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$25,000 at a 4.00% annual percentage yield (APY) earns about $1,000 over one year, or roughly $83 a month.
The same $25,000 at 0.01% APY earns about $2.50 over one year, or roughly 21 cents a month.
- That's a gap of about $998 a year while the savings could still be easy to reach.
- 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 Checking and Savings account. See SoFi®'s current rate.
You probably know exactly where your checking account lives. Your savings account might be a little fuzzier, especially if you opened it years ago and only glance at the balance when life gets expensive.
That balance could be doing less work than you think. A savings account can look responsible, safe, and neatly labeled while the rate buried in the details is 0.01% annual percentage yield (APY).
The useful move starts with a quick check, not a big decision. Once you know what your account pays, you can decide which money belongs in a high-yield savings account and which money should stay where speed matters more than yield.
Check the number on your account
Start with the account details screen in online or mobile banking. Look for APY, interest rate, dividend rate, or rate information. The number could sit near the account nickname, under a details tab, or inside a downloadable account disclosure.
If the app doesn't make the rate obvious, your monthly statement is the next place to look. Scan the interest summary, year-to-date interest, or account terms section. Some statements show both the rate and the interest earned for the month, which makes a very small rate easier to spot.
The number that makes this headline personal is 0.01% APY. If that's what you see, your savings account is paying one-hundredth of 1% per year. Your balance could be parked safely while earning almost nothing.
A tiny rate becomes real dollars
Small percentages make bad villains because they look too tiny to matter. So put the decimal next to your actual savings account balance and give it a year.
Here's the one-year math, using 0.01% APY compared with 4.00% APY, a rate current high-yield savings listings show is available in the market:
- $500 earns about $0.05 at 0.01% APY, compared with about $20 at 4.00% APY.
- $10,000 earns about $1 at 0.01% APY, compared with about $400 at 4.00% APY.
- $25,000 earns about $2.50 at 0.01% APY, compared with about $1,000 at 4.00% APY.
The $25,000 example is the one that tends to make the point land. At 0.01% APY for one year, $25,000 earns $2.50. At 4.00% APY for one year, the same $25,000 earns $1,000.
Same money. Very different result.
The gap is about $998 over one year on a $25,000 balance. That doesn't require taking market risk, locking up money for years, or becoming the kind of person who has a spreadsheet named Final Final Savings Plan.
Having your checking and savings accounts with the same financial institution can make money management a lot simpler. SoFi® was our 2026 award winner for Best Checking and Savings Combo because it delivers on interest and additional features.
For example, you could earn up to 4.00% APY on your savings balance with direct deposit. (3.10% APY2 <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 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> with +0.90% APY Boost) for up to 6 Months on new accounts.1 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) 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> SoFi also offers more special features than any other account combo we looked at:
No account fees: No overdraft fees.3 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> No minimum balance fees. No monthly fees.4 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Get paid up to two days early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.5 <p>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.</p>
Access additional FDIC insurance up to $3M: Typically, single-member deposit accounts are federally insured up to $250,000. With SoFi, FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Open an account with SoFi here.
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Low rates hide in plain sight
A low savings rate isn't a character flaw. Financial institutions set their own deposit rates, and the rate on an older savings account could sit still while newer high-yield savings accounts compete harder for deposits.
That gap is easy to miss because savings accounts often feel like set-it-and-forget-it tools. You opened the account, linked it to checking, moved money there when you could, and then life kept moving. Perfectly normal.
But once you know your number, you don't have to treat it like background noise. Comparing 0.01% APY with a high-yield savings account around 4.00% APY turns the question from vague rate shopping into a concrete choice about the money you already have.
Move savings, not bill money
Before moving anything, sort your money by job. Money for rent, a mortgage payment, utilities, groceries, or a credit card bill due this month belongs where you can reach it immediately. The value of paying bills on time beats a few extra dollars of interest.
Emergency savings need a little more nuance. Money you might need the same day, such as money for a deductible, urgent car repair, or last-minute travel, should remain easy to access. But emergency savings beyond that same-day cushion could be a good candidate for a high-yield savings account if transfers back to checking are simple enough for your life.
Short-term goal money is often a strong fit. Think taxes due in a few months, annual insurance premiums, holiday travel, a planned appliance replacement, or home repairs you expect to handle this year.
Money already committed to a purchase or closing in the next few weeks is different. If a down payment, security deposit, or contractor payment is already scheduled, timing matters more than squeezing out extra interest. Money you won't need for five years or more may belong in a broader investing or planning conversation, because a savings account is built for safety and access, not long-term growth.
The annoying parts are answerable
The practical questions are real. If you move savings to a different institution, an external transfer may not post instantly, and timing depends on the institutions involved and the transfer method. So if you need money the same day, keep a cushion in the account you already use for spending.
Deposit insurance is also worth understanding in plain English. FDIC insurance and NCUA insurance generally protect eligible deposits up to $250,000 per depositor, per institution, per ownership category. That limit is about how accounts are titled and where the money sits, so large balances deserve a closer look before you consolidate money in one place.
Access usually works through transfers to a linked account, mobile tools, or other account features. Some savings accounts also come with minimum opening deposits, balance requirements, monthly charges, or rules about which balances earn the top rate. Those details matter because a higher APY is less useful if the account's rules don't match how much you plan to keep there.
Savings is flexible by design: you aren't locking the money into a long term, and you can move again if the account stops working for you. That's the trade-off that makes high-yield savings worth comparing before you move money you may need soon.
Don't chase the biggest APY
The biggest advertised APY is only the starting point. Before you move eligible savings, compare the account the way you'll actually use it.
Check these details:
- The APY and whether it applies to your full expected balance
- Monthly maintenance charges or balance rules
- Minimum opening deposit and minimum balance requirements
- Transfer options, speed, and limits
- How you can withdraw money in an emergency
- Whether the account type fits FDIC or NCUA insurance categories
- Customer service hours, especially if you might need help outside a weekday
A slightly lower APY with cleaner access could beat a headline rate wrapped in balance caps or awkward transfer rules. The goal is to earn more on savings without making your money harder to use when you actually need it.
Bottom line
If your savings account shows 0.01% APY, price the gap before you shrug it off. A $25,000 balance at 0.01% APY earns $2.50 over one year, while the same $25,000 at 4.00% APY earns $1,000 over one year.
That doesn't mean every dollar should move. Keep bill money, same-day money, and money already committed to a near-term payment where timing is safest. But for savings you don't need for immediate bills, a high-yield savings account could turn a nearly flat balance into about $1,000 a year without changing the amount you've already saved.
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 |
|---|---|---|---|---|
2026 AWARD WINNER
Best Checking and Savings Combo
|
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5.0
|
4.00
With $0 min. balance
%
APY
|
Limited-Time Offer: +0.90% boost on Savings APY to up to 4.00% for up to 6 months on new accounts1 <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) 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 eligible 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 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> Terms apply. | ||
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4.8
|
4.00
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 September 30, 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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