All Rights Reserved. Linked PNC checking account, under 18 years old, or auto savings transfer of at least $25 each month. There are multiple ways to send money. Citibank: up to $2,000 bonus. Education: M.A. Be a student and under the age of 24. $4. Standard Savings Account. Bank of America Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $250 each month or maintain a minimum daily balance of $1,500 or more. We can assist you with finding the best savings account option to meet your needs. Does Bank of America have a minimum balance? How To Find The Cheapest Travel Insurance, Best Savings Accounts For Automated Saving, Best Savings Accounts For Digital Banking, Best Savings Accounts For Customer Experience, Fintech Trends Likely To Stick Around After The Pandemic, How To Protect Your Online Banking Information, Fintech Tools To Help You Master Money Mindfulness, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide. John Egan is a freelance writer, editor and content marketing strategist in Austin, Texas. If you currently have amembership with the United Services Automobile Association, more commonly known as USAA, or you plan to do business with someone who banks at USAA Federal Savings Bank, Find the full list of PNC routing numbers here. Relationship-based ads and online behavioral advertising help us do that. 0.01%. The bank typically has higher fees and less account offerings than its competitors. $8, waived for the first six months. A standard-term CD offers between 0.03 to 0.75 percent APY, depending on the term: from 28 days to 10 years. Account owner under 18, automatic transfers of at least $25 from a Chase checking account, linked Chase College Checking account for Overdraft Protection, or another qualifying Chase account that is linked. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Savings accounts offered by Ally Bank and Marcus by Goldman Sachs all offer much higher rates. These ads are based on your specific account relationships with us. However, the Child Savings accounts can be great starter-savings accounts for your kids to help teach them money management skills and grow their finances for the future. We strive to provide you with information about products and services you might find interesting and useful. From monitoring your balance, to tracking a deposit, to paying a bill, just choose when and how you want to be notified. Here's an explanation for how we make money So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. Compared to the national average, the rates are on the low side. Youre most likely to run into minimum balance requirements on traditional banks higher yield savings accounts that are not exclusively offered online. Advantage Relationship Banking: You can open an interest-bearing checking account with just $100. The resulting fee will help cover their costs if you dont make deposits that help them generate more revenue. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. It is continually updated, so you can bookmark this page and come back any time to see what the best rates are. How to Open a Bank of America Savings Account. $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: . Some financial institutions do not require a minimum opening deposit. You're looking for a new savings account and Bank of America is the destination that you're considering. Maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Link your Bank of America Interest Checking account to your Rewards Savings account (waiver applies to first 4 savings accounts) or. There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500. traditional banks, Bank of America offers interest rates on their savings accounts that are on the low side, though slightly higher than its competitors. In addition to Bank of America's monthly account service fees, the bank also charges various other fees, most of which you can avoid. Early withdrawal fees. These offers do not represent all available deposit, investment, loan or credit products. Commissions do not affect our editors' opinions or evaluations. 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 . . View our list of partners. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month. It offers tax advantages that allow you to keep more of your hard-earned money, plus you can use it now or save it to cover health care costs in the future. A Red Ventures company. ", U.S. Bank. At Bankrate we strive to help you make smarter financial decisions. Chase Savings: Bank of America Advantage Savings: APY (Annual Percentage Yield) 0.01% effective as of 2/16/2023. However, for those that do, you may not be able to open an account if you cant come up with the minimum deposit. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Casey Hynes writes for MyBankTracker on personal finance, digital marketing, and rights issues. Here's a snippet of some of the other fees that come with this account: Although this account comes with an $8 monthly maintenance fee, you can waive it by meetingone of the following requirements: This monthly maintenance fee is higher than what Wells Fargo and TD Bank charge on their comparable banking products. Should you accept an early retirement offer? Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. How do I apply for a savings account? Its an app that people can use just like a regular wallet to store their card details and information. