Bank of America Savings Account Interest Rates | Bankrate (2024)
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As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions offer high-interest checking accounts: Landmark Credit Union Premium Checking with a 7.50% APY and OnPath Credit Union High Yield Checking with a 7.00% APY.
AU Small Finance Bank offers interest up to 7 percent on savings accounts, Equitas Small Finance Bank offers 7% interest in saving account for balances above Rs 5 lakh and up to Rs 50 crores.
Bank of America has a large network of in-person branches. Unlike online banks that have lower overhead, Bank of America has a lot of expenses to cover. The high cost of running an organization so large likely impacts the interest rates that Bank of America is able and willing to offer its customers.
Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY. The credit union's membership eligibility requirements are limited to people who live or work in San Diego or Riverside counties.
Bank of America's savings account offers rates between 0.01% and 0.04%, far below the national average. Unlike many other savings accounts, which don't require a minimum deposit and are fee-free, Bank of America requires both.
While the top high-yield savings accounts offer rates of 4% and higher, the Bank of America Advantage Savings account's standard APY is an abysmal 0.01%. Preferred Rewards members can earn slightly higher APYs, but even the highest rate is roughly one-tenth the national savings account average APY of 0.46%.
An Employee Money Market Savings account is FDIC-insured (up to applicable limits) and features tiered interest rates—so you earn more as your balance grows. Your account comes with these money-saving features: Exclusive national savings rate when combined with a Bank of America checking accountFootnote.
Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.
The highest Bank of America CD rate is a 5.00% APY, which is for its 13 months featured term. The bank's one-year flexible CD offers a competitive rate and penalty-free withdrawals. The 13-month featured CD guarantees a 4.00% APY.
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