If you’re saving money with Bank of America, it might be time to rethink your strategy. Right now, their Advantage Savings account offers an extremely low interest rate—so low that you’re barely earning anything on your savings. But don’t worry, there’s a simple solution. With high-yield savings accounts (HYSAs) offering far better returns, you can make your money work harder with just a few quick steps. Here’s how you can earn more interest without any major effort.
Why Bank of America’s Savings Rate Falls Short
Bank of America’s current Advantage Savings account only gives you 0.01% APY. That means if you’ve saved ₹8,000 (or $8,000), you’ll earn just 80 cents in an entire year. Even if you qualify for their Preferred Rewards program, your best rate would only go up to 0.04% APY. That’s still too low to make any real difference.
What You Could Be Earning Instead
Other banks are offering high-yield savings accounts (HYSAs) with rates as high as 4.40% APY as of May 2025. On the same $8,000, that could earn you $352 per year, just by switching accounts. That’s hundreds of dollars more in passive income—for doing almost nothing.
Benefits of High-Yield Savings Accounts
HYSAs aren’t just for investors or money experts. They’re for anyone who wants a better return on their savings. These accounts are:
- FDIC-insured for safety
- Free of monthly fees in most cases
- Flexible, allowing you to access your money when needed
So not only do you earn more, but you don’t lose any convenience.
Three Simple Steps to Earn More on Your Savings
1. Know Your Current APY
Log into your Bank of America account and check how much your savings account is actually earning. If it’s below 1%, it’s time for a change.
2. Compare Better Options
Search online for high-yield savings accounts. Many trusted banks are offering 4.00% or higher. Look for ones that are FDIC-insured, have no hidden fees, and have a strong reputation.
3. Open Your New HYSA Online
Once you find the right HYSA, the account opening process is quick and easy—most take just a few minutes. You can move all or part of your savings there. Even if you keep your Bank of America account for daily use, your savings will grow better in the HYSA.
Bonus Tip
Some banks, like SoFi, are even offering cash bonuses—up to $300—just for opening a new account. So not only will you earn better interest, but you might also get free cash upfront.
Your money should be working for you, not sitting idle. Keeping your savings in a low-interest account like Bank of America’s Advantage Savings is like missing out on free income. With just a few minutes of effort, you could earn hundreds more per year by switching to a high-yield savings account. Whether you’re saving for a trip, an emergency fund, or your future, it pays to make the switch now. Start comparing HYSAs today and let your savings finally do some real work.