Bank of America has confirmed a new feature designed for true savers in the United States. Since its launch, it has become something very attractive that everyone wants. It combines ease, bonuses, and an experience designed so your savings can grow without complications.
The main advantage is that you only need 100 USD to open it. It's an accessible threshold, designed so almost anyone can start saving without fear or barriers. Once opened, it starts earning interest the same day the application is processed.
Bank of America lends a hand to many Americans: all advantages
However, the Advantage Savings Account isn't just another savings account: it has a trick to attract loyal customers. The standard interest rate is low—around 0.01% APY—but if you're part of the Preferred Rewards program, you can go up to 0.04% APY.
It doesn't seem like much, but within the universe of Bank of America customers, it's wild compared to what was offered before. In addition, at the start, the bank waives the monthly fee for six months, and if you keep a certain balance or are under 25 years old, that fee disappears wise.com.
What makes this account so ideal for Bank of America savers
It lets you round up purchases with your debit card thanks to "Keep the Change®," which automatically transfers the leftover change to your savings account. You can also schedule automatic transfers from your checking account, make direct deposits, or use cash-back offers to boost your balance.
Many media outlets agree: the Advantage Savings account is a masterstroke by the bank. A recent article points out that it lets you save with just 100 USD and go up to 0.04% APY if you're in the Preferred Rewards program. Besides being easy to open online, by phone, or at any of their thousands of branches in the United States.
The American bank has nailed it with its proposal
Bank of America receives this wave of enthusiasm with pride. They promote that it's an account for saving, with digital tools, FDIC backing, and access to mobile services and ATMs. They also highlight that if you link the savings account with an Advantage checking account, you can avoid monthly fees.
However, with APYs this low (0.01–0.04%), if you compare with other high-yield savings accounts (HYSA) that offer up to 4%, you could be leaving money on the table. Even so, if your goal is to have a simple, integrated, and hassle-free solution, Bank of America has nailed it with its proposal.