You can gain access to slightly higher rates when you are a BoA Preferred Rewards member. It has as at 2012 according to the FDIC, approximately 6000 branches across the country in 36 US states. I`m now in Brazil and hope to sell home here and buy in Colo. © financialadvisory.com 2010-2021 - Although we cover a range of products that we update periodically, please confirm the precise terms and interest rates of the product with the relevant bank. What are the requirements to be completed for the online application on the Bank of America website: BofA requests the following information which may or may not be subject to changes, these include:  select the account type selection, U.S citizenship status, first and last name, residence street address, city, state, zip code, primary phone number, e-mail address, social security number, date of birth, source of income and occupation type. - The website also offers opportunity to chat with a representative through a web chat for assistance in opening up an account. - You contact the BofA/Bank of America customer service on 1 800 622 8731 to assist you in the process to open an account by telephone or answer questions regarding opening an account. to look elsewhere. Updated May, 2020, The rate of 0.03% is 0.61% lower than the average 0.64%. Bank of America’s money market accounts offer higher interest rates to customers as a relationship banking reward. The Child Savings account is fairly self-explanatory, allowing parents to save now for their child’s future. If so, how long will it take for the check to clear? While Bank of America offers extensive branch and ATM coverage, near-zero interest rates and a bevy of hidden charges make their basic checking and savings accounts an expensive proposition. Preferred rewards program. Here are the best online savings account interest rates. The top rate you can currently earn from a nationally available savings account is 0.81% annual percentage yield (APY), offered by Varo Bank.That's more than 15 times the national average … Daily balances over $15,000 earn an interest rate of 0.10%, resulting in a range from 3.00% to 0.48% APY depending on the account’s daily balance. Get answers on interest rates, minimum balances, earning interest, and more. Looking at historical savings account rates in terms of their movement alongside the national rate can help you make an informed decision when choosing a bank. Some account types may indicate a tiered balance structure with corresponding rates for certain balances while other accounts may include an interest rate of all balances. $8 monthly fee or $0 with a minimum daily balance of $500. A fixed term savings account offers from 6.5% to 8% interest rates depending on the term and amount you deposit. We may be compensated by the firms we review. According to the FDIC, the national average interest rate on savings accounts currently stands at 0.05% APY.This applies to both average and jumbo deposits (balances over $100,000). Minimum Balance Required to Waive Monthly Fee. Bank of America dominates in the savings account category with a 0.01% APY, but it’s still considered fairly low relative to the top interest rates. Authority: Within origins back to 1904, Bank of America N.A or commonly abbreviated as BOFA is a major bank in the U.S. Plus, you can avoid the account's $8 monthly maintenance fee as a Preferred Rewards member. For instance, CIT bank currently offers 0.50% APR on its account. See Terms Of Use You’ll earn a higher interest rate as your account balance grows. The rate is for all balances. Also it is 2.12 % lower than the highest rate 2.15 Note that each state may differ in account options. I have listed some of the best savings account interest rates which is available in this bank as on June 2010. The Bank of America Advantage Savings Account, previously the Bank of America Rewards Savings Account, provides an opportunity to save at Bank of America. experience. The HSA for Life is intended to qualify as a Health Savings Account as set forth in Internal Revenue Code Section 223. In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she:. If you are looking for a low-risk way to save money over a long period of time, high yield savings accounts may be a good option for you. Interest Rate is for the 'regular savings account' product. You can get good interest rates for your savings and investments made in this bank. Make your money work harder with a Business Advantage Savings account from Bank of America. Compare accounts and select the best one for you. Bank of America makes available The HSA for Life® Health Savings Account as a custodian only. ... Interest Rate APY; Less than $50,000 : 0.01%: 0.01%: $50,000 - $100,000 : 0.02%: 0.02%: $100,000 and over : 0.02%: 0.02%: All child savings accounts … Average Interest Rate for Savings Accounts. Find out what the different interest rates are across America’s biggest banks. When your Kasasa Cash qualifications are not met, the interest rate earned on the account’s entire daily balance .05% resulting in an annual percentage yield of .05% and ATM withdrawal fees are not refunded. While it was once easy to find a savings account at your local bank offering rates upwards of 3%, rates … At the time of this writing, enrollment in the relationship banking program requires both a BofA personal checking account and a certain 3-month average combined balance in BofA banking accounts and/or Merrill Lynch or Merrill Edge investment accounts. Bank of America’s UTMA savings account works exactly like their Rewards Savings account, with one twist: it falls under UTMA regulations. How to open a US Bank of America Savings Account: - You can visit the BOFA website at  www.bankofamerica.com or also available abbreviated at www.bofa.com and apply through a online savings application where you can select the account of preference. 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