From $0.20 to $83 a Month: The Easiest Money I've Ever Made

Back when I kept my emergency fund in a Chase checking account, it earned a grand total of $2.50 in interest. Per year. Pretty insulting, actually, because I usually keep about $25,000 as a floating balance.

Then I moved all that cash into a high-yield savings account (HYSA) earning 4.00% APY. Suddenly, my monthly interest checks jumped to about $83 per month. In fact, I've earned over $2,000 in bank interest just the past couple years.

That's why I call it the easiest money I've ever made. Just a simple account switch that took less than 10 minutes.

Don't overlook the interest -- it all adds up

Most people don't pay much attention to bank interest (and honestly, I don't blame them). It's hard to fathom how tiny APYs can add up to much money.

Here's what the numbers look like with a traditional savings account earning 0.01% vs. a 4.00% HYSA:

That's real money you can actually notice. It's enough to cover a few bills, add to a vacation fund, or invest for the future.

Personally, I let all my interest build up and compound in my account. But just last month, I took out $2,000 and bought an old rusty Jeep as a hobby project. I like to think "my bank interest paid for that!"

My two bank set-up

I didn't ditch my old bank completely. I've been with Chase for years, and I still like having my checking account there for daily stuff -- paychecks, bill payments, and the occasional ATM run.

So instead of moving everything, I only transferred my savings pile over to the HYSA. Now my "everyday money" stays in Chase, and my "don't touch it unless you have to" money sits in the high-yield account, earning way more interest.

The best part is my two accounts are "linked" on the back end. I can initiate money transfers from either bank's mobile app, and the funds transfer in a day or two.

Having a two-bank set-up sounds annoying. But it's really not that bad, and definitely worth the interest I'm earning.

How to choose the right HYSA

I study and write about banks for a living, and let me tell you -- there's a huge difference between services and account offerings from bank to bank.

If you want a quick primer on the strengths and weaknesses, here's my full pros and cons of high-yield savings accounts guide. Then, once you know what features matter most, you can start comparing options.

Here are a few things I looked for when picking my HYSA:

• A top APY -- The whole point is earning more, so I only considered accounts with rates well above the national average.
• A name I could trust -- I only look at banks that are FDIC insured (NCUA is the equivalent for credit unions)
• No monthly fees -- Fees are a pet peeve of mine, and I refuse to pay any just to be a customer. Even a $10 fee can wipe out your interest which is pointless.
• Low or no minimums -- I don't like being forced to keep a giant balance just to earn the top rate. Even though I keep a lot of cash, I still don't like limits like that.
• Easy, unlimited transfers -- If I needed cash in my checking account, I wanted it within a few business days max.

It's really worth shopping around to find a bank that checks all the boxes that are important to you.

And there you have it -- the simple switch that took me from earning $0.20 to $83 a month in interest. If you follow my lead, it might just be the easiest money you've ever made, too.

Ready to make your savings work harder? Check out our list of the best high-yield savings accounts right now. Compare rates, find the right fit, and start earning more on your money today.