What you'd earn at each, by balance.
What you'd earn at each, by balance.
Annual interest = principal × APY, simple interest. All accounts FDIC insured up to $250,000.
| Balance | Bank of America0.04%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $2/yr | $210.50/yr | $187.50/yr |
| $10,000 | $4/yr | $421/yr | $375/yr |
| $25,000 | $10/yr | $1,052.50/yr | $937.50/yr |
| $50,000 | $20/yr | $2,105/yr | $1,875/yr |
| $100,000 | $40/yr | $4,210/yr | $3,750/yr |
Personalize the gap.
Compared at Bank of America's 0.04% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,085 over five years, just by switching where the dollars sit.
Why does Bank of America pay so little on savings?
Bank of America's retention strategy runs through its Preferred Rewards program, which ties account perks to total relationship value — checking, savings, and Merrill investment balances counted together — rather than rewarding the savings balance with a competitive rate. Those perks accrue to credit cards and investment products, not the savings APY, a deliberate structure designed to keep deposits captive across the Bank of America family. Standard Advantage Savings pays 0.04% APY as of June 15, 2026 and carries an $8 monthly fee that is waived only with a $500 minimum daily balance. The structure is engineered to make leaving feel costly, even when the math on a high-yield savings account favors leaving by a wide margin.
What about Bank of America's higher-tier savings accounts?
Bank of America's higher-tier product is Advantage Savings paired with Preferred Rewards status. The program runs four tiers based on combined assets: Gold ($20K+), Platinum ($50K+), Platinum Honors ($100K+), and Diamond ($1M+ at Merrill). Even at Platinum Honors — the highest tier most retail savers will reach — the savings rate does not meaningfully exceed the 0.04% APY standard rate as of June 15, 2026; Preferred Rewards directs its perks to credit-card and investment products rather than the savings APY. Moving savings to a HYSA does not affect Preferred Rewards status, which is calculated on combined checking and Merrill balances, not savings. Even at the top tier, the rate falls far short of any leading HYSA.
Where Bank of America customers are moving their savings.
Every account below is FDIC insured to $250,000, with the same daily access you have today. On a $10,000 balance, the top rate earns about $417 more a year than Bank of America.