Bank of America Online Savings Account Rates

Bank of America burst onto the financial scene and seems to have been rising to the top ever since. They hold a little over 12% of all deposits in the United States, which makes it the largest bank by assets in the country.

And not only that but they hold a business relationship with over 95% of the companies on the Fortune 500 list, and just about 85% of the Global Fortune 500. This makes Bank of America quite a powerhouse in the banking world, which makes them a popular choice when choosing online savings account rates.

The current annual percentage yield for their online savings account is currently at 0.10%. This is on par with many other banks regular savings accounts and is becoming a more common rate for the online savings accounts as well. You can open the account with a minimum deposit of $25 and there is no minimum balance to earn interest for the account.

However, it is important to note that if you have less than $300 in the account then you will incur fees until you have $300 in the account. You will still earn interest on that amount but there will be a fee involved.

A great perk with the Bank of America online savings account rates is that you are not charged for making withdrawals to your account. Most other banks do charge for withdrawals, and Bank of America does as well for excessive withdrawals. But you start out each month getting three withdrawals that will not get charged a fee.

However, this is not the case if your balance is over $2,500, then you get any amount of withdrawals for free. You will have access to your account with any number of ATMs across the country as well as getting a monthly statement.

Also, you have the ability to set up monthly deposits to your online savings account in whatever amount you choose. And always keep in mind that will not prevent you from making additional deposits whenever you wish but if you are forgetful they can automatically do it for you.