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Before You Apply

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Whether you're new to saving or an experienced saver, you can enjoy a wide-range of benefits with a Bank of America Advantage Savings account

  • Easily transfer money from your checking account to build your balance.
  • Enroll in our Keep the Change® savings program and we'll round up the difference when you make everyday purchases with your Bank of America debit card and transfer the difference from your checking account to your savings accountadatext
  • Use it as a linked backup account to help cover your payments and purchases through Balance Connect® for overdraft protectionadatext. Fees may apply. Please refer to your Personal Schedule of Fees for more information.

Bank of America Advantage Savings Account

Account balance amount Standard Annual Percentage Yield (APY)adatext

Preferred Rewards clients get extra interest based their relationship tier.

How to qualify layer

Bank of America Advantage Savings Account

Account balance amount
Standard Annual Percentage Yield (APY)adatext

Preferred Rewards clients get extra interest based their relationship tier.

How to qualify layer

How to qualify

To enroll in Preferred Rewards you need an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts. Learn more about Preferred Rewards

Monthly Fee

  • We'll waive the monthly maintenance fee each statement cycle you meet one of the following:
  • Maintain a minimum daily balance of $XXXX or more in your account
  • OR
  • Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking or Bank of America Advantage® Regular Checking Accounts (first 4 savings accounts)
  • OR
  • Are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 savings accounts) or Diamond or Diamond Honors tier (unlimited)
  • OR
  • An owner of this account is under the age of 25*
  • OR pay $XXXX/month
  • Please see the Personal Schedule of Fees for more information on how to link eligible accounts to avoid the Monthly Maintenance Fee.
  • *Fiduciary accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee
  • For new accounts, we will waive the monthly maintenance fee for six months from account openingadatext

Required Opening Deposit

  • $XXXX
Monthly Fee Required Opening Deposit
  • We'll waive the monthly maintenance fee each statement cycle you meet one of the following:
  • Maintain a minimum daily balance of $XXXX or more in your account
  • OR
  • Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking or Bank of America Advantage® Regular Checking Accounts (first 4 savings accounts)
  • OR
  • Are enrolled in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 savings accounts) or Diamond or Diamond Honors tier (unlimited)
  • OR
  • An owner of this account is under the age of 25*
  • OR pay $XXXX/month
  • Please see the Personal Schedule of Fees for more information on how to link eligible accounts to avoid the Monthly Maintenance Fee.
  • *Fiduciary accounts, including UTMA/UGMA, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee
  • For new accounts, we will waive the monthly maintenance fee for six months from account openingadatext
  • $XXXX

To view all fees and additional information on how to link eligible accounts, see the Personal Schedule of Fees. You can also refer to our Clarity Statement or Deposit Agreement and Disclosures for additional information

 
 

What you'll need to apply:

  • Name, date of birth, Social Security number (all applicants)
  • Phone number and email address
  • Physical U.S. address (no PO boxes)
  • A co-applicant over 18 (if any applicant is under 16)

Depending on various factors, we may also ask for a U.S. driver's license or state ID card during your application.

Verifying your identity:

If we can't verify your identity online, we'll need to see two forms of ID layer at a financial center to open an account. Examples of when this may happen:

  • You've had issues with your checking history
  • You have limited credit/work history in the U.S.
  • You (or your co-applicant) are under age 16

Prefer to apply at a financial center? Schedule an appointment

Helping you stay protected with ID verification

We take your privacy and security seriously. That's why we may ask to see you at a financial center to verify two forms of ID.

Accepted forms of ID

You'll need one primary and one secondary ID per applicant.

Your primary ID is a government-issued photo ID like a U.S. driver's license, learner's permit, state ID card or passport.

Your secondary ID can include a student or work ID, proof of insurance, or bank card from another financial institution.

Information for:

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Please enter the zip code for your home address so we can give you accurate rate and fee information for your location.