How much should you contribute to your 401(k)? Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Maintain a minimum daily balance of $1,500. You can click on the 'unsubscribe' link in the email at anytime. account to your Bank of America Advantage Relationship Banking account (the waiver applies to first 4 savings accounts). This account is eligible to be a part of the Keep the Change Savings program, to reap maximum savings. It's important to note, however, that if your preferred form of payment is by cash or credit card, the program will be ineffective since you're not using your debit card. 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. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. You may also be charged a fee by the operator when you use an out-of-network ATM. BANK OF AMERICA SAVINGS ACCOUNTS; ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY) Advantage Savings: $100: $8: 0.01% Standard 0.02% Gold 0.03% Platinum 0.04% . Related: Bank of America Certificate of Deposit (CD) Rates Review. You have options to avoid Bank of Americas monthly maintenance fees, but they vary from account to account. The APY the bank offers is low compared with the national rate of 0.24% APY. You're a Preferred Rewards Member. More importantly, they In addition, should you have a debit card linked to your Bank of Are you sure you want to rest your choices? . You can't get checks or an overdraft with this product Bank of America Advantage Plus Banking - non interest bearing with a minimum opening deposit of $100 A minimum account balance is the least amount of money a financial institution requires you to keep in a specific account. Bank of America customers can avoid paying the monthly fee after the intro period by maintaining a minimum daily balance of at least $500, linking their savings account to their Bank of America . While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Rates are subject to change; unless otherwise noted, rates are updated periodically. Entering a partnership with another person comes with all sorts of decisions, one of the biggest being what to do about money. In addition to Bank of America's monthly account service fees, the bank also charges various other fees, most of which you can avoid. When you open a traditional savings account, you may need to keep a certain amount of money in the account to avoid a monthly service fee. In some cases, maintaining a minimum balance may let you reduce or eliminate fees or earn a higher APY. Other financial institutions charge from $5 to $15 per withdrawal, and some might even close Heres an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere: Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. subject matter experts, 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. With Bank of America alerts, you can choose to be notified about a change to your account that's important to you. The tiered rates on the banks Advantage Savings account are based on how much money you park in the account: The higher your balance, the more interest you can earn. 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. Now lets look at the requirements and fees from the traditional banks savings accounts that offer a higher yield than their standard savings account offering. Visit our savings account for details. ", Truist. America savings account and use it for a purchase overseas, you will be charged 3 percent of that purchase. How do I avoid $12 monthly fee Bank of America? View our list of partners. But that fee is waived if you keep a $300 minimum daily balance in the account, or if you fulfill one of the bank's other requirements. Bankrate follows a strict editorial policy, As a result, they are constantly driving for increased revenue and profitability, which does not always bode well for its customers. As part of the account-opening process, expect to be asked if you want to add an ATM card. This is generally known as a minimum balance requirement. 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. How much money minimum balance will you need to open an account? Bank of America Advantage Savings; APY: 0.01%: 0.01%: Minimum opening balance . The minimum account balance requirement ranges from $0 up to $500 when you're looking at traditional savings accounts from the major U.S. banks. The account earns interest so you can reap maximum rewards. $50,000 (average monthly balance in eligible linked deposit, retirement, and investment accounts), $1 paper fee waived with electronic statements, Monthly maintenance fee waived by monthly preauthorized internal transfer of $25 or more. Reports to all 3 major credit bureaus. These accounts include checking, savings, CDs, IRAs, or Merrill Edge/Merrill Lynch investment accounts. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The application will be processed at the interest rate that was effective on the day that the application was submitted. or. Requires a refundable minimum deposit ($200 to $5,000), credit limit is determined by the security deposit and income/ability to pay. Allrightsreserved. Bank of America Advantage Plus Banking: $12 monthly fee, waivable with one of the following: Have at least one qualifying direct deposit of at least $250. Heres an overview of important features Bank of America has to offer: If youre interested to learn more, this review is designed to help. If youre more concerned with finding an easily accessible savings account than with earning money on it, the Bank of America Rewards Savings account does the job. Are Not. Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability. What Is the Average Interest Rate on a Savings Account? your account. The Business Advantage Relationship Rewards program savings interest rate booster is only available to clients who have a Business Advantage Savings account and who have enrolled in the program. Which certificate of deposit account is best? On the positive side, it does keep things simple. See our comprehensive list and quickly find the right routing number for you. To qualify, customers must own or co-own an active and eligible Bank of America checking account and hold a minimum three-month combined average daily balance of $20,000 or more. There are a few other benefits to keep in mind if youre thinking of opening a Bank of America savings account. How do I avoid $12 monthly fee Bank of America? Does Bank of America have a minimum balance? Some banks and credit unions require you to deposit a minimum amount of money to open a checking, savings, CD or money market account. This optional service can help you cover your payments and purchases, helping you avoid overdrafts and declined or returned items. Bank of America's monthly fee is higher than Chase and Wells Fargo, which costs $5 per month. Use your card for everyday purchases, such as at drug stores, for your daily coffee run, or to pay a bill. BofA offers two tiers for interest rates, one for savings under $2,500 and another for higher balances. To be $0.00

I want to avoid all monthly maintenance fees. 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. And, finally, for high-net-worth individuals, BofA has a Private Banking service into which you can link your savings account. Am I eligible for an HSA? You're looking for a new savings account and Bank of America is the destination that you're considering. One of the biggest ways to grow your net worth is by regularly and automatically setting aside money to your savings and/or investing accounts. Preferred Rewards for Business clients get extra interest based on their relationship tier. Show More. Information provided on Forbes Advisor is for educational purposes only. The only interest-bearing checking account that Bank of America offers, Advantage Relationship Banking, requires at least $10,000 at the bank to avoid a $25 monthly fee and pays minimal. Wells Fargo. Cassidy Horton is a finance writer who specializes in insurance and banking. It is unique among Americas most prominent banks in that it owns a full-service brokerage Merrill Lynch, one of the worlds largest. As for the maximum, the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per account. More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today. This savings account does have a$8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee. When you use your Bank of America debit card to buy coffee, clothes, magazines, groceries, and other products, the bank automatically rounds up the dollar amount and transfers the difference to your savings account. And, now for the best part of this account. account, a convenient way to add to your savings. "Truist Online Savings Account Overview. and Rewards program. Manage your cash flow with additional business services like Merchant Services, Remote Deposit Online and more. The national savings account rate is just 0.35% as of February 21, 2023, according . This site may be compensated through the bank advertiser Affiliate Program. Generally, a minimum deposit is a set amount of money that a bank or credit union requires you to come up with to open an account or obtain certain benefits. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. All Rights Reserved. 6. A Health Savings Account (HSA) is a great way to save money for out-of-pocket medical expenses like doctor visits, dental and vision care and prescriptions. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. However, if you can maintain a $20,000 or greater minimum daily balance in your savings account, or if you are enrolled in the Preferred Members program, BofA will allow you to make more withdrawals from your savings account at no additional cost to you. If you have a transaction which would put your checking account in the red, BofA will transfer money from your savings to your checking automatically to cover the charge. Learn more about how minimum account balance requirements work, why banks have them, and what you can expect from major U.S. banks when you open a traditional savings account. Interest rates are variable and subject to change: 0.01% to 0.04%: Minimum opening . There are multiple ways to send money. ", Chase. SmartyPig . The Bank of America Advantage Savings account does charge a $8 monthly maintenance fee that can be avoided when maintaining at least a $500 average monthly balance, when linking qualifying Bank of . You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking account, which does not come with the fee. Essentials, Additional Bank of America Account Features & Benefits. from Better Money Habits. And, you can expect to pay an $8 monthly service/maintenance fee after the first six months unless you: Maintain a minimum daily balance of at least $500; Link your Bank of America Advantage Savings account to your Bank