Open a Bank of America Advantage Savings Account Online (2024)

FAQs

Can you open a Bank of America savings account online? ›

You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options.

Bank of America Advantage Savings

• Automatic Savings Transfers: Move money easily to build your savings at the amount and frequency you choose. • Keep the Change®: Help build your savings when you. make purchases using your debit card.1. • BankAmeriDeals®: Earn cash back and have it.

You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered ...

Make at least one qualifying Direct Deposit of $250 or more to your account, OR • Maintain a minimum daily balance of $1,500 or more in your account, OR • Be a member of the Preferred Rewards program.

Yes, this step is also very easy and saves a lot of time. For opening Savings Account online, all you need is a mobile number for initiating the process. One just needs to submit the application and attach documents online instead of going to the bank yourself.

Yes, you can open a bank account online without ever going into a bank branch. With an online bank or account, you mostly manage your money through the bank's website and mobile app, though you can often call customer support for additional help.

There are no national or community banks offering 7% interest on a savings account right now. Landmark Credit Union, which serves residents in select counties in Wisconsin and Illinois, pays 7.50% APY on its Landmark Credit Union Premium Checking Account — however, there are some major caveats to consider.

Bank of America's Advantage Savings comes with a $100 minimum opening deposit and a $8 monthly maintenance fee. You can have the maintenance fee waived if you meet one of the following qualifications: Maintain a daily balance of at least $500.

Bank of America earned 3.8 out of 5 stars in Bankrate's overall review of its deposit accounts. For its savings accounts, the bank scored 2.7 out of 5 stars. One major advantage that Bank of America offers customers is access to a large branch network with around 3,800 financial centers and approximately 15,000 ATMs.

Which Bank is best for savings accounts? ›

Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.

Fees. The Bank of America Advantage Savings account requires a $100 opening deposit, which is on the higher end for brick-and-mortar savings accounts. There is an $8-per-month maintenance fee that is waived for the first six months for new account holders.

Bank of America Advantage Relationship Fees

The monthly maintenance fee alone is $25, though, you can avoid this fee with a combined balance of $20,000 or more each statement cycle across eligible linked accounts.

Bank of America Checking Account Fees

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.

Yes, just about all online banks provide FDIC insurance of $250,000 per depositor, per FDIC-insured bank, per ownership category.

An online bank may be a great choice if:

You don't mind banking entirely via mobile or online. You want the highest possible interest rate on your savings. You're okay with having your savings account at a different bank than your checking account.