Bank of America does not currently offer a high-yield savings account
Bank of America's standard savings accounts earn little to no interest. As of now, Bank of America does not have a product marketed as a high-yield savings account. Their regular savings accounts typically pay between 0.01% and 0.04% annual percentage yield (APY), depending on your balance and account type. If you want significantly higher rates—currently available elsewhere at 4% to 5% APY—you will need to open an account at a different bank.
This matters because the difference between 0.01% and 4.5% compounds quickly. On $10,000, you would earn roughly $1 per year at Bank of America versus $450 per year at a high-yield savings account elsewhere. Bank of America's advantage lies in branch access and integrated checking, not in savings rates.
Key Takeaways
- Bank of America's savings accounts pay 0.01% to 0.04% APY, which is far below what high-yield accounts offer at other banks.
- If you want a high-yield savings account, you will need to open one at a different bank—online banks and credit unions typically offer the highest rates.
- Bank of America does offer a Money Market account that pays slightly higher rates than savings, but still below high-yield alternatives.
- You can keep a checking account at Bank of America while holding a high-yield savings account elsewhere for the best of both options.
What Bank of America savings accounts actually pay
Bank of America offers three savings products: the Regular Savings Account, the Premium Savings Account, and the Money Market Account. The Regular Savings Account pays 0.01% APY on all balances. The Premium Savings Account pays slightly more—typically 0.04% APY—but requires a minimum balance of $10,000 to earn that rate; below that threshold, you earn 0.01%. The Money Market Account pays around 0.05% to 0.06% APY depending on your balance tier, but requires a $2,500 minimum to open.
These rates have not changed significantly in years and remain well below what you can find elsewhere. Online banks like Marcus, Ally, and American Express Personal Savings currently offer rates between 4% and 5% APY with no minimum balance requirements. Credit unions often offer competitive rates as well. The gap is not a rounding error—it is the difference between $10 and $450 in annual earnings on $10,000.
Where to find high-yield savings accounts instead
Online banks offer the highest rates because they have lower overhead costs than traditional banks with physical branches. Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank are among the most common options. Credit unions sometimes offer high-yield savings accounts to members; you can search for credit unions in your area through CO-OP or Allpoint networks to see what rates they offer.
Opening an account at one of these institutions takes 10 to 15 minutes online. You will need your Social Security number, a government-issued ID, your current address, and a way to fund the account (usually a bank transfer from an existing account). Most high-yield savings accounts have no monthly fees, no minimum balance requirements, and no maximum deposit limits. Funds typically transfer between banks within one to three business days.
Why Bank of America customers might still keep savings there
Some people keep a small savings account at Bank of America for convenience—to move money quickly between checking and savings without waiting for transfers. If you use Bank of America's checking account and need immediate access to funds, a small emergency fund in their savings account can make sense. But this should not be your primary savings vehicle if you are trying to earn interest.
A practical approach is to keep your checking account at Bank of America (if you use their branches or prefer their app) and open a high-yield savings account elsewhere for money you are not spending immediately. You can transfer money from Bank of America checking to the high-yield account whenever you have extra funds. This gives you the branch access and integrated checking you may want, plus the interest rate you actually need.
How to move money from Bank of America to a high-yield account
Once you open a high-yield savings account elsewhere, you can link it to your Bank of America checking account and transfer money between them. Log into your Bank of America online banking or mobile app, go to Transfers, and select "Transfer to another bank." You will need the routing number and account number of your new high-yield savings account. Bank of America will verify the account with two small deposits (usually $0.01 each), which takes one to two business days. After verification, transfers typically complete within one to three business days.
Alternatively, you can set up an automatic transfer from Bank of America to your high-yield account on a schedule—for example, moving $500 every payday. This removes the need to remember to transfer manually and helps you build savings consistently.
What to watch for when comparing high-yield accounts
When you are looking at high-yield savings accounts, check whether the rate is may provide or promotional. Some banks offer a higher introductory rate for the first few months, then drop it. Read the fine print to see whether the rate applies to all balances or only balances above a certain threshold. Some accounts pay higher rates on larger balances and lower rates on smaller ones.
Also confirm that the bank is FDIC-insured (for banks) or NCUA-insured (for credit unions). This means your deposits are protected up to $250,000 if the institution fails. Most major online banks and credit unions carry this insurance, but it is worth verifying before you move money. Check the bank's website or call their customer service line to confirm.
Frequently Asked Questions
Can I transfer money from Bank of America to a high-yield account for free?
Yes. Bank of America does not charge a fee to transfer money out to another bank, and most high-yield savings accounts do not charge a fee to receive transfers. The transfer itself is free; you only pay if you close the Bank of America account and they charge a closure fee (most do not).
Will opening a high-yield account at another bank hurt my credit?
No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft inquiry to check for fraud, but this does not show up on your credit report or lower your score.
How long does it take to open a high-yield savings account?
Most online banks let you open an account in 10 to 15 minutes. You will need your Social Security number, a government-issued ID, your address, and a funding source. The account is usually active immediately, though transfers from other banks take one to three business days to complete.
What if I need to access my money quickly from a high-yield account?
You can transfer money from a high-yield savings account back to your Bank of America checking account in one to three business days. If you need cash immediately, you can withdraw from an ATM if the bank is part of a network (many online banks partner with ATM networks), or you can visit a branch if the bank has physical locations.
Is my money safe in a high-yield savings account at an online bank?
Yes, as long as the bank is FDIC-insured. Your deposits are protected up to $250,000 per account holder per bank. Check the bank's website to confirm FDIC insurance before you open an account.