THOSE stashing savings in a Bank of America account could be missing out on over $300 a year in free money.
Right now, Bank of America’s Advantage Savings account offers a shockingly low return.
GettyYou could get more from your savings account and in just three simple steps you can get the return you deserve (stock)[/caption] GettyBank of America’s savings accounts are currently not the best in the market in terms of annual yield (stock)[/caption]Here are three steps to follow to get the most for your money.
Currently, an Advantage Savings bank account has an annual percentage yield (APY) of 0.01%.
This means if you have $8,000 tucked away in your Bank of America savings account, you’d only earn 80 cents in interest for the entire year.
Even if you qualify for the Bank of America Preferred Rewards program, which boosts your rate slightly, the maximum you’ll earn is 0.04% APY.
This is still not enough to make a significant difference.
Other banks offer high-yield savings accounts (HYSAs) with rates as high as 4.40% APY in May 2025.
On that same $8,000 savings amount, you could be earning $352 a year in passive income just by moving your money to a better account.
CONSIDER THE SWITCH
High-yield savings accounts aren’t just for the financially savvy.
They’re for anyone looking to make the most of their money with minimal effort.
Most are FDIC-insured, offer low or no fees, and provide the same flexibility as a regular savings account.
You’ll be able to access your funds whenever you need them.
The good thing is, in the meantime, you’ll be earning hundreds of times more interest per year.
THREE SIMPLE STEPS
If you’re ready to stop leaving free money on the table, here’s what you can do to change that.
The first thing you can do is check your current APY.
Log into your Bank of America account and look up your current savings rate.
Then, compare high-yield savings accounts to find the best one for you.
Browse the current HYSA offers available; many banks are paying 4.00% APY or higher.
Make sure you look for one that’s FDIC-insured and free of monthly fees and once you’ve found one for you, it takes just minutes to open a new HYSA online.
You can opt to move some or all of your savings and start earning more.
You can still keep your Bank of America account for everyday banking if you prefer, while letting your savings grow somewhere more rewarding.
Your hard-earned cash can and should work harder on your behalf, and switching over to a better savings account is an easy way to do this.
Some banks even offer additional incentives to switch, 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 with over 40 locations closing in just a matter of weeks.
GettyMake your money work for you by ensuring you are using the right savings account for your needs (stock)[/caption] Read More Details
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