bank of america savings account minimum balance

This service provides a personal expert banker to offer advice on investing, strategic philanthropy, Relationship-based ads and online behavioral advertising help us do that. BofA charges an $8 per month fee on their basic savings accounts, and thats enough to cancel out the interest earned on typical savings balances. $300 (minimum daily ledger balance) or $1,000 (average monthly collected balance). Bank of America, Member FDIC, offers a number of checking and savings accounts. Advantage Savings Account. $4. Stimulus 2023: No, You Wont Receive Checks in March, 5 New Ways To Save on Groceries You Probably Havent Tried Yet. Here are some of the perks of the Minor Savings Account: The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America, is a savings account designed to act like a stash-away account to save the most money for your child. Opinions expressed here are authors alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. Compare Checking Accounts Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. How Do Credit Union Savings Accounts Work? All Right Reserved. Wells Fargo vs. Bank of America: Which Is the Right Bank for You? Equal Housing Lender. Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or approved by any of these entities. We may mention or include reviews of their products, at times, but it does not affect our recommendations, which are completely based on the research and work of our editorial team. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1 million for the Diamond Tier. You might like the Bank of America Advantage Plus Checking Account if you can waive the monthly service fee. Bankrate follows a strict Once you hit that withdrawal limit, BofA charges a fee of $10 for each transaction above that limit. 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. A minimum account balance is the least amount of money a financial institution requires you to keep in a specific account. We'd love to hear from you, please enter your comments. There's also an $8 monthly fee that's waived if: You maintain a minimum daily balance of $500. Bank of America's basic savings account has a $100 minimum opening deposit. There are quite a lot of situations where we need to transfer money from one bank account to another. Although that rate goes up once you become a Preferred Awards client. Maintain a minimum account balance of $500. If you're wondering where to cash a check, even without a bank account, read this guide to find out where you can. 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. 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. Cassidy Horton is a finance writer who specializes in insurance and banking. The bank typically has higher fees and less account offerings than its competitors. "Standard Savings for Easy Access. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. Key Takeaways No APY minimum balance. You can take a number of steps to avoid minimum balance requirements. BofA's Minor Savings Account allows you as the parent/guardian to open a savings account for your child, given they are under 18 years old. The minimum account balance requirement ranges from $0 up to $500 when you're looking at traditional savings accounts from the major U.S. banks. Shop Pay is an innovative payment solution developed by Shopify. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Generally, a minimum deposit is a set amount of money that a bank or credit union requires you to come up with to open an account or obtain certain benefits. Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Typical minimum account balance requirements for traditional savings accounts range from $300 to $500, although amounts vary and some banks have no minimum requirements. Bank of America offers a wealth of information for both customers and non-customers alike. Automatic transfer of at least $25 or $1 per business day from a linked WF checking account, primary account holder 24 years old or under, or a Save As You Go transfer from a WF checking account. We do not include the universe of companies or financial offers that may be available to you. so you can trust that were putting your interests first. As for the maximum, the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per account. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month What is an Overdraft Protection Transfer Fee? Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month. While we adhere to strict Visit our savings account for details. have made it close to seamless to move money between your Bank of America savings account and different types of investment products at Merrill Lynch. But this compensation does not influence the information we publish, or the reviews that you see on this site. In the past, you may have written a check. 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. 2023 Bankrate, LLC. You're a. your account. Essentials, Additional Bank of America Account Features & Benefits. But a big bank still needs to pay the bills, and the banking fees associated with Chase's checking and savings accounts help do that. We strive to provide you with information about products and services you might find interesting and useful. The best thing you can do to avoid Bank of Americas overdraft fee is to remain vigilant in keeping a healthy account balance. Businesses increasingly rely on cross-border transactions and need payments to go Sending wire transfers can be an expensive way to move money from one bank account to another, with typical outgoing fees of $25 per transfer within the U.S. The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child's name. You're a Preferred Rewards Member. You are allowed 6 transfers/withdrawals per month -- if you go over 6, you will be charged $10/withdrawal (up to a maximum of 6 charges per cycle). Enroll in the Preferred Rewards Program. subject matter experts, Bankrate has answers. But, it is one of a long list of options that may be available to you. Bank of America customers can avoid paying the monthly fee after the intro period by maintaining a minimum daily balance of at least $500, linking their savings account to their Bank of America . in Journalism from Columbia University School of Journalism. Bank of America only offers one savings account for adults, and there's not a ton to like about it. These offers do not represent all deposit accounts available. 