The Bank of America savings account was easy to sign up for online. It only took a couple of minutes. I liked that you can sign up and easily transfer money from your checking account to your savings account. This helps a lot of if your checking account balance is low. You can transfer money from your savings account to your checking to avoid any over draft fees. There are also settings on the online banking site that allow you to have the bank send a notice when your balance is getting low. This helps avoid fees as well. You can also transfer money to other Bank of America users. I have a college age student. When she needs money, I just go online and transfer money to her account. The savings account helps me keep her up to date as well.
I've had the Money Market Savings account for about 3 years now and I can't stress how much I love it compared to my other savings accounts. Bank of America has been my go to bank as far as savings go because the minimum requirements to maintain the account are probably the best in the industry, With my Credit Union, the only way you can even apply for a money market savings account is if you meet a ridiculous balance. Sure, the interest rate is a little higher, but I like that with Bank of America you have other options that keeps your savings account free such as having a mortgage or maintaining a reasonable balance between numerous accounts.
I signed up for a Bank of America savings account after seeing a commercial for the Keep the Change program and the promotion for a 100 % match by BofA for the first three months (it is a 5 percent match after the promotion ends). The promotion matched up to $250. Who could pass that up? What the program does is round up your debit card purchases to the next dollar, and the excess amount goes into savings (for example, from a $5.10 purchase, $6 will be deducted from checking and $.90 will go into your savings account.
What I did to make sure to reach my match is to go grocery shopping late at night, when there are no crowds, and use the self-checkout to ring items separately or in pairs to make sure that I reached the $250 match. I think I ended up around $230, which was great and kept me as a Bank of America customer. I also really like how you can customize alerts, such as if a deposit has come through or if the amount has dipped below an amount that you can preset. I have a BofA checking account too and transfer $25 from checking to savings every month, which means there is no fee for the savings account. Great all around deal.
I have been a Bank of America customer for years, I have the checking account and the savings account. It is simple enough to transfer money from my checking to my savings which is great but the interest I am accruing is very very minor and Bank of America has a lot of rules. Your balance must always be above $300 or you get a monthly fine, and you may not withdraw from your savings more that 3 times in a statement period or you will get a fine. I am sure there are others I have just never come across yet.
The Bank of America Savings account is ok. They charge the normal fees that banks charge, and have a low interest rate. I have never had a problem with their customer service in the branches, but I rarely call their 800 number because I don't like to wait on hold which is typical. Other than that, I would recommend the account because they are a national company with branches everywhere you go, which is easy if you travel a lot like my family does.
Product: Bank of America Savings & CDs
George Guerrero @theharlotfelon
5 Star Rating
What can I say about my BoA savings account? Well I just love it. It's very helpful and convenient for saving money with no real downside. I am allowed free transfers from my Checking to my Savings account and I can even do a transfer right on my phone in just a few seconds. I know that having a BoA Savings account is what will lead me to reach my financial goals.
I have been a customer for five years and their service is really great. The best part about the account is that when you meet a minimum balance requirement the fees are waived which is a great thing for someone trying to save some money. The only discouraging part about the account is that their interest rates are quite low compared to other banks which means your yield is relatively low.
I was toying with the idea of opening up a savings account a couple of months ago, and I decided to recently open up one. The process was really easy. I was able to open up the savings account from my phone, which is very convenient. The biggest annoyance about my savings account is the five dollar monthly fee. The fee can be waived if you maintain a daily $300 balance. The whole point of having a savings account is to save money, so I don’t know why you need to pay to save your money. I’m not that good at saving my money, so I felt sticking it in the bank, would be a better decision for me in the long run! I just keep my balance above $300. I just have the basic savings account for right now and I use it for saving money for my trip to South East Asia next year. My next goal is to open an interest bearing checking account and BOA has some good options for those. I’m very happy with BOA for my personal banking and my savings account. The only thing that I find annoying is their fees for maintaining accounts with them. They have great customer service, and when I went into make a deposit the next time, a representative even chatted with me about my savings account. She touched base with some options that I had. It was nice to know that representatives are aware of the changes or things that you’re adding to your account as a customer. My savings account is can also be used as an overdraft protection for my main account. That is a nice perk! And I have access to my balance online and through my phone app, 24/7.
Product: Bank of America Savings & CDs
Gracie Impano @gracieimpano
5 Star Rating
I start using a regular savings account from Bank of America in 2008 and have been very happy with the experience. I always find help whenever I need it and this savings account has been my solution for planning financially for my long-term projects, saving for my needs, and of course sometimes using it to top up my checking account when it's running low.
I have had this regular savings account at Bank of America since 2007. I've never had any acute problems with it; I've never been charged any fees or anything like that. My biggest issue has been the declining interest rate alongside increasing restrictions. I'm not sure the exact rates, but my interest rate definitely used to be higher. Now, for my more than $10,000 balance, I'm getting like 8-9 cents interest per month. As well, when I opened the account, you could withdraw 6 times per month without a penalty, which is now down to just three. On the other hand, this does provided a stronger incentive for me not to touch my savings unless I absolutely have to, so that's something. On the whole though, interest rates are terrible everywhere. I wouldn't trade the convenience of having my money in BOA for any other bank right now because there partnership with Barclay's allows me to have easy and free access to my money even though I am living in London.
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