Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
Assigning Editor Alice HolbrookAlice Holbrook is a former editor of homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked on NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan.
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MORE LIKE THIS Checking Accounts Savings Accounts Banking MORE LIKE THIS Checking Accounts Savings Accounts Banking
Rewards Savings Account" />
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Read reviewYou can open a bank account at Bank of America at a branch, over the phone, on your desktop computer or on a mobile device.
Whichever way you decide, you’ll want to follow these four steps.
The national bank offers three main options for checking and one for savings.
Bank of America Advantage SafeBalance Banking®. This account is for someone who keeps a low balance and doesn’t need checks. Eligible students under age 24 can avoid the monthly fee.
Bank of America Advantage Plus Banking®. This is the standard checking option with four ways to avoid the monthly fee, including receiving direct deposits. Paper checks are available for a fee. This account has overdraft programs that help you cover transactions if you don’t have enough money in checking. (Compare overdraft fees by bank .)
Bank of America Advantage Relationship Banking®. This account is for customers who keep high balances and, unlike the other two accounts, offers some interest. Overdraft programs and checks are available.
» See more details on our Bank of America review
Bank of America Advantage Savings. The interest rate is low and the monthly fee is high for a savings account, though there are multiple ways to waive it.
You don’t have to open both checking and savings at the same bank. If you’re looking for high rates, compare Bank of America’s savings option with those at online banks:
Bank of America Advantage Savings
Marcus by Goldman Sachs Online Savings Account
American Express® High Yield Savings Account
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
With $0 min. balance for APY
With $0 min. balance for APY
With $0 min. balance for APY
Certificates of deposit and kids savings accounts are available. CD terms range from 28 days to 10 years, but rates are low.
» Want better CD options? Check out NerdWallet’s best CD rates for this month
Here are things you’ll need.
Social Security number or Tax Identification Number. Current home address. Email address. Funding method (account number or debit card number for existing account, or cash or check). Same information for any joint account holder.Your identification: This isn’t part of the online-opening process, but if you open an account at a bank branch, you’ll need two forms of ID, which can include a driver’s license, passport or state ID.
You can do this through Bank of America’s website on a computer or mobile device, over the phone or at a branch. If you’re missing some materials and can’t complete an application online, visit the nearest Bank of America branch.
Rewards Savings Account" />
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Read reviewSet up a transfer from your existing checking or savings account, or you can pay with cash, a debit card, money order or check at a local branch. The minimum opening deposit for many Bank of America accounts is $100. Standard Term CDs require $1,000.
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Learn MoreEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 08/20/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
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Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times. See full bio.
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