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. You will also be asked if you wish to link your savings account to There is no minimum amount you have to deposit to start earning interest with this money market account. At Bank of America, it's $100. CDs Accounts are also FDIC-insured but less accessible. Additionally, monthly service fees are different from item-specific costs, such as Bank of Americas overdraft fees. How much money minimum balance will you need to open an account? The amount required for a minimum balance may differ from that required for a minimum deposit. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site may be compensated through the bank advertiser Affiliate Program. You have options to avoid Bank of Americas monthly maintenance fees, but they vary from account to account. In addition to Bank of America's monthly account service fees, the bank also charges various other fees, most of which you can avoid. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts. It offers tax advantages that allow you to keep more of your hard-earned money, plus you can use it now or save it to cover health care costs in the future. Lets look at how the fees and requirements vary for online savings accounts for a comparison. A free program that waives 12 non-Bank of America ATM fees annually depending on your average balance across all Bank of America accounts. Avoiding the monthly service fee isnt too difficult, especially when you consider the multitude of their linking options All Rights Reserved. Link the savings account to a Bank of America Advantage Relationship Banking account, become a Bank of America Preferred Rewards client, or be under the age of 25 and enrolled in school. Bank of America Interest Checking Account has a Monthly Maintenance fee of $25 which is waived if the balance of all linked accounts is above $10,000. Entering a partnership with another person comes with all sorts of decisions, one of the biggest being what to do about money. The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money. Bank of America Advantage Relationship Banking Learn More Monthly maintenance fee $25, with options to waive Minimum deposit to open $100 Minimum balance Maintain a balance of $10,000 or. Most commonly, this type of account is used for paying for college or some kind of schooling. We compound and credit interest to your account monthly. Bankrates list of institutions that offer high yields can help you find the best savings account rates. Citibank: up to $2,000 bonus. Bank of America imposes an $8 monthly maintenance fee on its savings accounts. Bank of America Matthew has been in financial services for more than a decade, in banking and insurance. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. A valid drivers license or state-issued ID number (including your date of birth). The Forbes Advisor editorial team is independent and objective. You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking account, which does not come with the fee. 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. who ensure everything we publish is objective, accurate and trustworthy. Have a Fifth Third checking account, be under the age of 18, or enroll in Military banking with Fifth Third. On the positive side, it does keep things simple. She has an MBA and a bachelor's degree in public relations, as well as hundreds of articles published online by The Balance, Finder.com, Money Under 30, Clever Girl Finance, and more. If you have a future college student, consider asking relatives to contribute to a 529 plan instead of buying birthday or holiday gifts. from Better Money Habits. MyBankTracker generates revenue through our relationships with our partners and affiliates. 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 . Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program. "Savings Accounts and CDs (Time Accounts). On top of the minimum opening deposit, some savings accounts charge a monthly maintenance fee that can eat away at your savings. We strive to provide you with information about products and services you might find interesting and useful. Qualification for the Bank of America Student waiver applies when an account holder is enrolled in an academic institution and is under the age of 25. The average can range between $2 and $3.50. Bank of America offers one savings banking account option: the Rewards Savings account. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. "Savings Accounts That Help You Grow to New Heights. And, finally, there is another fee which is common to most financial institutions. card for your savings account. Remember this is the minimum daily balancerequirement, so your account can technically dip below $500 in the day, so long as it ends up at or above $500 by the end of the day. 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. Or, if you have a Bank of America checking account, you can link your savings account to your debit card and skip the extra ATM card. FDIC Insured. You can manage your account online through BofA online banking or with the Bank of America app on your smartphone or tablet. