Bank of America's standard savings account is still paying a rate that makes a lot of people do a double take — and not in a good way.
As of this writing, the bank's basic savings rate sits around 0.01% APY.
That means $10,000 parked there for a full year earns you roughly one dollar.
You can't even buy a candy bar with that anymore.
Here's the frustrating part: the same bank has been paying around 4% or more on some of its promotional savings offers while the Federal Reserve kept rates elevated.
That gap between the headline rate you see in ads and the rate most existing customers actually get is where the confusion lives.
If you opened your account years ago and never asked questions, you're almost certainly on the 0.01% tier.
Many of them were tied to new accounts, specific balances, or limited-time promotions.
Others required you to also hold a checking account or hit certain activity requirements.
Once the promo window closed, customers quietly slid back to the standard rate — no dramatic announcement, just a smaller number on the statement.
Meanwhile, plenty of online banks and even some credit unions have kept savings rates in the 4% to 5% range over the past couple of years.
On $10,000, that's the gap between about $1 a year and $400 to $500 a year.
On $25,000, you're talking about enough to cover a month of groceries or a car payment.
Bank of America isn't doing anything illegal here.
Big banks count on customers staying put out of habit, convenience, or because their checking, direct deposit, and bill pay are all tangled up in one place.
Switching feels like a hassle, and they know it.
That's the business model — not a scam, just a very comfortable arrangement for the bank.
If you want to check where you stand, pull up your last statement and look for the APY or "interest earned" line.
If it's pennies, you're on the standard rate.
From there you have a few options: call and ask about a higher-yield product, move part of your savings to an online bank, or keep a small cushion at Bank of America for convenience and park the rest where it actually grows.
Online banks are FDIC-insured just like the big guys, so your money is protected up to the standard limits.
Transfers usually take one to three business days, so don't move money you'll need tomorrow.
And watch for minimum balance requirements — some accounts charge a fee if you dip below a certain amount, which can wipe out your interest fast.
The bigger lesson here isn't really about one bank.
It's that loyalty to a savings account rarely pays.
Rates move, promos expire, and the default option is usually the worst one.
A 20-minute check of your statement once or twice a year can be worth hundreds of dollars.
Our take: leaving serious savings in a 0.01% account is a quiet, ongoing loss that never shows up as a bill.
The money is safe, sure — but it's also standing still while prices keep climbing.
Final Thoughts
If your bank won't pay you a fair rate, there's no rule that says you have to stay.