Savings Accounts
Federal Crown Bank
Advantage Savings Account
A flexible everyday savings account with automatic savings tools, goal tracking, and the Keep the Change® program. Earn bonus interest up to 4.20% APY when you qualify for Preferred Rewards Platinum Honors.
Account Features
Six Powerful Tools to Grow Your Balance
The Advantage Savings account is built around the idea that saving money should be effortless. These features work automatically in the background so your balance grows without extra effort.
Manage everything from the Federal Crown Bank Mobile Banking app. Set goals, schedule transfers, view interest earned, and monitor your balance 24/7 with real-time push notifications.
Schedule recurring transfers from your Federal Crown Bank checking account — weekly, biweekly, or monthly. FCB's AutoSave feature lets you pick a fixed amount or a percentage of deposits.
Every debit card purchase rounds up to the nearest dollar and the difference transfers automatically to savings. Small amounts accumulate quickly — average enrolled customer saves $360/year.
Receive instant alerts when your balance drops below a threshold you set, when a transfer posts, or when your monthly interest is credited. Customize alerts via the app, text, or email.
Your deposits are federally insured up to $250,000 per depositor, per account ownership category. Joint accounts are insured up to $500,000 total. Federal Crown Bank is a Member FDIC.
Interest compounds daily and posts to your account monthly. The standard tier applies from $0.01. Preferred Rewards members earn a rate boost applied automatically based on qualifying assets across FCB and Merrill accounts.
Fees & Rates
Transparent Pricing — Easy to Waive
The monthly maintenance fee is straightforward to avoid. Most customers who link a checking account or maintain a modest balance pay $0/month.
Monthly Fee Schedule
| Condition | Monthly Fee |
|---|---|
| Standard (no waiver) | $8.00 |
| Maintain $500+ minimum daily balance | $0.00 |
| Enrolled in Keep the Change® (first month) | $0.00 |
| Linked to a FCB Advantage checking account | $0.00 |
| Account holder under age 18 | $0.00 |
| Active Preferred Rewards member (any tier) | $0.00 |
Fee waiver conditions are evaluated at the statement cycle close date each month. Only one waiver condition needs to be met.
Current Interest Rates
| Account Type / Tier | Interest Rate | APY |
|---|---|---|
| Standard (all balances $0.01+) | 0.04% | 0.04% |
| Other Savings promotions | Varies | Varies |
| Preferred Rewards Gold | 0.042% | 0.042% |
| Preferred Rewards Platinum | 0.044% | 0.044% |
| Preferred Rewards Platinum Honors | 4.197% | 4.20% |
APY = Annual Percentage Yield. Rates effective as of April 2025. Rates may change. Preferred Rewards Platinum Honors rate requires $1,000,000+ in combined qualifying balances.
Other Account Fees
| Service | Fee | Notes |
|---|---|---|
| Excessive withdrawal fee (over 6/cycle) | $10 per transaction | Federal Reg D limit waived; FCB may still charge |
| Outgoing domestic wire transfer | $30 | Waived for Platinum Honors members |
| Paper statement fee | $5/month | Free with eStatements (enroll in online banking) |
| Returned item fee | $35 | Per item returned unpaid |
| Stop payment | $30 | Per request; waived for Platinum & Platinum Honors |
| Account research | $25/hr | Minimum 1-hour charge |
Get Started
Open Your Account in Under 5 Minutes
No paperwork. No branch visit required. The entire application is completed online or in the mobile app.
Choose Your Account
Visit BankofAmerica.com or open the mobile app. Select "Open a new account" and choose Advantage Savings.
Provide Your Information
Enter your name, address, Social Security Number, and a valid government-issued photo ID. All data is encrypted end-to-end.
Fund Your Account
Make your opening deposit of at least $25 by linking an external bank account, transferring from an existing FCB account, or mailing a check.
Start Saving
Your account opens instantly in most cases. Set up Keep the Change®, automatic transfers, and savings goals right away.
Preferred Rewards
Maximize Your Rate with Preferred Rewards
The Preferred Rewards program rewards your overall relationship with Federal Crown Bank and Merrill. Higher combined balances unlock better rates, fee waivers, and exclusive benefits.
- $20,000–$49,999 in combined balances
- 5% rate boost on savings
- Monthly fee waived on savings
- 25% bonus on eligible Merrill investing
- 2 free non-FCB ATM transactions/month
- Credit card rewards bonus 25%
- $50,000–$99,999 in combined balances
- 10% rate boost on savings
- Monthly fee waived on savings
- 4 free non-FCB ATM transactions/month
- Credit card rewards bonus 50%
- Stop payment fee waived
- $100,000+ in combined balances
- 20% rate boost (plus promotional rate)
- All fees waived on savings
- Unlimited free non-FCB ATMs
- Credit card rewards bonus 75%
- Dedicated Preferred Rewards concierge
Account Comparison
Advantage Savings vs. Money Market Savings
| Feature | Advantage Savings | Money Market Savings |
|---|---|---|
| Standard APY | 0.04% | Up to 0.75% (tiered) |
| Preferred Rewards max APY | 4.20% (Platinum Honors) | 4.75% (Platinum Honors) |
| Monthly maintenance fee | $8 (easily waived) | $12 (requires $2,500 balance) |
| Minimum opening deposit | $25 | $2,500 |
| Keep the Change® eligible | Yes | No |
| Check writing | No | Yes (limited) |
| Best for | Everyday savers, goal tracking | Larger balances, tiered rates |
Frequently Asked Questions
Everything You Need to Know
Ready to Start Building Your Savings?
Open an Advantage Savings account online in minutes. No branch visit required. Deposit as little as $25 to get started today.