Bank of America pays one of the lowest savings rates among big national banks, and with the Fed holding rates elevated, that gap has turned into real money for anyone willing to look.
The bank's standard savings account has hovered around 0.01% APY for years.
On $10,000, that is about a dollar a year.
Meanwhile, plenty of online banks and credit unions have been paying in the 4% range on plain savings accounts, no minimums, no lockups.
The difference on that same $10,000 is roughly $400 a year.
That is a car insurance payment, a few weeks of groceries, or a chunk of a holiday fund.
Bank of America does have a higher-yield option, but it is not the account you get by default.
It is usually tied to its Preferred Rewards program, which requires you to park serious money across Bank of America and Merrill accounts.
The top tiers can push savings yields into the 3% to 4% range.
Below the entry threshold, you get the standard rate, which is close to nothing.
If you already keep a big balance at Bank of America and qualify for Preferred Rewards, it is worth a phone call to confirm you are actually enrolled and your savings is in the right account.
Plenty of customers qualify and never sign up, or sign up and leave cash sitting in the wrong product.
If you do not qualify, or you just want a better return without moving your whole financial life, consider a split.
Keep your checking and direct deposit where they are if the convenience matters to you, and move only your emergency fund or excess savings to a high-yield account elsewhere.
Transfers between banks take a day or two, so keep a buffer in checking to avoid overdrafts.
Some high-yield accounts are actually promotional rates that drop after a few months.
Some require a minimum balance or a certain number of debit card transactions.
Read the fine print on the APY and whether it is variable.
Also check whether the account has a monthly fee that eats into the interest.
One more thing worth knowing: Bank of America has been trimming its branch footprint in certain markets, and some customers say they are being nudged toward digital service.
That does not affect your rate directly, but it does change the value of staying put if branch access was your main reason.
None of this is a reason to panic or make a rushed decision.
It is a reason to spend 20 minutes checking what your savings is actually earning and comparing it to a couple of alternatives.
Rates move, and the gap between the lowest and highest payers is unusually wide right now.
The bottom line: loyalty to a big bank brand can cost you hundreds a year in forgone interest, and most people never run the math.
A five-minute rate check is one of the highest-return moves available to an ordinary saver.
Final Thoughts
Do it once, set a calendar reminder, and revisit it if rates shift.