Most people keep their savings stored in their Bank of America Savings Account either for convenience, or because they don’t know any better. This is the worst thing you could do! Bank of America savings offers a measly 0.20% APY on their Savings Account!

Not only does their savings account yield such a low rate, but they also charge a monthly fee of $3.00 if your balance falls below $300!

Aside from convenience and the ability to link with your Bank of America Checking account, I would recommend staying far far away from this low savings rate offered by BofA.