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Someone Ran the Numbers on Their Savings Account - They Were Missing $1,122 a Year

Chris Brooks earned $1,122 in his savings account in one year simply because he switched banks.

By Tara Mastroeni , Edited by Melinda Sineriz, ABFP®

Updated Oct. 2, 2026

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Quick Read

Traditional savings accounts typically offer much lower interest rates than high-yield savings accounts (HYSAs).
By moving their money into a HYSA, savers could earn extra money, sometimes significant amounts.
You can check whether you're leaving money on the table in a few minutes: multiply your balance by your current APY, then compare it with what a high-yield account pays.
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.

When the gap between his savings rate and what high-yield accounts were paying got too wide to ignore, Chris Brooks, a crypto asset recovery specialist from New York City, moved $25,000 into a high-yield savings account. Over the next year, he earned $1,122 more in interest than he would have by staying put.

Here's a closer look at how you can do the same and make your savings start working for you.

What he found when he did the math

"I moved $25,000 out of my traditional savings account into a high-yield savings account when the rate gap became too wide to ignore," Brooks said when asked why he made the decision to move his savings from a brick-and-mortar bank to a HYSA. "My old bank was paying 0.01% APY [and] the HYSA I switched to was offering 4.50% APY."

The switch paid off for Brooks in a big way. "Over 12 months, I earned roughly $1,125 in interest," he said. "Had I left that same $25,000 sitting at the traditional bank, I would have earned about $2.50 for the year. That's not a rounding error. That's a $1,122 difference on money that never moved out of savings."

Run your own numbers

Fortunately, Brooks' math is relatively easy to follow. To make the calculation, all you need to do is follow these steps:

Find the annual percentage yield (APY) offered by your current bank account. The APY shows how much interest an account earns in a year, including compounding. You can typically find this information in the account disclosure documents provided by your bank.
Multiply your savings balance by your bank's APY to find how much interest you earn in a year. For example, if your balance is currently $10,000 and your bank account has a 0.01% APY, you would earn $1 in interest over the course of a year. The equation would look like this: $10,000 x 0.0001 (0.01% expressed as a decimal) = $1
Shop around for a HYSA. Each bank offering a HYSA will offer a different rate. As a rule of thumb, it's a good idea to find the HYSA with the highest APY where you can also comfortably meet any balance requirements. (More on that below.)
Multiply your savings balance by the HYSA's APY to find your potential interest earnings. Similar to the equation above, if you have a $10,000 balance and your new HYSA offers a 4.00% APY, you would earn $400 of interest on it annually. The equation would look like this: $10,000 x 0.04 (4.00% expressed as a decimal) = $400.
Subtract what your current account earns from what the HYSA would earn. Using the numbers we worked with above, you would have the potential to earn $399 in extra interest income by switching to a high-yield savings account. The equation would look like this: $400 - $1.00 = $399.

Ultimately, it's up to you to decide if the resulting number is big enough to consider opening a new HYSA at a different bank, but we've outlined a few considerations below to help you make the most informed decision possible.

If you have	One year at 0.38% APY (national average)	One year at 3.80% APY (example)	You are leaving behind
$10,000	$38	$380	$342
$25,000	$95	$950	$855
$40,000	$152	$1,520	$1,368
$50,000	$190	$1,900	$1,710
$100,000	$380	$3,800	$3,420

What to consider when choosing a HYSA

Since every high-yield savings account works a bit differently, here are a few things to consider as you shop around to find the account that's the best fit for you:

APY: Available APYs can vary between accounts and some accounts may impose requirements that you'll need to meet in order to receive the advertised APY, such as needing to make regular deposits into the account or keeping a minimum balance amount. You'll want to choose an account where you'll be able to earn the APY easily. However, in general, the higher the APY is, the faster your savings balance will grow.
Limits and fees: Some bank accounts come with fees, but when they're high, they can chip away at your earnings. Make sure you read the fine print on the account to learn when and how much you'll pay. You'll also want to pay attention to whether the account poses any limits on the number of withdrawals or transfers you can make per month.
Accessibility: Pay attention to how easily you'll be able to access the funds in your account on an ongoing basis. Does the account link directly to your checking account, and how long do transfers take? Some online banks take up to three business days to move money.
FDIC insurance coverage: Make sure your funds are protected in the event of bank failure with FDIC insurance coverage. This coverage protects accounts worth up to $250,000, per depositor, per insured bank, for each account ownership category.
Additional features: It's also worth considering other features the account has to offer, such as whether mobile check deposit is available or how you'll be able to contact the bank's support division if you need assistance.

We did the research for you. 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 4.40% APY on your savings balance with direct deposit. (3.30% APY¹ with +1.10% APY Boost) for up to 6 months on new accounts.²

SoFi also offers more special features than any other account combo we looked at: No account fees: No overdraft fees.³ No minimum balance fees. No monthly fees.⁴ 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 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

Open an account with SoFi here.

Bottom line

Similarly to how Brooks was able to make $1,122 in extra cash by moving his savings to a HYSA, you could also use this method to grow your savings. Start by calculating how much your money is earning at your current bank and then shop around for a HYSA to see just how much you have the potential to earn.

FAQs

How do I calculate how much interest my savings account is earning?

You can calculate how much interest your savings account will earn in one year by finding the APY that your bank offers for the account and multiplying it by your current balance. For example, an account with a 3.50% APY and a $20,000 balance would earn a total of $700 in interest.

The equation would look like this: $20,000 x 0.035 = $700.

What's a good APY on a savings account right now?

While the APYs on HYSAs are almost always higher than those offered at traditional banks, they are variable, which means that they will likely change over time. As of September 2026, top high-yield savings accounts pay up to about 4.50% APY, though some require monthly deposits or a minimum balance to earn that rate. Rates change often, so check current numbers before opening an account.

Will I be taxed on the interest earned from a savings account?

Yes, interest earned from a savings account is taxable as ordinary income. Please consult a tax professional if you need assistance with figuring out how much you owe.

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.

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Limited-Time Offer: Earn a $50 or $400 cash bonus¹ 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>. plus a boosted up to 4.40% APY² Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. 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. on Savings (3.30% APY¹ 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>. with +1.10% APY Boost) for up to 6 months when you open a new account and set up eligible direct deposits. Terms apply.
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