Bank of America pays 0.01% APY on its standard savings account.
On a $10,000 balance, you'd earn about a dollar over a full year, and that's before factoring in inflation quietly eating the rest.
The number matters because Bank of America is the second-largest bank in the country by deposits, with tens of millions of consumer accounts.
Many of those customers opened a savings account years ago, set up a direct deposit, and never looked at the rate again.
Meanwhile, the same money parked at an online bank can earn in the 4% range, depending on the account and the day.
On $10,000, the difference between 0.01% and 4% is roughly $399 a year.
Big brick-and-mortar banks don't need to compete on savings rates.
They have branches, ATMs, brand recognition, and millions of customers who value convenience over yield.
That's a legitimate trade-off — until you realize you can often keep the convenience and still earn more.
Bank of America does offer higher yields through its Preferred Rewards program, but there's a catch.
Tiers are tied to your combined balances across checking, savings, and investment accounts, and the top rates typically require six figures parked with the bank.
For the average saver, the standard 0.01% is what applies.
There are also monthly maintenance fees to watch.
The basic savings account can carry a $8 monthly fee unless you meet a minimum balance or link to a qualifying checking account.
That's up to $96 a year in fees on an account paying you almost nothing.
Log into your account, find the interest rate disclosure, and write down the APY.
Most people are surprised by how low it is.
Then compare that number to what's available elsewhere.
If you decide to move money, don't close the old account immediately.
Keep a small cushion there if it's linked to your checking or helps you avoid fees.
Move the bulk of your emergency fund to a high-yield savings account, and keep the transfer simple — most online banks let you link an external account in a few minutes.
One more thing: watch for promotional rates that expire.
Some banks advertise a headline APY that only applies for a few months or requires a minimum deposit.
Read the fine print before you move anything.
Rates change constantly, and the Fed's decisions ripple through savings accounts within weeks.
A rate that looks great today might drop next quarter.
The habit that matters most is checking your APY at least twice a year, not chasing every headline.
The takeaway here isn't that Bank of America is a bad bank.
It's that loyalty to a low-yield savings account is one of the most expensive habits in personal finance, and it's one of the easiest to fix.
Final Thoughts
A few minutes of comparison shopping can put hundreds of dollars back in your pocket every year — money you already earned.