Bank of America's Savings Account Might Be the Worst Place for Your Money

Updated - First published on Sept. 21, 2025

Ryan Wilcox

By: Ryan Wilcox

Full-Time Personal Finance Writer

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 0.38%. 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
Data source: Author's calculations.

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 4.00% 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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Limited-time offer:
Earn $50 or $400 and +0.90% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
APY
up to 4.00% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No monthly account fee
  • Welcome bonus up to $400 (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 $50 or $400 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

Open a SoFi Checking and Savings Account

Read Full Review

2. Barclays Tiered Savings

Barclays Tiered Savings is another great option. It includes:

  • 3.50% 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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Special Offer
$200 Bonus with qualifying activities. Terms Apply Circle with letter I in it.

To earn a $200 bonus, new customers can open a savings account; deposit $25,000 or more within 30 days; and maintain at least that balance for 120 consecutive days. The bonus will be credited to your account within 60 days of meeting these requirements. Offer ends Oct. 31, 2026. Terms apply.
APY
3.50% Rate info Circle with letter I in it. Balances less than $250,000 earn 3.50%, and balances greater than $250,000 earn 3.65%.
Min. To Earn APY
$0
  • 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.

Read Full Review

3. CIT Platinum Savings

CIT Platinum Savings is another great pick if you can keep at least $5,000 in your account. It offers:

  • up to 4.10%* 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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for CIT Platinum Savings

On CIT's Secure Website.

Limited-time Offer:
Earn up to 4.10% APY with promo code CITBoost Circle with letter I in it.

With the 6 month Boost limited-time offer, you earn 4.10%* APY on balances over $5,000 (balances less than $5,000 earn 0.60%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.
APY
up to 4.10%* Rate info Circle with letter I in it. 4.10%* APY for balances of $5,000 or more; otherwise, 0.60%* APY
Min. To Earn APY
$5,000
  • 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).

Open a CIT Platinum Savings Account

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 July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% 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 February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends October 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6- month period outlined in the terms and conditions.

The promotion can end at any time without notice.

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures.

Read Full Review

Our Research Expert

Ryan Wilcox
Ryan Wilcox icon-button-linkedin-2x

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.