Every $10K You Keep in a Chase Savings Account Costs You a New Pair of AirPods Every Year

Millions of people have a savings account with Chase -- which means millions of people are getting a terrible interest rate.

That's because Chase Savings accounts earn just 0.01% annual percentage yield (APY) -- so if you have a $10,000 balance, you're earning $1 in interest per year. Top high-yield savings accounts (HYSAs), meanwhile, are offering around 4.00% APY -- meaning that same $10,000 could earn $400 in interest.

That's enough to buy a new pair of AirPods every year, with more than $100 left over.

I recently made the move to an HYSA myself -- and I'm never going back. Here are some other reasons I recommend you do the same.

Other reasons to dump Chase

A higher APY isn't the only reason to switch. Here are a few other reasons to move your money to a high-yield savings account:

• Unlike Chase, many HYSAs have no monthly fees or overdraft fees
• Banks with HYSAs pay higher APYs on checking accounts, too
• You'll still have total access to your cash
• Your money's still FDIC-insured up to $250,000

In short, you'll earn more, pay less, and have the same level of security and access to your money.

My two favorite HYSAs

My favorite HYSAs on the market stand out thanks to a combination of high rates, low fees, and ease of use.

SoFi Checking and Savings (Member FDIC)

• Earn up to 3.80% APY on savings and 0.50% APY on checking with direct deposit
• Up to $50 in no-fee overdraft coverage when you set up direct deposit
• Get paid up to two days early with direct deposit
• No account fees or minimum balance requirements

I've had a SoFi® account myself for a few months now -- and I'm loving it.

The APY is one of the highest available, but the lack of account fees or minimums, plus access to SoFi®'s other great financial products, is what really sets it apart. If you're looking for a way to manage checking, savings, and more with one platform, SoFi® makes it easy.

Want to learn more? Read our full review of the SoFi Checking and Savings (Member FDIC) account today.

CIT Platinum Savings

• 4.00% APY for balances of $5,000 or more
• No account opening or maintenance fees
• Minimum $100 deposit to open
• Interest compounds daily, so your money grows a little faster

CIT Platinum Savings pays one of the highest rates available on large balances. It doesn't have the extra perks SoFi® does, but it's a great choice if you're looking to get every dollar of interest you can. Just make sure you keep more than $5,000 in your account to earn the maximum APY.

Ready to get started? Read our full review of the CIT Platinum Savings account today.

Here's how easy it is to open an HYSA

Moving your money to a high-yield savings account is a breeze -- it took me less than half an hour. Here's how to do it:

1. Compare top options. Look for HYSAs with a high APY and no fees.
2. Apply online. Applications are usually quick and easy.
3. Transfer your funds to your new account.
4. Update direct deposits and other automatic transfers so they go to your new account.
5. Close your old account if you don't use it anymore.

Once your money's in your new account, your higher APY kicks in immediately -- no extra effort needed. Then you can put your additional earnings towards a flight, a spa day, a new pair of AirPods, or whatever else brings you joy.

Looking to make more on your money today? See our full list of the best high-yield savings accounts available now.