Bank of America offers multiple savings account types, each with different features and minimum balance requirements
Bank of America has three main savings products: the Regular Savings Account, the Money Market Savings Account, and the Premium Savings Account. Each one works differently in terms of how much you need to keep in the account, what interest rate you earn, and what fees explore. The account you choose depends on how much money you plan to keep there and how often you plan to withdraw.
All three accounts let you deposit money and earn interest on your balance. The interest rate varies by account type and changes based on what the Federal Reserve does with interest rates. Bank of America publishes current rates on their website, and you can also call their customer service line or visit a branch to ask what rate applies to the specific account you are considering.
You can open any of these accounts online, by phone, or in person at a Bank of America branch. If you already have a checking account with Bank of America, opening a savings account takes about 10 minutes online. If you are a new customer, you will need to provide your Social Security number, a government-issued ID, and proof of your current address.
Key Takeaways
- Bank of America's Regular Savings Account has no minimum balance requirement but earns a lower interest rate than other options.
- The Money Market Savings Account requires a higher opening balance and pays a higher interest rate, with tiered rates that increase as your balance grows.
- The Premium Savings Account is designed for customers with larger balances and offers the highest interest rates available through Bank of America.
- All three accounts charge a monthly maintenance fee unless you meet certain balance requirements or set up direct deposit.
Regular Savings Account: No minimum balance, basic features
The Regular Savings Account is Bank of America's entry-level savings product. You can open it with any amount of money—there is no minimum deposit required. This account charges a $3 monthly maintenance fee, but the fee is waived if you maintain a minimum balance of $300 or if you set up a direct deposit of at least $250 per month from your employer or another source.
The interest rate on this account is typically lower than what you would earn in a Money Market account. Because the rate changes frequently based on Federal Reserve decisions, you should check Bank of America's website or call 1-800-432-1000 to find out the current rate before opening the account. The interest compounds daily and is deposited into your account monthly.
This account works well if you are saving a small amount of money and want to avoid fees by meeting the $300 balance requirement. It also works if you receive regular paychecks through direct deposit, since that waives the fee regardless of your balance.
Money Market Savings Account: Higher rates for larger balances
The Money Market Savings Account requires you to open it with at least $2,500. The interest rate is higher than the Regular Savings Account, and Bank of America uses a tiered structure—your rate increases as your balance grows. For example, you might earn one rate on balances between $2,500 and $10,000, a higher rate on balances between $10,000 and $25,000, and an even higher rate on balances above $25,000. The exact tiers and rates change over time, so check with Bank of America for current details.
This account also charges a $12 monthly maintenance fee, which is waived if you maintain a minimum balance of $2,500 or more. Unlike the Regular Savings Account, direct deposit does not waive the fee on this product. The higher interest rate is meant to offset the higher minimum balance requirement.
The Money Market account is useful if you have at least $2,500 set aside and want to earn more interest than the Regular Savings Account offers. The tiered rate structure means you benefit more the larger your balance grows.
Premium Savings Account: For customers with substantial savings
The Premium Savings Account is designed for customers who maintain larger balances. The minimum opening balance is $10,000. Like the Money Market account, this product uses tiered interest rates that increase as your balance grows. The rates are typically higher than the Money Market account at each tier level.
The Premium Savings Account charges a $25 monthly maintenance fee, which is waived if you maintain a minimum balance of $10,000 or more. Because the minimum balance requirement is the same as the fee-waiver threshold, you avoid the fee by straightforward keeping your account open with the required balance.
This account makes sense if you have $10,000 or more in savings and want the highest interest rates Bank of America offers. The tiered structure rewards you for keeping a larger balance in the account.
How interest rates and fees compare across the three accounts
| Account Type | Minimum to Open | Monthly Fee | Fee Waived By | Interest Rate Level |
|---|---|---|---|---|
| Regular Savings | $0 | $3 | $300 balance or $250 direct deposit | Lowest |
| Money Market Savings | $2,500 | $12 | $2,500 balance | Medium |
| Premium Savings | $10,000 | $25 | $10,000 balance | Highest |
The table above shows the basic structure, but interest rates change frequently. You should check Bank of America's website or call 1-800-432-1000 to compare the actual rates being offered on each account type before you decide which one fits your situation.
How to open a Bank of America savings account
If you already have a Bank of America checking account, you can open a savings account online in about 10 minutes. Log into your online banking, select "Open an Account," choose the savings product you want, and follow the prompts. The account is usually active the same day.
If you are a new customer, you can open an account online at bankofamerica.com, by phone at 1-800-432-1000, or in person at any Bank of America branch. You will need your Social Security number, a government-issued ID (driver's license, passport, or state ID), and proof of your current address (a recent utility bill, lease, or mortgage statement). The process takes about 15 to 20 minutes online or in person.
Once your account is open, you can deposit money by transferring it from another bank account, depositing a check through the mobile app, or visiting a branch to deposit cash. You can also set up direct deposit from your employer to fund the account automatically.
Withdrawals, transfers, and account limits
Bank of America savings accounts are transaction accounts, meaning you can withdraw or transfer money as often as you need to. There is no limit on the number of withdrawals per month, unlike some savings accounts at other banks that restrict you to six withdrawals per statement cycle.
You can withdraw money by visiting a branch, using an ATM, transferring to another account online, or requesting a check. Transfers between your Bank of America accounts (savings to checking, for example) happen when ready online or through the mobile app. Transfers to accounts at other banks typically take one to three business days.
ATM withdrawals are free at any Bank of America ATM. If you use an out-of-network ATM, Bank of America charges a $2.50 fee, and the other bank may charge an additional fee as well.
Frequently Asked Questions
Can I link my Bank of America savings account to a checking account at another bank?
Yes. You can transfer money between your Bank of America savings account and checking accounts at other banks through online banking or the mobile app. Transfers to external accounts typically take one to three business days. You will need the other bank's routing number and your account number at that bank to set up the link.
What happens if my balance drops below the minimum?
If your balance falls below the minimum required to waive the monthly fee, you will be charged the fee on your next statement cycle. For example, if you have a Money Market account and your balance drops below $2,500, you will owe the $12 monthly fee. You can avoid future fees by bringing the balance back up to the required amount.
Do I earn interest on money I just deposited?
Interest is calculated daily on your entire balance, including deposits made that day. However, the interest is paid out monthly, so you will not see it in your account until the end of the month. The longer your money sits in the account, the more interest you earn.
Can I have multiple savings accounts with Bank of America?
Yes. You can open more than one savings account if you want to keep money separate for different goals. Each account is treated independently for fee and interest purposes, so you could have a Regular Savings Account and a Money Market account at the same time.
What is the difference between a savings account and a money market account?
Bank of America's Money Market Savings Account is a type of savings account with a higher minimum balance and higher interest rates. The main difference is the tiered rate structure and the higher fees. Both allow unlimited withdrawals and transfers, unlike traditional money market accounts at some other banks that restrict transactions.