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- $40,000 at 3.80% APY earns about $1,520 over one year, or roughly $126 a month.
- The same $40,000 at the FDIC national average savings rate of 0.38% APY earns about $152 a year, or about $12 a month.
- That is a gap of about $1,368 a year on a balance you never have to lock up.
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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.
If you have $40,000 sitting in an older savings account, there is a good chance it paid you about $12 last month.
Move that same $40,000 into a high-yield savings account paying 3.80% APY and the number becomes about $126 a month, or roughly $1,520 over one year. Same balance. Same ability to pull the money out when you need it. The difference is about $1,368 a year, and it comes down to one number your current bank is not advertising.
Here is the math, what your own balance would earn, and how to move the money.
What $40,000 earns in a year
Start with the annual percentage yield, or APY, listed on the account. It bundles the interest rate and the compounding schedule into a single one-year number, which is why it is the figure to compare across savings accounts. If an account page pushes a promotional phrase harder than it shows the APY, slow down and find the APY.
$40,000 x 3.80% APY for one year = about $1,520
That puts the balance at about $41,520 after a year, and works out to roughly $126 a month in interest while the money sits there.
Now compare that with what your cash earns today. If your current account lists an APY, use that number. If you cannot find it, the FDIC national average savings rate is 0.38% APY (as of 06/15/26). At that rate, $40,000 held for one year earns about $152, or about $12 a month.
Same $40,000. Same year. About $1,368 apart.
Find your balance in this table
$40,000 is the example, but the gap scales with whatever you have parked. Here is one year of interest at both rates:
| 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 |
Every row is the same calculation: the balance, the APY, and one year. The high-yield column uses the 3.80% example APY; the national average column uses the FDIC figure of 0.38% (as of 06/15/26).
The rate window may not stay open
One thing to know before you decide: high-yield savings rates float. They are not locked in, and they move with the broader rate environment, which means a rate cut would pull savings yields down too.
That argues for moving sooner rather than later. Interest you collect while rates are higher is yours to keep, and savings accounts generally do not tie the money up, so you are not committing to anything you cannot undo.
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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How to move your money in about 10 minutes
- Compare accounts on APY first. Then check the fee schedule and any minimum balance requirement, and confirm the institution carries FDIC or NCUA coverage.
- Open the account online. You will generally need your ID, your Social Security number, and the routing and account numbers for your current bank.
- Link your existing checking account. ACH transfers typically take one to three business days, while same-day ACH depends on cutoff times and operating days.
- Move the portion you do not need right away. That may not be all $40,000, which is the next section.
- Keep your current bank if you like it. Nothing requires you to close an account you already use.
Before you move all $40,000, check four things
- Near-term bills. Transfers take time, so money that has to move today belongs in checking. Leave enough there that you are not scrambling.
- Fees. Check the fee schedule for recurring charges, transfer charges, and balance rules. If a monthly charge is unavoidable, multiply it by 12 and subtract that annual cost from your one-year interest estimate.
- Taxes. The IRS generally treats savings interest as taxable interest income. Multiply the interest earned by your own tax rate estimate and subtract it when you compare accounts.
- Insurance limits. The FDIC standard limit is $250,000 per depositor, per insured bank, per ownership category, and the NCUA standard share insurance limit is $250,000 per share owner, per insured credit union, per ownership category. Deposits in the same ownership category at the same institution are added together, so if you already hold $230,000 there, adding $40,000 brings that category to $270,000, which is $20,000 above the standard limit.
If you will need some of the cash sooner, the math still works. It just scales. $10,000 at 3.80% APY for six months comes to about $190.
Money you will not touch for a year has another option
If the $40,000 truly is not needed for 12 months, a one-year certificate of deposit is worth comparing. The tradeoff is access. A CD sets a term and can offer more rate certainty for that term, but taking money out early may trigger an early withdrawal penalty. IRS guidance for certificates of deposit refers to account maturity and interest that may be subject to a penalty for early withdrawal.
For an emergency fund, or any money with an uncertain deadline, the flexible option usually wins.
Bottom line
At 3.80% APY, $40,000 in a high-yield savings account earns about $1,520 over one year, or about $126 a month. At the FDIC national average savings rate of 0.38% (as of July 20, 2026), the same $40,000 earns about $152, or about $12 a month.
That is about $1,368 a year on money you keep full access to, for a transfer that takes about ten minutes. Every month the cash stays where it is, you give up roughly $114 of that difference.
Keep next month's bills in checking, subtract any fees and taxes, confirm your total deposits fit the coverage you are counting on, then move the rest. The easiest raise you will get this year is the one your current bank is quietly declining to give you.
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
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Bonus Offer | Open Account | Bonus Offer |
|---|---|---|---|---|
2026 AWARD WINNER
Best Checking and Savings Combo
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5.0
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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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