Bank of America Savings Account Interest Rate
Bofa savings account interest rate will differ depending on the type of savings account you have with the bank. For instance, the interest is compounded and paid on monthly basis in a Regular Savings Account. In this savings account, an interest rate of 0.05% and an APY of 0.05% are offered for all balances. Different interest rates are also made available for the various terms of Growth Money Market Savings Accounts by Bank of America. Money market account savings ranging from $10,000.00 to $24,999.99 could help you earn a profitable rate of 0.35% APY.
Bank of America offers no fee withdrawal for the first three months with a regular savings account. However, $3 per withdrawal will be charged if the minimum balance is less than $2,500 after the third month. Bank of America also offers student savings account for those student who want to start saving with limited funds. This student savings account is FDIC insured and you can open it with a minimum opening deposit of $100. With this account, one gets access to over 18,000 Bofa ATMs and more than 5,800 banking centers.
On the other hand, the bank offers Custodial/UTMA Savings Account designed specially for youth. This account has fast and easy application procedure that takes just few minutes. You can also use the online application process to open a savings, checking or CD account. Custodial savings accounts are for kids who are under the age of 18 or 21 years. Bank of America sometimes provides offer code in terms of bonus while opening new checking and savings account. There are also certain transfer and withdrawal limit which the customers are required to be careful of. To find further details on Bank of America Savings account calculator, routing number and debit, log on to the website of the bank.