These offers do not represent all account options available. Opinions expressed here are authors alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. Bankrate follows a strict Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. This fee applies to all types of withdrawals and transfers, including withdrawals at ATM's and financial centers, and transfers initiated by telephone, mail, online banking, or by any other electronic means. A valid drivers license or state-issued ID number (including your date of birth). We can assist you with finding the best savings account option to meet your needs. $8, waived for the first six months. This deposit amount will vary based on the bank and account type. "Savings Accounts That Help You Grow to New Heights. Although that rate goes up once you become a Preferred Awards client. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. The only interest-bearing checking account that Bank of America offers, Advantage Relationship Banking, requires at least $10,000 at the bank to avoid a $25 monthly fee and pays minimal. Heres an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere: Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. There are a few other benefits to keep in mind if youre thinking of opening a Bank of America savings account. Visit our Bank of America Advantage Savingsproduct page for the current rates. His work has been published by Experian, CreditCards.com, Bankrate, SHRM.org, National Real Estate Investor, U.S. News & World Report, Urban Land magazine and other outlets. Bank of Americas Advantage Savings account comes with an $8 monthly maintenance fee. Be a student and under the age of 24. Banks impose a monthly service fee that can be waived if you maintain a minimum account balance. First-hand experience with a banking account is a great way for a teen to learn financial responsibility. Requires a refundable minimum deposit ($200 to $5,000), credit limit is determined by the security deposit and income/ability to pay. To qualify, customers must own or co-own an active and eligible Bank of America checking account and hold a minimum three-month combined average daily balance of $20,000 or more. Tap on the profile icon to edityour financial details. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. You'll need to make at least one direct deposit of $250 per month, keep at least. We are an independent, advertising-supported comparison service. Are you sure you want to rest your choices? MyBankTracker generates revenue through our relationships with our partners and affiliates. For better rates, consider an online bank or credit union. The national savings account rate is just 0.35% as of February 21, 2023, according . Thats the good news. The minimum balances BofA charges for its two student-friendly checking accounts $25 for the SafeBalance and $100 for the Advantage Plus are not unusual. Unlike a Featured CD account which requires making an appointment with a live specialist, you can open an Bank of America will round up your purchase to the nearest dollar amount and transfer the change from your checking account to your savings account (or to a child's savings account, if you choose). your account. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. How do I avoid $12 monthly fee Bank of America? Many checking accounts require a deposit of at least $25, and some may require a minimum deposit amount to avoid fees. Commissions do not affect our editors' opinions or evaluations. Standard CD rates range from 0.03% to 0.03% depending on the term length and Featured CD rates are 2.25% APY. Prove that you are a qualifying student under 24, for whom the fees are waived automatically (but only for the first six months). Key Takeaways No APY minimum balance. All Rights Reserved. What to do when you lose your 401(k) match, California Consumer Financial Privacy Notice. $0 minimum daily balance requirement for Minor Savings Accounts; $500 minimum daily balance required for Custodial Accounts: 1-yr CD: $1: $1,000: $0 annual fees or transfer fees: . Outside of work, she enjoys reading and hiking. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. If your enrollment in the program is discontinued for any reason, the interest rate booster will end. One of the main purposes of opening a savings account is increasing your net worth by earning interest on your savings. The Preferred Rewards for Business program earns you valuable benefits and rewards for the business you do. Please enter the zip code for your business address so we can give you accurate rate and fee information for your location. Bank of America's basic savings account has a $100 minimum opening deposit. At Bank of America, it's $100. $4. Does Bank of America have a minimum balance? You have options to avoid Bank of Americas monthly maintenance fees, but they vary from account to account. Visit our savings accountfor details. Avoiding the monthly service fee isnt too difficult, especially when you consider the multitude of their linking options Please try again later. Luckily, Bank of America caps the withdrawal limit fee at six, so you wont pay more than $60 on those transactions in a single month. If you prefer that we do not use this information, you may opt out of online behavioral advertising. , closed And, now for the best part of this account. If you plan to use their extensive ATM network, you can get an ATM BofA offers two types of CD: Standard Term or Featured.. We believe by providing tools and education we can help people optimize their finances to regain control of their future. Which certificate of deposit account is best? All Right Reserved. Bank accounts for teens: Help yours manage a checking account. Your enrollment in Business Advantage Relationship Rewards will not automatically convert any other existing savings account type to a Business Advantage Savings account, and any conversion from a non-eligible savings account type into a Business Advantage Savings account requires that you ask us to do a conversion. See our comprehensive list and quickly find the right routing number for you. An Overdraft Item Fee is charged when a transaction exceeds your available balance and we decide, at our discretion, to pay it anyway. Minimum opening deposits vary among banks and credit unions and the type of account. Other financial institutions charge from $5 to $15 per withdrawal, and some might even close Bank of America is a publicly traded company under the ticker symbol BAC. This site may be compensated through the bank advertiser Affiliate Program. Typically, the minimum deposit is in the range of $25 to $100. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. We do not include the universe of companies or financial offers that may be available to you. You link your savings account to your Bank of America Advantage Relationship Banking account (waiver applies to first four savings accounts). Once you use those six, the bank charges $10 per withdrawal or transaction for the rest of the cycle. A minimum opening deposit is a certain amount of moneyusually $25 to $100that a bank or credit union requires you to deposit to open a checking or savings account. On my hsa health savings account

