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- If you've never looked at your savings rate, you're not alone. It's easy to put savings on autopilot in an account you never touch, but you could be leaving money on the table.
- Banks that offer near-zero interest rates are using your money as an interest-free loan (and the big banks don't need your generosity!).
- High-yield savings accounts are an opportunity to make your money work for you, but many of them are online-only.
- At the national average savings rate of 0.38% (as of 06/15/26), $20,000 earns $76 a year. The same balance could earn up to nine times more with a SoFi account. See SoFi®'s current rate.
I've had the same big bank savings account since high school. I opened it with money from my summer job, and for years it's chugged along, holding a small emergency fund. I've opened up other accounts that are my primary checking and savings, but this savings account remained. I transfer money into it occasionally, but I haven't given it much thought.
Until I was inspired to look at the interest rate one day while reading about high-yield savings accounts.
And I was shocked.
My big bank's standard savings rate for basic accounts is a 0.01% annual percentage yield (APY) … and let's just say, my interest earned so far this year is basically $0. Meanwhile, those high-yield savings accounts I read about? If I had one of those with 4% APY, I'd have $400.
Here's how I found out I was leaving money on the table each year, and what I'm doing about it now that I know a high-yield savings account is dramatically different from the standard big bank savings.
The two rates, side by side
It makes me cringe seeing the numbers side-by-side, knowing how much money I've given up over the years. Let's say I have $10,000 in that account. At $400 a year, I could have earned over $4,000 in interest after a decade. But by leaving it in my old brick-and-mortar account, it would have earned ~$10 over a decade. That's a comparison that hurts to think about.
| Balance | Big bank (0.01%) | High-yield (4%) | Annual difference |
| $5,000 | $0.50 | $200 | $199.50 |
| $10,000 | $1 | $400 | $399 |
| $20,000 | $2 | $800 | $798 |
| $50,000 | $5 | $2,000 | $1,995 |
Why I never looked
I wish I had a good reason for letting this interest rate go unchecked for so many years, but I don't. I opened it because I was too young to know any better, and there was a branch of this bank near my parents' house. My mom drove me there to open up a checking account to deposit my paychecks, and the savings account came with it. There was no more thought behind it than that.
I moved on to other accounts for my primary savings and retirement, and it never occurred to me to look at whether I was making money on the money in my savings.
What surprised me about the high-yield side
When I looked online to find high-yield savings accounts to compare my pitiful interest rate to, I expected that most of them would be online-only, and that was correct. But the ones I looked at were all FDIC-insured, which is a must for any account where you're going to put your savings.
The one I liked best had a $0 minimum deposit, no monthly fee, and a strong APY. It can't get better, right?
What I did with the number
Anytime you're switching banks, the process can feel intimidating. What phone calls do you need to make? What information do you need to provide? But for me, it's going to be worth it to move my money.
This is the perfect experiment to see how much I can grow this account (I also imagine I'll be more motivated to contribute when I actually see the interest increasing my bottom line!).
Bottom line
It's embarrassing to think about how long I just let my money sit in an account where it was earning almost $0. But I know I'm not the only one.
Big banks count on customers getting caught up in the convenience of having their money in one place, even if it means giving up hundreds of dollars in interest. Now that I know better, I'm moving my money to an online-only bank and earning a much higher interest rate.
FAQs
Why do big banks pay so little on savings?
When you don't need customers, you don't need to compete to bring more customers in. The big banks have plenty of account holders and plenty of money. They count on name recognition and customers' desire for convenience to keep their retention rates high and their interest rates low.
Is it worth switching for a slightly higher rate?
Not always. A higher rate may sound appealing, but what matters is how much more you'll actually earn. If it's only an extra $10 or $20 a year, switching may not be worth the effort. But with a larger balance, even a small rate difference can add up. Do the math and decide whether the extra earnings are worth the move.
Would You Spend Ten Minutes for $1,465?
That's roughly the year's difference on $40,000 between the national average and the up-to-4.00% rates available now. And ten minutes isn't a figure of speech. You just provide some information, like your name, address, Social Security number, and the account your deposit money's coming from. But rates are variable and follow the market, which is why the only number worth acting on is today's. Compare the current top accounts here.
| Bank/Institution | APY
|
Bonus Offer | Open Account | Bonus Offer |
|---|---|---|---|---|
AWARD WINNER
Best Checking and Savings Combo
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5.0
|
4.20
With $0 min. balance1 <p>Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
%
APY
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Limited-Time Offer: +0.90% boost on Savings APY to up to 4.20% for up to 6 months on new accounts1 <p>Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $400 Bonus with direct deposit.2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply. | ||
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4.8
|
4.20
With $250+ monthly deposits
%
APY
|
— | ||
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4.9
|
3.64
With $1 min. balance7 <p>APY means Annual Percentage Yield. APY is accurate as of as of 09/01/26. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.</p>
%
APY
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Limited-Time Offer: Use code STACK to earn a cash bonus based on your savings balance. Earn up to $50 for $10,000, $125 for $25,000, $250 for $50,000, $500 for $100,000, or $1,000 for $200,000 or more. Visit site for full details.8 <p>New customers only. Earn a cash bonus (the "Welcome Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Welcome Bonus of $40 for depositing between $10,000 and $24,999; $100 for depositing between $25,000 and $49,999; $200 for depositing between $50,000 and $99,999; $425 for depositing between $100,000 and $199,999; and $900 for depositing $200,000 or more. If the Qualifying Deposit balance declines at any time during the maintenance period below the minimum required for a bonus tier, the customer will be placed in the bonus tier corresponding to the lowest Qualifying Deposit balance maintained during that period. </p><p>Savings + CD Boost: Customers eligible for the Welcome Bonus may earn an additional bonus by opening a product in a second product category. To qualify, customers must deposit at least $1,000 into the secondary product category within 14 days of their initial deposit and maintain balances over $1,000 in both categories through 90 days from the initial deposit date.</p><p>For the purposes of this promotion, High-Yield Certificates of Deposit constitute one product category; No-Penalty CDs and Callable CDs constitute a second product category; and Savings Accounts (including Money Market Deposit Accounts, High-Yield Savings Accounts, and Rate Lock Savings Accounts) constitute a third product category. Savings + CD Boost eligibility is determined by your Welcome Bonus tier: customers depositing between $10,000–$24,999 receive an additional $10; $25,000–$49,999 receive an additional $25; $50,000–$99,999 receive an additional $50; $100,000–$199,999 receive an additional $75; and $200,000 or more receive an additional $100. </p><p>The Savings + CD Boost is optional and paid in addition to the Welcome Bonus. To qualify for the Welcome Bonus and Savings + CD Boost, your first deposit must be initiated between September 1, 2026, and October 31, 2026, by 11:59 PM ET, and the promo code STACK must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days of the initial deposit date will be eligible for the Welcome Bonus and Savings + CD Boost. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only, is non-transferable, and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.</p> | ||
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