Bank of America's standard savings account is still paying 0.01% APY, a rate that has barely budged even as the Federal Reserve spent years pushing interest rates higher.
On a $10,000 balance, that works out to about one dollar a year.
Not a typo, not a monthly figure — one dollar, annually.
The gap between what big banks pay and what online banks offer has grown into a canyon.
Many online savings accounts are currently paying in the 4% to 5% range, depending on the bank and the day.
That same $10,000 sitting in one of those accounts could earn $400 or more over a year, which is real grocery money for most households.
This is not a case of a bank hiding the ball.
The 0.01% rate is disclosed on Bank of America's website and in account documents.
The catch is that it sits alongside features people actually want — a familiar app, thousands of branches, and the ability to walk in and talk to a teller when something goes wrong.
That convenience has a price, and the price is your interest.
Bank of America does offer higher-yielding options, but they usually come with strings.
Its Preferred Rewards program can boost savings rates for customers who keep larger combined balances across checking, savings, and investment accounts.
There are also promotional CD rates worth checking if you are willing to lock your money up for a set term.
The headline savings rate, though, stays put for the average customer.
If you have been parked at a big bank out of habit, the math is worth running this week.
Look at your last statement, find your current APY, and compare it to two or three online savings accounts.
Moving money between banks typically takes a few business days and costs nothing.
You do not need to close your Bank of America checking account to earn more on your savings — you can keep the branch access and move only the cash you are stockpiling.
A few things to check before you switch: confirm the online bank is FDIC insured, read the fine print on any promotional rate since some expire after a few months, and make sure there are no monthly fees or minimum balance requirements that eat into the gain.
Also keep an emergency fund somewhere you can reach quickly, even if that means leaving a small cushion at your current bank.
One more note for anyone with credit card debt at Bank of America or anywhere else.
Paying down a card charging 20%-plus interest will almost always beat chasing an extra point of savings yield.
Knock out the expensive debt first, then optimize where your cash sits.
Loyalty to a big bank brand does not pay interest — literally.
Final Thoughts
A few minutes comparing rates could put hundreds of dollars back in your pocket this year, and that is a better return than most people get from any single financial decision they make all year.