Additional information of Advantage Savings Account
The first thing that we are going to reveal to you about the Advantage Savings account is its interest granting system. For any balance, you get an APY of 0.01%. This changes if you are a member of the Preferred Rewards program:
- Gold. 0.02% APY
- Platinum. 0.03% APY
- Platinum Honors. Diamond and Diamond Honors. 0.04% APY
This banking product includes a monthly administration fee that you can avoid by choosing between several options. You have the possibility of linking your Advantage Savings account with the Advantage Relationship Banking account, being a VIP client (Preferred Rewards), maintaining a balance of $500 each cycle or being a student (under 24 years of age).
Also, account holders under 18 years of age are exempt from paying the $8 monthly fee.
Regarding the availability of funds, savings accounts are limited to a certain amount of operations. In this case, you have up to 6 transfers or withdrawals that you can make during each month.
For each additional transaction, they charge you a commission of $10. If you incur this penalty frequently, the bank could transfer you to a checking account.
When we say that this savings instrument is adapted to technology, it is not for simple promotion. Bank of America is one of the largest institutions in the country and has one of the most reliable systems.
This includes FDIC coverage up to $250,000, automatic transfers, mobile check deposit, overdraft protection and personalized alerts.
To open the Bank of America Advantage Savings account and get all its advantages, you only need a $100 initial deposit. In addition, it offers you cashback with various promotions and helps you save more with the Keep the change program, which rounds up your payments.
There are many savings accounts and most of them with good benefits. If you want to compare them, the Busconómico website gives you the information you need.
Versión en español: Cuenta Advantage Savings