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

Bank of America's standard savings accounts earn interest rates well below what you can find at online banks and credit unions. As of now, BofA's regular savings account pays around 0.01% annual percentage yield (APY), which means $10,000 would earn roughly $1 per year. Their money market accounts pay slightly more—typically 0.04% to 0.05% APY depending on your balance—but still lag far behind accounts marketed as high-yield.

High-yield savings accounts at other banks currently pay 4% to 5% APY or higher. The difference matters: that same $10,000 would earn $400 to $500 per year at a high-yield account elsewhere, compared to $1 at Bank of America. If you're looking for rates that actually compete with inflation, you'll need to look outside BofA.

Key Takeaways

  • Bank of America's savings accounts pay 0.01% APY on regular savings and 0.04% to 0.05% on money market accounts, which is significantly lower than high-yield options elsewhere.
  • Online banks and credit unions currently offer 4% to 5% APY or higher on savings accounts, earning you substantially more on the same deposit.
  • BofA's advantage lies in branch access and integrated checking, not in savings rates—you're paying for convenience, not yield.
  • If you keep money at BofA primarily for checking, moving only savings to a high-yield account elsewhere costs nothing and takes about a week to set up.

What Bank of America actually offers for savings

Bank of America has two main savings products: a regular savings account and a money market account. The regular savings account has no minimum balance requirement and no monthly fee, but the rate is negligible. The money market account requires a higher opening deposit (typically $2,500) and pays a slightly better rate, but still nowhere near high-yield territory.

Both accounts come with the benefit of being linked to your BofA checking account if you have one. You can transfer money between them instantly online, and you have access to BofA's branch network and ATMs. That convenience has real value if you use BofA for checking—but it doesn't make up for the lost interest income on savings.

Why BofA's rates stay low

Bank of America keeps savings rates low because they don't need to compete for deposits. They have a massive customer base already using their checking accounts, and many people leave savings in BofA simply because it's convenient. The bank makes money by lending out deposits at higher rates, so they have little incentive to pay you more.

Online banks and credit unions, by contrast, have no branch network and no checking account base. They compete almost entirely on savings rates. If they don't offer high yields, customers have no reason to open an account with them. That competitive pressure keeps their rates high.

How to move savings to a higher-paying account

You don't have to close your BofA checking account to move your savings elsewhere. Open a high-yield savings account at an online bank or credit union, then transfer your balance from BofA. The transfer typically takes three to five business days via ACH (automated clearing house), which is the standard electronic method banks use to move money between institutions.

To set up the transfer, you'll need your BofA account number and routing number (available on your checks or in the BofA app). The receiving bank will ask for these details and initiate the transfer on their end. You can also do it manually by withdrawing cash from BofA and depositing it elsewhere, though that's slower and less secure.

Keep your BofA account open if you use the checking features. There's no penalty for having savings elsewhere while your checking stays at BofA. Many people do exactly this: they use BofA for checking and bill pay because of the branch access, then keep savings in a high-yield account at an online bank.

What to look for in a high-yield savings account

When comparing high-yield accounts, the APY is the main number that matters—it tells you exactly how much interest you'll earn. But also check whether the rate is may provide or promotional. Some banks offer a high introductory rate for a few months, then drop it significantly. Look for accounts where the rate applies to all balances, not just balances above a certain threshold.

Confirm that the account is FDIC-insured (or NCUA-insured if it's at a credit union). This means your deposits up to $250,000 are protected if the bank fails. Most high-yield accounts are insured, but it's worth verifying. Also check the withdrawal rules: federal law allows six withdrawals per month from savings accounts, though most banks no longer enforce this limit strictly.

When it still makes sense to keep savings at BofA

If you need frequent access to cash and rely on BofA branches, keeping a smaller savings balance there might be worth the low rate. Some people maintain a small emergency fund at BofA (perhaps $500 to $1,000) for immediate access, then keep the bulk of their savings in a high-yield account elsewhere. This gives you the convenience of a branch when you need it without sacrificing too much interest income.

You might also keep savings at BofA if you're working toward a specific BofA product benefit—for example, some premium checking accounts offer slightly better savings rates or fee waivers if you maintain a combined balance. Check your account terms to see if this applies to you. But for most people, the rate difference is large enough that moving savings elsewhere makes financial sense.

Frequently Asked Questions

Can I earn more interest by moving my BofA savings to a different account type within BofA?

No. Bank of America's money market account pays the highest rate they offer on savings products, and it's still only 0.04% to 0.05% APY. You cannot earn a meaningful return on savings by staying within BofA. You need to move your money to a different bank or credit union to access higher rates.

Will moving my savings to another bank affect my BofA checking account?

No. Your checking account remains separate and unaffected. You can keep your checking at BofA and move only your savings elsewhere. The two accounts operate independently, and you can still transfer money between them when needed.

How long does it take to move money from BofA to a high-yield account?

An ACH transfer typically takes three to five business days. If you need the money faster, you can withdraw cash from BofA and deposit it at the new bank, though this is less secure. Some online banks offer faster transfers if you link your BofA account and initiate the transfer from their side.

What if I have a large savings balance—does BofA offer better rates for bigger deposits?

Bank of America does not tier its savings rates based on balance size. Whether you have $1,000 or $100,000, you earn the same APY on a regular savings account. Their money market account has a higher minimum deposit but still pays only 0.04% to 0.05% regardless of how much you deposit above that minimum.

Is my money safe if I move it to an online bank?

Yes, as long as the bank is FDIC-insured. Check the bank's website or the FDIC's bank search tool to confirm. Your deposits are protected up to $250,000 per account type at each insured bank, the same protection you have at Bank of America.