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please wait while the page loads How we can helpOur savings account layer can help boost your financial health and put your goals into focus. What is a savings account?A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle. Personalized planningBank of America Life Plan® is an easy, flexible way to set and track your short- and long-term goals, get one-on-one advice and adjust when life changes. Learn more about Life Plan A rewarding relationshipQualifying members can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services. Learn more about Preferred Rewards Easy ways to saveHave a checking account with us, too? Enroll to round up debit card purchases and transfer the difference to savings automatically. Learn more about Keep the Change® Cash back dealsWant to put more in savings? Search participating merchants and earn up to 10% cash back on everyday purchases. Learn more about BankAmeriDeals® Account details and feesAccount details and fees , openMonthly Fee
Required Opening Deposit
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Today's rates Account balanceStandard Annual Percentage Yield (APY)Preferred Rewards members can earn even more. How to qualify layer
How to qualifyAll you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts. Learn more about Preferred Rewards Fee waiver for studentsBetween tuition and textbooks, putting aside extra cash can be hard. We can help by waiving the monthly maintenance fee for Students under 25. Student waivers for Bank of America Advantage SavingsStudents under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details. 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. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps. Please select your countyEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location. Can you add to the balance regularly for a traditional savings account?You can open a savings account at a bank or credit union and deposit money into the account. The bank then pays you interest on your balance. You can continue adding money to savings, usually through one or more of these methods, depending on the bank: Cash or check deposits at the ATM.
What is a traditional savings account?A traditional savings account is, fundamentally, a place to hold your money. It's an account you typically open along with a checking account, but one that you don't want to spend from on a regular basis. That means it's not for shopping or automatic bill payments.
What is the minimum investment for a traditional bank account?Whether you are putting aside money for a rainy day or a major purchase down the road, this account will help you develop good savings habits while earning interest on your money. $1 minimum opening deposit. $100 minimum balance required to avoid $2 monthly service charge.
What is a minimum account balance?A Minimum Balance is the minimum amount of money needed in a bank account to avoid any fees.
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