Here's How Big Banks Are Profiting Off Your Laziness, and What to Do About It

If you've been parking your savings in a big bank account "just because," you're not alone. And you're definitely not getting rewarded for your loyalty.

I've covered personal finance for years, and the most common way, by a mile, I see people leave money on the table is by sticking with whatever savings account they opened in high school. It feels harmless. It feels like you're being responsible by keeping your money "safe." But in reality, you're getting played.

Because the truth is, big banks are quietly making billions off customers who can't be bothered to switch.

What the big banks aren't telling you

Most of the major banks -- Bank of America, Wells Fargo, Chase, Citi -- are paying savings rates that haven't budged in years. We're talking 0.01% APY in many cases. That's $1 of interest a year on $10,000.

Meanwhile, the top high-yield savings accounts are paying nearly 4.00% APY or more as of this writing.

That same $10,000 could earn you $400 a year in one of those accounts. And that's real money when you let it compound over time.

The kicker is that these big banks are lending out your deposits or investing them and earning much higher returns themselves. Then they hand you literal pennies. It's a sweet deal for them.

Laziness is likely costing you thousands of dollars

This isn't just about losing a few bucks. Over time, the difference is massive.

Let's say you leave $10,000 in a big bank savings account earning 0.01% APY. After 10 years, you'll have around $10,010.01.

Now let's say you move that money to a high-yield account earning 4.00% APY. After 10 years, you'll have around $14,908.

That's nearly $5,000 more for doing nothing other than picking a better bank.

Here's what to do about it

If your bank is paying you 0.01%, it's time to make a change. Thankfully, switching is easier than you think.

Look for a high-yield savings account that offers:

• Nearly 4.00% APY or more
• No monthly fees
• No minimum deposit or balance requirements

A few of my current favorites include:

• Barclays Tiered Savings
• Capital One 360 Performance Savings
• SoFi Checking and Savings (Member FDIC)
• Ally Savings

All of these are easy to open online and federally insured. You can transfer your money in minutes and start earning real interest right away.

Want to see some of the top options right now? Check out our list of the best high-yield savings accounts for July 2025.

Don't be the customer they're counting on

Big banks are banking on inertia. They need you to be too busy, too distracted, or too unsure to switch.

But you don't owe them your loyalty, and especially not when they're using your money to get rich while handing you pocket change.

Making one small change today could be worth thousands down the road. So don't let your laziness pay them. Let it pay you instead.