Overview of Bank of America regular savings account

So you want to open an on line savings account and you already have some experience with Bank of America. With as little as $25, you can get started. They offer free online banking and your money is FDIC insured. To avoid any monthly fees, you will need to set up an automatic monthly transfer of at least $25 from your Bank of America checking account and you are all set. Maybe you have had a difficult time in the past, putting money away for that rainy day. Here you will not get the high interest savings rate; however, you are obligated to deposit money regularly.  Over time, your little nest egg will grow. The down side of your online bank account being linked to your savings account is that you can easily transfer money from your savings to checking, thereby defeating the accumulation that could happen with the automatic withdrawal program.

So, in a Nut Shell:

Who is Bank of America for?

• You’re opening your first savings account
• You want to consistently save money for unexpected expenses or a special purchases (vacation, holiday gifts)

Standard Regular Savings account features

• Open a savings account with as little as $25
• Free Online Banking service
• FDIC insured to the maximum amount allowed by law
• Avoid monthly maintenance fee with an automatic monthly transfer of $25 or more from your Bank of America checking account.

Flexible savings account options

• Transfer money from your savings account to your checking account easily, or vice versa
• Monthly statement if you use an ATM or have transfers or a combined statement.
• Easy access at any Bank of America ATM and Banking Center

Bank of America Fees

The fees that can be avoided, if you are savvy, would be the monthly service fee and over the withdrawal limit fee. Once your Bank of America online savings account balance reaches $300, you may discontinue the automatic withdrawal from your checking account. The obligation is that you keep at least $300 in the account, ALWAYS. Discontinuing the automatic monthly withdrawal and dropping below$300 in your online savings account will result in a monthly service fee of $5. If you make more than 3 check or debit card withdrawals within the month, you will be charged $2.50 for each withdrawal over 3. If you use pre-authorize transfers, like bill pay, you may add 3 of these each month without being hit with the withdrawal limit fee.

Summary Bank Of America Savings Account

Overall, a regular Bank of America savings account, at .05% APY, is not offering the highest interest rate available. Bank of America has nearly 6000 banking centers across the nation and 30,000 ATMs across the globe. So, access is very convenient. You, being the savvy investor, should research all your options and find what best suits your needs.If you are a long time customer of Bank of America and you can’t see yourself going else where, maybe review our posts on Bank of America money market accounts and Bank of America CDs.

You can compare savings interest rates on our website. If you decide that a traditional savings account does not fit well with your financial goals, please  see Bank Truth’s pages describing the pros and cons of CD accounts and money market accounts.

If you would like to learn more about other products offered by Bank of America, please follow the link to our detailed review.