Bank of America Savings Account Rates

Since Bank of America is a large, well-known, and respected bank in the United States, we here at Savings Account Rates Info knew that a review of their current offerings would be of benefit to our readers.  Bank of America savings account rates are competitive, but it is your decision as to whether they are a high yield savings account to meet your needs.

Comparing Bank of America interest rates for savings are 0.2% annual percentage yield (APY) with a minimum daily balance of $300 required in order to avoid fees. These accounts can be internet savings accounts and can be linked to a Bank of America checking account and debit card to participate in the unique “Keep the Chance” program.

This program rounds up your purchases through your checking account debit card and deposits the difference into your savings. So with a purchase of, say, $12.07, your checking would be debited $13 and 93 cents would be transferred to your savings account automatically. This could potentially ad up and, while not really a interest plan, it is a sort of high yield savings account in a way, as these figures can ad up considerably.

Looking at another program at Bank of America, looking for their best online savings accounts information, we found that their Money Market Accounts (called “Select Money Market Savings”) give an annual percentage yield of 1.0% and higher, depending on deposit amount. With a reasonable minimum of $5,000 on deposit, this rate has no fees attached if no draws are made on the account above the six per month allowed.

All accounts at Bank of America that we’ve mentioned are, of course, FDIC insured to the maximum allowed by law. We feel it is worth looking at high yield online savings accounts at Bank of America if you’re in the market for one. Especially if you prefer to have a local branch you can visit when needed, as Bank of America has them nearly everywhere nationally.

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