Bank of America has always been a secure place to put your savings. But if you look at their savings rates, they are significantly lower than your average online savings account. Bank of America’s current standard savings account offers:

Standard features

• Open an account with as little as $25
• Free Online Banking service
• FDIC insured to the maximum amount allowed by law
• Avoid service charge of $3 with automatic monthly transfer of $25 or more from checking or with minimum balance of $300

Flexible account options

• Transfer money to or from checking
• Monthly statement if you use an ATM or have transfers or a combined statement. Other statements issued quarterly
• Easy access to your funds at any Bank of America ATM or Banking Center

However, their savings account has a lot of rates and fees. In addition, the rate on this account is a paltry .20%.  APY! You’d get a much better return with WT Direct’s 4.90% APY savings rate and or WaMu’s 4.75% savings account.