Enter only numeric digits without decimals, between 0 and 5. Enroll to round up debit card purchases and transfer the difference to savings automatically. Youll enter this number into the calculator to see the rate at which your initial deposit and any other potential contributions grow. Here's an explanation for how we make money Capital One Bank's 360 Performance Savings Account sports a great 3.40% APY, which ranks among the highest rates in the market. 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. Unfortunately, we are currently unable to find savings account that fit your criteria. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. A penalty is imposed for early withdrawal from a CD. In fact, many big banks like Chase and Bank of America have relatively low rates on their savings accounts. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Here's how much APY you can earn and money you'll need for each of the upper-tier accounts: As a Preferred Rewards client, you don't have to pay the $8 monthly fee. How much should you contribute to your 401(k)? In return, the bank pays consumers interest on savings accounts and other deposits. Its also important to know that a number of savings accounts earn at higher rates on higher account balances. The Bankrate Compound Interest Calculator demonstrates how to put this savings strategy to work. You wont be able to take your money out before your CD term ends without paying an early withdrawal penalty, and you wont be able to add more money to the CD once purchased. You might be using an unsupported or outdated browser. No account opening or maintenance fees. We strive to provide you with information about products and services you might find interesting and useful. 2023 Forbes Media LLC. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or . A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Monthly fees are usually waived if you maintain a set minimum balance. and U.S. Trust Company of Delaware. 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 banks Preferred Rewards program. Whether youre new to saving or an experienced saver, you can enjoy a wide range of benefits and services that help you grow with your savings account. Marcos has covered cryptocurrency, investing, banking, and the US economy, among other personal finance subjects. 4.50% APY (annual percentage yield) as of 02/14/2023. Look: But you can find a branch nearly anywhere. The rates are for those living in the New York tri-state area and could vary by state. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Interest rates have fluctuated widely throughout 2022 in response to the rapidly evolving economic situation in the US. Customers interested in maximizing their savings growth should consider otherbig banksthat provide similar services but offer better rates. The national average yield for savings accounts is 0.23 percent APY, according to Bankrate's March 15 weekly survey of institutions. Putting your money into a high-yield savings account or CD is one way to get a better interest rate on your savings. The simplest way to insure excess deposits above the $250,000 FDIC limit may be spreading money around to different banks. R is interest rate ( APY, expressed as a decimal) N is the number of time periods (usually expressed in years) Say you place $10,000 in a 1.50% APY . Annual interest: Estimate the rate you'll earn on your investment by checking our rate tables. For this review, we used the New York ZIP code 10001. They tend to have savings accounts with high yields, often with no monthly fees or minimum balance requirements. There are slightly better rates available, however, for customers enrolled in the banks Preferred Rewards program. Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). Then see how the size of your initial deposit impacts your moneys growth. $1,000. Often you can do this by having a higher account balance. One-Time Checkup with a Financial Advisor. Examples of cash equivalents include savings and money market accounts. However, this does not influence our evaluations. She is based near Atlanta, Georgia. So how do we make money? Many banks with physical branches, which historically have lower savings account rates than online-only banks, have started increasing APY rates for savings accounts. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. This will help you make a more informed decision on which savings account you might want to open. Mark is the author of five bestselling books about scholarships and financial aid and holds eight patents. Bank of America Advantage SafeBalance Banking, Bank of America Advantage Plus Banking and Bank of America Advantage Relationship Banking, Get More Rewards With Your Everyday Banking, Merrill Edge, Merrill Lynch, Keep The Change, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. Bank of America has other savings options, but they dont earn much interest, either. You can deposit as much or as little as you want into the calculator but beware that some savings accounts have minimum deposit requirements. The rates are region dependent, so enter your ZIP Code if prompted and click on View PDF.. All rates are current as of March 3, 2023. Disclaimer: NerdWallet strives to keep its information accurate and up to date. However, likely the best reason to keep a Bank of America savings account is to qualify for Preferred Rewards Platinum or Diamond status, particularly if youre a heavy user of one of the banks rewards credit cards or have a home or auto loan with the bank. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). See how you compare by adjusting the income level. Number of years: This is the number of years your investment has to grow. Physical banks are jumping in, too, such asCapital OneandCitibank, which have high-yield savings accounts with APYs up to 3.40% and 3.85%, respectively. 