote[3]. Get cash back when you pay with your Bank of America debit or credit card.

Learn more about Cash Back Deals

Account details and fees

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$8 or $0

For new accounts, we will waive the monthly maintenance fee for six months from account openingFootnote[4]

$0 for each statement cycle that:

You maintain a minimum daily balance of $500 or more in your account

OR

You own a Bank of America Advantage Relationship Banking® accountFootnote[5]

OR

An account owner is enrolled in BofA Rewards™ and qualifies for the Preferred Plus, Preferred Honors, or Premier tierFootnote[6]

OR

An owner of this account is under the age of 25Footnote[5]

To view all fees and additional information on how to link eligible accounts, see the Personal Schedule of Fees (PDF). You can also refer to our Clarity Statement (PDF) or Deposit Agreement and Disclosures (PDF) for additional information

Rates

See current rates

More savings account options

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

Here’s what comes with your Advantage Savings account

Select a benefit
 
 
 
 
 
 

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

Mobile check deposits

Footnote[7]

Choose the account, enter the amount and send. With our award-winning app, it's as easy as snapping a photo from your smartphone.

Automatic Transfers

Just set it and forget it. You can make regular transfers between accounts to help build your balance and achieve your goals.

Custom alerts

Footnote[8]

Create custom alerts to stay informed about important activity on your account, such as a recent deposit or a successful transfer.

Balance Connect® for overdraft protection

Footnote[9]

Link your savings account to your checking account to help cover your bases.

FDIC insurance

Feel secure knowing that the funds in your deposit account are FDIC insured up to the maximum coverage limit.

Just starting out?

There is no monthly maintenance fee on our Advantage Safebalance Banking account if you're under age 25.Footnote[5]

Learn more about banking for students and young adults

More help managing money

Short-Term Savings Calculator

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

Try the Savings Goal Calculator

Articles and Advice

  • Savings account or CD: Compare the benefits
  • Learn ways to help make saving simple
  • Get help planning for every stage of life

Need more info about savings accounts?

  • Complete a saved application
  • Personal Schedule of Fees (PDF)
  • Deposit Agreement and Disclosures (PDF)
  • Bank account interest rates

How can I open an account?

You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps.

Open now Savings Account
Information for:

Please select your county

Connect with us

Schedule an appointment
Phone number: 800-432-1000
  4. For new Bank of America Advantage Savings accounts, we will waive the monthly maintenance fee for six months from account opening. This waiver does not apply if your account has been converted or changed to a Bank of America Advantage Savings account.
  5. Fiduciary accounts, including trust and estate accounts, do not qualify for the Advantage Relationship Banking additional account benefit or the under the age of 25 requirement to waive the monthly maintenance fee. Additionally, accounts do not qualify for the under the age of 25 requirement to waive the monthly fee based on the age of the Payable on Death beneficiary. When you add an owner under the age of 25 to an existing account, it may take 3 business days before your account meets the requirement to have the monthly maintenance fee waived. Please refer to the Personal Schedule of Fees for more information.
  6. The monthly maintenance fee waiver does not apply to clients in the BofA Rewards™ Member tier. The monthly maintenance fee is waived for clients in the Preferred Plus, Preferred Honors, and Premier tiers. For BofA Rewards program eligibility requirements, go to BofA Rewards.
  7. Mobile check deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Menu > Help > Browse More Topics > Mobile Check Deposit for details and other terms and conditions. Message and data rates may apply. This service is not available to the child on a SafeBalance® for Family Banking account.
  8. Factors outside of our control may affect when you receive alerts from us. These include your email provider, email settings, your mobile carrier, device and app settings. Depending on your mobile plan, you may be charged by your mobile carrier for text messages sent to your device. Device must support ability to receive push notifications. Mobile app alerts are not available for all devices or in our web-based Mobile Banking.
  9. Balance Connect® for overdraft protection allows you to link your eligible checking account with up to 5 eligible Bank of America accounts for overdraft protection. This optional service can help you cover your payments and purchases and help avoid overdrafts and Overdraft Item Fees by automatically transferring available funds from your linked backup account(s) when needed. If your linked backup account does not have enough available funds to cover the necessary amount, we may decline to make the transfer. Transfers from a linked (1) brokerage account with Merrill Lynch that is enrolled in margin lending, (2) Loan Management Account (LMA®), (3) credit card, or (4) HELOC are subject to interest charges. Please see your account agreement(s) for additional details. Balance Connect® is not available with SafeBalance Banking® or SafeBalance Banking® for Family Banking as a covered or linked backup account. Balance Connect® is available on Advantage Savings as a linked backup account, but not eligible to be enrolled as a covered account.
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Enter your zip code

Please enter the zip code for your home address so we can give you accurate rate and fee information for your location.

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