Bank of America customers are earning 0.01% on their savings accounts.
One cent for every $100 you keep parked there for a full year, according to the bank's own published rates.
Meanwhile, the same bank is advertising high-yield savings options to new customers at rates north of 4%.
The gap between what loyal depositors earn and what the bank pays to attract fresh money is one of the widest spreads in consumer banking right now.
Leave $10,000 in a standard Bank of America savings account for a year and you'll earn about $1.
Move that same $10,000 into a competitive online savings account paying 4% and you're looking at roughly $400.
Same money, same risk profile, same federal insurance protection up to $250,000.
The only difference is where you parked it.
Switching feels like a hassle, automatic payments are already linked, and the branch down the street is convenient.
A 2023 Bankrate survey found that 22% of savers never move their money, even when rates climb.
The fix doesn't require closing your checking account.
You can keep Bank of America for direct deposit, bill pay, and ATM access while moving your savings to a higher-yield account elsewhere.
Transfers between banks typically take one to two business days, and many online banks have no minimum balance or monthly fee.
Some high-yield accounts are actually promotional rates that drop after a few months.
Others require a minimum deposit or limit withdrawals.
Read the fine print on the annual percentage yield, not the teaser rate, and confirm the account is FDIC insured.
If you'd rather stay inside Bank of America, ask about their Preferred Rewards program.
Higher tiers can unlock better savings rates, though you'll generally need to hit balance thresholds across checking, savings, and investment accounts to qualify.
For most people, the simpler move is opening an external high-yield account and setting up an automatic monthly transfer.
One more thing worth checking: if you're holding a certificate of deposit from a few years ago, that rate may also be well below what's available today.
When it matures, shop around before letting it roll over automatically.
The bottom line is that loyalty to a big bank's savings account is quietly costing Americans hundreds of dollars a year.
A 15-minute account opening elsewhere can close most of that gap, and there's no penalty for keeping your everyday banking right where it is.
Final Thoughts
Your money should be working harder than a penny per hundred.