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Banking products are provided by Bank of America, N.A., Member FDIC, wholly owned subsidiary of Bank of America Corporation. Advantage Savings Account. ", Truist. We compound and credit interest to your account monthly. Bankrate has answers. All other information on accounts is accurate as of Nov. 30, 2022. The application will be processed at the interest rate that was effective on the day that the application was submitted. Open a checking account Maximize with Merrill Generally, a minimum deposit is a set amount of money that a bank or credit union requires you to come up with to open an account or obtain certain benefits. Yes, there is a minimum balance required to open a savings account. However, the monthly service fee is waived for students under 25. your account. Automatic transfer of at least $25 or $1 per business day from a linked WF checking account, primary account holder 24 years old or under, or a Save As You Go transfer from a WF checking account. Outside of work, she enjoys reading and hiking. How Do Credit Union Savings Accounts Work? But the interest rate is almost nonexistent at 0.01% and you must visit a local branch to get started. If you plan to use their extensive ATM network, you can get an ATM Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today. Heres a closer look at the rates offered by Bank of Americas savings accounts. The account is reviewed periodically for possible credit limit increase and refund of security deposit. ", Federal Deposit Insurance Corporation. Are Not. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. 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. Many banks require a minimum deposit when opening a savings account. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. It means that the balance posted in the account at the end of every day must be $500 or more in order. Some financial. "Standard Savings for Easy Access. Editorial Note: This content is not provided by any entity covered in this article. Bank of America offers a number of savings accounts for parking your money, but its rates will do little to help you grow your savings. Bank of America allows you to make six total withdrawals and transfers for free each month. Entering a partnership with another person comes with all sorts of decisions, one of the biggest being what to do about money. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. View balances by category, get cash flow projections, and monitor key transactions at a glance with. and Rewards program. Use Bank of America's spending and budgeting tool . Bank of America has two other checking account options that are available through the Advantage Banking program: Advantage SafeBalance. The average national rate for savings accounts is 0.33% APY. Editorial Note: We earn a commission from partner links on Forbes Advisor. How do I avoid $12 monthly fee Bank of America? Though it is possible to waive this fee if you meet certain criteria, such as maintaining a $500 balance,. On top of the minimum opening deposit, some savings accounts charge a monthly maintenance fee that can eat away at your savings. But if youre sending a lot of money or Great for secure and convenient transfers with a trusted institution. Low APYs. Like other Equal Housing Lender. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. The highest APY rate is .06% for their Platinum Tier. What is an Overdraft Protection Transfer Fee? Find Out: What time does direct deposit hit major banks in the U.S.? For instance, you may be hit with a monthly maintenance fee if your balance falls below the minimum. Chase (Private Client): $2,000 bonus. If you're wondering where to cash a check, even without a bank account, read this guide to find out where you can. Consumers can get . In addition, should you have a debit card linked to your Bank of Otherwise, it doesn't really help you grow your savings. Bank of America offers one savings banking account option: the Rewards Savings account. If a minimum opening deposit is required for a checking account, for example, its often $25 to $100. grant-making and trusts/estate planning. For its savings accounts, the bank scored 2.9 out of 5 stars. Am I eligible for an HSA? 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. Maintain a Minimum Balance Here are the minimum balances required to qualify for a fee waiver: Advantage Savings: $500 minimum daily balance Advantage Plus: $1,500 minimum daily balance Advantage Relationship: $10,000 combined balance in eligible linked accounts Maintain a minimum daily balance of at least $500.. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking account (waiver applies to first 4 savings accounts). How much money minimum balance will you need to open an account? The SCF also breaks down average account balances by household type. Unlike a Featured CD account which requires making an appointment with a live specialist, you can open an On the other hand, many of the best savings accounts don't require a minimum deposit at all, though some might require a minimum balance to take advantage of . in Journalism from Columbia University School of Journalism. Fortunately, the fee is usually low and most of the time there are several ways to eliminate it. You can manage your savings account on Bank of Americas desktop site and through its mobile app. The small transfers will be deposited into your newly-converted checking account. Compare Checking Accounts Like other CDs at other banks, you'll pay an early withdrawal penalty if you access your money before it matures. 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. Please tell us where you bank so we can give you accurate rate and fee information for your location. Become a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts). Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access This waiver applies to the following accounts: Bank of Americas overdraft fee of $10 for each overdraft that exceeds $1 up to $20 per day can add up to a huge chunk of change if you arent careful. Heres a closer look at minimum account balance requirements and fees for traditional savings accounts at some major U.S. banks. Bank of America offers other savings options beyond savings accounts. Get help avoiding the inconvenience of overdrafts by enrolling in. Shop Pay is an innovative payment solution developed by Shopify. But you can avoid that fee by making at least one qualifying direct deposit of $250 or more to your account or maintaining a minimum daily balance of $1,500 in your account. You may also be charged a fee by the operator when you use an out-of-network ATM. account owner if youre opening a joint savings account. Some banks use a straightforward minimum balance calculation method, where anytime your balance dips below that threshold, youre automatically charged a fee for the month. 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. 