Bank of America's flagship savings account still pays an annual percentage yield of 0.01%, according to the bank's published rate sheet.
On a $10,000 balance, that works out to about $1 a year.
Meanwhile, a growing list of online banks and money market funds are advertising yields in the 4% to 5% range.
The gap isn't new, but it's getting harder to ignore.
The Federal Reserve held its benchmark rate at elevated levels through much of 2024 before beginning cuts, and even after those reductions, top online savings accounts still sit far above what the Charlotte-based giant offers.
That spread is the entire business model for digital-first competitors.
So why do millions of Americans keep their cash parked at 0.01%?
The account is already linked to their checking, their debit card, their direct deposit, and the branch down the street.
Moving money feels like a chore, and switching costs feel real even when they aren't.
Move $15,000 from a 0.01% account to one paying 4.25%, and you're looking at roughly $637 more in interest over a year.
That's a car insurance payment, a chunk of a mortgage payment, or a full grocery run for a family of four.
The catch is that these rates are variable, and they can fall when the Fed cuts again.
Bank of America does offer higher-yield options, but you have to go find them.
Its Rewards Savings tier pays more if you're in the Preferred Rewards program, which generally requires maintaining a combined balance across BofA and Merrill accounts.
Below that, the bump is modest, and the base rate for everyone else stays at the floor.
There's also a promotional angle worth knowing.
BofA periodically runs new-money bonuses for customers who open a savings account and deposit a set amount within a window.
Those offers can be worth a few hundred dollars, but they usually require holding the balance for 90 days or more and come with tax reporting on the interest.
If you're thinking about switching, a few practical moves help.
First, keep your checking where your bills are and move only the savings balance.
Second, confirm the new bank is FDIC-insured and check whether the advertised APY has a minimum balance requirement or a teaser period.
Third, watch for transfer limits and how fast the money moves back if you need it.
One more thing: don't chase the single highest number you see.
Some of the top advertised yields come from institutions with clunky apps or no phone support.
A rate that's 0.3% lower but lets you sleep at night is often the better trade.
Our take: leaving six figures in a 0.01% account is a choice, and it's usually a costly one.
You don't have to abandon your bank, but you should at least know what your loyalty is costing you each month.
Final Thoughts
A 20-minute transfer could be the highest-paid hour of your year.