Your $10,000 in Savings With Bank of America Is Doing You Zero Favors. How to Earn $300 More a Year

Published on Oct. 6, 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.

Keeping your money in a Bank of America savings account might seem like a great move. It's a known, trusted, reliable brand -- what could go wrong?

That's all true. The only problem is that with Bank of America, most people earn next to nothing in interest. I'm talking 0.01% APY for most customers -- which means they're getting exactly $1 in interest a year for every $10,000 they keep in their account.

On the other hand, 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 what to know, and how to make a change today.

Even Bank of America's max APY can't compete

Most Bank of America customers earn just 0.01% APY -- but even top customers are getting a terrible deal.

Bank of America's top savings tier, Diamond Honors, requires a daily account balance of at least $1 million. If you can manage that, you'll earn a measly 0.04% APY -- 10 times lower than the national average of 0.38%.

Here's how much you can earn with different accounts:

Balance Bank of America Standard APY (0.01%) Bank of America Highest APY (0.04%) National Average Savings APY (0.40%) Top HYSAs APY (3.80%)
$10,000 $1 $4 $40 $380
Data source: Author's calculations. Rates are accurate as of Oct. 3, 2025.

Ready to ditch Bank of America? Open one of our favorite high-yield savings accounts today.

Smaller balances still rack up interest

Even if you don't have tens of thousands in the bank, switching to an HYSA can make a big difference.

Here's how much you can earn with an HYSA earning 3.80% APY:

  • $8,000 = $304/year
  • $5,000 = $190/year
  • $2,000 = $76/year

Compare that with Bank of America's standard 0.01% APY, and we've got a clear winner:

  • $8,000 = $0.80/year
  • $5,000 = $0.50/year
  • $2,000 = $0.20/year

The two HYSAs I'm always recommending

Ready to find the HYSA for you? Here are my two favorites, combining sky-high APYs with little or no account fees and minimum deposit requirements.

1. SoFi Checking and Savings (Member FDIC)

  • Annual percentage yield (APY) of up to 3.80% on savings with direct deposit
  • Up to $50 in no-fee overdraft coverage when you set up direct deposit
  • Get paid up to two days early with direct deposit
  • No account fees or minimum balance requirements

I can personally vouch for SoFi Checking and Savings (Member FDIC) -- I opened an account back in May and haven't regretted it for a second.

Aside from the high APY, I love how it has no account fees or minimums of any kind. I've also enjoyed checking out all of SoFi®'s other financial offerings, including student loans, personal loans, mortgages, and more.

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 +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% 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#2. SoFi Bank, N.A. Member FDIC.
APY
up to 3.80% Rate info Circle with letter I in it. Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% 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#2. 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

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2. CIT Platinum Savings

  • up to 4.10%* APY on balances of $5,000 or more
  • No account opening or maintenance fees
  • Minimum $100 deposit to open
  • Interest compounds daily, so your money grows a little faster

Looking for a high APY without the bells and whistles? CIT Platinum Savings is the account for you.

It doesn't have all the extra perks of some other HYSAs, but it's a great choice if you're just looking to rack up interest. Just make sure to keep at least $5,000 in your account so you earn the maximum APY.

Ready to get started? 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 January 9, 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 August 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.

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

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures. https://www.cit.com/cit-bank/resources/forms

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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.