Bank of America's standard savings account still pays a rate that starts with 0.01%.
On a $10,000 balance, that works out to about a dollar a year in interest, which is roughly the price of a single candy bar.
The bank does offer something better, but you have to go looking for it.
Its Preferred Rewards program pays higher rates on savings, and those rates climb based on how much money you keep across your Bank of America and Merrill accounts.
The tiers start at $20,000 in combined balances and go up from there.
Rewards members also dodge the monthly maintenance fee, which otherwise runs $8 for a standard savings account.
Even the top Preferred Rewards tier on savings pays somewhere in the neighborhood of 0.04%, according to the bank's published rate sheet.
Compare that to the best high-yield savings accounts, which have been paying in the 4% range for much of the past two years.
On $10,000, that gap is the difference between a few dollars and a few hundred dollars over the course of a year.
Big banks with branches, apps, and millions of customers don't have to compete hard for deposits.
Online banks don't pay for all those buildings, so they pass some of the savings back to you in the form of interest.
Log into your account and find the interest rate on your savings.
If it starts with 0.0, you're leaving money on the table.
Second, decide whether you need instant access to that cash.
If it's an emergency fund you might tap any day, a high-yield savings account at an FDIC-insured online bank still gives you same-day or next-day transfers in most cases.
Third, watch for transfer limits and minimum balance rules, which vary by bank.
Before you move anything, check two things.
Some online banks require a minimum deposit to open an account, usually somewhere between $0 and $100.
And if you're chasing a promotional rate, read the fine print about how long it lasts.
A rate that drops after three months may not beat a steady, slightly lower one.
One more note for Bank of America customers specifically.
If you qualify for Preferred Rewards through your combined balances, you may get perks beyond savings rates, like credit card bonus categories and fee waivers.
Those can be worth real money, so run the numbers on your whole relationship with the bank before you jump ship entirely.
The bottom line is that loyalty to a big bank rarely pays you back in interest.
A few minutes of comparison shopping, once or twice a year, can put hundreds of dollars in your pocket.
Final Thoughts
It's just arithmetic, and it's on your side for once.