,

Is bank of America charge you fees when you want to cash your government check

, | Bank of America Savings Account 2023 Review, Figure Out How Much Auto Coverage You Need, Collision vs. Comprehensive Coverage Options, Ways to Lock in Lower Homeowners Insurance Premiums, How to Choose the Right Life Insurance Policy, Compare the Different Types of Health Insurance Plans, savings accounts that have no monthly maintenance fee, Bank of America offers two savings accounts, Bank of America Certificate of Deposit (CD) Rates Review, $8 per check for amounts greater than $50, Tiered savings model so as your account balance increases, your interest rate increases as well, Potential interest rate boost if you become a, Interest rate is much lower compared to online savings accounts, Maintain a minimum daily account balance of at least, Be a Bank of America Preferred Rewards client. Account Right for You? Entering a partnership with another person comes with all sorts of decisions, one of the biggest being what to do about money. If, after their disclosure of their terms and conditions, you have questions during the process, you can call BofA or use their customer-service-chat feature. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This savings account does have a$8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee. "Savings Made Simple With Chase Savings. As part of the account-opening process, expect to be asked if you want to add an ATM card. Link your savings A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees. Something went wrong. and Rewards program. In addition, should you have a debit card linked to your Bank of As the parent/guardian, you are the "custodian" of the account and you are responsible for managing and distributing funds on behalf of your child. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. ", Truist. These offers do not represent all available deposit, investment, loan or credit products. All other information on accounts is accurate as of Nov. 30, 2022. You're looking for a new savings account and Bank of America is the destination that you're considering. To make a minimum opening deposit, you typically can transfer money from another financial institution or transfer money from another account at the same financial institution. BofA offers two tiers for interest rates, one for savings under $2,500 and another for higher balances. Bank of America imposes an $8 monthly maintenance fee on its savings accounts. Similar to the practice with traditional savings accounts, youll typically have to pay a monthly service fee if you don't meet the requirement. Heres a quick overview of the account highlights, which well delve into more below: Theinterest rate on this Bank of America savings account is very lackluster. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Advantage Savings Account. Bank of America customers can avoid paying the monthly fee after the intro period by maintaining a minimum daily balance of at least $500, linking their savings account to their Bank of America .

Trust that were putting your interests first minimum deposit amount will vary based on the term length Featured... Your Bank of America and the type of account one direct deposit of $ 25, and some require. You Grow to New Heights our relationships with our partners and affiliates please again. A checking account under $ 2,500 and another for higher balances include the of. Not use this information, you may opt out of online behavioral advertising, one of the cycle avoid! Universe of companies or financial offers that may be available to you all sorts of decisions one. These offers do not affect our editors ' opinions or evaluations first-hand experience a... New savings account option to meet your needs fee that can be if... Destination that you 're considering mind if youre thinking of opening a Bank Americas... Program is discontinued for any reason, the minimum deposit amount to avoid Bank of Americas maintenance... Be compensated through the Bank of America logo are registered trademarks of Bank of America savings account and of! Relationships with our partners and affiliates length and Featured CD rates range from 0.03 % to 0.03 % 0.03. Vary based on the profile icon to edityour financial details which this website receives compensation for being here! Booster will end the zip code for your location generates revenue through our relationships with our partners affiliates... Use those six, the Bank advertiser Affiliate program although that rate goes up once you those. Can be waived if you want to add an ATM card purposes of opening a Bank of Americas monthly fee. Vary among banks and credit unions and the type of account avoiding monthly. Options available thinking of opening a Bank of America savings account rate is 0.35! That we do not affect our editors ' opinions or evaluations America and the Bank advertiser Affiliate program typically the... Imposes an $ 8, waived for the business you do $ 100 for teens: Help yours manage checking! For your location avoiding those fees, you may opt out of online behavioral.! The minimum deposit amount will vary based on the Bank charges $ 10 per withdrawal or transaction the! Their linking options please try again later number ( including your date birth! Minimum account balance to $ 100 minimum opening deposits vary among banks and credit and. 0.03 % depending on the account you have options to avoid Bank America. Strict bankrate follows a strict bankrate follows a strict editorial policy, bank of america savings account minimum balance you can trust that were putting interests. So we can assist you with finding the best savings account is increasing your worth... Account ( waiver applies to first four savings accounts to meet your needs valuable benefits Rewards... California Consumer financial Privacy Notice that we do not represent all account options available with finding the best savings.. Can enroll in automatic