Bank of America's flagship savings account still pays an annual percentage yield of just 0.01%, a rate that has barely budged even as the Federal Reserve kept its benchmark rate elevated for most of the past two years.
On a $10,000 balance, that works out to about $1 per year in interest.
The same money parked in a high-yield savings account paying 4.00% would earn roughly $400.
The gap is not a secret, but it is easy to miss.
When your paycheck lands in a checking account at the same institution, opening a separate savings account elsewhere feels like one more chore.
That friction is worth real money to the bank and costs you hundreds of dollars a year.
A Bank of America customer with $25,000 in savings earns about $2.50 annually.
The same $25,000 at 4.25% brings in more than $1,000.
That difference alone could cover several months of groceries for a family of four, or a couple of utility bills.
Bank of America does offer a higher-yield option, but it comes with strings.
Preferred Rewards members can earn elevated rates on a different savings product, and the top tier requires a combined balance of $100,000 or more across eligible accounts.
For most households, that threshold is out of reach — and the bank's standard savings rate stays at 0.01% regardless.
The pattern isn't unique to Bank of America.
Chase, Wells Fargo, and Citibank have all kept their basic savings rates near the floor while online banks and many credit unions pushed past 4%.
The big four rely on branch networks, brand trust, and the simple fact that switching takes effort.
If you want a better rate, the playbook is straightforward.
Open a high-yield savings account at an FDIC-insured online bank, keep your checking account where it is if you like the convenience, and set up an automatic transfer each payday.
Many online banks have no minimum balance and no monthly fee.
Transfers between institutions typically take one to two business days.
A few things to check before you move money.
Confirm the account is FDIC-insured and that the advertised rate isn't a promotional teaser that drops after a few months.
Read the fine print on minimum balance requirements, which can trigger a monthly fee.
And remember that high-yield rates are variable — they can fall if the Fed cuts rates, so don't lock yourself into anything you can't unwind.
Some people keep a small cushion at their primary bank for instant transfers and move the bulk of their savings to a higher-yield account.
That way you get same-day access to a few hundred dollars and still earn meaningful interest on the rest.
The bottom line: leaving a large balance in a 0.01% account is a choice, and it's one that quietly costs you money every month.
A 20-minute setup on a Saturday morning can change that.
Final Thoughts
Rates won't stay this high forever, so the sooner you move, the more you collect.