Is Bank of America a good bank for savings account?

Is Bank of America a good bank for savings account?

Final Verdict. The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn’t really help you grow your savings.

How do I avoid a Bank of America savings account fee?

Fees

1. No monthly maintenance fee for each statement cycle that you:
2. Maintain a minimum daily balance of at least $500.
3. or.
4. Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts)
5. or.

Why should I open a savings account?

“A savings account allows you to save for large things you want to purchase by keeping those funds siloed in a place where it’s harder for you to spend them,” Sturgeon says. Since a federal regulation generally only allows six withdrawals per month, you will have fewer opportunities to derail your savings goals.

How does the Bank of America advantage savings program work?

When you enroll in this program and make qualifying purchases with your Bank of America debit card, we’ll (1) round up your purchase to the nearest dollar amount and (2) transfer the difference from your checking account to your savings account. With a Bank of America Advantage Savings account the more you save the more you could earn

Where can I find Bank of America savings interest rates?

You can view all savings interest rates online. Visit our Bank of America Advantage Savings, Custodial Savings for Youthand Minor Savings Account product pages for the current rates. How do I apply for a savings account?

Is the Bank of America rewards savings account a good account?

The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn’t really help you grow your savings.

What is keep the change Bank of America?

Keep the Changeis a Bank of America savings program that works in conjunction with your savings account. When you enroll in this program and make qualifying purchases with your Bank of America debit card, we’ll (1) round up your purchase to the nearest dollar amount and (2) transfer the difference from your checking account to your savings account.