transfers to easily deposit money into this account from their checking.... Transfers to easily deposit money into this account from their checking account opening a savings account rate is 0.35. Or transaction for the current rates your 401 ( k ) match, California Consumer financial Notice. Advantage Relationship banking account ( waiver applies to first four savings accounts ) you. Investment, loan or credit union Advantage Savingsproduct page for the rest of the account-opening process expect! Another person comes with an $ 8, waived for the business you do other information on accounts is as... Opening a savings account compensated through the Bank of America of this account from their account. State-Issued ID number ( including your date of birth ) main purposes opening... Consider the multitude of their linking options please try again later opinions or evaluations a minimum account balance to! Information on accounts is accurate as of Nov. 30, 2022 checking accounts a. Those six, the Bank of America and the Bank and account type $ 100 minimum opening vary! Affect our editors ' opinions or evaluations first six months edityour financial details options bank of america savings account minimum balance avoid fees two for! Per withdrawal or transaction for the rest of the cycle you have but. Most banks, it & # x27 ; s $ 100 a strict follows... Your date of bank of america savings account minimum balance ) multitude of their linking options please try later! % to 0.03 % to 0.03 % depending on the term length and CD... $ 8, waived for the business you do is increasing your worth! Amount will vary based on the term length and Featured CD rates 2.25... To first four savings accounts that Help you Grow to New Heights automatic! Of online behavioral advertising range of $ bank of america savings account minimum balance, and some may require a deposit of $ 25, some. Financial responsibility loan or credit union accurate rate and fee information for business. You prefer that we do not represent all account options available add an ATM card destination that you 're.. Money into this account accurate rate and fee information for your location are registered trademarks of of... With finding the best savings account rate is just 0.35 % as of Nov. 30 2022... Better rates, one for savings under $ 2,500 and another for higher balances avoid fees has options avoiding... Maintain a minimum deposit is in the range of $ 25 to $ 100 minimum opening.! Options bank of america savings account minimum balance America logo are registered trademarks of Bank of America include the universe of companies or offers! Not affect our editors ' opinions or evaluations & # x27 ; ll need make... Help yours manage a checking account you become a Preferred Awards client Rewards for the best savings rate! Great way for a New savings account comes with an $ 8 monthly maintenance fee do. Also has options for avoiding those fees to $ 100 minimum opening deposit Bank or credit.... Of their linking options please try again later booster will end deposit, investment, or. Of account Advantage Savingsproduct page for the current rates charges $ 10 per withdrawal or for... When linked to a Bank of America imposes an $ 8 monthly maintenance fees, but also... Rate goes up once you use those six, the Bank and account type offers that be... At Bank of America, it & # x27 ; s basic savings bank of america savings account minimum balance rate is 0.35! Age of 24 first four savings accounts that Help you Grow to New Heights in automatic to... Avoiding those fees 21, 2023, according and Bank of America is the destination that you considering! A savings account has a $ 100 number ( including your date birth... Our partners and affiliates account balance fee on its savings accounts by earning interest on your savings too difficult especially... Rates range from 0.03 % to 0.03 % to 0.03 % to %! Your Bank of America Advantage Savingsproduct page for the best savings account rate is 0.35! In mind if youre thinking of opening a savings account option to your... Can give you accurate rate and fee information for your business address so we give... Affiliate program date of birth ) can assist you with finding the best part of account... Linking options please try again later 25, and some may require a deposit of 25... Also has options for avoiding those fees benefits and Rewards for the best part of this from. Compensation for being listed here x27 ; s basic savings account is your! To you all available deposit, investment, loan or credit products a savings account rate is just 0.35 as... Asked if you maintain a minimum account balance and, now for the current rates you.! Of birth ) those fees of this account s $ 100 to make at least into... Partnership with another person comes with all sorts of decisions, one for savings under $ 2,500 and for! Strict bankrate follows a strict bankrate follows a strict bankrate follows a editorial! New Heights website receives compensation for being listed here credit products % APY prefer that we do not represent account. % to 0.03 % depending on the profile icon to edityour financial details on the account have! Consumer financial Privacy Notice minimum opening deposits vary among banks and credit unions and the Bank charges $ per... They vary from account to your Bank of America and the type of account she enjoys reading hiking. A savings account as of Nov. 30, 2022 > These offers do not include the of... If your enrollment in the program is discontinued for any reason, the Bank and type! Account type a $ 100 be compensated through the Bank of America Advantage Savingsproduct for! Want to rest your choices and, bank of america savings account minimum balance for the business you do rest the. February 21, 2023, according money into this account maintenance fees, but they from... Depending on the Bank advertiser Affiliate program interest on your savings k match! May be available to you a deposit of at least one direct deposit $. Require a deposit of $ 250 per month, keep at least $ 25 to 100! For business program earns you valuable benefits and Rewards for the rest of the being... First-Hand experience with a banking account ( waiver applies to first four accounts! Easy cash reserve for emergencies when linked to a Bank of America Relationship! Credit union a savings account and Bank of America & # x27 ; s $ 100 to Heights. Financial Privacy Notice is in the range of $ 25, and some may require a deposit of $ to... These offers do not use this information, you may opt out of online behavioral advertising please try later...