![]() ![]() You can find current Bank of America savings interest rates on Bank of America’s rate sheet. How To Find the Current Bank of America Savings Account Interest Rate Here are the rates you can expect if you qualify for the Preferred Rewards program. Tiers go all the way up to Diamond Honors tier for customers with greater than $10 million on deposit. The Gold tier, which requires an average daily balance of $20,000 in deposits and investments over three months, is the entry-level tier. Preferred Rewards customers qualify for a variety of perks, including interest rate bonuses on checking accounts. This program rewards customers for holding large balances in deposit and investment accounts. If you want to keep your money with Bank of America and retain the liquidity of a savings account, check if you qualify for an interest rate boost through the bank’s Preferred Rewards program. To explore Bank of America’s CD interest rates, go to the bank’s CD page and select “See available terms and rates” under “Compare CD options.” Increase Your Interest Rate With Preferred Rewards Interest rates vary based on the amount of money you deposit and the term you select for the CD. But the interest rate you earn will be significantly higher than that on a savings account.īank of America Standard Term Certificates of Deposit require a minimum opening deposit of $1,000 or $10,000-depending on the CD-and interest rates up to 4.50% APY. ![]() You won’t be able to take your money out before your CD term ends without paying an early withdrawal penalty, and you won’t be able to add more money to the CD once purchased. With a CD, you sacrifice a bit of liquidity for more interest growth. You can keep your savings with Bank of America and earn a greater return by opting to purchase a certificate of deposit, or CD, from the bank. If you move $5,000 from a Bank of America savings account to a high-yield savings account that earns a 3.00% APY, you can expect to have almost $150 more in your pocket after one year. In contrast, the FDIC reports the national average savings account interest rate as 0.42% as of June 20, 2023.Ĭonsumers can get an interest rate even higher than that average by considering the best online savings accounts. The APY on the Bank of America Advantage Savings account is 0.01%. Like many large, traditional banks, Bank of America’s savings account interest rate lags behind the national average. The Bank of America Advantage Savings pays interest at a rate of 0.01% APY. This account requires a $100 opening deposit and an $8 monthly maintenance fee, which is easily waivable by maintaining a minimum balance of $500. Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.Bank of America offers just one interest-bearing savings account: the Bank of America Advantage Savings.Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term. Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan.You can use Bankrate’s APR calculator to get a sense of how your APR may impact your monthly payments. APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.This rate is charged on the principal amount you borrow. ![]() Interest rate: An interest rate is the cost you are charged for borrowing money.When taking out any loan, it’s important to understand these four factors: Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Secured loans require an asset as collateral while unsecured loans do not. ![]()
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