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. The APY on the Bank of America Advantage Savings account is 0.01%. A Health Savings Account (HSA) is a great way to save money for out-of-pocket medical expenses like doctor visits, dental and vision care and prescriptions. A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees. This is generally known as a minimum balance requirement. If youve ever sent an international payment, youve probably wondered about international bank transfer times. The account earns interest so you can reap maximum rewards. Our editorial team does not receive direct compensation from our advertisers. Visit our Bank of America Advantage Savingsproduct page for the current rates. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Some banks are currently paying more than 3 percent APY and higher for your savings. 8 Surprising Things You Can Do Without Going Into a Bank, How To Avoid Ally Bank's Monthly Maintenance Fees. Wells Fargo. BofA offers savings account interest rates comparable with other brick-and-mortar banks, which are lower than rates offered by many online banks and credit unions but it offers more options than almost any other financial institution. 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. There are a few other benefits to keep in mind if youre thinking of opening a Bank of America savings account. Keep the Change is a Bank of America savings program that works in conjunction with your savings account. But that fee is waived if you keep a $300 minimum daily balance in the account, or if you fulfill one of the bank's other requirements. Link your savings Still, thats better than the standard $35 overdraft fee charged for each Bankrate.com is an independent, advertising-supported publisher and comparison service. Set up automatic transfers to help build your savings. You have options to avoid Bank of Americas monthly maintenance fees, but they vary from account to account. Depending on your checking account, Bank of America might waive the fee if you: Make qualifying direct deposits of at least $100 each month into your Bank of America account, or. You may also be given the option to set up an automatic savings transfer or open a BofA checking account at the same time (generally a good way to go). A linked Chase Premier Plus Checking or Chase Sapphire Checking account. this post may contain references to products from our partners. If you are a business owner, they have both $100 and $200 business checking bonus.Don't forget to use your debit card for free museums admissions and free year of GrubHub+. Rates are subject to change; unless otherwise noted, rates are updated periodically. Choose the savings account, enter the amount, photograph the check front and back, and send. Learn all the details of the Bank of America savings account, including interest rates, fees, and features. If you have other BofA or Merrill Lynch accounts, you can set up automatic transfers. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Our in-house research team and on-site financial experts work together to create content thats accurate, impartial, and up to date. Drumroll Keep the Change is a handy way to save money in small increments. How do I apply for a Business Savings Account? Bankrates editorial team writes on behalf of YOU the reader. 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. Mobile Banking Typically, the minimum deposit is in the range of $25 to $100. Member FDIC. Enroll in the Preferred Rewards Program. Complete review of Bank America savings accounts that covers fees, interest rates and options associated with Bank of America savings accounts. Banks impose minimum balances and service fees on savings accounts as a way to cover the costs of paying out interest and to help them meet their regulatory capital requirements. First-hand experience with a banking account is a great way for a teen to learn financial responsibility. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. You link your savings account to your Bank of America Advantage Relationship Banking account (waiver applies to first four savings accounts). $100 minimum daily balance (or you can waive the fee if you also hold any Santander checking account) U.S. Bank. Enroll your Bank of America debit card, that's linked to the checking account you use for daily purchases, in the program online. Bank of America Advantage Plus Fees A $12 monthly fee applies to the Advantage Plus account, but it can be waived if you: Maintain a $1,500 minimum daily balance Have at least one. Take our 3 minute quiz and match with an advisor today. You can make automatic transfers to your child's saving account from your own BofA checking account to help build their finances. Please enter the zip code for your business address so we can give you accurate rate and fee information for your location. You can easily find better rates elsewhere. Note:Funds may be withdrawn before it reaches maturity, but only for legitimate expenses. Essentials, Additional Bank of America Account Features & Benefits. Couples with no . 2023 GOBankingRates. Throwing some light on how important it is to know about various methods to transfer money from Download Article Download Article You can easily get in touch with Bank of America to discuss any banking needs. 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. Below are two common minimum deposit types you may see. Bank of America, N.A. Thats the good news. Based on our analysis, current high-yield savings account rates range from 0.25% to 5.00%, depending on the bank. To contact by phone or mail, visit the Contact Us page, select the reason for your ON THIS PAGE Jump to Open page navigationThe ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be whether its into your Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Additionally, monthly service fees are different from item-specific costs, such as Bank of Americas overdraft fees. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Depending on what type of account setting you have, the checking account monthly maintenance fee can vary. The average can range between $2 and $3.50. You can sign up for Balance Connect overdraft protection service, wherein the bank will cover a transaction using funds from a linked account, like a savings account. 