Bank of America pays 0.01% on its standard savings account.
Deposit $10,000 and you'll earn about a dollar a year, before inflation eats it alive.
Meanwhile, the same bank happily charges double-digit interest on credit card balances.
This isn't a Bank of America problem specifically — Chase, Wells Fargo, and most big brick-and-mortar banks offer similarly bleak rates.
But the gap between what they pay savers and what's available elsewhere has rarely been this wide, and it's worth understanding who profits from your inertia.
As of this writing, top high-yield savings accounts are paying north of 4%.
Some are hovering around 4.5% depending on the Fed's next move.
On $10,000, that's roughly $400–$450 a year versus BofA's $1.
The difference — call it $400 — is real money.
That's a month of groceries for a family of four, or a decent chunk of a car payment.
So why do millions of Americans keep their cash parked at 0.01%?
The account was opened years ago, the branch is nearby, the app is familiar.
Low deposit rates are one of the cheapest sources of funding a bank can get, and sleepy customers are the supply.
Worth noting: Bank of America does have a higher-yield option, but it's gated.
Preferred Rewards tiers — which require $20,000 to $100,000+ in combined balances — unlock better rates on some products, and the bank pushes customers toward Merrill Edge investing or CDs for anything resembling a real return.
Translation: you can get a better rate, but you have to already have money or move it into something less liquid.
BofA's standard savings account has a $100 minimum to open and a $8 monthly maintenance fee unless you meet balance or activity requirements.
So in a bad month, a low-balance saver could theoretically pay the bank more than the bank pays them.
It's a reminder that loyalty to a bank is a one-way street.
Your mortgage, your checking, your direct deposit — none of it earns you a better savings rate.
The bank's algorithm doesn't reward tenure.
What actually works: open a high-yield savings account at an FDIC-insured online bank or credit union, keep your checking where it's convenient, and move your emergency fund to wherever it earns the most.
Then you check back when the Fed changes rates, because these yields move.
One caveat worth flagging: high-yield rates aren't locked in either.
If the Fed cuts, that 4% can slide to 3% or lower within weeks.
But 3% still beats 0.01% by a factor of 300.
The floor matters less than the gap. **The bottom line:** Big banks are betting you won't bother to move your money.
For most people with a few thousand dollars in savings, that bet costs them a few hundred dollars a year — quietly, automatically, every single month.
Final Thoughts
The fix is boring and takes an hour, which is exactly why so few people do it.