I used to keep all my money in one place -- Chase Bank. It's the same 'ol bank I've been using for years. But when my emergency fund grew past $10,000, I realized I could make way more money in interest by opening an online high-yield savings account (HYSA.)

Don't get me wrong, I still love Chase for everyday checking activities.

But my emergency fund is now earning over 4% interest in an HYSA.

Last year this added up to an extra $798 in my pocket!

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.70% Rate info 3.70% annual percentage yield as of April 18, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of April 18, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY Min. to earn $100 to open account, $5,000+ for max APY Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC.	4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY	$100 to open account, $5,000+ for max APY	Open Account for CIT Platinum Savings On CIT's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.10% Rate info Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%. Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.10% Rate info Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

Why I switched to an online HYSA

Did you know that online banks can offer rates up to 10 times the national average on savings accounts!? They're lightyears ahead of old-school brick-and-mortar banks, and crush the rates offered for traditional checking accounts.

I'm talking about earning 4%-5% interest, vs. the 0.01% offered at most traditional banks.

When I first learned this, It took me about five minutes to choose a large, reputable online bank and open an HYSA. Once I transferred my savings, interest started accruing (and compounding!) immediately.

It's incredible to see my money grow without any effort, and in 2024 I earned $798 in interest -- for doing nothing.

How much interest can you earn?

The more cash you have in savings, the more potential interest you can earn.

Here's a quick look at how much your savings could grow in a year, at different balances and rates:

The APY attached to your bank account makes a massive difference. Cash stored in a plain old checking account earning 0.01% earns you pennies. But with an APY over 4%, you could easily earn hundreds in interest a year -- with no added effort.

What are you waiting for?

Moving my savings to an online HYSA has paid off big time. Over the years I've earned more than $3,000 in interest on my emergency fund. And you can earn similar money if you make the switch too.

Your mission this week: Check your current interest rate at your bank. If it's less than about 3.60%, it's time to pick a new online HYSA and start earning more interest as soon as possible.

You can still keep your old bank around for everyday checking needs! Just move any bigger amounts of cash savings over to snag that higher interest rate.