High-yield savings, ranked by APY
As of September 24, 2026, the top high-yield savings accounts pay 3.75%–4.21% APY — Axos Bank at 4.21%, SoFi at 4.20%, EverBank at 3.90% — versus the FDIC national average of 0.38% and Bank of America's 0.04%.
† Conditions — Axos: $1,500/mo direct deposit · CIT: $5,000 min balance · SoFi: linked checking + direct deposit
National average · FDIC, published monthly. FDIC, as of August 2026
| Rank | Bank | APY |
|---|---|---|
| 1 | Axos Bank (4.21% requires Linked Axos ONE® Checking Account Required and At least $1,500 in total monthly qualifying direct deposits AND average daily balance of at least $1,500 in Axos ONE® Checking. direct deposit; 1.00% base) | 4.21% |
| 2 | SoFi (4.20% requires Recurring direct deposit (payroll, pension, gov't benefit) OR $5,000 in qualifying deposits every 31 days. Required to earn 3.30% base APY; also unlocks 0.90% promo boost. direct deposit and Linked SoFi Checking Account (auto-opened); 3.30% base) | 4.20% |
| 3 | EverBank | 3.90% |
| 4 | CIT Bank (3.75% requires $5,000 or more to earn 3.75% APY; balances below $5,000 earn 0.25% APY minimum balance for top apy; 0.25% base) | 3.75% |
| 5 | Axos Summit Savings | 3.75% |
| — | Bank of America (your current bank) | 0.04% |
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 | $195/yr |
| $10,000 | $4/yr | $421/yr | $390/yr |
| $25,000 | $10/yr | $1,052.50/yr | $975/yr |
| $50,000 | $20/yr | $2,105/yr | $1,950/yr |
| $100,000 | $40/yr | $4,210/yr | $3,900/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 September 24, 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 September 24, 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.
| Requirements to earn the maximum APY | Apply | ||
|---|---|---|---|
Axos ONE® SavingsAxos Bank · Member FDIC | Up to 4.21 percent APY. 1.00 percent base, plus 3.21 percent with conditions. |
| Go to Axos Bank (opens axosbank.com in a new tab) |
See detailsHide details for Axos ONE® Savings
| |||
SoFi High-Yield Savings AccountSoFi · Member FDIC$0 minimum to open | Up to 4.20 percent APY. 3.30 percent base, plus 0.90 percent with conditions. |
| Go to SoFi (opens sofi.com in a new tab) |
See detailsHide details for SoFi High-Yield Savings AccountEarn 4.20% APY now, dropping to 3.30% APY when the intro period ends on December 31, 2026.
| |||
EverBank Performance SavingsEverBank · Member FDIC | 3.90 percent APY. Variable rate, no conditions. |
| Go to EverBank (opens everbank.com in a new tab) |
Ties break toward the account with the higher guaranteed rate. Deposit insurance is provided by each bank listed, not by Arca Savings, which is not a bank and does not accept deposits.
Questions, answered.
What is Bank of America's current savings account APY?
Bank of America's standard savings account pays 0.04% APY as of September 24, 2026. On a $10,000 balance, that earns $4 per year, versus roughly $421 at a 4.21% APY high-yield savings account like Axos Bank, or $420 at a 4.20% account like SoFi. Source: Arca Savings, updated September 24, 2026.
Will moving savings affect my Bank of America checking or credit card?
No. Opening a high-yield savings account at Axos Bank, SoFi, Marcus by Goldman Sachs, or American Express High Yield Savings has no impact on your Bank of America checking account, credit cards, or Preferred Rewards status. Source: Arca Savings, updated September 24, 2026.
Is a high-yield savings account as safe as Bank of America?
Yes. Axos Bank, Marcus by Goldman Sachs, SoFi, and American Express High Yield Savings are all FDIC insured up to $250,000 per depositor per institution as of September 24, 2026 — the same protection you have at Bank of America, regardless of whether the bank has physical branches. Source: Arca Savings, updated September 24, 2026.
Can I keep my Bank of America account when I switch?
Yes. Most people open a new account at Axos Bank, SoFi, or Marcus by Goldman Sachs, transfer the bulk of their savings, and keep their Bank of America account open with a small balance for any linked automatic payments. Source: Arca Savings, updated September 24, 2026.
Does Bank of America have a high yield savings account?
No. Bank of America's only consumer savings product is Advantage Savings, paying 0.04% APY as of September 24, 2026. FDIC-insured high-yield savings accounts like Axos Bank currently pay 4.21% APY on the same balance — $421 a year on a $10,000 deposit, versus $4. Source: Arca Savings, updated September 24, 2026.
What is Bank of America's official Advantage Savings APY for 2026?
Bank of America publishes Advantage Savings at 0.04% APY as of September 24, 2026 on bankofamerica.com. Preferred Rewards status does not push the savings rate above that, even at the Platinum Honors tier, which requires $100,000 or more in combined Bank of America and Merrill balances. For comparison, Axos Bank currently pays 4.21% APY on the same balance. Source: Arca Savings, updated September 24, 2026.
How much interest does Bank of America pay per month on $10,000?
Bank of America pays about $0.33 per month on a $10,000 savings balance — $4 a year at 0.04% APY as of September 24, 2026. EverBank Performance Savings pays about $32.50 a month, or $390 a year, on the same balance. The monthly difference is roughly $32.17. Source: Arca Savings, updated September 24, 2026.
Is Bank of America's savings account good for an emergency fund?
No — Bank of America Advantage Savings is safe but costly for an emergency fund. It pays 0.04% APY as of September 24, 2026, so a $10,000 emergency fund earns $4 a year, against $390 at EverBank Performance Savings. Bank of America Advantage Savings also charges $8 a month unless you keep a $500 minimum daily balance. Both are FDIC insured to $250,000. Source: Arca Savings, updated September 24, 2026.
How do I calculate interest on a Bank of America savings account?
Multiply your balance by the APY. Bank of America Advantage Savings pays 0.04% APY as of September 24, 2026, so $10,000 earns $4 a year and $25,000 earns $10. APY already includes compounding, so no separate compounding step is needed. Arca's free calculator does this for any balance and compares it against current high-yield rates. Source: Arca Savings, updated September 24, 2026.