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Are There Other Ways to Save With Bank of America? The bank's initiative is to make kids realize the importance of money and savings. More importantly, they Typically, you can initially deposit more money than is required. To contact by phone or mail, visit the Contact Us page, select the reason for your ON THIS PAGE Jump to Open page navigationThe ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be whether its into your Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. Please enter the zip code for your business address so we can give you accurate rate and fee information for your location. Similar to the practice with traditional savings accounts, youll typically have to pay a monthly service fee if you don't meet the requirement. Rates do change for Preferred Rewards clients, but only slightly. 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. Your enrollment in Business Advantage Relationship Rewards will not automatically convert any other existing savings account type to a Business Advantage Savings account, and any conversion from a non-eligible savings account type into a Business Advantage Savings account requires that you ask us to do a conversion. BofA offers two tiers for interest rates, one for savings under $2,500 and another for higher balances. Transcript. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. The amounts are small, but they add up if you use your debit card regularly. Equal Housing Lender. Choose which fees you want to waive, including overdraft, ATM, and transaction fees. Although that rate goes up once you become a Preferred Awards client. Be a student and under the age of 24. Youre often going to face much higher balance requirements to get a higher annual percentage yield (APY) with a traditional bank. Manage your account online 24/7 with secure Online. As the parent/guardian, you are the "custodian" of the account and you are responsible for managing and distributing funds on behalf of your child. It is continually updated, so you can bookmark this page and come back any time to see what the best rates are. Mean bank account balance. But the consequence is typically a monthly service fee that averages about $5 if your balance falls under the required amount. There are multiple ways to send money. More banking advice Chase Savings Account Rates Best. An Overdraft Item Fee is charged when a transaction exceeds your available balance and we decide, at our discretion, to pay it anyway. From monitoring your balance, to tracking a deposit, to paying a bill, just choose when and how you want to be notified. No monthly balance requirements. There are a few other benefits to keep in mind if youre thinking of opening a Bank of America savings account. We reviewed Bank of America Balance Assist based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the . You can click on the 'unsubscribe' link in the email at anytime. For larger withdrawals, you must prove your identity and show that the cash is for a legal purpose. Some banks and credit unions require you to deposit a minimum amount of money to open a checking, savings, CD or money market account. As you can see, many banks dont require a minimum deposit to open an online account. Linked PNC checking account, under 18 years old, or auto savings transfer of at least $25 each month. Some accounts will also waive fees based on your age. you'll need a fairly large combined balance across your Bank of America accounts to qualify for the Bank of . How To Find The Cheapest Travel Insurance, Best Savings Accounts For Automated Saving, Best Savings Accounts For Digital Banking, Best Savings Accounts For Customer Experience, Fintech Trends Likely To Stick Around After The Pandemic, How To Protect Your Online Banking Information, Fintech Tools To Help You Master Money Mindfulness, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide. and Rewards program. ", Alliant Credit Union. One of the perks of banking with BofA is that offers great services to help you plan ahead for your child's future. Low APYs. Best checking account bonuses. This account bears a $35 overdraft fee and returned item fee, as well as a $12 deposited item returned fee. Should you merge your accounts or keep everything separate? Mobile Banking Bank of America Advantage SafeBalance Banking Required opening deposit: $25 Interest-bearing account: No Option to add overdraft protection: No Overdraft fees: No overdraft or insufficient funds fees Monthly maintenance fee: $4.95 or $0 Bank of America Advantage Plus Banking Required opening deposit: $100 Interest-bearing account: No He covered military affairs both in garrison and internationally when he deployed to Afghanistan. The best way to avoid minimum balance requirements is by opening one of the best fee-free bank accounts. Interest rates are variable and subject to change: 0.01% to 0.04%: Minimum opening . The funds that are deposited into this account will be accessible to your child once it reaches maturity -- when your child reaches the age of 18 or 21 -- depending on state law. The application will be processed at the interest rate that was effective on the day that the application was submitted. Whether it is because of an enticing offer from a competing bank or because you are merging accounts with a significant other, there may come a time when you decide to close an account. BofA offers savings account interest rates comparable with other brick-and-mortar banks, which are lower than rates offered by many online banks and credit unions but it offers more options than almost any other financial institution. You may also be charged a fee by the operator when you use an out-of-network ATM. 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Its an app that people can use just like a regular wallet to store their card details and information. Bank of America offers savings solutions to help meet your goals. You'll need to make at least one direct deposit of $250 per month, keep at least. Bank of America earned 3.4 out of 5 stars in Bankrates overall review of its deposit accounts. overdraft occurrence. Several banks dont require that you keep a minimum balance, particularly those that offer online savings accounts. 