Bank of America's Savings Account Might Be the Worst Place for Your Money
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Bad news, Bank of America users: Your bank is offering you a raw deal.
That's because a Bank of America Advantage Savings account starts at a measly 0.01% APY. For every $10,000 you have in your account, you're earning exactly $1 a year in interest. Not great.
Luckily, there's a better way to save: Right now, top high-yield savings accounts (HYSAs) are offering APYs of 3.80% or higher -- literally 380 times more than what you're getting with Bank of America.
Here's what to know, and how you can switch today.
Bank of America offers next to nothing in interest
No matter how much you keep in savings, your Bank of America account isn't doing you any favors.
Bank of America's top savings tier, Diamond Honors, requires that you keep a daily balance of at least $1 million. The APY you'll get with Diamond Honors: 0.04%, 10 times lower than the national average of 0.40%. And most people won't even come close to earning that.
Compare Bank of America's standard 0.01% rate to what you can get with an HYSA, and there's no contest:
| Balance | HYSA Earnings (3.80%) | Bank of America Earnings (0.01%) |
|---|---|---|
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
| $2,500 | $95 | $0.25 |
Want to earn hundreds more a year on your savings? Open one of our favorite high-yield savings accounts today.
My three favorite HYSAs
Here are three top HYSAs I'd recommend to anyone, thanks to their high rates, low fees, and ease of use:
1. SoFi Checking and Savings (Member FDIC)
- Annual percentage yield (APY) of up to 4.50% on savings with direct deposit
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
- FDIC insurance up to $250,000
I've had a SoFi® account myself for about six months now, and I can't imagine switching.
The APY is one of the best out there. But the lack of account fees and minimums, plus access to all of SoFi®'s other services, is what really sells it for me. SoFi®'s the perfect way to earn more and manage all your money from one platform.
Want to learn more? Read our full review of the SoFi Checking and Savings (Member FDIC) account today.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. Barclays Tiered Savings
Barclays Tiered Savings is another great option. It includes:
- 3.90% APY on balances under $250,000
- No account fees or minimum deposits
- FDIC insurance up to $250,000
Barclays doesn't offer a checking account, which means you won't have instant access to your cash. But when it comes to pure earning potential, Barclays is tough to beat.
Want to earn a high APY with no account fees or minimums? Check out our full review of Barclays Tiered Savings account now.
On SoFi's Secure Website.
Member FDIC.
Barclays Tiered Savings
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- No minimum deposit to open an account
- Balance requirement for maximum APY
- No ATM access
- No wire transfers (inbound or outbound)
- No branch access; online only
Barclays Tiered Savings rewards savers with a tiered APY structure, offering higher rates as your balance grows. No monthly fees and no minimum balance to open mean it's accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. And now, you can take advantage of a special offer $200 bonus on top of your savings growth when you open a new account and deposit $30,000 or more. Offer ends Dec. 31, 2025. Terms apply.
3. CIT Platinum Savings
CIT Platinum Savings is another great pick if you can keep at least $5,000 in your account. It offers:
- 3.85% APY for balances of $5,000 or more
- FDIC insurance up to $250,000
That APY is one of the best you'll find, and applies as long as you keep a balance of at least $5,000. You'll also need at least $100 to open your account.
But if you can hit those requirements, it's one of the best options out there for savers with a bigger balance.
Ready to earn a top-tier APY on your savings? Read our full review of the CIT Platinum Savings account today.
On SoFi's Secure Website.
Member FDIC.
CIT Platinum Savings
On CIT's Secure Website.
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- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.