Bank of America customers checking their savings account statements this month will find the same number they've seen for years: an annual percentage yield hovering around 0.01%.
On a $10,000 balance, that works out to roughly one dollar of interest over a full year.
Meanwhile, the bank's own customers are watching grocery bills climb, rent renewals jump, and credit card APRs stay parked above 20%.
Bank of America has kept its standard savings rate near the floor even as the Federal Reserve held its benchmark rate at elevated levels for much of the past two years.
That benchmark influences what banks pay depositors and what they charge borrowers.
When the Fed moves, banks are quick to adjust loan rates upward.
Deposit rates at the biggest institutions have been slower to follow, and the Charlotte-based giant is among the slowest movers.
The practical result is a quiet transfer of value.
If inflation runs at roughly 3% and your savings earn 0.01%, the purchasing power of that money shrinks every month.
A $5,000 emergency fund buys about $4,850 worth of goods a year later, even though the account balance still reads $5,000.
For households already stretching paychecks across rent, groceries, and minimum debt payments, that erosion lands hardest because there is little cushion to absorb it.
There is also a credit card angle that stings.
Bank of America issues some of the most widely held cards in the country, and variable APRs on those accounts move with the same Fed benchmark that barely touches savings yields.
In plain terms, the bank reprices what you owe faster than it reprices what you save.
Customers carrying balances while also holding savings at the same institution are effectively paying high rates to borrow their own money back.
Online banks and some regional institutions have offered savings yields in the 4% range during the same period, and many are federally insured just like the big national banks.
Moving even a portion of an emergency fund from a 0.01% account to a 4% account changes the math on thousands of dollars.
On $10,000, the difference is roughly $400 a year — real money against a grocery bill that keeps rising.
Transfers between institutions can take a few business days, and some savers value branch access, integrated apps, or a long-standing relationship.
But the mechanics are simple: open an account, link it, move the cash, and keep a smaller buffer at the big bank for same-day needs.
Certificates of deposit are another option for money that will not be touched for six to twelve months, though those lock up funds in exchange for a fixed rate.
Bank of America does offer higher yields through certain promotional and relationship tiers, and rates vary by product and balance.
Customers should check their specific account terms rather than assume the headline number applies to them.
Still, the default experience for millions of savers remains a fraction of a percent.
Our take: loyalty to a big bank should not cost you hundreds of dollars a year.
If your savings rate starts with a zero and a decimal point, it is worth an hour of your time to compare what is available elsewhere.
Final Thoughts
The Fed does not set your savings rate — your bank does, and it can be changed.