Bank of America customers who opened a savings account expecting a decent return are getting a rude surprise.
The bank's standard savings rate still sits at a barely visible 0.01% APY, according to Bankrate's latest weekly survey of U.S. banks.
That means $10,000 parked there for a full year earns you roughly one dollar.
Meanwhile, the same survey shows the best nationally available savings accounts paying above 4% APY.
Same dollars, same federal insurance through the FDIC, wildly different results.
The gap between what big banks pay and what online banks pay has become one of the widest consumer money stories of the year.
Move $10,000 from a 0.01% account to a 4% account and you're looking at about $400 a year instead of a dollar.
That's a car insurance payment, a few weeks of groceries, or a chunk of a holiday fund — money that simply doesn't show up for customers who never switch.
Why does Bank of America keep the rate so low?
The bank holds trillions in deposits and doesn't need to compete for yours.
Customers stay for the branches, the app, the ATM network, and the comfort of a familiar name.
Loyalty is convenient, and convenience has a price.
Bank of America's Preferred Rewards program boosts savings rates for customers who keep larger combined balances across checking, savings, and investing accounts.
The tiers start around $20,000 in combined balances and climb from there.
Even at the top tier, though, the savings yield tends to lag the best online accounts by a wide margin.
If you're not sure what your account pays, check the disclosure page on your statement or in the app.
Many people assume they're earning "some interest" and never verify the number.
A five-minute look can be genuinely eye-opening.
A middle-path approach works for plenty of households: keep your checking account, direct deposit, and bill pay where they are, then move only your savings balance to a high-yield account elsewhere.
You keep the branch access and the app you like, while the money that's supposed to grow actually grows.
Transfers between banks typically take one to two business days, and you can automate them.
One caution: high-yield savings rates are variable and have been drifting lower as the Fed adjusts policy, so don't lock in expectations forever.
Also confirm any account is FDIC-insured, and watch for minimum balance rules or monthly fees that can quietly eat your gains.
For anyone with an emergency fund sitting idle, this is one of the rare money moves that takes minutes and requires no market timing, no risk tolerance, and no financial expertise.
Just a login, a transfer, and a slightly different habit.
Our take: big-bank savings accounts are built for convenience, not yield, and that trade-off costs the average household real money every single month.
Final Thoughts
Loyalty to a logo is fine — loyalty to a 0.01% return is not.