Bank of America customers watching their savings accounts this month are seeing the same number they saw last month: 0.01%.
The Charlotte-based bank's standard savings rate remains parked at one-hundredth of a percent, even as the Federal Reserve has kept its benchmark rate in a range that once pushed high-yield accounts above 4%.
The gap between what big banks pay and what online banks pay has rarely been wider.
While BofA's basic savings account pays essentially nothing, a handful of federally insured online banks and money market funds are still offering north of 4% on the same dollars.
On a $10,000 balance, that difference is roughly $400 a year — real money for households that just spent three years absorbing higher grocery bills.
Why the spread persists comes down to how the big banks make money.
They fund loans partly through cheap deposits, and customers who never move their cash give them no reason to raise rates.
Branches, apps, and brand trust are the trade-off.
For millions of Americans who keep a checking account and a savings cushion under one roof for convenience, that trade-off has quietly cost them hundreds of dollars annually.
The Fed's decision to hold rates steady has frozen the picture rather than changed it.
When the central bank was hiking, online savings rates climbed fast and big-bank rates barely budged.
Now that cuts are on the table for later this year, those online rates will likely drift lower too — but from a much higher starting point.
There is also a credit card angle worth noting.
Bank of America's card APRs remain elevated, often above 20% for cardholders who carry a balance.
That means the bank may be paying you 0.01% on deposits while charging you 20% or more on debt held at the same institution.
Watching both numbers side by side is one of the simplest ways to see where the relationship benefits whom.
For savers, the practical move is unglamorous: check the rate on your statement this week.
If it starts with 0.0, you are almost certainly leaving money on the table.
Federally insured alternatives exist, transfers typically take a day or two, and there is no rule saying your savings has to live where your checking does.
One caveat: rates change, and no account is right for everyone.
Some people value same-day transfers, in-person help, or bundled perks enough to accept a lower yield.
That is a legitimate choice — just make it deliberately rather than by default.
Our take: a near-zero savings rate at a giant bank is less a scandal than a business model, and it works only as long as customers do not compare.
Final Thoughts
Spend five minutes comparing this month, and you may find the easiest raise you get all year.