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

Bank of America's standard savings accounts earn interest rates that are significantly lower than what you would find at online banks or credit unions. As of now, Bank of America does not have a product specifically marketed as a high yield savings account. If you have money sitting in a Bank of America savings account, you are likely earning a rate well below what the market offers elsewhere.

This matters because the difference between a 0.01% rate at Bank of America and a 4.5% to 5.3% rate at an online bank means hundreds of dollars per year in lost interest on a $10,000 balance. Bank of America's business model relies on branch networks and customer convenience rather than competing on interest rates.

Key Takeaways

  • Bank of America savings accounts currently pay rates below 0.05%, while online high yield savings accounts typically pay 4.5% to 5.3%.
  • Bank of America offers no product called a high yield savings account, though some of their accounts have slightly higher rates than others.
  • If you want high yield savings through a major national bank, you may need to look at online divisions of larger institutions or move your money elsewhere.
  • Bank of America does offer other products like money market accounts and certificates of deposit, but these are not the same as high yield savings accounts.

What Bank of America savings accounts actually pay

Bank of America has several savings products, but none are competitive on rate. Their basic savings account, called the Regular Savings Account, typically earns less than 0.05% annual percentage yield (APY). Some of their premium accounts for customers with higher balances may pay slightly more, but still nowhere near what you would get from a high yield savings account elsewhere.

The rate you earn depends partly on your account type and balance, but Bank of America does not publish tiered rates the way some banks do. You would need to log into your account or call their customer service line to see the exact rate on your specific account. Rates change over time and can vary by region, though Bank of America typically keeps rates low across the board.

Why Bank of America does not compete on savings rates

Bank of America is a full-service bank with thousands of physical branches. They make money primarily from lending — mortgages, auto loans, credit cards — rather than from deposits. They do not need to offer high interest rates on savings to attract your money the way online banks do. Their customers often stay because of convenience, not because of the rate they earn.

Online banks, by contrast, have no branches and lower operating costs. They compete almost entirely on interest rate. That is why you see rates of 4.5% to 5.3% at banks like Marcus, Ally, or American Express Personal Savings. Bank of America could offer those rates if they chose to, but it would cut into their profit margins.

Other Bank of America products that might look like high yield savings

Bank of America offers a Money Market Account, which is different from a savings account. Money market accounts sometimes pay slightly higher rates than savings accounts, but Bank of America's money market rates are still well below what you would find at an online bank. They also charge a monthly fee unless you maintain a high balance.

Bank of America also sells Certificates of Deposit (CDs), which lock your money away for a set period — usually three months to five years — in exchange for a may provide rate. Their CD rates are also low compared to online banks. If you need access to your money, a CD is not the right tool anyway.

Where to find high yield savings if you bank with Bank of America

You have several options. First, you can open a high yield savings account at an online bank while keeping your checking account at Bank of America. Many people do this — they use Bank of America for everyday banking and bill pay, then move money they want to save to a high yield account elsewhere. Transfers between banks typically take one to three business days.

Second, you can move entirely to an online bank or a credit union. Credit unions often pay better rates than Bank of America and may have lower fees. Online banks like Ally, Marcus, American Express Personal Savings, and others offer rates in the 4.5% to 5.3% range with no monthly fees and no minimum balance requirements.

Third, some larger financial institutions now have online divisions that offer high yield savings. For example, if you want to stay within a recognizable national brand, you might look at the online savings products offered by banks like Discover or Capital One. These are separate from their brick-and-mortar operations and offer rates much closer to what you would find at a pure online bank.

How to move money from Bank of America to a high yield account

The process is straightforward. Open an account at the bank or credit union where you want to move your money. You will need your Bank of America account number and routing number, which you can find on a check or by logging into your Bank of America account online.

Most banks let you link your Bank of America account and transfer money directly. You can do this through your new bank's website by providing your Bank of America login information, or by giving the new bank your account and routing numbers and letting them pull the money. Some banks also let you push money from Bank of America's website directly to your new account.

The first transfer may take three to five business days while the banks verify the connection. After that, transfers usually happen within one to three business days. You can keep your Bank of America account open for checking and bill pay while your savings sit elsewhere earning a real rate of return.

What to look for in a high yield savings account

When you are comparing high yield savings accounts, look at the current APY first — this is the rate you will actually earn. Rates change frequently, so check the bank's website for the most recent number. A difference of 0.5% might not sound like much, but on $10,000 it means $50 per year.

Check whether there are monthly fees. Most online banks charge no monthly fee, but some traditional banks do. Also look at the minimum balance requirement — many online banks have none, while others require $1,000 or $25,000 to open. Finally, confirm that the bank is FDIC insured (or NCUA insured if it is a credit union). This means your money is protected up to $250,000 if the bank fails.

Frequently Asked Questions

Can I keep my Bank of America checking account and move only my savings?

Yes. You can open a high yield savings account at another bank and link it to your Bank of America checking account for transfers. Many people do this to earn a better rate on savings while keeping their everyday banking where it is. Transfers between the two accounts take one to three business days.

Will moving my money to another bank hurt my credit score?

No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Savings accounts are not part of your credit history the way loans and credit cards are. You can move money between banks as often as you want without any impact on your credit.

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

High yield savings accounts are liquid, meaning you can withdraw your money anytime without penalty. Transfers to another bank take one to three business days, but you can also withdraw cash at an ATM or request a wire transfer if you need money the same day. There is no lock-in period like there is with a CD.

Are online banks safe if I move my savings there?

Yes, as long as the bank is FDIC insured. Check the bank's website or the FDIC's bank search tool to confirm. Your money is protected up to $250,000 per account, per bank, per ownership type. Online banks are regulated the same way as traditional banks and must meet the same safety standards.

What is the difference between a high yield savings account and a money market account?

A high yield savings account is simpler — you deposit money, earn interest, and can withdraw anytime. A money market account often comes with a debit card and check-writing privileges, but may have limits on how many withdrawals you can make per month. Money market accounts sometimes pay slightly higher rates, but Bank of America's money market rates are still low compared to online banks.