Bank of America customers who keep cash in a standard savings account are earning a fraction of what the same money could pull in elsewhere.
The bank's base savings rate has hovered around 0.01% for years, even as the Federal Reserve pushed its benchmark rate to levels that made online competitors far more generous.
On a $10,000 balance, that's roughly a dollar a year in interest.
Many online banks and money market accounts have been paying in the 4% to 5% range for much of the past two years, though those yields have started drifting lower as rate-cut expectations build.
Put $10,000 in one of those accounts and you're looking at $400 or more annually versus pocket change at a big brick-and-mortar branch.
So why do millions of Americans keep their savings parked at Bank of America anyway?
Branch access, a familiar app, and direct deposit ties make switching feel like a hassle.
Customers also often bundle checking, savings, and credit cards, and untangling those relationships takes effort most people don't have on a random Tuesday.
Big banks don't need to compete hard for deposits because they already have them.
When you have tens of millions of customers and a strong brand, paying near-zero on savings is a business decision, not an oversight.
The bank makes more money when it pays you less.
If you're a Bank of America customer, a few practical moves are worth considering.
First, check what your actual rate is — it may be listed as an annual percentage yield on your statement or in the app.
Second, look at the bank's higher-tier savings options, which sometimes require a certain balance or linked account to unlock a better rate.
Third, compare against a federally insured online account, where the same money typically earns more with no monthly fee.
You don't have to close your Bank of America checking account to fix this.
Many people keep their primary bank for bills and ATM access while moving their emergency fund or longer-term savings to a higher-yield account.
That split approach captures the better rate without disrupting autopay, direct deposit, or the branch you actually use.
Watch for one catch: some high-yield accounts have minimum balance requirements, withdrawal limits, or promotional rates that expire after a few months.
Read the fine print before moving a large sum.
And remember that rates move with the Fed — what looks like a great yield today can shrink if the central bank cuts again.
The bigger lesson here goes beyond one bank.
A few minutes comparing accounts can be worth hundreds of dollars a year, which for many households is real money in a stretched budget.
Our take: leaving your entire savings at 0.01% is a choice, and it's usually the wrong one.
You don't need to be a finance expert to do better — you just need to spend twenty minutes checking your rate and comparing it to what's available.
Final Thoughts
The difference won't make you rich, but it's one of the easiest wins in personal finance.