![]() If you do qualify and enroll in the Preferred Rewards program, you're also eligible for an elevated APY, ranging from 0.02% to 0.05% depending on which tier. Otherwise, the standard APY is 0.01%. The tiers include Gold, Platinum and Platinum Honors, and there's a $20,000 minimum balance required. ![]() You must also have an eligible Bank of America personal checking account to qualify. There are three tiers to the Bank of America's Preferred Rewards program, and your 3-month average daily balance across your Bank of America deposit and Merrill Lynch/Merrill Edge investment accounts determines which tier you qualify for. Students under age 24 who are enrolled in school may also qualify for a waiver. There is an $8-per-month maintenance fee that is waived for the first 6 months for new account holders.Ĭustomers 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 Advantage Relationship Banking® checking account or becoming a Bank of America Preferred Rewards member. The Bank of America Advantage Savings account requires a $100 opening deposit. Who's this for? The Bank of America Advantage Savings account stands apart from other brick-and-mortar offerings because of the special rewards programs you can access if you use a Bank of America credit card or open a Bank of America checking account in tandem with your savings account. Account holders can earn up to 15% cash back on select eligible purchases at stores, restaurants and more with BankAmeriDeals® when using a Bank of America debit or credit card. Most brick-and-mortar banks require you to enter your zip code online for the correct account offerings, and in some cases you might not be able to open an account because of your location. It's smart to open a brick-and-mortar bank for the personal, face-to-face experience it provides, but if you're just looking to earn the highest return on your money, then a high-yield savings account is a better option.Īnother plus to online banks is that you don't have to live near a location to open an account. The national average annual percentage yield (APY) on savings accounts is just 0.05%, according to the Federal Deposit Insurance Corporation (FDIC), but most brick-and-mortar savings account rates fall below even that.īecause savings account APYs at the big banks are low across the board, when rating our top five, we focused on their convenience, including number of ATM and branch locations. Whereas online-only banks don't have to pay high overhead costs to operate physical branches, brick-and-mortar banks have costly expenses that are usually passed on to their customers. Where brick-and-mortar banks fall short, however, is with their high fees and low interest rates on savings accounts. The bigger brick-and-mortar banks tend to offer expansive ATM networks that customers can access around the country, making processing money transactions quick and free. When you have an account at a local brick-and-mortar bank, you can easily deposit or withdraw cash either at a nearby physical branch or at one of the bank's ATMs at no cost.
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