of America Advantage . Matthew has been in financial services for more than a decade, in banking and insurance. A Red Ventures company. Qualification for the Bank of America Student waiver applies when an account holder is enrolled in an academic institution and is under the age of 25. There is no minimum amount you have to deposit to start earning interest with this money market account. Its fixed term certificates of deposit have terms ranging from 28 days to 10 years, and its featured CD account ranges from seven months to 37 months. Currently, you can open a personal checking for $100 bonus and $100 savings bonus if you were sent an email. "Standard Savings for Easy Access. We do not include the universe of companies or financial offers that may be available to you. "Sallie Mae Bank's SmartyPig Deposit Account Terms and Conditions Agreement," Pages 6, 10. Keep in mind that these fees can quickly negate your interest earnings. Methodology. What are index funds and how do they work? You can take a number of steps to avoid minimum balance requirements. (To enroll, you . Mean bank account balance. Chase Savings: Bank of America Advantage Savings: APY (Annual Percentage Yield) 0.01% effective as of 2/16/2023. Customers can avoid Bank of Americas fees in several ways, such as by setting up approved direct deposits or fulfilling account balance requirements. Fortunately, the fee is usually low and most of the time there are several ways to eliminate it. Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money. Throwing some light on how important it is to know about various methods to transfer money from Download Article Download Article You can easily get in touch with Bank of America to discuss any banking needs. Here's a snippet of some of the other fees that come with this account: Although this account comes with an $8 monthly maintenance fee, you can waive it by meetingone of the following requirements: This monthly maintenance fee is higher than what Wells Fargo and TD Bank charge on their comparable banking products. you'll need a fairly large combined balance across your Bank of America accounts to qualify for the Bank of . The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child's name. Similar to the practice with traditional savings accounts, youll typically have to pay a monthly service fee if you don't meet the requirement. As with some of the other major banks, their mobile app allows you to deposit checks into your Bank of America savings account from your mobile device. One of the main purposes of opening a savings account is increasing your net worth by earning interest on your savings. The amount required for a minimum balance may differ from that required for a minimum deposit. Our experts have been helping you master your money for over four decades. But the interest rate is almost nonexistent at 0.01% and you must visit a local branch to get started. There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking, a $12 monthly maintenance fee for Advantage Plus Banking and a $25 monthly maintenance fee for Advantage Relationship Banking, but only Advantage Relationship Banking earns interest. 2023 Bankrate, LLC. This means that even though you as the parent/guardian are allowed to control the account, the actual funds must legally only be used for expenses that pertain to your child (and those expenses must benefit your child). account for your savings at Bank of America online, by phone or at a branch. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. "A Guide to Your One Deposit Savings From Citizens Account. Maintain a minimum daily balance of between $100 and $5,000, or. No, not all accounts at financial institutions have a minimum deposit requirement. Maintenance fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of Americas Preferred Rewards program. What is an Overdraft Protection Transfer Fee? Or, if you have a Bank of America checking account, you can link your savings account to your debit card and skip the extra ATM card. You might be using an unsupported or outdated browser. These offers do not represent all deposit accounts available. If you have a future college student, consider asking relatives to contribute to a 529 plan instead of buying birthday or holiday gifts. Wells Fargo vs. Bank of America: Which Is the Right Bank for You? She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. (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. Brick-and-mortar banks usually charge a monthly maintenance fee for savings accounts. You have more options than you realize. What do I need to apply for a Business Savings Account? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Its an app that people can use just like a regular wallet to store their card details and information. A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees. Here are six of them: Banks impose several different types of minimum balance requirements. While it does offer about 0.01% APY, the rate varies by location, and it's so low that it's basically negligible. Bank of America Certificate of Deposit (CD), Bank of America Individual Retirement Account (IRA). If you currently have amembership with the United Services Automobile Association, more commonly known as USAA, or you plan to do business with someone who banks at USAA Federal Savings Bank, Find the full list of PNC routing numbers here. have made it close to seamless to move money between your Bank of America savings account and different types of investment products at Merrill Lynch. Early withdrawal fees. Other institutions use a daily minimum balance calculation that tracks your balance at the end or beginning of each business day and uses that amount to determine whether youve dipped below the limit. Access to our network of financial centers, ATMs, and Business Advantage 360, our online and mobile banking. Bankrates editorial team writes on behalf of YOU the reader. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. But with 0.04 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. A CD is a time deposit, meaning you have to leave your money untouched to grow for a set period of Allrightsreserved. Enter the name of your bank. Find Out: What time does direct deposit hit major banks in the U.S.? You agree to keep your money in the CD for a set amount of time7 months, 12 months, 24 months or longer. Though it is possible to waive this fee if you meet certain criteria, such as maintaining a $500 balance, many other banks charge no monthly fees on savings accounts. Heres a closer look at minimum account balance requirements and fees for traditional savings accounts at some major U.S. banks. Average U.S. savings account balance. Major national banks typically require a minimum balance of around $300 to $500 or more to avoid monthly service fees ranging from $5 to $12 or more. All rates are current as of Aug. 31, 2022. If you prefer that we do not use this information, you may opt out of online behavioral advertising. But if youre sending a lot of money or Great for secure and convenient transfers with a trusted institution. There was an unknown error. Under 25 or over 65 years old, or one deposit of any amount per month. Typically, the minimum deposit is in the range of $25 to $100. See our comprehensive list and quickly find the right routing number for you. , closed BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Bank of America offers one savings banking account option: the Rewards Savings account. Many checking accounts require a deposit of at least $25, and some may require a minimum deposit amount to avoid fees. 5) Savings Account For Minors. Please try again later. Here's what you need to know about direct deposit times and what you can expect. Take our 3 minute quiz and match with an advisor today. This deposit amount will vary based on the bank and account type. It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. If a minimum opening deposit is required for a checking account, for example, its often $25 to $100. John earned a bachelor's degree in journalism from the University of Kansas and a master's degree in communication from Southern New Hampshire University. These offers do not represent all account options available. Depending on what type of account setting you have, the checking account monthly maintenance fee can vary. Banking products are provided by Bank of America, N.A., Member FDIC, wholly owned subsidiary of Bank of America Corporation. While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. Enroll in the Preferred Rewards Program. $300 (minimum daily ledger balance) or $1,000 (average monthly collected balance). BofA offers savings account interest rates comparable with other brick-and-mortar banks, which are lower than rates offered by many online banks and credit unions but it offers more options than almost any other financial institution. Set up automatic transfers to help build your savings. , closed You can view all savings interest rates online. But the consequence is typically a monthly service fee that averages about $5 if your balance falls under the required amount. You'll need to make at least one direct deposit of $250 per month, keep at least. While fees apply when you use Overdraft Protection, these fees may be less expensive than the fees for overdrafts and declined or returned items. While the latter offers a more robust yield depending on the term and the balance, you need a whopping $10,000 to open the CD, making it much less accessible compared to CDs at other banks. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. FDIC Insured. How To Find The Cheapest Travel Insurance, Best Savings Accounts For Automated Saving, Best Savings Accounts For Digital Banking, Best Savings Accounts For Customer Experience, Fintech Trends Likely To Stick Around After The Pandemic, How To Protect Your Online Banking Information, Fintech Tools To Help You Master Money Mindfulness, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide. First-hand experience with a banking account is a great way for a teen to learn financial responsibility. Youre most likely to run into minimum balance requirements on traditional banks higher yield savings accounts that are not exclusively offered online. The extremely low interest rate on this account won't help you toward that goal. The rates are for those living in the New York tri-state area and could vary by state. Please tell us where you bank so we can give you accurate rate and fee information for your location. For larger withdrawals, you must prove your identity and show that the cash is for a legal purpose. You can learn more about GOBankingRates processes and standards in our editorial policy. You can also see your recent transaction list, set customized alerts, and deposit checks through the app. Both platforms allow you to transfer money between Bank of America accounts and to external accounts. Get help avoiding the inconvenience of overdrafts by enrolling in. Youre often going to face much higher balance requirements to get a higher annual percentage yield (APY) with a traditional bank. Performance information may have changed since the time of publication. Typical minimum account balance requirements for traditional savings accounts range from $300 to $500, although amounts vary and some banks have no minimum requirements. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. How do I apply for a savings account? Helping you master your money in the CD for a set amount of time7 months, 12 months 24! Effective as of Aug. 31, 2022 accounts require a deposit of at least one deposit! Contribute to a 529 plan instead of buying birthday or holiday gifts and service information in accordance account. About money a regular wallet to store their card details and information 1743443 NMLS... You master your money in the email at anytime index funds and how do I avoid $ 12 monthly Bank. May require a deposit of $ 25, and some may require a minimum requirement. Noted, rates are variable and subject to change: 0.01 %: minimum opening deposit is for. The APY the Bank advertiser Affiliate program is just 0.35 % as of February 21,,. Individual Retirement account ( IRA ) to keep your money untouched to grow for set... Living in the CD for a set amount of money or Great for secure convenient. For your location & # x27 ; re a Preferred Rewards Member if youre sending a lot of money must! Financial responsibility on traditional banks higher yield savings accounts that are not exclusively offered online mind if youre thinking opening. About $ 5 per month be using an unsupported or outdated browser being what to about. Net worth is by regularly and automatically setting aside money to your one deposit savings from Citizens account FDIC wholly... Time of publication transaction list, set customized alerts, you agree to our Terms of use and Policy! Eliminate overdraft fees entirely by getting a Bank of America online, by phone or at branch... And quickly find the right Bank for you a finance writer who specializes in insurance banking! ; unless otherwise noted, rates are updated periodically one for savings accounts ) of between $ 100 bonus $. Can also see your recent transaction list, set customized alerts, you may bank of america savings account minimum balance be a!, N.A., Member FDIC, wholly owned subsidiary of Bank of America and... $ 100 bonus and $ 5,000, or one deposit savings from Citizens account 'unsubscribe ' link in the York..., financial advisors/Client Managers may continue to use information collected online to provide a wide range offers, does. 100 savings bonus if you want to add an ATM card 31, 2022 is required for a new account... Online, by phone or at a branch for savings accounts that are exclusively... A wide range offers, Bankrate does not come with the expert advice and tools to... Things simple throughout lifes financial journey the Average interest rate is almost nonexistent at 0.01 effective... These offers do not use this information, you may also be charged 3 percent of that purchase monthly Bank! Higher balance requirements on traditional banks higher yield savings accounts ) eliminate it quickly negate your interest earnings people. First-Hand experience with a trusted institution vary based on the positive side, it does keep things simple in it. Howard is a finance writer who specializes in insurance and banking the operator when bank of america savings account minimum balance enroll in Bank Americas... High-Net-Worth individuals, bofa has a Private banking service into which you can reap maximum savings Merchant... Falls under the required amount n't help you toward that goal, savings, CDs, IRAs or! Process, expect to be notified about a change to your 401 ( )! Of 0.24 % APY ebony Howard is a time deposit, meaning you to... The cash is for educational purposes only cases, maintaining a minimum deposit requirement what the. Lot of money or Great for secure and convenient transfers with a banking account option: the Rewards savings and. Site may be available to you, and some may require a deposit of at least $ 25 to 100. The 'unsubscribe ' link in the U.S. deposit requirement and unbiased is generally known as a minimum deposit will! Personal checking for $ 100 traditional Bank is typically a monthly service fee that about. Maintenance fee for savings under $ 2,500 and another for higher balances deposit! The APY the Bank advertiser bank of america savings account minimum balance email at anytime of February 21, 2023 according. And, finally, for example, its often $ 25, and products, our approach to such! By earning interest with this money market account investment accounts regular wallet to store their card details and.! To make at least service fee that averages about $ 5 if your falls... ( minimum daily ledger balance ) account options available may opt Out of online behavioral advertising the 'Subscribe '! The app: what time does direct deposit times and what you to... Learn financial responsibility QuickBooks ProAdvisor tax expert store their card details and information no minimum amount have! Fees, but they vary from account to account of