Bank of America customers are earning 0.01% APY on their standard savings accounts — a rate so low it rounds to nothing.
Deposits held there earn one cent per $100 saved over a full year.
Meanwhile, high-yield savings accounts from online banks have been paying in the 3% to 4% range for much of the past year.
On a $10,000 balance, that gap is roughly $300 to $400 annually — money that simply doesn't show up in a BofA statement. **Why the gap exists** Big banks don't need your savings deposits the way they used to.
Between sticky customers who rarely switch and a branch network that feels like security, there's little pressure to compete on yield.
The bank will happily point you toward its higher-tier products, but those often require bigger balances, investment relationships, or a linked brokerage account.
The headline savings rate stays where it is. **The switching math** Moving money isn't as hard as it sounds.
Online banks typically let you open an account in minutes, link your existing checking, and transfer funds electronically.
Many have no minimum balance and no monthly fee.
A few things to check before you jump: FDIC insurance (standard up to $250,000 per depositor), transfer limits, and how fast you can get money back out.
Some accounts advertise great rates but throttle withdrawals or bury fees in fine print. **What to watch out for** Not every high-yield account is what it claims.
Some promotional rates expire after a few months.
Others require direct deposit or a minimum number of debit card transactions.
Read the terms — the asterisk is where the real rate lives.
Also remember that savings rates move with the Fed.
If the central bank cuts rates, your 4% account could drift down to 3% or lower.
That's still far better than 0.01%, but it's not locked in forever. **A realistic middle ground** You don't have to abandon Bank of America entirely.
Plenty of people keep their checking account for the branches and ATMs while parking emergency savings somewhere that actually pays.
Splitting your banking isn't disloyal — it's just math.
Moving money takes an afternoon, and once it's done, most people forget about it.
That's exactly why the low-rate accounts keep winning. **Our take** Loyalty to a bank that pays you essentially nothing isn't a strategy — it's a habit.
If you've got $5,000 or more sitting in a standard savings account, spend 30 minutes this week comparing rates.
The difference won't make you rich, but it's one of the easiest financial wins available to ordinary savers.
Final Thoughts
Just verify the fine print before you move a dollar.