Bank of America customers are earning a fraction of what their money could be making elsewhere, and the gap is wider than most people realize.
The bank's standard savings account pays just 0.01% APY, according to its published rate sheet.
That means $10,000 parked there for a full year earns you about a dollar.
Meanwhile, a wave of online banks and even some traditional institutions are offering APYs north of 4% on comparable FDIC-insured savings accounts.
On that same $10,000, the difference is roughly $400 a year.
Over five years, the gap compounds into thousands of dollars that never shows up.
Why does Bank of America get away with it?
Millions of customers opened checking accounts years or decades ago and never moved their savings.
Switching feels like a hassle, and the big banks count on that inertia.
They also bundle perks like preferred rewards tiers that can make staying feel worthwhile—but those benefits rarely offset the raw interest gap.
If you're a BofA customer, you don't necessarily have to leave.
You can keep the checking account, direct deposit, and ATM network while moving only your savings to a high-yield account at another federally insured bank.
Transfers between banks typically take one to three business days, and there's no rule saying your money has to live under one roof.
A few practical steps: check your current APY on your statement or in the app, since it's often buried.
Then compare it against what's available from FDIC-insured high-yield savings accounts, which you can find through comparison sites.
Watch for minimum balance requirements, monthly fees, and whether the advertised rate is promotional or ongoing.
One caution: rates are not locked in forever.
The Federal Reserve's rate decisions ripple through savings yields, and if the central bank cuts rates, those 4% offers can drift lower.
Even a 3% account beats what most big-bank customers are earning today.
Also worth noting: Bank of America does offer higher yields on some products, like promotional CDs or its preferred deposit accounts, but those often require large minimums or a relationship tier that many households don't meet.
The default savings account remains the one most customers get, and it's the one paying almost nothing.
Leaving meaningful savings in a near-zero account is a choice, and it's one that costs real money every month.
A single afternoon spent opening a high-yield account could pay for itself many times over.
The big banks are not going to hand you a better rate out of goodwill.
They compete on branches and apps, not on savings yields, because they don't have to.
Final Thoughts
Until enough customers vote with their transfers, 0.01% will keep being the quiet default—and your money will keep earning next to nothing while it sits there.