Bank of america savings interest rate calculator

Earn more interest than your average savings with a High Yield Savings Account.**

When you open an American Express® Savings High Yield Savings Account (HYSA), you’re helping to grow your own money at a rate higher than the national rate.

According to NerdWallet, our High Yield Savings Account ranks among the best with our combination of above-average rates and consumer-friendly features.

NerdWallet is an American Express advertiser

If you want easy access to your money at a high interest rate, then a High Yield Saving Account could be a great fit for you. And American Express offers much more than just a great rate.

No minimums, no monthly fees

24/7 superior customer service

Easy access to your money, round-the-clock

Backed by the service & reliability of American Express

At American Express, the customer always comes first.

Simple transfers and auto-deposits

Managing your account online is seamless with American Express.

Compounding daily, depositing monthly

Your interest compounds daily and is deposited in your account monthly.

Monthly statements, your way

Digital statements are the online way, but we’re happy to mail your statements if you prefer.

Adjust the savings calculator to see your money’s potential.

FUTURE BALANCE

$156,320

DURATION OF TIME

Monthly Deposit

Weekly Deposit

Interest compounds daily. Savings calculator is for illustration only. ♢

Start banking quickly.

Transferring money between your Savings account and your external bank account is easy to set up and complete online. So you start saving fast.

Open an Account in minutes. To verify your identification, we’ll use your personal details to check public records – without affecting your credit.
Register your online savings account after you receive your confirmation email (within minutes of applying).
Sign in and fund your new account by linking your current bank or mailing a check. Linking your external account can take up to 2 days. Transfers typically take less than 24 hours once linked ‡.

See FAQs for further details about the transfer process, or contact us 24/7 with questions.

Strategies to Save

High yield savings accounts are a flexible and easy way to earn interest while saving money.

Let’s start looking ahead

Your high-interest earnings are waiting.

When finding the best interest rate, Bank of America CD rates are often a top contender. However, is this the case? This guide will look at Bank of America’s CD rates and compare them to other top banks to see who offers the best interest rate.

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.

Term	Insurance Company	Interest Rate
N/A	SaveBetter Money Market	3.00%
12 Months	SaveBetter CD	3.20%
14 Months	Sallie Mae (No-Penalty CD)	3.30%
24 Months	Oceanview Fixed Annuity	3.80%
36 Months	Canvas Fixed Annuity	5.25%
48 Months	Oxford Fixed Annuity	4.50%
60 Months	Canvas Annuity	5.15%
72 Months	Oceanview Annuity	4.80%

*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.

Compare Fixed Annuity Rates

Find the highest interest rates for your savings ranging from 2 to 10 years.

Compare CD Rates From 423 Banks And Credit Unions

Find the highest interest rates for your savings ranging from 3 months to 5 years.

Popular CD Rates Today

3 Month CD Rates

The following banks and credit unions have the highest CD rates for 3 months.

Best 3-Month CD Rates	Rate	Term	Minimum
Synchrony Bank	1.75% APY	3 Months	$0.00
Popular Direct	1.75% APY	3 Months	$10,000.00
TIAA Bank	1.20% APY	3 Months	$1,000.00
TotalDirect Bank	2.00% APY	3 Months	$25,000.00
Bethpage Federal Credit Union	1.75% APY	3 Months	$50.00
Merrick Bank	2.45% APY	3 Months	$25,000.00
Chevron Federal Credit Union	2.15% APY	3 Months	$500.00
Spectrum Federal Credit Union	2.15% APY	3 Months	$500.00
Parsons Federal Credit Union	3.00% APY	4 Months	$10,000.00
Luana Savings Bank	2.17% APY	3 Months	$1,000.00

6 Month CD Rates

Best 6-Month CD Rates	Rate	Term	Minimum
CommunityWide FCU	3.25% APY	6 Months	$1.000.00
Quontic Bank	1.70% APY	6 Months	$500.00
PenFed Credit Union	1.70% APY	6 Months	$1,000.00
NASA Federal Credit Union	3.55% APY	9 Months	$1,000.00
Synchrony Bank	2.75% APY	6 Months	$0.01
Live Oak Bank	2.75% APY	6 Months	$2,500.00
Popular Direct	2.65% APY	6 Months	$10,000.00
Merrick Bank	3.58% APY	9 Months	$25,000.00
TAB Bank	3.05% APY	9 Months	$1,000.00
North American Savings Bank	3.40% APY	7 Months	$5,000.00

1 Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD Rates	Rate	Term	Minimum
CommunityWide FCU	3.25% APY	12 Months	$1,000.00
Bread Savings	3.60% APY	12 Months	$1,500.00
First National Bank of America	3.55% APY	12 Months	$1,000.00
PenFed Credit Union	3.15% APY	12 Months	$1,000.00
Marcus by Goldman Sachs	3.25% APY	12 Months	$500.00
Popular Direct	3.55% APY	12 Months	$10,000.00
Synchrony Bank	3.46% APY	12 Months	$0.00
Alliant Credit Union	3.50% APY	12 Months	$1,000.00
Merrick Bank	3.85% APY	12 Months	$25,000.00
Discover	3.00% APY	12 Months	$1,000.00
TAB Bank	3.25% APY	12 Months	$1,000.00
Parsons Federal Credit Union	4.00% APY	12 Months	$10,000.00

