Bank of America is paying 0.01% on its standard savings account.
One cent for every $100 you park there for a full year.
Meanwhile, the same bank will happily charge you double-digit interest if you carry a credit card balance.
Big banks count on inertia — the simple fact that switching accounts feels like a hassle — and they profit from it every single day. **What the math actually looks like** Say you keep $10,000 in a BofA standard savings account.
You can't buy a coffee with that in most cities anymore.
Now compare that to the high-yield savings accounts that have been widely available since the Fed started raising rates.
Many online banks and even some credit unions have been paying in the 4% to 5% range.
On that same $10,000, that's roughly $400 to $500 a year.
You just moved your money to a bank that shares the interest instead of keeping it.
The gap is even wider when you consider what BofA does with your deposit.
It takes your money, lends it out at market rates, and pockets the spread.
They get the rest. **Why people stay anyway** There are real reasons.
Branch access, ATM networks, direct deposit timing, a mortgage or credit card already tied to the account.
Switching feels annoying, and nobody wants to juggle five logins.
But here's the uncomfortable part: the bank knows that.
It's a calculated bet that most customers won't bother to leave over a few hundred dollars a year.
Even a tiny rate spread across that pile is billions in revenue. **Who actually benefits** Not you.
And the executives whose bonuses are tied to net interest income — the gap between what the bank pays depositors and what it earns on loans.
There's also a quiet upsell machine attached to low savings rates.
If your savings earn nothing, you're more likely to be sold a CD, a managed investment account, or a "relationship" tier that requires a minimum balance to avoid fees.
It's the hook. **What you can realistically do** You don't have to close your BofA account tomorrow.
You can keep the checking account for bills and move the savings balance somewhere that actually pays.
A few practical moves: - Open a high-yield savings account at an FDIC-insured online bank.
Transfers take a day or two, which is fine for an emergency fund. - Keep one to two months of expenses at the big bank if you like instant access.
Move the rest. - Check whether your current account has a monthly maintenance fee.
Many do, unless you hit a balance or deposit threshold. - Watch for promotional rates that expire after a few months.
Read the fine print on any "special" offer.
The point isn't that Bank of America is evil.
It's that they're a business, and their savings rate reflects their priorities, not yours.
If you leave your money there out of habit, you're paying for that habit — just not in a way that shows up as a line item. **The bottom line** A 0.01% savings rate is a choice the bank made, and staying is a choice you make.
Neither one is illegal, but only one of them costs you money.
Final Thoughts
Check your statement this week and do the math on what your balance is actually earning.