What is a Bank of America Advantage savings account?

Bank of America offers just one interest-bearing savings account : the Bank of America Advantage Savings. This account requires a $100 opening deposit and an $8 monthly maintenance fee, which is easily waivable by maintaining a minimum balance of $500.

Is it possible to open a savings account online?

Different financial institutions have different processes, but you can typically request to open a savings account either online, in-branch or over the phone . If there's a minimum deposit requirement, you'll need to deposit that amount.

How do I avoid fees with Bank of America Advantage savings?

each month You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account , OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with ...

Open a Bank of America Advantage Savings Account Online (2024)

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How we can help

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

What is a savings account?

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

Personalized planning

Bank of America Life Plan^&reg 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.^adatext

A rewarding relationship

Qualifying Bank of America Preferred Rewards members can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services.

Learn more about Preferred Rewards

Easy ways to save

Have a checking account with us, too? Enroll to round up debit card purchases and transfer the difference to savings automatically.^adatext

Learn more about Keep the Change®

Cash back deals

Want to put more in savings? Search participating merchants and earn up to 10% cash back on everyday purchases.^adatext

Learn more about BankAmeriDeals®

Account details and fees

Account details and fees , open

Monthly Fee

We'll waive the monthly maintenance fee each statement cycle you meet one of the following:
Maintain a minimum daily balance of $XXXX or more in your account
OR
Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking^®, Bank of America Advantage^® with Tiered Interest Checking or Bank of America Advantage^® Regular Checking Accounts (first 4 savings accounts)
OR
Are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 savings accounts), or Diamond or Diamond Honors tier (unlimited)
OR
An owner of this account is under the age of 25^*
OR pay $XXXX/month
Please see the Personal Schedule of Fees for more information on how to link eligible accounts to avoid the Monthly Maintenance Fee.
^*Fiduciary accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee
For new accounts, we will waive the monthly maintenance fee for six months from account opening^adatext

Required Opening Deposit

$XXXX

Monthly Fee	Required Opening Deposit
We'll waive the monthly maintenance fee each statement cycle you meet one of the following: Maintain a minimum daily balance of $XXXX or more in your account OR Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking^®, Bank of America Advantage^® with Tiered Interest Checking or Bank of America Advantage^® Regular Checking Accounts (first 4 savings accounts) OR Are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 savings accounts), or Diamond or Diamond Honors tier (unlimited) OR An owner of this account is under the age of 25^* OR pay $XXXX/month Please see the Personal Schedule of Fees for more information on how to link eligible accounts to avoid the Monthly Maintenance Fee. ^*Fiduciary accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee For new accounts, we will waive the monthly maintenance fee for six months from account opening^adatext	$XXXX

Monthly Fee

Required Opening Deposit

We'll waive the monthly maintenance fee each statement cycle you meet one of the following:
Maintain a minimum daily balance of $XXXX or more in your account
OR
Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking^®, Bank of America Advantage^® with Tiered Interest Checking or Bank of America Advantage^® Regular Checking Accounts (first 4 savings accounts)
OR
Are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 savings accounts), or Diamond or Diamond Honors tier (unlimited)
OR
An owner of this account is under the age of 25^*
OR pay $XXXX/month
Please see the Personal Schedule of Fees for more information on how to link eligible accounts to avoid the Monthly Maintenance Fee.
^*Fiduciary accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee
For new accounts, we will waive the monthly maintenance fee for six months from account opening^adatext

$XXXX

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

Rates

Rates , open

Today's rates^adatext

Account balance

Standard Annual Percentage Yield (APY)^adatext

Preferred Rewards members can earn even more based on their tier. How to qualifylayer

Gold Tier APY^adatext	Platinum Tier APY^adatext	Platinum Honors Tier and higher APY^adatext

How to qualify

All you need to qualify is an eligible Bank of America^® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill^® investment accounts. Learn more about Preferred Rewards

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

Here’s what comes with your Advantage Savings account , open

A trusted network
Mobile check deposits
Automatic Transfers
Custom alerts
Balance Connect® for overdraft protection
FDIC insurance

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^adatext

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^adatext

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^adatext

Budgeting blunders happen. Link your savings account to your checking account to help cover your bases.

FDIC insurance

Have peace of mind knowing your savings are FDIC-insured up to applicable amounts.

Learn more about FDIC insurance

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 Students under 25.

Learn more about student banking

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.

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
Deposit Agreement and Disclosures
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.

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Contact us
Schedule an appointment
Schedule an appointment
Call us
Phone number:844.375.7027

Open a Bank of America Advantage Savings Account Online (2024)

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