How Much Is Your Bank's Savings Rate Costing You?
Rates current as of · Updated weekly
Big bank savings rates at a glance
Standard savings APY, top-tier savings product, advertised top-tier APY, and monthly fee for the five largest US retail banks. All rates as of June 15, 2026.
| Bank | Standard APY | Top-tier product | Top-tier APY | Monthly fee | |
|---|---|---|---|---|---|
| Chase | 0.01% APY | Premier Savings | 0.02% APY† | $5 (waivable) | Compare → |
| Bank of America | 0.04% APY | Advantage Savings | 0.04% APY | $8 (waivable) | Compare → |
| Wells Fargo | 0.01% APY | Platinum Savings | 0.05% APY† | $12 (waivable) | Compare → |
| Citibank | 0.03% APY | Citi Accelerate Savings | 3.10% APY† | $4.50 (waivable) | Compare → |
| U.S. Bank | 0.05% APY | Smartly® Savings | 2.00% APY† | $5 (waivable) | Compare → |
† Chase Premier Savings: must have linked eligible account
† Wells Fargo Platinum Savings: must have linked eligible account
† Citibank Citi Accelerate Savings: only available in select markets
† U.S. Bank Smartly® Savings: $5,000 minimum monthly balance with linked checking account
Calculate your exact number
Enter your balance and current APY — we'll show your annual loss versus the top high-yield savings accounts available today.
Why each big bank pays what it pays
Chase
Chase is the largest US bank by assets, and that scale is exactly why its standard savings account pays just 0.01% APY — deposits flow in regardless of rate. The Premier Savings tier nudges the rate up only fractionally, and only if you also maintain a linked Chase Premier Plus or Premier Platinum Checking account. The structure is built to keep deposits, not to grow them. Move the bulk of your savings to a high-yield account and keep a small Chase buffer for autopay if you want to preserve the relationship.
See full Chase comparison →Bank of America
Bank of America's Preferred Rewards program ties account perks to investment balances held at Merrill — not to your savings balance alone. Those perks accrue to credit cards and investments rather than the savings rate, so Advantage Savings stays put no matter how much you consolidate at Merrill. The standard rate sits at 0.04% APY, and even Diamond-tier members earn rates that fall far short of any top HYSA. Use the calculator to see what the gap costs you per year.
See full Bank of America comparison →Wells Fargo
Wells Fargo's standard Way2Save savings pays just 0.01% APY on a $10,000 balance. Its relationship-tier Platinum Savings reaches 0.05% APY, but only with a linked Wells Fargo Premier Checking account holding the rate in place — and the advertised top rate of 0.26% APY applies only at balances of $1 million or more, a threshold almost no retail customer reaches. Step-ups at lower balance tiers are negligible. The product structure is engineered so almost no retail customer ever clears the rate hurdle. Switching delivers the gain without seven-figure balances or another linked product.
See full Wells Fargo comparison →Citibank
Citibank pays a standard rate of 0.03% APY — a touch above Chase's 0.01% floor, but nowhere near a real high-yield account. Its Accelerate Savings product is more competitive at roughly 3.10% APY, but Citibank only offers it in states where it has no physical branch presence — a deliberate geographic pricing strategy. If you live in a Citi-branch state (New York, California, Florida, Illinois, DC, and parts of Texas), Accelerate is unavailable to you, and you are stuck with the 0.03% APY tier. A national online HYSA pays the same or better and has no geography test.
See full Citibank comparison →U.S. Bank
U.S. Bank Smartly® Savings advertises 2.00% APY on a $10,000 balance, but only customers who also keep a linked U.S. Bank Smartly Checking account earn that rate. Without the linked checking, the same savings account drops to 0.05% APY — near the floor that Chase and Bank of America sit at. The two-tier structure is engineered to retain U.S. Bank's primary-banking relationship rather than to compete on standalone yield, and the with-relationship rate still falls more than 200 basis points short of national HYSAs like Axos Bank.
See full U.S. Bank comparison →Where to put your money instead
Three FDIC-insured high-yield savings accounts currently paying materially more than every big bank above. Rates as of June 15, 2026.
Frequently asked questions
Why do big banks pay so little on savings?
Big banks pay 0.01–0.05% APY on standard savings because their deposit bases are stable regardless of rate. Chase sits at 0.01% APY and Bank of America at 0.04% APY, while online banks like Axos Bank and SoFi must compete on rate to attract deposits — they pay 4.21% and 3.80% APY on the same money as of June 15, 2026. Source: Arca Savings, updated June 15, 2026.
How much can I earn by switching from a big bank to a high-yield savings account?
Switching from 0.01% APY to 4.21% APY adds $1,050 per year on a $25,000 balance, $2,100 on $50,000, and $4,200 on $100,000 as of June 15, 2026. Axos Bank pays 4.21% APY at the top of the Arca rate table, followed by CIT Bank at 4.10% APY and SoFi at 3.80% APY. Source: Arca Savings, updated June 15, 2026.
Are high-yield savings accounts as safe as a big bank?
Yes — high-yield savings accounts carry the same FDIC insurance as Chase or Bank of America: $250,000 per depositor per institution as of June 15, 2026. SoFi additionally extends coverage to $2 million through a partner-bank sweep network. Axos Bank, Marcus by Goldman Sachs, and American Express High Yield Savings all carry standard FDIC coverage. Source: Arca Savings, updated June 15, 2026.
Will switching savings affect my checking account or credit cards at my big bank?
No. Opening a high-yield savings account at Axos Bank, SoFi, or Marcus by Goldman Sachs has no impact on your Chase, Bank of America, Wells Fargo, or U.S. Bank checking, credit cards, mortgages, or rewards status as of June 15, 2026. Source: Arca Savings, updated June 15, 2026.
Which big bank pays the highest standard savings rate?
U.S. Bank Smartly® Savings pays 2.00% APY on a $10,000 balance — but only with a linked Bank Smartly Checking account; without it the rate drops to 0.05% APY. Chase pays 0.01% APY, Bank of America 0.04% APY, Wells Fargo Platinum Savings 0.05% APY (with Premier Checking), and Citibank 0.03% APY. None reach the 4.21% APY at Axos Bank. Source: Arca Savings, updated June 15, 2026.
How long does it take to switch from a big bank to a high-yield savings account?
About 15 minutes to open the new account and 1–3 business days for the first ACH transfer to clear. Axos Bank, SoFi, Marcus by Goldman Sachs, and American Express each advertise roughly 5-minute applications with instant approval in most cases as of June 15, 2026. Source: Arca Savings, updated June 15, 2026.
Do I have to close my big bank account when I switch?
No. Most users open a high-yield savings account at Axos Bank, SoFi, or Marcus by Goldman Sachs and keep their Chase, Bank of America, or Wells Fargo account open with a small buffer for autopay and direct deposit as of June 15, 2026. Source: Arca Savings, updated June 15, 2026.
Arca provides information, not financial advice. Arca may earn a commission from banks when you open an account through our links.