Keeping $10,000 in a Bank of America Savings Account? You Could Be Earning $380 More a Year
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Still saving money with Bank of America in 2025? If so, you're doing it wrong.
Most people are earning just 0.01% APY with their Bank of America Advantage Savings account. That means for every $10,000 you have in your account, you're earning just $1 a year in interest. Even with the maximum rate of 0.04%, you're getting just $4 a year.
Meanwhile, top high-yield savings accounts (HYSAs) are offering APYs of 3.80% or higher, meaning that same $10,000 could be earning you $380 or more.
Here's how it breaks down -- and how easy it is to switch.
Bank of America offers next to nothing in interest
Most people will earn 0.01% APY with Bank of America. But even if you're a top-tier member with millions in the bank, your Bank of America account isn't making you any richer.
Bank of America's top savings tier, Diamond Honors, requires a daily balance of at least $1 million. The APY you'll get with Diamond Honors: 0.04%. That's 10 times lower than the national average of 0.39%, and most people won't even qualify for it.
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 |
Here’s how easy it is to open an HYSA
Opening a high-yield savings account is a piece of cake -- I opened my SoFi Checking and Savings (Member FDIC) account in less than half an hour. Here's what to do:
- Compare top options. Look for HYSAs with a high APY and no fees.
- Apply online. Applications are usually quick and easy.
- Transfer your funds to your new account.
- Update direct deposits and other automatic transfers so they go to your new account.
After that, you can close your old account if you don't use it anymore. Then you can start enjoying hundreds of dollars a year in extra interest.
My two favorite HYSAs
Here are the two HYSAs I'm always recommending to friends and family:
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 only had my SoFi® account for a few months now, but I can't imagine switching.
The APY is one of the highest you can find at the moment. But the lack of fees or minimums, plus access to SoFi®'s other financial products, is what really sets it apart. It's my favorite HYSA out there, bar none.
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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Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- 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. CIT Platinum Savings
- 3.75% APY for balances of $5,000 or more
- No account fees
- Minimum $100 deposit to open
- FDIC-insured up to $250,000
CIT Platinum Savings pays one of the highest rates available on large balances. It's perfect if you're looking to get every dollar of interest you can.
Just make sure you maintain a balance of at least $5,000 to earn the max APY.
Ready to get started? 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.