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 October 7, 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: As of September 26, 2026, SwitchWize has no active affiliate or referral agreements and no compensated product links.
Full disclosure →SoFi Checking & Savings
SoFi
Based on your savings balance, this account maximizes your yield with FDIC protection.
Advertising disclosure: SwitchWize currently has no compensated product links. 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 October 6, 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.