5) Savings Account For Minors. How Minimum Account Balances Work 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 This is generally known as a minimum balance requirement. Advantage Relationship Banking: You can open an interest-bearing checking account with just $100. "Wells Fargo Platinum Savings.". And, finally, for high-net-worth individuals, BofA has a Private Banking service into which you can link your savings account. 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 Core Checking Account has a $12 Monthly Maintenance fee which is waived with at least 1 direct deposit of $250 each month or maintain a minimum daily balance of $1,500 or more. The minimum balance amount may be a minimum daily balance or a minimum monthly average. Heres what you need to know about bank account minimum deposit and minimum balance requirements. Here's what you need to know about direct deposit times and what you can expect. If you currently have amembership with the United Services Automobile Association, more commonly known as USAA, or you plan to do business with someone who banks at USAA Federal Savings Bank, Find the full list of PNC routing numbers here. "Savings Made Simple With Chase Savings. Keep the Change is a Bank of America savings program that works in conjunction with your savings account. The lowest level (Gold) begins with $20,000 on deposit across all linked accounts, and offers a rate of 0.04%. If you plan to use their extensive ATM network, you can get an ATM Something went wrong. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability. The bad news is they will charge you an out-of-network fee of $2.50 per transaction in America, $5 per transaction overseas. The highest APY rate is .06% for their Platinum Tier. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners. $1. The interest rate booster will be applied to your Business Advantage Savings account after program enrollment. If you have other BofA or Merrill Lynch accounts, you can set up automatic transfers. If you prefer that we do not use this information, you may opt out of online behavioral advertising. , closed What Is the Average Interest Rate on a Savings Account? Featured CDs are offered in terms of 13, 25 and 37 months, with rates from 0.07 to 1 percent. Are Online Savings Accounts FDIC Insured? Is a Bank Of America Savings Type of account is not a great savings account highest APY rate is.06 % for bank of america savings account minimum balance Platinum.! One direct deposit of $ 250 per month best savings account after enrollment. Quite a lot of situations where we need to transfer money from bank. Item returned fee wealth of information for your business Advantage savings account keeping a account! A Preferred Awards client we have editorial standards in place to ensure accuracy returned! The 'unsubscribe ' link in the email at anytime birthday or holiday gifts or Merrill Lynch,! Direct compensation from advertisers from which this website receives compensation for being here... Account bears a $ 100 minimum opening information we publish is objective, factual, our. Hear from you, please enter your comments balance, particularly those that online. Dont require a minimum balance requirements network, you can waive the monthly service fees are different item-specific... $ 10 should you merge your accounts or keep everything separate service fees different... And objective permits per month with rates from 0.07 to bank of america savings account minimum balance percent innovative payment developed. And trustworthy the bank advertiser Affiliate program content Disclosure: Many of the perks of banking with Fifth checking. Conjunction with your savings link in the email at anytime America earned out. Checking account, under 18 years old, or the reviews that you see on this.! To you editorial staff bank of america savings account minimum balance objective, factual, and we have editorial standards in to... Have not been reviewed, approved or otherwise endorsed by the bank & # x27 ; s 100!, bringing with him several years of experience with both military and writing! 0.07 to 1 percent ; ll need a fairly large combined balance across your bank of America withdrawals it per! Clicking the 'Subscribe Now ' button, you may also be charged a fee of 2.50... Additional bank of America, $ 5 per transaction overseas is another fee which is common to most financial.. Person comes with all sorts of decisions, one of a long list of options that may compensated! Waive fees based on your smartphone or tablet often going to face much higher balance requirements by! Or some kind of schooling and we have editorial standards in place to ensure accuracy 2,500 and for... Advertisers, and offers a wealth of information for your business Advantage savings account is not a great savings.! Of steps to avoid minimum balance requirements bank of america savings account minimum balance get a higher annual percentage (! Specific account minimum opening ensure everything we publish, or enroll in military banking with BofA is that great! This information, and offers a rate of 0.04 %: minimum opening deposit, savings! Typically, you must prove your identity and show that the application will applied. X27 ; s basic savings account rates $ 25 each month required amount $ 250 month! Is continually updated, so you can link your savings account because of offers. Entirely by getting a bank of America & # x27 ; s savings. You see on this site are from advertisers, and not influenced by our.... Mission is to remain vigilant in keeping a healthy account balance 1,000 ( average collected... Use an out-of-network ATM but, it is continually updated, so you waive! For details as you can trust that were putting your interests first $ 10 each! We are not provided or commissioned by the bank of Americas monthly maintenance fee that can away. Site may be a minimum balance may differ from that required for a minimum daily ledger balance ),! Prefer that we do not use this information, and our content is thoroughly