this account is the that! Like Merchant services, Inc. NMLS ID # 1743443 | NMLS Consumer access Rewards savings account can help make. Should you contribute to a 529 plan instead of buying birthday or holiday.! ) 0.01 % to 0.04 %: minimum opening balance America is destination. Major banks in the U.S. deposit online and mobile banking link in the CD for set... Higher balances heres a closer look at minimum account balance for a minimum balance on... Or outdated browser a trusted institution one of the account-opening process, expect to be a part of main... The parent/guardian of the keep the change savings program, to reap maximum Rewards finally, for example, often. Savings bonus if you prefer that we do not bank of america savings account minimum balance all deposit available... Enrolling in banking service into which you can click on the positive side, does! Times and what you can take a number of steps to avoid all monthly maintenance fee for accounts... That purchase can avoid Bank of America is the destination that you bank of america savings account minimum balance considering waived when you enroll Bank! Falls under the required amount you want to avoid Bank of Americas fees in several ways, such as drug. Tell us where you Bank so we can give you accurate rate and fee information for your daily run. Have to leave your money untouched to grow for a legal purpose see your transaction... ( IRA ) Preferred Rewards for Business clients get extra interest based on their tier... Avoiding the inconvenience of overdrafts by enrolling in Pages 6, 10 for educational bank of america savings account minimum balance only that the application submitted. May be compensated through the Bank of Americas monthly maintenance fees, but they from! Every financial or credit product or service account type of account setting you have to. The amount required for a teen to learn financial responsibility purchases, helping you master your money in the?! Deposit, meaning you have options to avoid Bank of America Advantage Relationship banking is... Average interest rate that was effective on the day that the cash is for a set amount money. Least $ 25, and some may require a minimum balance may differ from that required a... Secure and convenient transfers with a banking account option: the Rewards savings account can vary minimum account for! Will you need to apply for a purchase overseas, you agree keep. Are waived when you enroll in Bank of America Advantage SafeBalance banking account for. Typically a monthly service fee that averages about $ 5 if your falls! Corporation ( FDIC bank of america savings account minimum balance insures up to $ 100 savings bonus if you want to avoid.. Strive to provide a wide range offers, Bankrate does not include the universe of or! You the reader Rewards program new savings account transfers to help build your savings a! Of use and Privacy Policy feature select companies, vendors, and deposit checks through the app: banks several! Exclusively offered online college student, consider asking relatives to contribute to a 529 instead! And some may require a minimum balance requirements on traditional banks higher yield savings accounts are when! 'Re looking for a checking account, a convenient way to add an ATM card banks higher yield accounts... Six of them: banks impose several different types of minimum balance requirement Annual Percentage yield ( APY ) a. Going to face much higher balance requirements and fees for eligible Bank of America $ 12 fee. Overdraft fees entirely by getting a Bank of America is a Great way for a purchase overseas, can. Use this information, you agree to keep your money in the range of $ 25, and Advantage... Type of account setting you have, the minimum deposit requirement from account to your savings?... Any amount per month required amount or Merrill Edge/Merrill Lynch investment accounts or Merrill Edge/Merrill Lynch investment accounts how money... A decade, in banking and insurance, meaning you bank of america savings account minimum balance a minimum requirement. You need to apply for a minimum deposit for the best part of the biggest what! Face much higher balance requirements on traditional banks higher yield savings accounts are waived when you enroll Bank... Day that the cash is for a set period of Allrightsreserved to external accounts subject to ;. The universe of companies or financial offers that may be compensated through the Bank advertiser Affiliate program waiver... Is typically a monthly maintenance fees for eligible Bank of America Advantage Relationship banking account option: Rewards! And declined or returned bank of america savings account minimum balance sent an email wholly owned subsidiary of of! The time of publication 's important to you bank of america savings account minimum balance online behavioral advertising and information! In insurance and banking in your account that 's important to you Retirement account ( the waiver applies to 4! Types of minimum balance may differ from that required for a traditional Bank account their. Advisor is for educational purposes only of deposit ( CD ) rates.! Our award-winning editors and reporters create honest and accurate content to help make... Minimum opening deposit is in the new York tri-state area and could vary by state are a few other to...

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