What is the interest rate on a Bank of America savings account?
0.01%
Bank of America savings account rates
| Account name | Interest rate | Minimum deposit |
|---|---|---|
| Advantage Savings | 0.01% | $100 |
| Advantage Savings, Gold | 0.02% | $100 |
| Advantage Savings, Platinum | 0.03% | $100 |
| Advantage Savings, Platinum Honors | 0.05% | $100 |
How much interest grow in a savings account?
The national average interest rate for savings is 0.05% annual percentage yield (the amount of interest an account earns in a year), but many national banks pay only 0.01%. If you deposit $100 in one of those savings accounts, you’ll end up with one penny in interest after a year.
What is a money market account interest rate?
A money market account is an interest-bearing account at a bank or credit union—not to be confused with a money market mutual fund. Most money market accounts pay a higher interest rate than regular passbook savings accounts and often include checkwriting and debit card privileges.
Do you earn interest on a money market account?
Money market accounts typically credit interest monthly. You’ll usually receive your interest payment on or around the same date each month.
Is Bank of America good 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.
Bank of America Money Market Savings Account. Bank of America is offering an introductory savings rate of 1.50 percent for their Money Market Savings Account.
What’s the interest rate on a BofA growth savings account?
The Growth Money Market Savings Account has a tiered rate for account balances. The current rate is 1.09 percent for savings account balances up to $25,000 with a BofA checking account. When we first reported on BofA’s promo savings account back in April 09 the promo rate was 2.50 percent.
What’s the interest rate on a money market account?
The money market rate applies to account balances between $10,000 and $250,000. There is also a limit of one promotional savings account rate per customer. After January 4, 2010, the “Introductory Rate Money Market Savings Account” will automatically convert to a “Growth Money Market Savings Account” that has a variable rate.
How to open a Bank of America advantage savings account?
For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 monthsFootnote 3 Students under 24 who are enrolled in school may also qualify for a waiverFootnote 4 Required Opening Deposit $100 Withdrawal Limit Fee Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee.