If you’re like most people, your savings account probably isn’t doing you many favors. According to the Federal Reserve, the national average savings APY is just 0.41% as of February 2025. That means if you have $10,000 parked in a traditional savings account, you’re earning a whopping $41 per year in interest.
But here’s the good news: You can start earning up to 10 times more by moving your money into a high-yield savings account (HYSA). The whole process is quick, straightforward, and can take less than 30 minutes.
Easy enough, right?
Step 1: Find a high-yield savings account that works for you
High-yield savings accounts are typically offered by online banks or credit unions, which have fewer overhead costs and can pass the savings along to you. As of now, some of the best HYSAs are offering APYs around 4% or more — nearly 10 times the national average.
Our Picks for the Best High-Yield Savings Accounts of 2025
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American Express® High Yield Savings Account Member FDIC. APY 3.70%
Rate info
Member FDIC.
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3.70%
Rate info |
$0 |
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CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more
Rate info Min. to earn $100 to open account, $5,000+ for max APY
Member FDIC.
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4.10% APY for balances of $5,000 or more
Rate info |
$100 to open account, $5,000+ for max APY |
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Barclays Tiered Savings Member FDIC. APY 4.10%
Rate info
Member FDIC.
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4.10%
Rate info |
$0 |
That means that same $10,000 could earn you $400 a year in interest — and all it takes is making an easy switch.
When shopping for an HYSA, look for:
- An APY of at least 3.60%
- No monthly fees or minimum balance requirements
- Easy online account access
- FDIC or NCUA insurance (protects your money up to $250,000)
Read our piece on the pros and cons of HYSAs to learn more about what to keep in mind.
Step 2: Open the account (this is the easy part)
Once you’ve found your HYSA, opening the account is fast and entirely online. You’ll need to provide basic personal information like your name, address, and Social Security number. Most banks will also do a soft credit check (which won’t affect your credit score).
Many accounts can be opened in under 10 minutes. You might be asked to make an initial deposit — often as little as $1. After that, you should be up and running.
Step 3: Transfer your savings
Link your current bank account and initiate a transfer. Depending on the bank, this can take a few minutes to a couple of days to complete, especially for your first transfer. Once the money lands in your new HYSA, however, it starts earning that higher APY right away (assuming all account conditions are met).
Keep in mind: You don’t have to close your old savings account. You can take your time updating any direct deposits or autopayments, or just leave it open for overdraft protection.
How do HYSAs work?
One way HYSAs make money is by lending out a portion of your deposits at higher interest rates than they pay you, earning a profit on the difference.
Since most HYSAs are offered by online banks with lower overhead, they can afford to offer better rates than traditional brick-and-mortar competitors. Some also earn money from occasional fees or by encouraging you to use other banking products they offer.
Start earning up to 10 times the national average on your savings now. Check out our list of the best HYSAs available today to start taking advantage.
