What is the minimum amount of money you can have in a bank account

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How we can help

Our savings account layer 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. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.

Personalized planning

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.

Learn more about Life Plan

A rewarding relationship

Qualifying 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.

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.

Learn more about BankAmeriDeals®

Account details and fees

Account details and fees , open

Monthly 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
• An account owner is under age 18
• or
• An account owner is under age 25 and qualifies as a Student
• or pay $XXXX/month
• For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months

Required Opening Deposit

• $XXXX

Withdrawal Limit Fee

• 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

Today's rates

Today's rates

Account balance

Standard Annual Percentage Yield (APY)

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

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

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.

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.

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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