3 Accounts Crushing Bank of America on Savings Rates

If you keep your savings in a Bank of America account earning 0.01% APY, your money isn't really growing. In fact, $10,000 there earns about $1 in interest over an entire year.

Moving over to a high-yield savings account (HYSA) earning 4.00%+ APY can make you 400x the interest, without taking on extra risk.

I've been tracking rates for years, and here are three of my favorite accounts right now, each offering over 4.00% APY.

1. CIT Platinum Savings

CIT Platinum Savings earns 4.00% APY for balances of $5,000 or more.

That's a massive step up from BofA, Wells Fargo, Chase or any big name traditional bank.

Why I like CIT:

• No monthly fees and only a $100 minimum opening deposit
• Interest is compounded daily and paid monthly
• CIT is a division of First Citizens Bank, which is the 15th largest bank in the U.S.

If you consistently hold at least $5,000 in your savings account and want a 4.00% APY, this is a top option to consider.

Learn more in our full CIT Platinum Savings review here.

2. SoFi Checking and Savings (Member FDIC)

The SoFi Checking and Savings (Member FDIC) account has a limited-time offer right now.

Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.70% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.50% APY!

Why SoFi® is unique:

• It's an all-in-one account. Both checking and savings are linked, so less hassle for transfers.
• Great onboarding experience with a slick app, no monthly fees.
• You can earn a cash bonus up to $300 with direct deposit set up.

SoFi® has a ton of member perks, too. Like career coaching, financial planning tools, and community events -- not just boring banking stuff.

This is a smart move if you're comfortable with a little promo rate complexity in exchange for flexibility and a modern banking ecosystem.

Read our full SoFi Checking and Savings (Member FDIC) review to see all the perks, features, and other products it has to offer.

3. LendingClub LevelUp Savings

LendingClub LevelUp Savings pays 4.20% APY with $250+ in monthly deposits. And you earn that on your entire balance.

But if you miss the deposit, you get the "standard rate" which is lower, but overall still pretty competitive.

What sets LendingClub apart:

• No minimum opening balance or fees
• Free ATM card, with unlimited ATM‑fee rebates (this is super rare for high-yield savings accounts)
• Also offers top APYs with short-mid term certificates of deposit (CDs)

This one's perfect if you can automate $250+ deposits monthly, and are considering locking in top rates for a portion of your money in CDs.

See our in-depth LendingClub LevelUp Savings review for a closer look at how it works and the benefits you can unlock.

Making the switch to better returns

A few years ago, I shifted $25,000 from my Chase checking account into a high-yield savings account. Since then, it's earned me over $2,000 in interest -- money I never would've seen if I'd left it where it was.

I still keep my big bank checking account for everyday stuff. It's where I get paychecks deposited, pay my bills from, etc. But now all my "cold storage" savings live in an online HYSA earning over 4.00% APY.

If you've got money sitting idle at a low-rate bank, moving it could be one of the easiest financial wins you score this year.

See our full list of the best high-yield savings accounts and start earning more today.