Big Banks Are Paying 0.01% -- These Accounts Are Offering 4.25% or More

If your money's sitting in a big-name bank, it's probably earning next to nothing.

Even after two years of rising interest rates, most of the country's largest banks are still paying just 0.01% APY on standard savings accounts. That's not a typo; it's a penny per year for every $100 you have saved.

Meanwhile, top high-yield savings accounts are offering 4.25% APY or more, with no monthly fees, easy access to your cash, and full FDIC insurance.

That's a 425x difference and the kind of quiet financial move that can add up fast.

Why big banks aren't paying you more

Big banks know most people won't move their money. You probably already have direct deposit set up, maybe even autopay. And switching banks feels like a hassle.

But that convenience is costing you -- especially if you've built up a decent emergency fund or cash cushion.

Here's the math:

If you're keeping $10,000 in a savings account at 0.01% APY, you'll earn just $1 over an entire year.

Move that same $10,000 into a high-yield savings account paying 4.25%, and you'd earn $425 -- without doing anything differently.

What to look for in a high-yield account

Not all savings accounts are created equal. The best high-yield options right now check all these boxes:

• Over 4.00% APY
• No monthly fees
• FDIC insured up to $250,000

Most of the best offers come from online banks. They don't have to pay for expensive branches and pass the savings back to you.

You can open one of these accounts in just a few minutes. Once it's linked to your checking, you can easily transfer money back and forth as needed.

This is the easiest financial upgrade you can make

I've been writing about personal finance for years. And I'll be the first to say that most financial advice takes time, discipline, and patience.

This isn't one of those things.

Moving your savings to a better account doesn't require you to cut back, build a budget, or change your lifestyle. It's one of the few personal finance decisions where you do nothing differently and still end up with hundreds of dollars more in your account over time.

Don't settle for 0.01%

Big banks are betting that you'll keep your money where it is and accept tiny returns.

But with rates still holding steady and top savings accounts paying 4.00% or more, this is your chance to do better. Much better.

Even if you're only starting with a few thousand dollars, the difference is real. And once you make the switch, you'll wonder why you waited.