Bank of America Advantage Safebalance Banking - non interest bearing with a minimum opening deposit of $25. Relationship-based ads and online behavioral advertising help us do that. Both platforms allow you to transfer money between Bank of America accounts and to external accounts. You can learn more about GOBankingRates processes and standards in our editorial policy. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. They are lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates. You can view all savings interest rates online. Bank of America is a publicly traded company under the ticker symbol BAC. BANK OF AMERICA SAVINGS ACCOUNTS; ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY) Advantage Savings: $100: $8: 0.01% Standard 0.02% Gold 0.03% Platinum 0.04% . Maintaining the minimum daily balance of $500 will likely be the easiest path to avoiding the $8 monthly fee if you're new to Bank of America. ", Wells Fargo. All of our content is authored by Bank of America imposes an $8 monthly maintenance fee on its savings accounts. You're a. Note: Annual percentage yields (APYs) shown are as of Feb. 14, 2023, for the New York City area and may vary by region for some products. You can find information on topics that include: To see what else Bank of America accounts can offer you, visit your local branch or Bank of Americas website. Continue on to get the full rundown on BofAs savings account offerings. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. 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. Mean bank account balance. Shop Pay is an innovative payment solution developed by Shopify. Rates are subject to change; unless otherwise noted, rates are updated periodically. Under 25 or over 65 years old, or one deposit of any amount per month. Bank of America Certificate of Deposit (CD), Bank of America Individual Retirement Account (IRA). "Savings Accounts That Help You Grow to New Heights. But the interest rate is almost nonexistent at 0.01% and you must visit a local branch to get started. You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking account, which does not come with the fee. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. ", Federal Deposit Insurance Corporation. Use your card for everyday purchases, such as at drug stores, for your daily coffee run, or to pay a bill. Bank of America Advantage Relationship Banking Learn More Monthly maintenance fee $25, with options to waive Minimum deposit to open $100 Minimum balance Maintain a balance of $10,000 or. Consumers can get . More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today. Please refer to the Personal Schedule of Fees for more details. She has an MBA and a bachelor's degree in public relations, as well as hundreds of articles published online by The Balance, Finder.com, Money Under 30, Clever Girl Finance, and more. Methodology. While fees apply when you use Overdraft Protection, these fees may be less expensive than the fees for overdrafts and declined or returned items. card for your savings account. It means that the balance posted in the account at the end of every day must be $500 or more in order. Make up to 6 transfers and withdrawals each monthly statement cycle. Fee waiver only applies for the first 4 checking accounts. Bank of America, Member FDIC, offers a number of checking and savings accounts. The Business Advantage Relationship Rewards program savings interest rate booster is only available to clients who have a Business Advantage Savings account and who have enrolled in the program. These offers do not represent all account options available. $41,600. For example, Wells Fargo's Way2Save savings account requires a $25 deposit to open the account and it comes with a $5 monthly service fee. When you open a traditional savings account, you may need to keep a certain amount of money in the account to avoid a monthly service fee. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Additionally, monthly service fees are different from item-specific costs, such as Bank of Americas overdraft fees. Bank of Americas ATM fees $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. In addition, should you have a debit card linked to your Bank of 0.01%. If you're enrolled in Preferred Rewards for Business you get extra interest based on your relationship tier, If you're enrolled in Preferred Rewards for Business. Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts. It comes with all the basic yet necessary features of online banking to mobile banking, 'with per day . All Right Reserved. "Alliant High-Rate Savings. You have money questions. Each online Bank of America account has a monthly fee ranging from $4.95 to $25. Best Places To Save Money and Earn Interest, A Guide to Your One Deposit Savings From Citizens Account, Sallie Mae Bank's SmartyPig Deposit Account Terms and Conditions Agreement, Savings Accounts That Help You Grow to New Heights. Here are some of the perks of the Minor Savings Account: The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America, is a savings account designed to act like a stash-away account to save the most money for your child. BofA charges an $8 per month fee on their basic savings accounts, and thats enough to cancel out the interest earned on typical savings balances. The lowest level (Gold) begins with $20,000 on deposit across all linked accounts, and offers a rate of 0.04%. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. How do I apply for a Business Savings Account? It means that the balance posted in the account at the end of every day must be $500 or more in order to waive the monthly fee. You can take a number of steps to avoid minimum balance requirements. Link the savings account to a Bank of America Advantage Relationship Banking account, become a Bank of America Preferred Rewards client, or be under the age of 25 and enrolled in school. Below are two common minimum deposit types you may see. Most commonly, this type of account is used for paying for college or some kind of schooling. Advantage Savings Account. The minimum balance required for the Bank of America savings account is $500 per day. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. How Minimum Account Balances Work While the latter offers a more robust yield depending on the term and the balance, you need a whopping $10,000 to open the CD, making it much less accessible compared to CDs at other banks. A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees. No, not all accounts at financial institutions have a minimum deposit requirement. These financial institutions also may require you to meet certain minimum balance requirements to qualify for an APY or avoid a fee. Commissions do not affect our editors' opinions or evaluations. This is generally known as a minimum balance requirement. The SCF also breaks down average account balances by household type. Its an app that people can use just like a regular wallet to store their card details and information. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. You will also be asked if you wish to link your savings account to The Bank of America Minor Savings Account is a joint savings account between parents and kids under age 18. The APY the bank offers is low compared with the national rate of 0.24% APY. Bankrates editorial team writes on behalf of YOU the reader. Maintain a minimum daily balance of $1,500. Bank of America itself also offers certificates of deposit (CDs). time. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. Each Bank of America checking account comes with this schedule of fees, though some accounts waive fees for specific services. 2023 Forbes Media LLC. These ads are based on your specific account relationships with us. Many checking accounts require a deposit of at least $25, and some may require a minimum deposit amount to avoid fees. Here are five ways to avoid Bank of America's monthly fees: 1. But, it is one of a long list of options that may be available to you. ", Chase. Learn more about how minimum account balance requirements work, why banks have them, and what you can expect from major U.S. banks when you open a traditional savings account. Bankrate.com is an independent, advertising-supported publisher and comparison service. Some banks are currently paying more than 3 percent APY and higher for your savings. Banks impose a monthly service fee that can be waived if you maintain a minimum account balance. Bank of America 2023 GOBankingRates. The Bank of America Advantage Savings account requires a minimum deposit of $100 to open the account. "Truist Online Savings Account Overview. However, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees. How much does a safe deposit box cost? 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. In addition to Bank of America's monthly account service fees, the bank also charges various other fees, most of which you can avoid. It is continually updated, so you can bookmark this page and come back any time to see what the best rates are. Thats the good news. Each account has its own requirements, so be sure the fee waiver information you have matches your account type. You can also see your recent transaction list, set customized alerts, and deposit checks through the app. Bank of America imposes an $8 monthly maintenance fee on its savings accounts. How much money minimum balance will you need to open an account? 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