For 12 years, I thought I was being responsible by putting spare cash in a savings account at my local credit union. I never touched the money except to pay for an emergency, like a car repair. That’s what you’re supposed to do, right?
Yet I was costing myself thousands without realizing it.
When I learned about high-yield savings accounts, I decided to check out my own account’s APY to see how it compared. I was earning just 0.01% (that’s not a typo). My money earned almost nothing in interest for more than a decade.
Turns out, I could have earned over $2,000 in that time.
Our Picks for the Best High-Yield Savings Accounts of 2025
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Barclays Tiered Savings Member FDIC. APY 4.10% Rate info
Member FDIC. |
4.10% Rate info
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$0 |
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SoFi Checking and Savings Member FDIC. APY up to 3.80%² Rate info
Member FDIC. |
up to 3.80%² Rate info
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$0 |
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Capital One 360 Performance Savings Member FDIC. APY 3.60% Rate info
Member FDIC. |
3.60% Rate info
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$0 |
Disclaimers
SoFi disclosure:
¹ 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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% 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 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
How much more could you be earning?
Today, some of the best high-yield savings accounts (HYSAs) offer 3.60% APY or more — that’s at least 9x the national average. They’re also federally insured and just as safe as a traditional savings account.
Let’s say you have $10,000 in savings. Here’s how much interest you’d earn over the next 12 years depending on your APY:
|
APY |
Interest Earned |
Balance |
|---|---|---|
|
0.41% (national average) |
$503 |
$10,503 |
|
4.00% |
$6,010 |
$16,010 |
Data source: Author’s calculations.
Wouldn’t you like to be thousands of dollars richer for basically no work at all?
Keep in mind that rates weren’t always this high, and they may drop before long. Until a few years ago, APYs above 1.00% were hard to come by. (I feel slightly better knowing I didn’t miss out on a 4.00% APY for 12 whole years.)
That’s all the more reason to open an HYSA and take advantage of today’s high rates now.
Switching bank accounts is easier than you think
I used to think switching banks would be a hassle. I pictured paperwork and never-ending hold music.
In reality, I opened a new account and transferred my savings in under 10 minutes. I even opened a checking account at the same bank while I was at it.
Opening a high-yield savings account today takes just a few minutes on your phone or computer. Making transfers is quick and easy, too (though it may take a few days for your money to reach your new account).
And don’t worry — your money is still safe. Most HYSAs (including all the accounts we recommend) are offered by FDIC-insured banks, meaning your deposits are protected up to $250,000.
Don’t wait to start earning more interest
You can lose money without making a risky investment. I lost money by leaving it in a savings account that paid almost no interest, while the price of everything went up and up.
Don’t make my mistake. Take a few minutes to open an HYSA today.
