How much could I earn by moving my money to another bank?

If you move your money to a bank offering 4% APY, you could earn hundreds of dollars annually on large deposits.

Are there risks in moving my money to an online bank?

Online banks insured by FDIC are as safe as traditional banks, but they may lack local branches.

Savings at Chase, Wells Fargo, or Bank of America? Why You May Want to Move It

Major banks like Chase, Wells Fargo, and Bank of America still offer near-zero annual percentage yields (APY) on savings accounts, potentially costing savers hundreds or thousands of dollars in lost interest. Transferring funds to higher-yielding alternatives could generate better returns.

July 9, 2026

2 min read

Source: Investopedia

Key Numbers

apy

near-zero

According to a report from Investopedia, big banks such as Chase (JPMorgan Chase), Wells Fargo (WFC), and Bank of America (BAC) continue to offer near-zero APY on savings accounts. This means savers could be missing out on earning hundreds or even thousands of dollars in interest.

Details

While some online banks currently offer APYs above 4%, traditional big banks still offer rates near zero. For example, the average APY for savings accounts at Chase, Wells Fargo, and Bank of America is only about 0.01%.

Context

As the Federal Reserve continues to raise interest rates to combat inflation, yields on online savings accounts have risen significantly. However, big banks have not passed these increases on to their customers, leaving their savings stagnant.

What This Means for Investors

For investors holding cash in savings accounts at these banks, it may be worthwhile to consider moving funds to high-yield savings accounts (HYSAs) or certificates of deposit (CDs) that offer higher returns. This can increase passive income without taking on additional risk.

Frequently Asked Questions

These banks offer an APY of about 0.01% on savings accounts, which is near zero.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.