Do you have a bank account?

If so, there's a good chance you're missing out on hundreds of dollars per year without realizing it. The average savings account pays just 0.38% APY as of June 2025, according to the FDIC. That rate will earn you just $38 in interest on a $10,000 balance over the course of one year.

The good news? You can easily earn 10 times that amount, just by moving your money -- with no risk and barely any effort. Here's how.

The better option: High-yield savings accounts

High-yield savings accounts (HYSAs) offer much better interest rates than traditional savings accounts. The best ones offer about 4.00% APY or higher and are also free to open and maintain.

Let's say you open an HYSA that earns 4.40% APY. That same $10,000 from above would earn you $440 in one year in interest -- an increase of more than $400 -- and your money stays just as safe and accessible.

Most HYSAs are also FDIC insured (up to $250,000), just like traditional bank accounts. Because online banks save money on overhead and physical locations, they're able to pass the savings on to you.

How to switch accounts in under 30 minutes

You can start the switch by simply comparing high-yield savings accounts. Look for one with an APY of at least 3.60%, no monthly fees, no minimum balance requirements, and FDIC insurance, which protects up to $250,000 of your money in the event of bank failure.

Next, you'll want to apply to open your new account. You'll just need some basic personal information, your Social Security number, and possibly a small opening deposit. Most banks do a soft credit check, too, which won't affect your credit score.

Once your new account is open, simply link it to your old savings account and transfer your funds. You don't have to close the old account right away -- just make sure you won't be charged fees for low balances or inactivity.

You'll also want to make sure all automatic deposits, transfers, and withdrawals are moved to your new account. I recommend reviewing your last few bank statements, making a list of everything that goes in and out of your old account -- direct deposits, subscriptions, automatically paid bills, and more -- and moving them to your new bank.

Once you're up and running, you'll be able to enjoy all the benefits of your new account.

Not sure where to start? Check out our full list of the top high-yield savings accounts available today.

Stop leaving money on the table

HYSAs give you the best of both worlds: a high APY with full access to your money. You can deposit or withdraw cash anytime without penalties, unlike a certificate of deposit (CD) or other fixed-term savings options.

The bottom line is: If you're still using a regular savings account, you're probably missing out on hundreds of dollars in interest every year. Make the switch and start earning more cash today.