Bank of America customers checking their savings statements this month are seeing the same number they saw in 2022: 0.01%.
The nation's second-largest bank pays one penny for every $100 parked in a standard savings account, a rate that has barely budged even as the Federal Reserve spent two years pushing its benchmark rate to levels not seen in over two decades.
The gap between what big banks pay and what everyone else pays has never been wider.
While Bank of America holds the line at 0.01%, a long list of online banks and credit unions are advertising savings yields between 4% and 5%.
On a $10,000 balance, that difference is roughly $400 to $500 a year — money that could cover two months of a typical family's grocery bill or a chunk of a credit card balance.
The branch on the corner, the app already on your phone, the automatic transfer you set up years ago and forgot about.
Switching feels like a hassle, and banks are counting on that.
The average American household keeps less than $10,000 in savings, and for many, the idea of chasing a higher rate feels like a chore with small rewards.
But at today's prices, the rewards aren't small anymore.
Meanwhile, the cost side of the ledger keeps getting heavier.
Grocery prices are up roughly 20% since early 2021, rent has climbed in most metro areas, and credit card APRs are hovering near record highs above 20%.
If you're carrying a balance while earning 0.01% on your cash, you're losing on both ends — paying high interest on debt while your savings quietly erodes against inflation.
The fix doesn't require a financial advisor.
High-yield savings accounts are widely available, federally insured up to $250,000 per depositor, and take about 15 minutes to open online.
Many let you keep your existing checking account and simply link the new savings account for transfers.
You don't have to close anything at your current bank — you just stop letting it hold your emergency fund for free.
One caveat: rates on high-yield accounts are variable and will likely drift down if the Fed cuts rates later this year.
But even a drop to 3.5% or 4% beats 0.01% by a margin that shows up in real dollars.
The point isn't to chase the single highest rate on any given week; it's to stop accepting a rate that hasn't made sense in years.
For households squeezed by grocery bills and rent, the money sitting in a low-yield account is often the easiest raise available.
It won't fix inflation, but it can take some of the sting out of it.
The bottom line: loyalty to a big bank's savings account is costing American families hundreds of dollars a year, and most don't realize it.
A few minutes of comparison shopping won't make you rich, but it will stop your own money from working against you.
Final Thoughts
In a year when every dollar at the register feels tighter, that's a trade worth making.