How Much Is Your Bank's Savings Rate Costing You?
Rates current as of · Updated monthly
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 April 2026.
| Bank | Standard APY | Top-tier product | Top-tier APY | Monthly fee | |
|---|---|---|---|---|---|
| Chase | 0.01% APY | Premier Savings | <0.02% APY | $25 (waivable) | Compare → |
| Bank of America | 0.01% APY | Advantage Savings | ~0.04% APY | $8 (waivable) | Compare → |
| Wells Fargo | 0.01% APY | Platinum Savings | 0.26% APY ($1M+) | $5 (waivable) | Compare → |
| Citibank | 0.04% APY* | Accelerate Savings | ~4.35% APY† | None | Compare → |
| U.S. Bank | 0.01% APY | Elite Money Market | Varies | $4 (waivable) | Compare → |
* Citibank's standard savings pays 0.04% APY — higher than the other four but still far below top HYSAs.
† Citi Accelerate Savings is only available in states where Citibank does not operate physical branches.
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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 your savings rate to investment balances held at Merrill — not to your savings balance alone. That means the only way to earn meaningfully more on Advantage Savings is to consolidate brokerage assets at Merrill, which most depositors will not and should not do for a few basis points. The standard rate sits at 0.01% 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 headline 'high-rate' savings option, Platinum Savings, requires a linked Premier Checking account and a balance of $1 million or more before you reach the advertised 0.26% APY. Step-ups at lower balance tiers are negligible, and the standard Way2Save rate sits at 0.01% APY. The product structure is engineered so that almost no retail customer ever clears the rate hurdle. Switching delivers the gain without needing seven-figure balances or another linked product.
See full Wells Fargo comparison →Citibank
Citibank is the only major US bank that pays a noticeably above-floor standard rate — 0.04% APY rather than 0.01%. Its Accelerate Savings product is genuinely competitive at roughly 4.35% 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 0.04% 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's footprint is concentrated in the Midwest and West, and its product structure reflects a regional retail bank that prices for relationship retention rather than rate competition. Standard savings pays 0.01% APY, and Elite Money Market only avoids the monthly fee when you keep a U.S. Bank checking account linked. None of those product gates produce a rate that competes with a national HYSA, which has no fees, no minimums, and a rate hundreds of times higher.
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 April 2026.
Frequently asked questions
Why do big banks pay so little on savings?
Big banks pay 0.01% APY on standard savings because their deposit bases are stable regardless of rate. Chase, Bank of America, Wells Fargo, and U.S. Bank all sit at that floor, while online banks like Marcus by Goldman Sachs and SoFi must compete on rate to attract deposits — they pay 4.00–4.60% APY on the same money. Source: Arca Savings, updated April 2026.
How much can I earn by switching from a big bank to a high-yield savings account?
Switching from 0.01% APY to 4.50% APY adds $1,122 per year on a $25,000 balance, $2,245 on $50,000, and $4,490 on $100,000. SoFi, Marcus by Goldman Sachs, and American Express each currently sit near the top of the 4.00–4.60% range. Source: Arca Savings, updated April 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. SoFi additionally extends coverage to $2 million through a partner-bank sweep network. Source: Arca Savings, updated April 2026.
Will switching savings affect my checking account or credit cards at my big bank?
No. Opening a high-yield savings account at SoFi, Marcus by Goldman Sachs, or American Express has no impact on your Chase, Bank of America, or Wells Fargo checking, credit cards, mortgages, or rewards status. Source: Arca Savings, updated April 2026.
Which big bank pays the highest standard savings rate?
Citibank's 0.04% APY is the highest standard rate among the five biggest US banks; Chase, Bank of America, Wells Fargo, and U.S. Bank all sit at 0.01% APY. None come close to the 4.00–4.60% APY paid by top online HYSAs. Source: Arca Savings, updated April 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. SoFi, Marcus by Goldman Sachs, and American Express all advertise roughly 5-minute applications with instant approval in most cases. Source: Arca Savings, updated April 2026.
Do I have to close my big bank account when I switch?
No. Most users open a high-yield savings account at SoFi, Marcus by Goldman Sachs, or American Express and keep their Chase, Bank of America, or Wells Fargo account open with a small buffer for autopay and direct deposit. Source: Arca Savings, updated April 2026.
Arca provides information, not financial advice. Arca may earn a commission from banks when you open an account through our links.