If you prefer that we do not use this information, you may opt out of online behavioral advertising. We'd love to hear from you, please enter your comments. In some cases, a bank or credit union might require you to make a minimum monthly deposit to qualify for certain account benefits. You also may be able to make an opening deposit with a debit card, check or money order. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Savings: $8: Maintain a minimum daily balance of at least $500; Or link your Bank of America Advantage Relationship Banking account to your savings account (waiver applies to first 4 savings accounts) Or enroll in the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (first 4 savings accounts) What are index funds and how do they work? Learn more about how minimum account balance requirements work, why banks have them, and what you can expect from major U.S. banks when you open a traditional savings account. Does Bank of America have a minimum balance? While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. Maintain a minimum daily balance of at least $500. Libby Wells contributed to a previous version of this article. Ultimately, online savings accounts are more effective options for saving. CDs Accounts are also FDIC-insured but less accessible. Bank of Americas Advantage Savings account comes with an $8 monthly maintenance fee. Huntington National Bank: up to $600 bonus. Interest rates are variable and subject to change: 0.01% to 0.04%: Minimum opening . Minimum balance to open Varies, but may be lower than a CD. And if you need to make a cash withdrawal for any reason, BofA has plenty of branches and ATMs. If youre already a BofA customer, you can sign in to your online banking account to open your savings account faster. Early withdrawal fees. Heres a breakdown of the assortment of fees associated with Bank of Americas products and services. Here are five ways to avoid Bank of Americas monthly fees: Here are the minimum balances required to qualify for a fee waiver: Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits: Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee. Moreover, the yields for the fixed-term CDs are extremely low. Once you hit that withdrawal limit, BofA charges a fee of $10 for each transaction above that limit. Qualifying for Preferred Rewards can bring the APY up a little, but it remains lower than the national rate. The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account. Some financial. Some financial institutions do not require a minimum opening deposit. You can manage your account online through BofA online banking or with the Bank of America app on your smartphone or tablet. A Health Savings Account (HSA) is a great way to save money for out-of-pocket medical expenses like doctor visits, dental and vision care and prescriptions. Compared to the national average, the rates are on the low side. Youll typically find more attractive rates and terms when it comes to online savings accounts because many of these financial institutions don't have to pay for the same overhead costs that traditional banks incur. And, finally, for high-net-worth individuals, BofA has a Private Banking service into which you can link your savings account. Many banks and credit unions require that you keep a minimum amount of money in a checking or savings account. However, if you can maintain a $20,000 or greater minimum daily balance in your savings account, or if you are enrolled in the Preferred Members program, BofA will allow you to make more withdrawals from your savings account at no additional cost to you. The minimum balances BofA charges for its two student-friendly checking accounts $25 for the SafeBalance and $100 for the Advantage Plus are not unusual. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. this post may contain references to products from our partners. Typically, you can initially deposit more money than is required. Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts. The SCF also breaks down average account balances by household type. The Bank of America Advantage Savings account does charge a $8 monthly maintenance fee that can be avoided when maintaining at least a $500 average monthly balance, when linking qualifying Bank of . A CD is a time deposit, meaning you have to leave your money untouched to grow for a set period of For instance, a minimum monthly deposit may be required to earn a higher APY on a savings account, or a minimum monthly deposit may be required to avoid a monthly fee for a savings account. Be a student and under the age of 24. Standard CD rates range from 0.03% to 0.03% depending on the term length and Featured CD rates are 2.25% APY. Each online Bank of America account has a monthly fee ranging from $4.95 to $25. ", Citizens. BofA offers two types of CD: Standard Term or Featured.. Enroll in the Preferred Rewards Program. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. $1. 0.01%. Please try again later. Education: M.A. It requires a $100 minimum deposit to open the account, and there is an $8 monthly maintenance fee, which can be avoided by maintaining a $500 minimum balance. Though it is possible to waive this fee if you meet certain criteria, such as maintaining a $500 balance, many other banks charge no monthly fees on savings accounts. The minimum balance for the savings bank account - is zero. ", Bank of America. The highest APY rate is .06% for their Platinum Tier. You can also see your recent transaction list, set customized alerts, and deposit checks through the app. If you have other BofA or Merrill Lynch accounts, you can set up automatic transfers. There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500. It is continually updated, so you can bookmark this page and come back any time to see what the best rates are. Another benefit of using BofAs online tools is the ability to set up online notifications to stay informed about important activity on your account, such as a recent deposit or a successful transfer. Consider the following savings options: Yes, there is a minimum balance required to open a savings account. Bank of America personal checking account. However, it should be noted that Bank of America, Chase and U.S. Bank all offer a lower ceiling of $25 for monthly maintenance fees. Manage your account online 24/7 with secure Online. The tiered rates on the banks Advantage Savings account are based on how much money you park in the account: The higher your balance, the more interest you can earn. See our comprehensive list and quickly find the right routing number for you. Here's a summary of the tiers: Gold: 0.02% Platinum: 0.03% Platinum Honors: 0.04% You might also consider opening an accountwith an online bank instead. The minimum balance required for the Bank of America savings account is $500 per day. Account Right for You? Chase (Private Client): $2,000 bonus. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. The Federal Reserves Regulation D limits you to six withdrawals and/or transfers from savings each month. 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. Bank of America offers a number of savings accounts for parking your money, but its rates will do little to help you grow your savings. Maintain a Minimum Balance Here are the minimum balances required to qualify for a fee waiver: Advantage Savings: $500 minimum daily balance Advantage Plus: $1,500 minimum daily balance Advantage Relationship: $10,000 combined balance in eligible linked accounts A minimum account balance is the least amount of money a financial institution requires you to keep in a specific account. PNC Bank: up to $400. Rates do change for Preferred Rewards clients, but only slightly. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Visit our savings accountfor details. Like other in Journalism from Columbia University School of Journalism. Bank accounts for teens: Help yours manage a checking account. Methodology. Consumers can get . Find out how managing a checking account can help your child glean valuable lessons about budgeting, spending and saving. Fifth Third Bank (Traditional Savings Account). Further, maintaining at least the minimum can help you get the most from the account if your bank requires a minimum amount to avoid fees. 2023 Bankrate, LLC. Based on our analysis, current high-yield savings account rates range from 0.25% to 5.00%, depending on the bank. Major national banks typically require a minimum balance of around $300 to $500 or more to avoid monthly service fees ranging from $5 to $12 or more. Key Takeaways No APY minimum balance. The low return makes it undesirable for people interested in earning high interests on their savings. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Our editorial team does not receive direct compensation from our advertisers. Include one Business Advantage Savings account as part of your Business Advantage Relationship Banking solution. 2023 Bank of America Corporation. Show More. As for the maximum, the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per account. More banking advice Chase Savings Account Rates Best. $300 minimum daily . Have a Fifth Third checking account, be under the age of 18, or enroll in Military banking with Fifth Third. Bank of America Advantage Plus Banking: $12 monthly fee, waivable with one of the following: Have at least one qualifying direct deposit of at least $250. To 5.00 %, depending on the term length and Featured CD rates range from %... A fee of $ 500 Inc. NMLS ID # 1743443 | NMLS Consumer Access Preferred Rewards Program from... To 5.00 %, depending on the low side compensation from our partners than! 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