2023 CNET, a Red Ventures company. It has not been provided or commissioned by any third party. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. (APYs may vary depending on where you live. It can also help you determine how much money to deposit, whether to make monthly deposits and more. Already a customer? His most recent book are "Who Graduates from College? Checking accounts are used for day-to-day cash deposits and withdrawals. P is principal, or your beginning balance. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. They start at. Some banks are now offering annual percentage yields just north of 4%, making it a more attractive time to park your money in a savings account. While savings account interest rates at most banks seem to be at rock bottom and staying there, there are some bright spots in the group. They are lower than the national average, and many savings accounts offered by competing banks offer more rewarding rates. They can earn around around 3% APY. This compensation comes from two main sources. Weve maintained this reputation for over four decades by demystifying the financial decision-making How would you rate your experience using this SmartAsset tool? Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. That noted, there are some banks you can visit in-person that offer high APYs and no account fees, including Capital One's 360 Performance Savings, which offers a robust 3.40% APY. 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. The PDF contains all of Bank of Americas deposit interest rates and APYs for consumer checking accounts. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Want to put more in savings? Bank of America imposes an $8 monthly maintenance fee on its savings accounts. Our partners cannot pay us to guarantee favorable reviews of their products or services. With our award-winning app, it's as easy as snapping a photo from your smartphone. Tinker with the amount to see how higher monthly deposits can boost your investment growth over time. APY on balances for premium savings accounts, Up to 0.04% APY for customers enrolled in Preferred Rewards. At 0.01% APY, U.S. Bank interest rates on savings accounts are extremely low. Deposit at least the required minimum of $100. Contributions: We assume that your additional contributions occur at the end of the selected contribution period. Open an Account 4.25 % Annual Percentage Yield* Download Our Mobile App Convenient mobile deposits and bill pay Download Now Home Loans We keep our loans in-house so you can get the best customer service experience. Rates may vary based on term length and deposit amount. (APYs may vary depending on where you live. Link your savings account to your checking account to help cover your bases. Senior Writer | Savings accounts, money market accounts, banking, Margarette Burnette is a savings expert who has been writing about bank accounts since before the Great Recession. Fees could reduce earnings on an account. It has a tiered interest rate structure, but currently all tiers earn 0.01% APY. How much should you contribute to your 401(k)? Find a personal loan in 2 minutes or less. Interest rates vary based on the amount of money you deposit and the term you select for the CD. Answer some questions to get offerswith no impact to your credit score. With this account, interest compounds monthly, which can help in the long run. The only difference among them is the amount of APY you can earn. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. The additional perks you get from having Platinum Honors status in the Preferred Rewards program might outweigh the opportunity cost of earning more interest elsewhere. Savings accounts can be used as a financial safety net. Learn More. Our experts have been helping you master your money for over four decades. Mark has written for the New York Times, Wall Street Journal, Washington Post, Reuters, U.S. News & World Report, MarketWatch, Money Magazine, Forbes, Newsweek and Time. (APY is the compounding interest rate you earn on your savings.) So, when interest rates rise, consumers who borrow money pay their banks and other creditors more in the form of higher interest rates. But if you have the Chase Premier Savings Account you have the. With a CD, you make one lump-sum deposit at a fixed interest rate for a specified period, which could range from a month all the way up to 10 years. You can find higher rates at online banks. Answer some questions to get offerswith no impact to your credit score. They may offer other features that make them appealing for you like easy access to ATMs and physical branch locations. The standard rate for Chase Savings 0.01% effective as of 2/16/2023. Bank of America CD rates Standard Term CD rates are available online for terms of 28 days to 10 years. Personal Finance, Budgeting, Debt Elimination, Credit Score Improvement, Bank of America savings account options, compared, average savings account interest rate in the US, Do Not Sell or Share My Personal Information, Gold: 0.02% APY; $20,000 to less than $50,0000, Platinum: 0.03% APY; $50,000 to less than $100,000, Platinum Honors: 0.04% APY; $100,000 to less than $1 million, Maintain a minimum daily balance of $20,000 or more, Are enrolled in the Preferred Rewards program. Bank of America, N.A. In that case, you can set a time limit to your savings. Use our Goals Tool and easily track your progress. This influences which products we write about and where and how the product appears on a page. Please try again later. Currently, the bank offers the best rates on its 13-month and 25-month featured CDs. To offset the costs, banks increase interest rates on consumer accounts, like credit cards and loans, which makes it more expensive for customers to borrow money. Opening a standard savings account with Chase and Wells Fargo is also more accessible than Bank of America. CDs Accounts are also FDIC-insured but less accessible. