Right now, Bank of America’s Advantage Savings account pays an astonishingly low rate.
Here are three steps to make the most of your money.
Currently, an Advantage Savings bank account yields 0.01% per year (APY).
This means that if you have $8,000 in your Bank of America savings account, you will only earn 80 cents in interest over the course of a year.
Even if you qualify for Bank of America’s Preferred Rewards program, which increases your rate slightly, the maximum you can earn is 0.04% APY.
This is still insufficient to make a significant difference.
Other banks provide high-yield savings accounts (HYSAs) with interest rates as high as 4.40% APY in May 2025.
With the same $8,000 savings, you could earn $352 in passive income per year simply by moving your money to a better account.
CONSIDER THE SWITCH
High-yield savings accounts are not just for the financially savvy.
They are for anyone who wants to make the most of their money with little effort.
Most are FDIC-insured, have low or no fees, and offer the same flexibility as traditional savings accounts.
You will have access to your funds whenever you need them.
The good news is that in the meantime, you will be earning hundreds of times more interest each year.
THREE SIMPLE STEPS
If you are ready to stop wasting free money, here’s what you can do.
The first thing you should do is check your current APY.
Log in to your Bank of America account and check your current savings rate.
Then, compare high-yield savings accounts to determine which one is best for you.
Browse the current HYSA offers; many banks pay 4.00% APY or higher.
Make sure to look for one that is FDIC-insured and has no monthly fees. Once you have found one, it only takes a few minutes to open a new HYSA online.
You can choose to transfer some or all of your savings and begin earning more.
You can continue to use your Bank of America account for everyday banking while allowing your savings to grow elsewhere.
Your hard-earned cash can and should work harder for you, and switching to a better savings account is a simple way to do so.
Some banks even provide additional incentives for switching, with SoFi currently offering new customers up to $300 to open a new account.
In other news, three major banks are dominating the financial bloodbath, closing over 40 locations in just a few weeks.