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Checking
Savings
CDs/IRAs

What are you saving for?
We can help.

A Bank of America Advantage Savings account, with access to simple, easy-to-use features, is designed to help you save towards your goals.

Open a savings account

Ways to waive the monthly maintenance fee

Open a Bank of America Advantage Savings account with us, and we’ll waive the $8 monthly maintenance fee for the first 6 months.¹ After that, we'll continue to waive the monthly maintenance fee each statement cycle when you meet one of the following:

You maintain a $500 minimum daily balance
You ask us to link your savings account to an eligible checking account (first four savings accounts)
You are enrolled in Preferred Rewards²
An owner of this account is under the age of 25³

Open a savings account

See the Personal Schedule of Fees for details.

Here’s how you can start saving toward your goals:

Step 1 — Create a Life Plan

Set short- and long-term financial goals and get personalized guidance when you need it with a Bank of America Life Plan®.⁴

Step 2 — Track your spending

Try out the Spending & Budgeting Tool⁵ to help you manage your money with interactive category-specific charts.

Step 3 — Set a time table

Use the Short-Term Savings Calculator to see how long it takes to save for the things you need or want.

mother and child looking at a piggy bank

Ways to Save

Start saving today with these simple tools:

Keep the Change®⁶

We'll round up your purchases to the nearest dollar amount, then transfer the difference from your checking to the enrolled savings account.
Automatic Transfers

Schedule recurring transfers from your checking to your savings account, in the amount and at the frequency you choose.
Split Direct Deposits

Automatically send a portion of your paycheck into savings.
BankAmeriDeals®⁷

When you use your eligible Bank of America debit or credit card, you can earn cash back on the deals you choose that can be credited into your savings account.

See an example of how you can add money to your savings when you use these features, check it out >

Earn rewards to help you save even more

savings plus bank of america preferred rewards equals more savings

Rewards built around you

Enjoy more benefits on your everyday banking with the Bank of America Preferred Rewards® program.²

Learn more about Preferred Rewards

Help stay on track with Better Money Habits®

Whether you're just starting out, saving to buy a home or preparing for retirement, Better Money Habits has a wide range of tips and tools you can use — at no cost to you.

Learn more

All Bank of America savings accounts, CDs and IRAs are FDIC insured up to applicable limits.

1

For new Bank of America Advantage Savings accounts, we will waive the monthly maintenance fee for six months from account opening. This waiver does not apply if your account has been converted or changed to a Bank of America Advantage Savings account.

2

Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

a three-month combined average daily balance in your qualifying deposit and investment accounts, or
a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.

Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank of America Private Bank clients qualify to enroll in the Diamond Tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill and Private Bank balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or refer to the Bank of America intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to CEBI Program for details.

3

When you add an owner under the age of 25 to an existing account, it may take 3 business days before your account meets the requirement to have the monthly maintenance fee waived. Fiduciary accounts, including trust and estate accounts, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee. Additionally, accounts do not qualify for the under the age of 25 requirement to waive the monthly fee based on the age of the Payable on Death beneficiary. Please refer to the Personal Schedule of Fees for more information.

4

To be eligible for Bank of America Life Plan, a client must have a Bank of America consumer banking relationship (checking, savings, or credit card account) and be digitally active on the Bank of America website or mobile app. Merrill clients with a Merrill Edge Self-Directed, Merrill Edge Advisory Account, Merrill Guided Investing, or Merrill Guided Investing with Advisor account, who also have a Bank of America consumer banking relationship and are digitally active on the Bank of America website or mobile app, are also eligible; however, clients of Merrill Lynch Wealth Management or Bank of America Private Bank are not eligible, and should instead seek advice and guidance from their assigned advisor.

5

The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account.

6

Upon enrollment, we will round up your Mastercard® or Visa® debit card purchases to the nearest dollar and transfer the difference from your checking account to the enrolled savings account. It is your responsibility to maintain your ownership of the checking and savings accounts enrolled in Keep the Change. At our discretion, we may cancel or modify the Keep the Change service at any time for any reason. Keep the Change is not available for Small Business debit cards.

7

You must be enrolled in Online Banking or Mobile Banking to participate in the BankAmeriDeals® program and have either an eligible Bank of America® debit or credit card or Merrill credit card. Earned cash back will be credited into an eligible consumer deposit or credit account within 30 days following redemption. Data connection required. Wireless carrier fees may apply.

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What are you saving for? We can help.

Ways to waive the monthly maintenance fee

Here’s how you can start saving toward your goals:

Step 1 — Create a Life Plan

Step 2 — Track your spending

Step 3 — Set a time table

Ways to Save

Keep the Change®6

Automatic Transfers

Split Direct Deposits

BankAmeriDeals®7

Earn rewards to help you save even more

Rewards built around you

Help stay on track with Better Money Habits®

What are you saving for?
We can help.

Keep the Change®⁶

BankAmeriDeals®⁷