A sad fact: 82% of Americans don’t utilize high-yield savings accounts (HYSAs) for storing money. This means they’re probably earning pennies in interest each month from a microscopic interest rate.
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Meanwhile, I made $798 in bank interest last year just by keeping my emergency funds in an HYSA earning about 4.50%. And this year, I’m tracking to break $1,000 in pure interest — all without lifting a finger or taking on risk.
Here’s how you can do the same.
How much you could earn based on your balance
The best online HYSAs are offering 3.60% to 4.40% APY right now.
Here’s what that means in dollars:
Savings | Annual Interest (4.00% APY) |
|---|---|
$10,000 | $400 |
$20,000 | $800 |
$30,000 | $1,200 |
$40,000 | $1,600 |
$50,000 | $2,000 |
Data source: Author’s calculations.
Important note: HYSA rates are variable and can change when the Fed adjusts its benchmark interest rate. But the best rates have been holding strong in the 4.00% to 5.00% range for a while now.
Compare today’s top savings rates and find the best fit for you — our experts update this list regularly so you can find the highest-paying HYSAs in minutes.
Next steps to earn 4.00% or higher APY
By the way, you don’t need to completely kill your old bank accounts and switch everything. The goal is to open a new high-yield account and move idle cash over.
Here’s a quick step by step:
Pick a new account. Look for a competitive rate, no fees, and a solid reputation.
Open it online. It’s less than a five-minute process for most banks.
Transfer your savings. You can usually link your existing bank account and transfer funds electronically. Super easy, it usually takes between one and three business days.
That’s it! Interest will start accruing (and compounding) for every day your money is in the account. If you’ve got $25,000 or more saved, you’re looking at around $1,000 in annual interest. Woot woot!
So, what are you waiting for? See our full list of the best high-yield savings accounts and make the switch today.
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