Bank of America Savings Account Interest Rates

Find out how much interest you earn with a Bank of America Savings Account. Make the most of your money with Juno’s High Yield Checking.

Bank of America Savings Account Interest Rates

Updated: 28th September 2021

Bank of America Advantage Savings Interest Rate


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Bank of America Savings Account Fees & Charges
Ever seen mystery charges on your bank statements but don’t know where they came from? Here’s a breakdown of all the bank fees and charges associated with your Bank of America account
What Is an Interest Rate?
Interest is the fee charged when money is lent out to a borrower. Interest rate is the percentage of the total borrowed amount at which the fee is determined.
When you deposit your money in an account, you are lending funds to the bank to finance its operations. Hence, they must pay you interest on the deposited balance.
Simple vs Compound Interest
The interest you earn on your checking or savings account deposit can either be simple or compounded.
Simple Interest
Simple interest is calculated only on the original deposit. You earn interest only on the principal.
Compound Interest
Compound interest is calculated on the initial deposit, plus all accumulated interest. Think of it as earning interest on interest.
The Power of Compounding
Interest is a powerful tool in the world of personal finance. Once you master sound financial habits like budgeting, frequent contributions into a high yield account can create tremendous long-term wealth.
The snowball effect of compounding means that the more interest that is added to your balance, the faster your savings grows, even if the amount is too small to seem important.
APY vs Interest Rate Explained
APY, or Annual Percentage Yield, is the effective rate of return on a deposit after you account for compounding. Interest Rates do not account for daily, weekly, or monthly compounding and so the real yield you earn on a deposit, or APY, maybe slightly higher than the advertised Interest Rate.
Is Interest Income Taxed?
Yes, interest earned on a checking or savings account deposit is considered as income and is taxable under the regular brackets.
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