Financial institution of America rates of interest are typically low. Its Rewards Financial savings Account has a zero.03% annual proportion yield, or APY. There are barely higher charges accessible for patrons enrolled within the financial institution’s Most popular Rewards program. Whereas Financial institution of America’s total star ranking is three.5 out of 5 stars, the Rewards Financial savings Account earns three out of 5 stars.
Financial institution of America’s charges are just like these at different giant banks, however are a lot decrease than what many on-line establishments supply. (Assume 2% and up.)
Financial institution of America rates of interest
Rate of interest on balances0.03%.
The way it comparesThe common nationwide fee for financial savings accounts is zero.09% APY.
Month-to-month charges$eight, waived for the primary six months.
The right way to keep away from month-to-month feesMaintain minimal day by day steadiness of at the least $500, orLink to a qualifying checking account, or
Enroll within the Most popular Rewards Program.
Minimal opening deposit$100.
Curiosity on balances for premium financial savings accountsUp to zero.06% APY for patrons enrolled in Most popular Rewards. (APYs could fluctuate relying on the place you reside.)
» Try high-interest fee choices with NerdWallet’s greatest high-yield on-line financial savings accounts
How Financial institution of America compares to on-line banks
Giant nationwide banks are inclined to have financial savings accounts with low rates of interest, partially as a result of the establishments spend some huge cash on bodily financial institution branches. You will discover greater charges at on-line banks. They have an inclination to have financial savings accounts with excessive yields, typically with no month-to-month charges or minimal steadiness necessities.
Right here’s a comparability of Financial institution of America financial savings charges with accounts at prime on-line establishments.
Financial institution of America CDs and different financial savings choices
Financial institution of America has different financial savings choices, however they don’t earn a lot curiosity, both. The financial institution gives certificates of deposit; you possibly can open a Financial institution of America CD with $1,000, which is steep. Charges begin at zero.03% APY and go as much as zero.75% APY, relying on time period size and deposit quantity. CD phrases vary from 28 days to 10 years.
» Dive deeper: Learn NerdWallet’s Financial institution of America overview
Learn how a lot curiosity you possibly can be incomes with the calculator under. The upper the speed, the sooner your cash can develop.
» Discover this month’s greatest charges in NerdWallet’s Greatest Financial savings Charges