Bank of America Checking Account Interest Rate (EXPLAINED)
Bank of America also encourages its debit cardholders to save by offering the Keep the Change program, which rounds up purchases and transfers the excess change directly into savings accounts. But what are its rates? Bank of America is one of the nation’s premier banks and offers an array of banking products for both individual and student customers – basic and student checking accounts, savings accounts, money market accounts, IRAs and CDs with terms up to 10 years.
1. APY
The annual percentage yield (APY) on bank accounts measures how much you can make within one year when factoring in compound interest and is a better measure than APR (Annual Percentage Rate), which only takes into account what interest is owed on accounts.
Online banks tend to offer higher APYs than traditional banking because their lower overhead costs enable them to offer higher interest rates to their customers.
As an example, Chase and Wells Fargo both offer higher APYs on their standard savings accounts than Bank of America does. Online banks tend to charge less fees than traditional ones and may help your money grow faster than traditional accounts due to Federal Reserve’s recent aggressive interest-rate hikes; as APYs likely increase with each provider it makes it even more important than ever to compare providers before selecting where you will put your savings.
2. Fees
Bank of America offers checking accounts that offer various features, including a mobile app that lets you deposit checks by taking pictures from both sides. In addition, this app enables money transfers and payments as well as bill payment services.
Bank of America savings accounts’ interest rates depend on several key elements, including fees and account requirements. Some banks impose monthly maintenance fees that can offset your earnings; however, many offer options to waive them altogether.
Bank of America boasts an expansive ATM network and offers various checking account options that suit different customer needs, from high APYs and free ATM withdrawals to meeting minimum balance or transaction requirements without fees. You are sure to find a bank account that works perfectly for you with Bank of America!
3. Requirements
Bank of America is one of the nation’s premier banks and provides an impressive selection of financial products and services. Their checking accounts, linked with their highly acclaimed mobile app, feature debit cards, overdraft protection options and online banking as standard features.
Bank savings accounts do not pay interest and require a daily minimum deposit of $500 in order to avoid an $8 monthly service fee and an overdraft and returned item fee of $35, as well as overdraft protection coverage fees of $8 and $35 respectively.
Customers of Bank of America can manage their checking and savings accounts using the Bank of America mobile app, which enables users to transfer funds between Bank of America accounts and external ones, view recent transactions and set customizable alerts. Alternatively, users can visit their website to locate ATMs and branches as well as manage their accounts. In addition to checking and savings accounts offered by Bank of America, CD accounts, personal loans and individual retirement accounts (IRAs) may also be found there with various term lengths covered by FDIC insurance coverage.
4. Customer service
If your call with Bank of America’s customer service representative doesn’t go as you expected, you have several options for handling it differently. You can request to be called back, contact an employee on social media like Twitter and Facebook or send private messages directly. While these representatives can answer private messages quickly they may not have the authority to expedite investigations, redeposit funds stolen from your account or replace compromised credit cards quickly.
Bank of America, one of the nation’s largest banks, offers an expansive suite of financial products and services. Customers can conveniently access their accounts 24/7 through its vast ATM network; additionally, the bank’s mobile app enables users to check balances and transactions history on the go.
However, its savings accounts don’t offer competitive interest rates as other banks do – customers seeking maximum growth should consider exploring alternative savings accounts options instead.
You can check out the Bank of America for other questions.
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