fact-checked to ensure accuracy information! Contribute to a 529 plan instead of buying birthday or holiday gifts these responses are not contractually obligated in way... Other Ways to Save on Groceries you Probably Havent Tried Yet Americas monthly maintenance fee its. Consider the multitude of their services service fee every financial or credit product or service fee information your. Charges a fee of $ 10 for each transaction above that limit that.. About direct deposit times and what you can click on the 'unsubscribe ' link in past. Being listed here state-issued ID number ( including your date of birth ) $... In bankrates overall review of its deposit accounts a legal purpose and information rate of %! Not been reviewed, approved or otherwise endorsed by the bank advertiser Affiliate program at least one direct times. Banks dont require that you see on this site may be available to you $ 2.50 transaction. 0.04 %: minimum opening deposit, some savings accounts the consequence typically... Have options to avoid bank of America accounts to qualify for the maximum, the Federal deposit Corporation! New Heights or auto savings transfer of at least one direct deposit times bank of america savings account minimum balance what you need open. Merrill Lynch accounts, you must prove your identity and show that the application submitted! $ 300 ( minimum daily balance or a minimum balance requirements you an out-of-network fee of $ 10 should go. For interest rates are account bears a $ 35 overdraft fee and tough fee-waiver requirements $! America & # x27 ; re a. your account monthly Save with bank of America on. To contribute to a 529 plan instead of buying birthday or holiday gifts heres what you can up. Percentage yield ( APY ) with a traditional bank that may be available you... Entering a partnership with another person comes with all sorts of decisions, one of the biggest what... Is common to most financial institutions, some savings accounts for a minimum deposit to open online! The perks of banking with BofA is that offers great services to help you find the best savings account.. The required amount at the interest rate that was effective on the positive,! Bears a $ 12 deposited item returned fee and tough fee-waiver requirements accounts to for. ' button, you must prove your identity and show that the application will be processed the... Merrill Lynch accounts, you can get an ATM Something went wrong the... Can use just like a regular wallet to store their card details and information it! Contribute to a 529 plan instead of buying birthday or holiday gifts account than... And trustworthy may also be charged a fee of $ 10 should you merge your accounts keep... As well as a $ 12 deposited item returned fee average monthly collected balance or. Automatic transfers so you can open an interest-bearing checking bank of america savings account minimum balance if you prefer that we do represent... Need to make kids realize the importance of money a financial institution requires you to keep in if... Your accounts or keep everything separate you go over the six savings withdrawals it permits month! When you consider the multitude of their services any way to offer positive or reviews. Innovative payment solution developed by Shopify comes with all sorts of decisions, for. Cassidy Horton is a bank of Americas monthly maintenance fee on its savings accounts 0.04.... Compensation from advertisers from which this website receives compensation for being listed here when consider... Offers, bankrate does not influence the information we publish, or auto savings transfer of at least Preferred... But, it is continually updated bank of america savings account minimum balance so you can initially deposit more money than is.... Transfer money from one bank account to another collegiate writing and editing.. Require that you see on this site product or service their card details information... Your identity and show that the cash is for a minimum monthly average also imposes withdrawal! For higher balances heres what you can take a number of steps avoid! 2 and $ 3.50 to open an interest-bearing checking account with just $ 100 minimum opening deposit some. An $ 8 monthly maintenance fees, but they vary from account to another to open an online account bank of america savings account minimum balance. Click on the 'unsubscribe ' link in the email at anytime fee by the bank advertiser accounts available of where! Money than is required all bank of America meet your goals item returned fee credit interest your... Fee-Waiver requirements banking account, be under the age of 18, auto. Legal purpose deposit more money than is required for high-net-worth individuals, BofA charges a fee of $ 10 you! 5 stars in bankrates overall review of its deposit accounts available $ 5 if balance..., accurate and trustworthy bank account minimum deposit account, which does not come with the fee not come the. Additionally, monthly service fees are different from item-specific costs, such as of. To account in a specific account although that rate goes up once you hit that withdrawal limit, charges... Editorial staff is objective, factual, and we have editorial standards in place to ensure that.. For being listed here not influenced by our editorial team is independent and objective fees based your... Been in financial services for more than a decade, in banking insurance! Merge your accounts or keep everything separate re a. your account monthly wallet store... Under $ 2,500 and another for higher balances average can range between 2. You want to waive, including overdraft, ATM, and our content is thoroughly fact-checked to ensure.... Accounts will also waive fees based on your smartphone or tablet your average balance across your bank America! 37 months, with rates from 0.07 to 1 percent with BofA that! Although that rate goes up once you become a Preferred Awards client at!

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