Bank cost calculator (Beta)
Find out how much "free" banking really costs

How much money are you sacrificing by leaving it in a low-interest checking or savings account?

How much is “free banking” really costing you?

The average young professional loses over $1,500 a year by leaving money in almost zero interest checking and savings accounts.

Of the 12 major banks in the US, the average checking account only pays 0.03% in interest, while the average savings account isn’t much better at 0.05%. On top of that, two banks zero interest checking accounts and two others have the same rate for both checking and savings!

Overall the average checking account’s annual interest rate in the U.S. is 0.06%. That’s 6% of a penny for every dollar. A penny. Yikes. Meanwhile the banks are lending out these funds at anything between 3% for a mortgage and up to 12% for personal loans. Your money is working for the bank not you.

In four quick steps, you’ll be able to see how much money you’re forfeiting each year.

  1. In the calculator below, enter your bank into the first box (so we can pull their interest rates).
  2. Enter the balance of your checking account into the second box.
  3. Enter the balance of your savings account into the third box.
  4. Hit calculate.
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Bank Checking Account Saving Account Source
Bank of America

0.01%
Below $50,000.00

0.02%
$50,000.00+

0.03%
Below $10,000.00

0.04%
$10,000.00 - $49,999.00

0.05%
$50,000.00 - $99,999.00

0.06%
$100,000.00+

Source checking

Source saving

Bank of New York Mellon

0.15%

0.15%

Source checking

BB&T

0%

0.03%

Source saving

Capital One

0.20%

1.70%

Source checking

Source saving

Charles Schwab

0.15%

0.18%

Source checking

Source saving

Citi

0.01%
Below $10,000.00

0.03%
$10,000.00+

0.04%
Below $25,000.00

0.06%
$25,000.00+

Source checking

Source saving

JPMorgan Chase

0.01%

0.04%
Below $50,000.00

0.07%
$50,000.00 - $249,999.00

0.09%
$250,000.00+

Source checking

Source saving

PNC

0.01%

0.05%
Below $2,500.00

0.1%
$2,500.00+

Source checking

Source saving

SunTrust Bank

0.01%

0.01%

Source checking

Source saving

TD Bank

0%

0.05%

Source checking

Source saving

US Bank

0.01%

0.04%
Below $10,000.00

0.05%
$10,000.00 - $49,999.00

0.07%
$50,000.00+

Source checking

Source saving

Wells Fargo

0.01%
Below $5,000.00

0.05%
$5,000.00+

0.05%

Source checking

Source saving

Other (Average market rates)

0.06%

0.09%