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Bank of America: High-Yield Savings (2026)

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Alex Parker, CFA

Senior Banking Editor

October 28th, 2026

Bank of America High-Yield Savings Ratings Breakdown

Overall 7.3 / 10

Overall composite rating across rates, fees, service, digital banking, and rewards.

Interest Rates & APY 6.0 / 10

The base APY of 0.01% is among the lowest in the industry, significantly lagging behind online high-yield competitors even with Preferred Rewards tier boosts.

Fees & Minimums 10.0 / 10

While the $8 monthly fee can be waived with a minimum daily balance of $500, modern high-yield accounts rarely impose maintenance fees or minimum balance requirements at all.

Customer Service 7.5 / 10

Customers benefit from extensive phone support and thousands of physical branches nationwide, though retail banking wait times can occasionally be frustrating.

Mobile App & Digital Banking 9.2 / 10

The mobile app is an industry standard, featuring seamless transfers, robust budgeting tools, and the highly functional AI virtual assistant, Erica.

Rewards & Perks 6.8 / 10

The Preferred Rewards program provides meaningful rate boosters and fee waivers, but the benefits only become attractive if you maintain substantial combined balances across Merrill and Bank of America.

When evaluating Bank of America for High-Yield Savings, our financial analysts examined interest rates, annual and monthly fees, customer satisfaction scores, and digital banking tools.

Bank of America is one of the world's largest financial institutions, serving approximately 68 million consumer and small business clients with 3,800 retail financial centers and 15,000 ATMs. Its standout Preferred Rewards program boosts credit card cashback bonuses by 25% to 75% and reduces mortgage origination fees for clients who maintain qualifying balances across Bank of America and Merrill investment accounts.