The advantages/benefits of having a Savings Account in BoA (Bank of America) are as follows:

1. Money that's set aside but available when you need it
One of the most useful benefits of a savings account: One’s money is out of checking account and away from the temptation to spend it on non-essentials. However, it's still easily accessible in the event of an emergency.
There are generally little to no fees for withdrawals from a standard savings account, but be sure to check details on transaction limitations and withdrawal fees so one understand the particulars of account.

2. Interest that accrues over time
The money put in savings account keeps right on growing when interest is paid to account. That makes a savings account a smart place to put money plan to use for short-term goals like a vacation, furniture — or for emergency fund.

3. Worry-free finances
One can rest assured that the money keep in a savings account is secure because the Federal Deposit Insurance Corporation guarantees deposits up to $250,000.

4. Low or no fees
Another advantage of a savings account is that monthly maintenance fees are minimal and can sometimes be eliminated. One can often reduce or eliminate service fees by maintaining a minimum balance or setting up automatic transfers.
Depending on the type of account choose and the size of balance, there may be little or no fees for withdrawals. Be sure to compare savings accounts to understand their features before set one up.

5. A stepping stone to long-term goals
A savings account can be a great place to park money and let it grow until one is ready to move it to a longer-term deposit or investment account.

6. Additional advantages of a savings account
Link checking and savings accounts and may enjoy even more benefits. Like, consider its Keep the Change savings program: For every purchase you make with your Bank of America debit card, we’ll:
• Round up purchase to the nearest dollar amount
• Transfer the difference from checking account to savings account
• Track savings in Online Banking