2 Year CD Rates

The following banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD Rates	Rate	Term	Minimum
Bread Savings	3.75% APY	24 Months	$1,500.00
Synchrony Bank	3.71% APY	24 Months	$0.01.00
First National Bank of America	3.60% APY	24 Months	$1,000.00
Pentagon Federal Credit Union	3.50% APY	24 Months	$1,000.00
Marcus by Goldman Sachs	3.40% APY	24 Months	$500.00
Merrick Bank	4.00% APY	24 Months	$25,000.00
American Heritage Credit Union	3.75% APY	24 Months	$500.00
Lafayette Federal Credit Union	4.11% APY	24 Months	$500.00
Langley Federal Credit Union	4.07% APY	21 Months	$1,000.00

3 Year CD Rates

The following banks and credit unions have the highest CD rates for 3 years.

Best 3-Year CD Rates	Rate	Term	Minimum
Quontic Bank	3.00% APY	36 Months	$500.00
Bread Savings	4.00% APY	36 Months	$1,500.00
Pentagon Federal Credit Union	3.60% APY	36 Months	$1,000.00
Synchrony Bank	3.81% APY	36 Months	$0.01%
First National Bank of America	3.65% APY	36 Months	$1,000.00
Marcus by Goldman Sachs	3.45% APY	36 Months	$500.00
Limelight Bank	3.30% APY	36 Months	$1,000.00
Alliant Credit Union	3.60% APY	36 Months	$1,000.00
Quorum Federal Credit Union	4.00% APY	30 Months	$1,000.00
Merrick Bank	4.00% APY	36 Months	$25,000.00
Discover	3.15% APY	36 Months	$2,500.00
Popular Direct	3.70% APY	36 Months	$10,000.00
American Heritage Credit Union	4.05% APY	30 Months	$500.00
Lafayette Federal Credit Union	4.22% APY	36 Months	$500.00

4 Year CD Rates

The following banks and credit unions have the highest CD rates for 4 years.

Best 4-Year CD Rates	Rate	Term	Minimum
Bread Savings	4.15% APY	48 Months	$1,500.00
NASA Federal Credit Union	3.85% APY	49 Months	$10,000.00
PenFed Credit Union	3.50% APY	48 Months	$1,000.00
Synchrony Bank	3.81% APY	48 Months	$0.01
First National Bank of America	3.70% APY	48 Months	$1,000.00
Marcus by Goldman Sachs	3.45% APY	48 Months	$500.00
Merrick Bank	4.00% APY	48 Months	$1,000.00
American Heritage Credit Union	4.00% APY	48 Months	$500.00
Lafayette Federal Credit Union	4.32% APY	48 Months	$500.00

5 Year CD Rates

The following banks and credit unions have the highest CD rates for 5 years.

Best 5-Year CD Rates	Rate	Term	Minimum
Bread Savings	4.25% APY	60 Months	$1,500.00
Popular Direct	3.80% APY	60 Months	$10,000.00
Synchrony Bank	3.81% APY	60 Months	$0.00
PenFed Credit Union	3.60% APY	60 Months	$1,000.00
Connexus Credit Union	3.01% APY	60 Months	$5,000.00
First National Bank of America	3.75% APY	60 Months	$1,000.00
Marcus by Goldman Sachs	3.50% APY	60 Months	$500.00
Alliant Credit Union	3.65% APY	60 Months	$1,000.00
Discover	3.30% APY	60 Months	$2,500.00
Lafayette Federal Credit Union	4.42% APY	60 Months	$500.00
American Heritage Credit Union	4.00% APY	60 Months	$500.00

Next Steps

In conclusion, these CD rates are an excellent option for those looking for a good interest rate. However, comparing the different rates other banks offer is essential to finding the best option for you. Contact us today for a quote, and we would be happy to help!

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you.

What is the interest rate on Bank of America savings account?

Bank of America has just one savings account: Advantage Savings. The base APY is 0.01%, but if you're eligible and enroll for the Preferred Rewards program, you can earn up to 0.04%.

How much interest does $10000 earn in a year?

Currently, money market funds pay between 0.85% and 1.05% in interest. With that, you can earn between $85 to $105 in interest on $10,000 each year.

Where can I get 5% interest on my money?

Here are the best 5% interest savings accounts you can open today:.

Current: 4% up to $6,000..

Aspiration: 3-5% up to $10,000..

NetSpend: 5% up to $1,000..

Digital Federal Credit Union: 6.17% up to $1,000..

Blue Federal Credit Union: 5% up to $1,000..

Mango Money: 6% up to $2,500..

Landmark Credit Union: 7.50% up to $500..

Is Bank of America savings worth it?

Final Verdict. The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements. It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn't really help you grow your savings.