Bank of America customers with a standard savings account are earning 0.01% APY right now.
On a $10,000 balance, that works out to about one dollar a year in interest.
Meanwhile, the same bank will happily charge you double-digit rates on a credit card balance or an overdraft.
The gap between what banks pay savers and what they charge borrowers has rarely been this wide.
The math gets uglier when you factor in inflation.
Even at a cooler 2.5% to 3% annual pace, money sitting in a big-bank savings account loses purchasing power every single month.
Bank of America, like most megabanks, has seen deposit costs rise on the business side while consumer savings rates stay parked near zero.
The bank's preferred rewards program can bump your rate, but only if you park serious money across checking, savings, and investments, and even the top tier lands far below what online banks advertise.
High-yield savings accounts from online-only banks have been sitting in the 4% to 5% range for much of the past two years, though those rates have started drifting down as the Fed adjusts course.
The catch is real: no branch to walk into, sometimes slower transfers, and you have to actually open the account.
If you have $5,000 sitting in a 0.01% account, moving it to a 4% account is roughly $200 a year, minus maybe a few dollars in transfer friction.
That is a car insurance payment, a chunk of a grocery run, or a decent dinner out.
The practical move for most people is not to dump Bank of America entirely, especially if you use its branches, ATMs, or app.
Keep the checking account for bills and direct deposit, and move the emergency fund somewhere that actually pays.
You can usually link the accounts so transfers take a day or two.
Watch for minimum balance requirements and monthly fees on the new account, and make sure it is FDIC insured.
Also check whether your current bank charges a fee to push money out, though most ACH transfers are free.
One more thing worth knowing: some big banks quietly offer slightly better rates on specific savings products, like promotional or relationship accounts, if you ask.
A five-minute phone call or a quick look at your account terms can reveal options you did not know existed.
The bottom line is that loyalty to a big bank's savings account is expensive, and most people do not realize how expensive until they run the numbers.
Your checking account earns its keep through convenience.
Your savings account, at 0.01%, is just coasting on your inertia.
Check your current APY today, compare it against two or three online options, and decide if the gap is worth a transfer.
Final Thoughts
For most households, it is one of the easiest money moves available this year.