Like most large brick-and-mortar banks, Bank of America pays low rates on its savings account. On the bright side, you may have an easier time waiving the monthly service fee than with some banks. This account doesn't charge a monthly fee for the first six months. You can continue to waive it if you are a student under age 24. You'll also waive the fee if you keep a $500 daily balance or sign up for the bank's Preferred Rewards program, a rewards group for people with higher balances. You could also link to an Advantage Relationship Checking Account, which is best for customers with at least $10,000 in checking.