I Write About Savings Accounts for a Living. Here's Why I Hate Bank of America
Image source: Getty Images
I've written about dozens of savings accounts for Motley Fool Money -- and Bank of America Advantage Savings is easily one of the worst.
With Bank of America, most people are earning just 0.01% APY on their savings. That means for every $10,000 you keep in your account, you're getting just $1 a year in interest.
Meanwhile, top high-yield savings accounts (HYSAs) are offering APYs around 3.80%. That's literally hundreds of times more than what Bank of America offers.
Here's what to know, and how you can switch today.
Your Bank of America account isn't doing you any favors
Most people earn 0.01% APY with their Bank of America Advantage Savings account. But even if you're a top-tier Bank of America member, your account isn't making you much richer.
That's because Bank of America's top savings tier, Diamond Honors, earns just 0.04% APY -- 10 times lower than the national average savings APY of 0.40%.
The worst part? It requires a daily account balance of $1 million. Most people won't even come close to earning it.
Here's how much more you could be making with a top HYSA, compared to Bank of America's standard rate:
| Balance | HYSA Earnings (3.80%) | Bank of America Earnings (0.01%) |
|---|---|---|
| $15,000 | $570 | $1.50 |
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
Ready to earn hundreds more every year in interest? Open one of our favorite high-yield savings accounts today.
Three HYSAs that crush Bank of America
The truth is that when it comes to savings APY, basically any bank is better than Bank of America. But here are three of my favorite HYSAs on the market, offering sky-high APYs alongside other nice perks:
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
Yes, SoFi®'s savings APY is one of the highest you can find. But the fact that it comes with no account fees or minimums, early paychecks, and access to the entire line of SoFi® services is where it really shines.
It's the account I went with when I switched to an HYSA myself a few months ago. I'd recommend it to anyone.
Ready to check it out? 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.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn SoFi's Secure Website.
- 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, offering a high APY without the bells and whistles of SoFi®. You'll get:
- 3.90% APY on balances under $250,000
- No account fees or minimum deposits
- FDIC insurance up to $250,000
Unfortunately, Barclays doesn't have a checking account. That means you won't have instant access to your cash -- but if that's okay with you, Barclays is definitely worth a look.
Want to earn 3.90% APY on your cash pile? Check out our full review of the Barclays Tiered Savings account now.
On SoFi's Secure Website.
Member FDIC.
Barclays Tiered Savings
On Barclays' Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn Barclays' Secure Website.
- 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
Finally, CIT Platinum Savings is another great choice -- if you keep $5,000 or more in the bank. It comes with:
- 3.85% APY on balances of $5,000 or more
- No account fees
- FDIC insurance up to $250,000
That high APY 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 those requirements aren't too tough for most. And if you can hit them, you're looking at one of the highest-earning HYSAs on the market.
Ready to earn 3.85% APY on balances of at least $5,000? Read our full review of the CIT Platinum Savings account today.
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.