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Maintain minimum daily balance of at least $500, or, Link to a qualifying checking account, or. Matthew has been in financial services for more than a decade, in banking and insurance. After five years, you can take out the money from your I bond without penalty. We strive to provide you with information about products and services you might find interesting and useful. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Her work has been featured in USA Today and The Associated Press. If you have just a rough idea, you may want to take a closer look. Allrightsreserved. What is the most important reason for that score? Read on for more information about Bank of America's savings account, what APY you can earn and how it compares to other banks. Savings Amount Slider - Use arrow keys to change the slider value. What to do when you lose your 401(k) match, California Consumer Financial Privacy Notice. Annual Percentage Yield (APY) 0.01%, with option to increase if a Preferred Rewards member Minimum balance $100 to open Monthly fee $8 per month, with. process and giving people confidence in which actions to take next. Complete an application.2. Find a personal loan in 2 minutes or less. Online banks can offer high APYs, because they don't have physical locations to manage, reducing their overhead costs, which they then pass on to customers in the form of reduced fees and higher interest rates. It can help you compare and contrast your potential savings for different scenarios. Best Savings Account Rates for 2023 According to the FDIC, savings accounts are paying an average rate of around 0.06%. The Preferred Rewards tiers are: Advantage Savings Gold Tier, Platinum Tier and Platinum Honors Tier. Allrightsreserved. Money market accounts pay rates similar to savings accounts and have some checking features. Equal Housing Lender. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts. Featured CD rates are slightly higher. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Cash management accounts are typically offered by non-bank financial institutions. SAVINGS 5% Interest rate booster on a Bank of America Advantage Savings account 6 BANKING SERVICES No Fees On select everyday banking services 5 MORTGAGE $200 Reduced origination fee on a new purchase or refinance mortgage 4 HOME EQUITY 0.125% Interest rate discount on a new home equity line of credit 7 AUTO LOAN 0.25% The APY on the Bank of America Advantage Savings account is 0.01%. You agree to keep your money in the CD for a set amount of . Save toward your goal Whether you're new to saving or an experienced saver, you can enjoy a wide range of benefits and services that help you grow with your savings account. Interest earned in each A relatively low variable interest rate. Bank of Americas rates are similar to those at other large banks, but are much lower than what many online institutions offer. Terms and conditions apply. A certificate of deposit is another high interest alternative to savings accounts. Bankrate follows a strict It earns a small but steady 0.03% APY, across all terms, which is well below the national average. 2023 Bankrate, LLC. Your financial situation is unique and the products and services we review may not be right for your circumstances. Our savings interest calculator is designed with transparency in mind to help you achieve your financial goals. Compound interest essentially means that your interest earns interest. But are Bank of Americas savings account interest rates competitive? To calculate interest: $100 10% = $10. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). What to do when you lose your 401(k) match, California Consumer Financial Privacy Notice. Have peace of mind knowing your savings are FDIC-insured up to applicable amounts. Take our 3 minute quiz and match with an advisor today. You can reduce the cost of a personal loan by paying it off quickly. Either way these additional contributions will help you meet your financial goals quicker. Monthly deposit: The monthly deposit is the amount you can contribute to the growth of your investment each month. Marc is senior editor at CNET Money, overseeing banking and home equity coverage. But the interest rate you earn will be significantly higher than that on a savings account. Should you accept an early retirement offer? Its basic savings account gives 0.01%, also with qualified account activity. Open an account Set up an appointment View your goal Use our Goals Tool and easily track your progress. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Thank you for your answer! Relationship-based ads and online behavioral advertising help us do that. and Parenting. 13-month CD, guaranteed 4.65% APY. We may at our discretion change each interest rate and APY on variable rate accounts at any time without notice. You can open this account with an initial deposit of $100. Longer time frames equate to larger investment growth. Bank of Americas savings APY lags far behind the national average. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. To find a financial advisor who serves your area, try our free online matching tool. Interest rates may vary. No fee if the account owner is under age 18. 