Bank of America Savings Rate Audit
The second-largest US bank. BofA Advantage Savings pays 0.01% APY for standard tier. The best high-yield savings accounts pay 4.20% APY — a 4.16% point gap that costs real money every year.
Data as of August 23, 2026
Annual Cost of Staying at Bank of America
| Balance | Bank of America Earns | Best HYSA Earns | You Lose |
|---|---|---|---|
| $10,000 | $4 | $420 | $416/yr |
| $25,000 | $10 | $1,050 | $1,040/yr |
| $50,000 | $20 | $2,100 | $2,080/yr |
| $100,000 | $40 | $4,200 | $4,160/yr |
Advertising disclosure: Some products are from partners. This does not affect rankings.
Full disclosure →SoFi Checking & Savings
SoFi
Based on your savings balance, this account maximizes your yield with FDIC protection.
Advertising disclosure: SwitchWize may earn a referral fee if you open an account through this link. This does not affect our rankings or recommendations. Learn more
Calculate your exact penalty
Enter your real balance and current rate for a personalized breakdown.
Open Rate Gap Calculator →Frequently Asked Questions
What APY does Bank of America pay on savings?
Bank of America currently pays 0.04% APY on standard savings accounts, as of August 23, 2026. This is significantly below the best available high-yield savings rates of 4.20% APY.
How much am I losing at Bank of America?
On a $25,000 balance, the gap between Bank of America (0.04%) and the best HYSA (4.20%) costs you approximately $1,040 per year in foregone interest.