Here's How Much $10,000 Can Earn You in a Savings Account
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Looking to earn more on your savings this year? If so, a traditional savings account is probably one of the worst places to start.
That's because right now, the average savings account APY is just 0.39%, according to the Federal Reserve. That means $10,000 in savings is earning just $39 a year in interest.
Meanwhile, the best high-yield savings accounts (HYSAs) are offering APYs of 3.30% or higher. That means that same $10,000 could be earning you $330 a year in interest, all for making one simple switch.
Here's what to know about opening an HYSA today.
Earn hundreds more for one easy switch
Moving your money to an HYSA can mean literally hundreds more a year in interest, and doing it takes only a few minutes. Compare a top HYSA rate to the national average, and there's no contest:
| Balance | HYSA Earnings (3.30%) | National Average (0.39%) |
|---|---|---|
| $20,000 | $660 | $78 |
| $10,000 | $330 | $39 |
| $5,000 | $165 | $19.50 |
It's more than just a higher APY, though. Our favorite HYSAs also offer:
- No monthly fees or overdraft fees
- Total access to your cash, just like your old savings account
- FDIC insurance up to $250,000
Ready to earn hundreds more on your cash today? See our list of the best high-yield savings accounts available now.
Opening an HYSA took me a few minutes
I opened my own HYSA last year, and it took me less than half an hour to do it. I also did it all without leaving my couch.
Here's how you can get started:
- Compare top options. Look for HYSAs with a high APY and no fees.
- Apply online. Applications are usually quick and easy.
- Transfer your funds to your new account.
- Move direct deposits and other automatic transfers to your new account, too.
After you get set up, you might decide to close your old account if it no longer serves a purpose. Once you do, you'll be all ready to enter the brave new world of high-APY savings.
Want to earn 3.30% APY or more on your money? See our full list of the best high-yield savings accounts available now.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.