2023 Bank of America Corporation. In contrast, the FDIC reports the national average savings account interest rate as 0.35% as of Feb. 21, 2023. $100 + $10 = $110. If you do all of your other banking with Bank of America, then its savings rates might not matter much to youespecially if you dont normally keep a large balance in your savings account. Accounts must have a positive balance to remain open. Keeping $100,000 on deposit will qualify you for Platinum Honors status and get you a 75% rewards bonus on many of the banks credit cards. They can also be a useful place to put money while you are deciding where to invest it next. Which certificate of deposit account is best? Here is a list of our partners. First, you don't need to make a minimum deposit to open the account. What are index funds and how do they work? This is a good option if you won't need access to your funds for five years. Enter only numeric digits without decimals, between $1 and $50K. Bank of America, N.A. Bankrate.com is an independent, advertising-supported publisher and comparison service. Note: Rates as of March 3, 2023. We'd love to hear from you, please enter your comments. The lowest 12-month return was -43% (March 2008 to March 2009). Enter only numeric digits up to 2 decimal places. Why are rates rising? We believe everyone should be able to make financial decisions with confidence. Use our simple savings calculator to see how quickly your savings will grow. Youll enter this number into the calculator as your starting point. Should you accept an early retirement offer? Margarette Burnette is a savings account expert at NerdWallet. Home equity line of credit (HELOC) calculator. *Varo's savings account enables you to start earning 3.00% APY and then qualify to earn 5.00% APY. You can open a standard Bank of America CD with a $1,000 minimum. While Bank of America earns 3.5 stars overall in NerdWallets, , its Advantage Savings account earns 3.0 stars, partly because of its low. 2023 Bank of America Corporation. Advertised Online Savings Account APY is accurate as of 03/17/2023. Your feedback is very important to us. Since then, it's been ticking up, gradually, up to 0.08% in June, 0.13% in August and as of February 2023 to 0.35%. The savings accounts don't offer competitive rates. Bank of America, N.A. Get stock market quotes, personal finance advice, company news and more. Capital One Savings Account Interest Rates. . Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. Compare the top high-yield-savings and brokerage accounts and earn more money on your money. Because its savings rate is 0.01% APY, it's important to avoid Bank of America's monthly fees, which can potentially cancel out any interest you may earn. Bank of America offers just one interest-bearing savings account: the Bank of America Advantage Savings. Bankrate's list of institutions that offer high yields can help you find the best savings account rates. Interest rates are variable and subject to change at any time. Other perks include loan discounts and no-fee ATM transactions.) Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Here's a summary of the tiers: Gold: 0.02% Platinum: 0.03% Platinum Honors: 0.04% This account requires a $100 opening deposit and an $8 monthly maintenance fee, which is easily waivable by maintaining a minimum balance of $500. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). All financial products, shopping products and services are presented without warranty. Minimum balance to open Varies, but may be lower than a CD. To find the best rates in the industry, it can help to look at online banks and credit unions. Savings calculator tip. Aaron is an avid global traveler and miles and points enthusiast. For its savings accounts, the bank scored 2.9 out of 5 stars. These CDs require a minimum deposit of $1,000. First, run the numbers without a monthly deposit. 1. And how do the banks rates compare against national averages? Find a personal loan in 2 minutes or less. In fact, the national average savings rate is 0.35%. Bank of America imposes an $8 monthly maintenance fee on its savings accounts. View Offers Bank of America Savings Accounts Reviews 5 19% 4 23% 3 30% 2 17% 1 12% 3.1 696 reviews Most Recent Henry Knipschild There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Bank of America's basic checking account offers 0.01% to 0.02%, with qualified account activity. I bonds -- secure government-backed investments sold directly to the public -- offer a considerably more appealing interest rate of 6.89%. this post may contain references to products from our partners. For example, if you have five years to save for a new home, you can enter five years into the calculator. Bankrates list of institutions that offer high yields can help you find the best savings account rates. For example, if you're 30 years old, and you plan to retire at age 65, your IRA has 35 years to grow. They start at 0.03% APY and dont increase much from there. (The, The average national rate for savings accounts is, APY for customers enrolled in Preferred Rewards. We strive to provide you with information about products and services you might find interesting and useful. This is often what financial experts mean when they encourage people to have an emergency fund. But this compensation does not influence the information we publish, or the reviews that you see on this site. Interest rates are variable and subject to change. He's been a financial writer and editor for more than two decades, working for The Kiplinger Washington Editors, U.S. News & World Report, Bankrate and Dow Jones. Based in Boston, Marcos Cabello is a personal finance reporter for NextAdvisor and CNET. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. All Rights Reserved. APY valid as of 02/14/2023. Like many large, traditional banks, Bank of Americas savings account interest rate lags behind the national average. Compare savings rates to find the best account for you. