Bank of America Savings Account
Authority: Within origins back to 1904, Bank of America N.A or commonly abbreviated as BOFA is a major bank in the U.S. It has as at 2012 according to the FDIC, approximately 6000 branches across the country in 36 US states. The top 4 branches by quantity include California (964), Florida (642), Texas(452), New York (396) and New Jersey (347). Bank of America is a member bank of the Federal Deposit Insurance Corporation.
How to open a US Bank of America Savings Account:
- You can visit the BOFA website at www.bankofamerica.com or also available abbreviated at www.bofa.com and apply through a online savings application where you can select the account of preference. Note that each state may differ in account options.
- The website also offers opportunity to chat with a representative through a web chat for assistance in opening up an account.
- You can use find your nearest branch location Bank of America from the bank website where you can visit a physical branch and open this savings account type possibly with assistance from branch staff.
- You contact the BofA/Bank of America customer service on 1 800 622 8731 to assist you in the process to open an account by telephone or answer questions regarding opening an account.
What are the requirements to be completed for the online application on the Bank of America website:
BofA requests the following information which may or may not be subject to changes, these include: select the account type selection, U.S citizenship status, first and last name, residence street address, city, state, zip code, primary phone number, e-mail address, social security number, date of birth, source of income and occupation type.
Information on Bank of America Savings Interest Rates:
Like other banks around the country, Bank of America provides savings account options in their suite of banking products. Depending on the savings account type chosen it may provide a different level of return. Some account types may indicate a tiered balance structure with corresponding rates for certain balances while other accounts may include an interest rate of all balances. However unlike CD rates which are upfront fixed, savings interest rates can be subject to change at notice by the bank. Importantly savings accounts are not totally risk free, because sometimes the interest rate provided may be low enough that it will not keep up with inflation and loss of purchasing power over time. Similar to other banks, the rate it offers to its consumers may depend on the "fed fund rate" set by the Federal Reserve, liquidity and cost of funding requirements, regulation as well as competition.
The interest rate indicated is for the 'regular savings account' product. The rate is for all balances. The Monthly service charge may require a minimum balance to not incur a charge.
The rate of 0.01% is 0.15% lower than the average 0.16%. Also it is 0.98 % lower than the highest rate. Updated Jun, 2015