Bank of America Advantage Savings Review
Bank of America's savings account with Preferred Rewards boost potential. Independent Bank of America Advantage Savings review: 3.3/5 for big bank savings.
By Michael Hewitt, Founder & Editor-in-Chief.
Our verdict
Only Preferred Rewards members who value 3,800+ branches have a reason to open this. The rate is 0.01% APY, rising to 0.04% at the Diamond tier, which still trails online high-yield accounts by 300x or more and explains where it lands. The $8 monthly fee is waived with a $500 balance or Preferred Rewards.
Skip it if you want your savings to earn a real rate, or you aren't a Preferred Rewards member.
About Bank of America Advantage Savings
Bank of America's savings account with Preferred Rewards boost potential. Bank of America Advantage Savings is offered by Bank of America, N.A. Our editorial rating is 3.3 out of 5.
Best for: Preferred Rewards members with large balances.
Editorial grade: C+ (composite score 65/100).
Highlights
- 0.01% APY base rate, up to 0.04% with Preferred Rewards Diamond tier (as of July 2026)
- 3,800+ branches and 15,000+ ATMs nationwide
- $8 monthly service fee (waivable with $500 balance or Preferred Rewards)
What we like
- Massive branch and ATM network
- Preferred Rewards program boosts rates and waives fees
- Best-in-class mobile banking app
Where it falls short
- Even with Diamond tier, APY trails online HYSAs by 300x+
- $8 monthly fee unless requirements are met
- $100 minimum to open
Fees, minimums, and rates
Monthly fee: $8/month (waivable). Minimum to open: $100. Current APY: 0.01%–0.04%. Rates and promotional offers change often, so check the provider's own page before you apply.
How we reviewed it
This is a desk review: we have not opened an account with Bank of America, N.A.. It is built from Bank of America, N.A.'s published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Big Bank Savings shortlist. Our bank-account reviews weight APY (30%), fees (20%), access and convenience (15%), account features (15%), trust and safety (10%), and customer support (10%). The rubric is the same for every brand.
The bank behind this account
- Bank of America, FDIC certificate 3510: capital, loan quality, every office and the complaint record.
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Read our full editorial methodology for how we review products.