Bank of America does not offer a dedicated high yield savings account

Bank of America's standard savings account earns interest, but the rate is not competitive with high yield savings accounts at other banks. As of now, Bank of America's regular savings account rate is significantly lower than what online banks and credit unions offer—often a fraction of a percent compared to rates that can reach 4% or higher elsewhere.

If you have a Bank of America checking account, you may see a savings account option in your online banking portal. That account will earn interest, but the rate changes based on your balance and account type. Bank of America does not publish a single "high yield" product the way some competitors do.

The reason matters: Bank of America is a large brick-and-mortar bank with physical branches, customer service staff, and ATM networks. Those services cost money. Online-only banks have lower overhead and can pass higher rates to depositors. If earning the most interest on savings is your priority, you will need to look outside Bank of America.

Key Takeaways

  • Bank of America's savings account rates are substantially lower than high yield savings accounts at online banks and credit unions.
  • Bank of America offers one standard savings product, not a separate high yield tier, and the rate varies by account type and balance.
  • If you keep money at Bank of America primarily for checking and bill pay, a savings account there is convenient but will earn minimal interest.
  • Moving savings to an online bank or credit union while keeping your checking at Bank of America is a common strategy to earn higher rates.

What Bank of America savings accounts actually pay

Bank of America's regular savings account earns interest, but the rate depends on your account type and balance tier. The bank does not advertise a single rate; instead, rates vary. A basic savings account at Bank of America typically earns less than 0.01% annual percentage yield (APY) on most balances, though some account tiers or promotional periods may offer slightly higher rates.

To find your specific rate, log into your Bank of America account online or call 1-800-432-1000. The rate you see will reflect your account type and current balance. Bank of America does not may provide a rate will stay the same; it can change at any time.

Compare this to online banks: as of early 2024, high yield savings accounts at banks like Marcus, Ally, or American Express offer rates around 4% to 4.5% APY. A credit union in your area may also offer rates higher than Bank of America. The difference in earnings is real: on $10,000, Bank of America might earn $1 per year, while a high yield account earns $400 to $450 per year.

Why Bank of America does not compete on savings rates

Bank of America's business model relies on branch locations, in-person customer service, and a large ATM network. These services require staff, real estate, and infrastructure. The bank passes some of those costs to customers by offering lower savings rates and charging monthly maintenance fees on some accounts.

Online banks have no branches and no ATM networks of their own. They operate with smaller teams and lower overhead. That cost advantage lets them offer higher savings rates and often waive monthly fees entirely. Bank of America competes on convenience and brand recognition, not on interest rates.

If you value having a physical branch nearby, being able to deposit cash at an ATM, or speaking to someone in person, Bank of America's savings account may be worth the lower rate. If you prioritize earning the most interest on your savings, you will need to open an account elsewhere.

How to earn more interest while keeping Bank of America checking

You do not have to choose between Bank of America and higher interest rates. Many people keep their checking account at Bank of America for convenience and bill pay, then open a high yield savings account at an online bank or credit union for their savings.

The process is straightforward: open a savings account at an online bank (Marcus, Ally, American Express, or a local credit union). Link it to your Bank of America checking account. When you want to move money from checking to savings, you can transfer it online in one to three business days. When you need the money back, transfer it the same way.

This approach gives you the best of both worlds: a familiar checking account at Bank of America with a nearby branch, plus a high yield savings account earning real interest. The only trade-off is that transfers between banks take a day or two, so you cannot access the money instantly. For true emergency savings, that delay is usually acceptable.

Bank of America savings account features beyond interest rate

Bank of America's savings account does offer some features that matter depending on your situation. You can link it to your checking account for easy transfers. You can set up automatic transfers to build savings without thinking about it. The account is FDIC insured up to $250,000, which means your money is protected if the bank fails.

Bank of America also offers a tiered savings product called a Money Market Account, which may pay a slightly higher rate than regular savings if you maintain a larger balance. The rates are still low compared to online banks, but the account offers check-writing privileges and a debit card, which a regular savings account does not.

If you rarely move money between accounts and value the simplicity of keeping everything in one place, these features may outweigh the lower interest rate. But if you are trying to grow your savings, the rate difference will cost you real money over time.

Moving money to a high yield account without closing Bank of America

Opening a high yield savings account does not require you to close your Bank of America account or change your checking habits. You can keep your checking account exactly as it is and simply add a savings account elsewhere.

To set up the transfer, you will need your Bank of America routing number (022000046 for most accounts) and your account number. When you open a new savings account at an online bank, they will ask for this information to link the accounts. Once linked, you can move money back and forth online.

The first transfer may take three to five business days. After that, transfers usually complete in one to three business days. Some online banks offer faster transfers if you use their mobile app or set up a direct deposit. Check with the bank you choose for their specific timeline.

Frequently Asked Questions

Can I get a higher rate at Bank of America if I have a lot of money?

Bank of America does offer slightly higher rates on Money Market Accounts if you maintain a larger balance, but the rates are still well below what online banks pay. Even with a six-figure balance, you will earn more at a high yield savings account elsewhere. Contact Bank of America directly to learn the current rates for your balance level.

Does Bank of America charge a monthly fee on savings accounts?

Bank of America's regular savings account has no monthly maintenance fee. However, some of their premium accounts may charge fees if you do not meet minimum balance requirements. Check your account terms or call 1-800-432-1000 to confirm what applies to your specific account.

What if I need to access my money quickly from a high yield savings account?

Online savings accounts are not designed for instant access. Transfers between banks take one to three business days. If you need money within hours, keep a small emergency fund in your Bank of America checking account and use the high yield savings account for money you will not need immediately.

Is my money safe in a high yield savings account at an online bank?

Yes, as long as the bank is FDIC insured. All major online banks carry FDIC insurance, which protects your deposits up to $250,000 per account. You can verify a bank's FDIC status on the FDIC website. Your money is just as safe at an online bank as it is at Bank of America.

Can I transfer money from Bank of America to a high yield account automatically?

Yes. Once you link your accounts, most online banks let you set up automatic transfers on a schedule you choose—weekly, monthly, or any interval you want. This makes it easy to move money to savings without remembering to do it manually.