Bank of America customers are earning 0.01% on their standard savings accounts right now.
That is not a typo, and it is not a temporary glitch.
One cent for every $100 you keep parked there, which works out to a dollar a year on a $10,000 balance.
Meanwhile, a long list of online banks and credit unions are paying in the 4% to 5% range on federally insured savings accounts.
On that same $10,000, that gap is roughly $400 to $500 a year.
It is just sitting in the wrong account. **Why the big banks get away with it** Bank of America does not need your savings deposits badly enough to compete on price.
Its branches, app, and brand bring in customers who value convenience, and most of them never bother to move their cash.
The same pattern shows up at Chase, Wells Fargo, and Citibank.
Their headline savings rates have hovered near zero for years, even through the recent stretch of high interest rates.
The banks are not doing anything illegal.
They are simply betting you will not check.
The Federal Reserve's rate moves get most of the headlines, but they only reach your wallet if you are in an account that actually tracks them.
A 0.01% account does not care what the Fed does. **What to do about it in one afternoon** You do not have to close your Bank of America checking account or switch direct deposit.
You can keep the branch, the app, and the ATM network, and still stop losing money.
Open a high-yield savings account at an FDIC-insured online bank, link it to your existing checking, and move your emergency fund and any cash you are saving for a goal.
Transfers typically take one to two business days, and you can automate them.
Keep only what you need for monthly bills in the low-rate account.
Everything else can earn real interest somewhere else. **Read the fine print before you jump** Some advertised yields are promotional and drop after a few months.
Others require a minimum balance, a certain number of debit card transactions, or a linked checking account.
A few are "teaser" rates on new money only.
Check whether the rate is variable, confirm the FDIC or NCUA insurance, and look at any monthly fees.
A 4.5% account with a $10 monthly fee and a $2,000 minimum is a different deal than it looks.
Also watch for withdrawal limits and transfer speeds.
An emergency fund you cannot access quickly is not doing its job. **The catch nobody mentions** Moving money is easy.
Remembering to check the rate again in six months is the hard part.
High-yield rates move with the market, and the best account today may not be the best one next year.
Set a calendar reminder to review your savings rate twice a year.
It takes ten minutes and can be worth several hundred dollars. **Our take** Leaving serious savings in a 0.01% account is one of the quietest ways Americans lose money every year, and it rarely shows up on a statement as a loss.
The fix is boring, legal, and takes less time than a lunch break.
Final Thoughts
If your bank will not pay you a fair rate, there is no rule that says you have to keep your cash there.