Bank of America has low interest Savings Account
To me, it seems that Bank of America offers low interest savings accounts. Compared to other banks like HSBC, Ally, and a few other banks, BofA’s deal on a savings account does not look enticing at all. If anyone can show me otherwise, I would like to see it. It could be that I am overlooking something on their website, but I do not see much of an offering from them with their interest rate on savings accounts.
Here is what I found on Bank of America’s website:
Growth Cash Maximizer† |
|||||
| Standard | With Bonus Rate | ||||
| Rate | APY† | Rate | APY† | ||
| Less than $5,000 | 0.15 | 0.15 | 0.40 | 0.40 | |
| $5,000 - $9,999 | 0.15 | 0.15 | 0.40 | 0.40 | |
| $10,000 - $24,999 | 0.35 | 0.35 | 0.60 | 0.60 | |
| $25,000 - $49,999 | 0.45 | 0.45 | 0.70 | 0.70 | |
| $50,000 - $99,999 | 0.50 | 0.50 | 0.75 | 0.75 | |
| $100,000 - $499,999 | 0.50 | 0.50 | 0.75 | 0.75 | |
| $500,000 - $2,499,999 | 0.50 | 0.50 | 0.75 | 0.75 | |
| $2,500,000 and over | 0.50 | 0.50 | 0.75 | 0.75 | |
Now, to me that looks like crap. I can find a handful of banks out there that will be offering a lot more interest than what you see above. That lack of interest that they offer on their accounts could be one reason why you do not really see them pushing their saving account products to anyone. If you are looking to open a savings account that will earn you some decent interest, the last place you should be looking is Bank of America.