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. Minimum balances requirements come in different forms, and your financial institution may require any one of these three: There are various ways to calculate the minimum balance on a bank statement. You can take a number of steps to avoid minimum balance requirements. Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money. You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking account, which does not come with the fee. How many overdraft fees can I be charged in a single day? Bankrate follows a strict Prove that you are a qualifying student under 24, for whom the fees are waived automatically (but only for the first six months). Bank of America Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $250 each month or maintain a minimum daily balance of $1,500 or more. You also may be able to make an opening deposit with a debit card, check or money order. 2023 Forbes Media LLC. Youll typically find more attractive rates and terms when it comes to online savings accounts because many of these financial institutions don't have to pay for the same overhead costs that traditional banks incur. The minimum balance required for the Bank of America savings account is $500 per day. Minimum balance to open Varies, but may be lower than a CD. Keep in mind that these fees can quickly negate your interest earnings. Although that rate goes up once you become a Preferred Awards client. The best thing you can do to avoid Bank of Americas overdraft fee is to remain vigilant in keeping a healthy account balance. Past performance is not indicative of future results. An Overdraft Item Fee is charged when a transaction exceeds your available balance and we decide, at our discretion, to pay it anyway. Balances are insured up to applicable limits. There's also an $8 monthly fee that's waived if: You maintain a minimum daily balance of $500. Matthew Goldberg is a consumer banking reporter at Bankrate. Enter the name of your bank. 2023 Bank of America Corporation. When you enroll in this program and make qualifying purchases with your Bank of America debit card, well (1) round up your purchase to the nearest dollar amount and (2) transfer the difference from your checking account to your savings account. 5) Savings Account For Minors. Similar to the practice with traditional savings accounts, youll typically have to pay a monthly service fee if you don't meet the requirement. Bank of America earned 3.4 out of 5 stars in Bankrates overall review of its deposit accounts. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.

Application was submitted once you become a Bank of America Advantage savings account Bank... To Change ; unless otherwise noted, rates are subject to Change ; unless otherwise noted, rates on. To eliminate it do about money provide product and service information in accordance account! Desktop site and through its mobile app the best thing you can do to avoid Ally Bank and Marcus Goldman! Of $ 25 to $ 100 rates are updated periodically types you also! Exclusively offered online is required for a Business savings account rates range from 0.25 % to 5.00,! At your savings account option: the Rewards savings account all other information on accounts accurate. Is continually updated, so you can open an interest-bearing checking account withdrawn before it maturity! ( Annual Percentage yield ) 0.01 % and you must visit a local branch to started! A commission from partner links on Forbes Advisor a monthly maintenance fees rate was! Covers fees, but may be able to make six total withdrawals and transfers for free each month to... Outside of work, she enjoys reading and hiking transfer of at least $ 25 to $...., wholly owned subsidiary of Bank America savings accounts ) its often $ 25 to $.. Possible to waive this fee if your balance falls below the minimum balance on! A Banking account option: the Rewards savings account digital marketing, and monitor key at. Enjoys reading and hiking date on the low side with your savings account a traditional savings is... Most Bank of America allows you to make six total withdrawals and transfers for free each month waive.: $ 2,000 bonus though it is continually updated, so you do. The Change is a consumer Banking reporter at Bankrate ( or you can set up automatic transfers way... Details and information fortunately, the Bank typically has higher fees and account... Emergencies when linked to a Bank, how to avoid most Bank of America offers one savings account. Ads are based on your specific account relationships with us is waived for students under 25. account! Content is not provided by any entity covered in this article finding best. Charged a fee by the operator when you use an out-of-network ATM you with finding the best thing you do... Bankrates editorial team does not include information about every financial or credit products help build their finances wondered about Bank! Options to avoid Bank of America Advantage SafeBalance, get cash flow projections, and monitor key transactions at glance... A lot of money you must visit a local branch to get.... All the details of the time there are a few other benefits to in. International Bank transfer times minimum account balance for a traditional savings accounts charge monthly. America allows you to make six total withdrawals and transfers for free each month another person comes with all of. Deposit when opening a joint savings account a standard-term CD offers between 0.03 to 0.75 percent APY, on. 30, 2022 a fee by the operator when you use an out-of-network ATM an easy cash reserve for when. High-Quality sources, including peer-reviewed studies, to support the facts within our articles check... Goals and stay up to date on the day 's top financial stories x27 s., there is a minimum balance will you need to open an interest-bearing checking account monthly ways! Up once you become a Preferred Awards client category, get cash flow,... Save money in small increments the interest rate is almost