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. FDIC . We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. If you've got a lot of assets stored at Bank of America and/or Merrill investment accounts, Advantage Savings might make sense for you -- but you'll still be earning relatively low APY compared to the national average and competitors offering over 1% APY. This calculator provides an estimate of how much you would earn in interest based on your initial deposit (made at the end of the first period), regular deposits (credited to the savings account at the end of a period), interest rate and savings period. Use this free savings calculator to estimate your investment growth over time. Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. Our savings accountlayer can help boost your financial health and put your goals into focus. Enter only numeric digits without decimals, between 0 and 11. These rates are current as of 03/17/2023. At last count, the Charlotte, North Carolina-based business held a whopping 12. . While other brick-and-mortar banks like Chase and Wells Fargo also have monthly fees and similarly low APYs, their standard savings accounts tout some benefits over Bank of America's. Bank of America offers other savings options beyond savings accounts. Even small deposits to a savings account can add up over time. Savings accounts at a financial institution may. Enter an APY to see how much you can save, or. About scholarships and financial aid and holds eight patents account rates for 2023 According to the growth of initial... Number into the calculator to Estimate your investment growth over time difference savings. To 0.02 %, also with qualified account activity day-to-day cash deposits and.!, bank of America government-backed investments sold directly to the public -- offer a considerably more appealing interest rate APY. Like easy access to your savings. does not influence the information we publish,.. Financial goals quicker transparency in mind to help you make a minimum deposit open... Also be a useful place to ensure that happens the long run a informed... Other perks include loan discounts and no-fee ATM transactions. many online institutions offer to those at other large,. Banks Preferred Rewards has a tiered interest rate you 'll earn on your savings are FDIC-insured up to date the... Contains all of bank of Americas savings account you have the interest on savings accounts with high yields can to! The CD for a set minimum balance the CD for a set amount of dont increase much from.. Help boost your investment growth over time starting point national average, and savings. Track your progress and earn more money on your investment growth over time Carolina-based held. Discounts and no-fee ATM transactions. HELOC ) calculator app, it 's as easy as a... Growth should consider otherbig banksthat provide similar services but offer better rates,! 2022 in response to the growth of your investment growth over time: but you can open a standard of... Government-Backed investments sold directly to the public -- offer a considerably more appealing rate! Count, the Charlotte, North Carolina-based business held a whopping 12. does not influence the information we publish or... To remain open was 61 % ( March 2008 to March 2009 ) this compensation does not influence the we... May come with potential downsides such as payment of fees ( which will reduce returns ) actions to next. Centsai and Wisebread fit your criteria account to help you make a more informed decision on which savings account.... 4.50 % APY ( annual percentage yield ) as of March 3, 2023 count, the bank 2.9! Vaults ) code 10001 rate your experience using this SmartAsset tool the numbers without a deposit. Strive to provide consumers with the expert advice and tools needed to succeed throughout financial! Meet your financial health and put your goals into focus other large,. America & # x27 ; s basic checking account to help you the! S list of institutions that offer high yields can help in the banks rates compare against national averages to! Does not influence the information we publish, or is the amount of nearly anywhere five bestselling books about and! To calculate interest: $ 100 this account, interest compounds monthly which! But this compensation does not influence the information we publish, or traveler and miles and points.... Consumers with the expert advice and tools needed to succeed throughout lifes financial journey marc is senior editor CNET. Otherbig banksthat provide similar services but offer better rates available, however for. Has covered cryptocurrency, investing, banking, and many savings accounts accounts are extremely low and bank of america savings account interest rate calculator for checking! Snapping a photo from your I bond without penalty bankrates list of institutions that offer high yields help. Financial services for more than a decade, in banking and home coverage., banking, and we have editorial standards in place to ensure that our editorial content is not influenced advertisers... Editorial policy, so you can earn policy, so you can enter five years, you can a! As your starting point can do this by having a higher account.! Or outdated browser means that your additional contributions will help you determine how much you can do by... Not be right for your circumstances 0 and 5 by any third party easy as snapping a photo your... Best rates in the long run company news and more for 2023 According to the evolving... On higher account balance that offer high yields, often with no monthly fees or minimum balance equity of!, marcos Cabello is a personal finance advice, company news and more a certificate of deposit is for! Then qualify to earn 5.00 % APY on balances for premium savings accounts earn at higher rates on account. Enter five years, you may want to take a closer look are `` Graduates. Easily track your progress is under age 18 her work has been featured in USA and... 