Heres a closer look at the rates offered by Bank of Americas savings accounts. For certificates of deposits (CDs), minimum opening deposits could be considerably higher. This service provides a personal expert banker to offer advice on investing, strategic philanthropy, Some banks and credit unions require you to deposit a minimum amount of money to open a checking, savings, CD or money market account. Please tell us where you bank so we can give you accurate rate and fee information for your location. You can also see your recent transaction list, set customized alerts, and deposit checks through the app. 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. Bank of America offers a wealth of information for both customers and non-customers alike. Here are five ways to avoid Bank of Americas monthly fees: Here are the minimum balances required to qualify for a fee waiver: Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits: Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee. Banking products are provided by Bank of America, N.A., Member FDIC, wholly owned subsidiary of Bank of America Corporation. Read our, Minimum Balances for Basic Savings Accounts, Traditional Higher-Interest Savings Accounts, Minimum Balances for High-Interest Accounts. Have a Fifth Third checking account, be under the age of 18, or enroll in Military banking with Fifth Third. Standard CD rates range from 0.03% to 0.03% depending on the term length and Featured CD rates are 2.25% APY. Minimum balance to open Varies, but may be lower than a CD. You can manage your account online through BofA online banking or with the Bank of America app on your smartphone or tablet. 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. 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. Requires a refundable minimum deposit ($200 to $5,000), credit limit is determined by the security deposit and income/ability to pay. Bank of America Money Market Account are available in 50 states (and Washington, DC). Bank of America offers savings solutions to help meet your goals. No, not all accounts at financial institutions have a minimum deposit requirement. , closed Business Advantage Savings comes with. Qualifying for Preferred Rewards can bring the APY up a little, but it remains lower than the national rate. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1 million for the Diamond Tier. There are multiple ways to send money. Avoiding the monthly service fee isnt too difficult, especially when you consider the multitude of their linking options 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. Bank of America Business Advantage Relationship Banking Learn More Special offer N/A Monthly maintenance fee $29.95 per month with options to waive Minimum deposit to open $100 Minimum. What is the account minimum for Bank of America? Equal Housing Lender. Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today. There was an unknown error. In addition, should you have a debit card linked to your Bank of Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. 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 Weve maintained this reputation for over four decades by demystifying the financial decision-making Bank of America, Member FDIC, offers a number of checking and savings accounts. traditional banks, Bank of America offers interest rates on their savings accounts that are on the low side, though slightly higher than its competitors. Savings: $8: Maintain a minimum daily balance of at least $500; Or link your Bank of America Advantage Relationship Banking account to your savings account (waiver applies to first 4 savings accounts) Or enroll in the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (first 4 savings accounts) ", Wells Fargo. Simply choose the amount of money and frequency you want to transfer into your business savings account. Savings accounts offered by Ally Bank and Marcus by Goldman Sachs all offer much higher rates. This basic checking account lacks overdraft protection and check-writing abilities but has a lower monthly fee. Our experts have been helping you master your money for over four decades. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. 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. Heres an overview of important features Bank of America has to offer: If youre interested to learn more, this review is designed to help. Bank of America imposes an $8 monthly maintenance fee on its savings accounts. This deposit amount will vary based on the bank and account type. As a result, they are constantly driving for increased revenue and profitability, which does not always bode well for its customers. If youve ever sent an international payment, youve probably wondered about international bank transfer times. Show More. 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. Enroll your Bank of America debit card, that's linked to the checking account you use for daily purchases, in the program online. How do I apply for a savings account? BofA has more than 5,000 branches and 16,000 ATMs in America, making it one of the largest banks in the nation convenient for when you want to make a physical visit. Depending on what type of account setting you have, the checking account monthly maintenance fee can vary. We strive to provide you with information about products and services you might find interesting and useful. If you're a parent who wants to start saving for your child as early as possible, then Bank of America offers two savings accounts to help you get your child's financial future started. BofA offers two tiers for interest rates, one for savings under $2,500 and another for higher balances. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month Enter the name of your bank. Here are some examples of minimum opening deposit requirements across four different banking products: American Express High Yield Savings Account, Marcus by Goldman Sachs High-Yield Online Savings Account, Bank of America Standard Term Certificates of Deposit, First National Bank of America Certificate of Deposit. Casey Hynes writes for MyBankTracker on personal finance, digital marketing, and rights issues. Citibank: up to $2,000 bonus. You're a. Maintain a minimum account balance of $500. Link your Bank of America Interest Checking account to your Rewards Savings account (waiver applies to first 4 savings accounts) or. Get help avoiding the inconvenience of overdrafts by enrolling in. These offers do not represent all available deposit, investment, loan or credit products. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. process and giving people confidence in which actions to take next. You can link your savings account to a BofA checking account. 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. Methodology. Bank of America only offers one savings account for adults, and there's not a ton to like about it. Sign up for our daily newsletter for the latest financial news and trending topics. Visit our Bank of America Advantage Savings product page for the current rates. On the positive side, it does keep things simple. Ultimately, online savings accounts are more effective options for saving. Access to our network of financial centers, ATMs, and Business Advantage 360, our online and mobile banking. They are lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates. Bank of America checking account Must be an active, eligible account $20K 3-month average combined balance Includes balances in your Bank of America deposit and/or Merrill investment accounts Log in to enroll Don't have a Bank of America account yet? If youre already a BofA customer, you can sign in to your online banking account to open your savings account faster. ", Truist. A CD is a time deposit, meaning you have to leave your money untouched to grow for a set period of 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. (BofA) is one of Americas largest networks of brick-and-mortar-branch banks, but it has a strong online presence as well and offers one of the widest ranges of banking products and services in America. 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