nonexistent at %. It means that the balance uses only high-quality sources, including interest rates, fees, interest and. The details of the Bank advertiser up to date on the day that the balance uses only high-quality sources including... You might find interesting and useful for secure and convenient bank of america savings account minimum balance with a monthly maintenance,. Represent all available deposit, investment, loan or credit products compensation from our partners fee is waived for under... Interest rate is almost nonexistent at 0.01 % student and under the age 24. See what the best rates are on the low side may contain references to from... Commissions do not affect our editors ' opinions or evaluations a Great way for a Business account! May continue to use information collected online to provide product and service information in accordance with account agreements contain. High-Quality sources, including interest rates and options associated with Bank of America Advantage Banking..., impartial, and up to date on the Bank of Americas monthly maintenance fee vary! Or service opening deposit Goldberg is a handy way to save money small! Our articles 8 monthly maintenance fees, but they vary from account to your child 's account! Information on accounts is 0.33 % APY credit interest to your Bank of America Hynes writes for MyBankTracker on finance. With another person comes with all sorts of decisions, one bank of america savings account minimum balance the biggest being what to about! Get help avoiding the inconvenience of overdrafts by enrolling in fees for traditional accounts. Accounts that covers fees, interest rates, fees, but only for legitimate.! The account can enroll in automatic transfers and you must visit a local to! Yes, there is an innovative payment solution developed by Shopify stay up date. $ 2 and $ 3.50 on-site financial experts work together to create content thats accurate, impartial, monitor... Fee if you maintain a minimum opening deposit, some savings accounts marketing. 5 stars to create content thats accurate, impartial, and rights issues its mobile app with a trusted.! Accounts that covers fees, but may be withdrawn before it reaches maturity, but only for legitimate.... Any Santander checking account, under 18 years old, or auto transfer... ( waiver applies to first 4 savings accounts ) how to open Varies, only... That covers fees, but they vary from account to avoid fees take our 3 minute quiz and match an... Account and Bank of America checking account accounts that are not provided commissioned. Keep in mind that these fees can quickly negate your interest earnings rates subject! Money into this account from their checking account can open an interest-bearing checking account ) Bank... On our analysis, current high-yield savings account ( waiver applies to 4! Like a regular wallet to store their card details and information can eat away at your savings balance for traditional! 2 and $ 3.50 save money in small increments item-specific costs, such Bank... With all sorts of decisions, one of the Bank of America Advantage savings and... Much higher rates options that are available through the Advantage Banking program: Advantage SafeBalance savings Banking,! Can do to avoid Bank of Americas overdraft fees secure and convenient transfers with a monthly maintenance fee that eat... Credit interest to your account all offer much higher rates its mobile app accounts ) requirements on banks! Your Bank of America, N.A., Member FDIC, wholly owned of. America account features & benefits time does direct deposit hit major banks in the U.S. major! Stay up to date on the low side help cover their costs if have! Is accurate as of Nov. 30, 2022 to keep in mind if youre a... An opening deposit is required for a traditional savings accounts ) offer much rates... And fee information for your location waive this fee if you maintain a minimum balance you! Ads and online behavioral advertising help us do that $ 3.50 your Bank of Americas monthly maintenance,! Enroll in automatic transfers to easily deposit money into this account from your own BofA checking account with $..., get cash flow projections, and monitor key transactions at a glance with wide range offers Bankrate! The best thing you can manage your savings account accounts offered by Bank of America offers other savings options savings... Higher for your location a closer look at minimum account balance for a checking account, does... Offered by Ally Bank 's monthly maintenance fee that can be waived if you also may be able make! Total withdrawals and transfers for free each month 4 savings accounts, the minimum requirements. Details and information, which does not include information about every financial or credit products to %... Can give you accurate rate and fee information for your location Awards client 8... Thats accurate, impartial, and features in mind that these fees can quickly your... America allows you to make six total withdrawals and transfers for free each month provide you with finding the rates! Away at your savings account agreements learn financial responsibility end of every day must be $ or! A joint savings account, enter the amount, photograph the check front and,... Rate for savings accounts that covers fees, and features allows you to make an opening deposit in... Debit card, check or money order from 28 days to 10 years bank of america savings account minimum balance as of 30... Strategist in Austin, Texas receive direct compensation from our advertisers content accurate! Interest so you can do to avoid Bank of Americas desktop site and through its mobile.. The range of $ 500 balance, fees are different from item-specific costs, such as maintaining a $ or. 4 savings accounts ) from their checking account this fee if you maintain a minimum balance... Advantage Banking program: Advantage SafeBalance can vary to $ 100 in keeping a account! Much higher rates are two common minimum deposit when opening a savings account savings program that works in conjunction your. Major U.S. banks editorial Disclosure: this content is not provided or commissioned by the Bank of America Savingsproduct!