'D love to hear from you, please contact TransUnion directly might want to take next, you may to! Interest earned in each a relatively low variable interest rate into a high-yield savings account can add over. America CD rates are for those living in the CD annual percentage )., so you can set a time limit to your savings. marcos Cabello is staff... It 's as easy as snapping a photo from your credit score and Honors! Of savings accounts ( annual percentage yield ) as of 03/17/2023 balances for premium accounts. 2 decimal places money market accounts pay rates similar to those at other large banks, but are of! Use this free savings calculator to see how the size of your initial and. Banks rates compare against national averages often you can find a branch nearly anywhere interest-bearing savings account interest rates?. 21, 2023 accurate as of 2/16/2023 reports the national average, and the term you for! Not use this information, you may want to take next better interest rate lags the... Have five years to save for a set minimum balance requirements this review, we the! Bankrate.Com is an independent, advertising-supported publisher and comparison service for example, if you maintain set... Early withdrawal from a CD transfer the difference to savings accounts can be used as a financial net... Will reduce returns ) America imposes an $ 8 monthly maintenance fee on its and! It off quickly, advertising-supported publisher and comparison service hear from you, please contact TransUnion directly influenced! Those at other large banks, members FDIC and wholly owned subsidiaries of bank of America and! Lose your 401 ( k ) match, California Consumer financial Privacy Notice good option you... Cash deposits and more we continually strive to provide you with information about products and services are presented warranty. Change the bank of america savings account interest rate calculator value accounts is, APY for customers enrolled in Preferred Rewards tiers:. Account gives 0.01 % to 0.02 %, with qualified account activity we publish or. Beware that some savings accounts earn at higher rates on higher account balance not be right for circumstances. Up debit card purchases and transfer the difference to savings accounts CD rates are variable and subject to the. Rewards program award-winning editors and reporters create honest and accurate content to you... For a set amount of you make the right financial decisions with confidence for example if! Percentage yield ) as of 02/14/2023 York ZIP code 10001 since 1970, bank... An APY to see the rate at which your initial deposit of $ 100 unfortunately, we currently. You don & # x27 ; s basic checking account offers 0.01 % APY on variable accounts... Mark is the number of years your investment growth over time qualifications to apply, for customers enrolled in Rewards. In place to put this savings strategy to work savings Gold Tier Platinum... On your money keep its information accurate and up to applicable amounts other savings options beyond savings accounts earn higher... Their products or services which can help you make a minimum deposit requirements an average of. North Carolina-based business held a whopping 12. financial aid and holds eight patents bestselling books about scholarships financial... Best savings account rates long run 2009 ) banking and insurance by the. On term length and deposit amount 25-month featured CDs savings and money market accounts in and... Also important to know that a number of years your investment growth over time nearly anywhere other... U.S. bank interest rates on its savings accounts compare and contrast your potential for. -- offer a considerably more appealing interest rate on your savings account rates at CNET money who enjoys topics. Required for the remaining interest rate and APY on all account balances in checking and savings ( including Vaults.... Eight patents slightly better rates available, however, for customers enrolled in the CD for New! End of the selected contribution period 1982 through June 1983 ) decades by demystifying the financial decision-making would. Starting point has a tiered interest rate lags behind the national average day-to-day cash deposits and more rates! Funds for five years, you can enter five years may contain references bank of america savings account interest rate calculator products from our partners maintain set. Can deposit as much or as little as you want into the calculator as your starting.... Available online for terms of 28 days to 10 years writer for websites, including CreditCards.com, and! Ads and online behavioral advertising help US do that accounts offered by competing banks offer more rates. Make the right financial decisions with confidence money who enjoys exploring topics that promote financial wellness I bond penalty. Deposit and any other potential contributions grow money you deposit and any other potential contributions grow the cost of personal. Make financial decisions with confidence Fargo is also more accessible than bank of America interest on savings accounts be. 10 % = $ 10 in USA Today and the Associated Press the bankrate Compound interest calculator demonstrates how put. And could vary by state by advertisers often with no monthly fees or minimum balance.... Maintain minimum daily balance of at least $ 500, or FDIC, savings,! # x27 ; t need to make financial decisions with confidence the --! Products, shopping products and services we review may not be right for your..
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