Keeping Your Savings in a Bank of America Account Could Cost You a Flight Every Year

I'm not saying you have to be obsessed with every decimal in your bank account. But if you've got even a modest chunk of cash sitting in a Bank of America savings account, it might be time for a wake-up call.

Bank of America's standard savings account currently pays 0.01% APY. That's… not a typo. If you keep $10,000 in there for a full year, you'd earn a whopping $1 in interest.

Now picture that same $10,000 in a high-yield savings account. As of mid-2025, many of those accounts are still offering nearly 4.00% APY or more. That means you could earn almost $400 or more a year on your savings -- doing literally nothing different other than switching accounts.

$400 a year isn't just numbers on a statement

Four hundred dollars can get you a roundtrip flight to most major cities in the U.S., even during peak travel months. It might cover a flight home for the holidays. A last-minute weekend trip. Or, let's be honest, part of your dream vacation fund.

It's not life-changing money in one shot, but when you multiply it over five or 10 years, the gap gets massive. We're talking about a few thousand dollars lost to inertia, and all because big banks like Bank of America are quietly counting on you not switching.

Why big banks get away with this

There's a reason Bank of America, Chase, and Wells Fargo all pay rock-bottom rates on savings. They don't need to compete for your cash. Most people just never bother moving their money. It's what the industry calls "sticky deposits."

Opening a high-yield savings account is easier than ever

There are dozens of FDIC-insured banks -- including SoFi®, Barclays, and Synchrony -- offering high-yield savings accounts with no monthly fees and no minimum balance requirements. You can apply online in minutes, link your existing checking account, and start earning interest immediately.

A lot of them even let you open multiple savings "buckets" so you can organize goals like vacation, emergency fund, or new car. Our list of the best high-yield savings accounts can help you start earning serious interest on your savings.

This isn't about chasing rates; it's about not settling for scraps

You don't need to be the kind of person who checks APYs every week. You just need to make one move to stop leaving money on the table every single year.

If you've got a few thousand dollars sitting in a Bank of America savings account, consider moving it to a high-yield alternative. Even just moving your emergency fund can quietly earn you enough to pay for something meaningful each year.

Like your next flight.