Here's How Much You Can Make With $20,000 in a High-Yield Savings Account
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Did you know that a traditional savings account is one of the worst places to keep your cash?
Yes, they're safe and yes, they're accessible. But from an earnings perspective, you're probably getting next to nothing. The average savings account APY is just 0.40%, according to the Federal Reserve.
Meanwhile, top high-yield savings accounts (HYSAs) are offering around 4.00% APY or higher -- meaning $20,000 could be earning you $800 in interest, compared to $80 with the national average.
Here's what to know about HYSAs, and how to make the switch today.
Even smaller balances earn much more
Depending on your account balance, a top HYSA can earn you hundreds more dollars a year in interest. Compare that to the national average, and it's an easy choice:
| Balance | HYSA Earnings (4.00%) | National Average (0.40%) |
|---|---|---|
| $20,000 | $800 | $80 |
| $10,000 | $400 | $40 |
| $5,000 | $200 | $20 |
There are plenty of other reasons to pick an HYSA, too, like:
- Most HYSAs have no monthly fees or overdraft fees
- Banks with HYSAs often 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
Want to earn hundreds more on your cash? Open one of our favorite high-yield savings accounts today.
Two great HYSAs I recommend
1. Western Alliance Bank High-Yield Savings Premier
Right now, the Western Alliance Bank High-Yield Savings Premier account is offering a fantastic APY. It comes with:
- 4.10% APY on all account balances
- No account fees
- Minimum $500 to open an account
- FDIC insurance up to $250,000, just like traditional bank accounts
You might want to know that this account offers no ATM access, wire transfers, or in-person access. Deposits and withdrawals can only be done online through ACH transfer.
Still, once you get your money in the account, it's a straightforward high earner. You need at least $500 to open, but after that you can keep any balance you want and still earn the maximum APY.
Want to learn more? Check out our full review of the Western Alliance Bank High-Yield Savings Premier account today.
On Western Alliance Bank's Secure Website.
Member FDIC.
Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Can open an individual or joint account
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don't have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don't mind a bare-bones banking experience.
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
2. Axos ONE®
Axos Bank's bundle checking and savings account is a bit more complicated, but its max APY is even higher than Western Alliance Bank's. Here's how it breaks down.
Axos ONE®'s standard APYs are nothing to write home about. But you can boost the base rates up to 4.51% for savings and 0.51% for checking, respectively, if you meet the following criteria:
- Receive at least $1,500 in monthly qualifying direct deposits and maintain an average daily balance above $1,500; OR
- Receive at least $5,000 in monthly qualifying deposits and keep an average daily balance above $5,000.
If you can manage either of those, you're looking at one of the highest ongoing APYs available. You'll also get:
- No account fees or minimums
- Access to paychecks up to two days early
- FDIC insurance up to $250,000, just like traditional bank accounts
Ready to start earning? Read our full review of Axos ONE® to open an account now.
On Western Alliance Bank's Secure Website.
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Axos ONE®
On Axos Bank's Secure Website.
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- Earn a competitive APY on checking and savings
- Pay no monthly maintenance or account fees
- No cap on how much you can save
- Access to fee-free ATM network
- Extra conditions required to earn the advertised rate
- No physical branches for in-person help
The Axos ONE® bundle makes your money work overtime – all under one roof. Meet the direct deposit and balance requirements, and you’ll earn up to 4.51% APY on savings and up to 0.51% APY on checking, some of the highest rates we’ve seen lately. There are no physical branches, but you can still access cash easily through a network of over 95,000 fee-free ATMs. It’s a simple, high-reward setup that actually pays off.
The Annual Percentage Yield (APY) is accurate as of 10/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY. Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
- Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.
- The average daily balance of your Axos ONE® Checking account is at least $1,500.
Option 2
- Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.
- The average daily balance of your Axos ONE® Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
- The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
- The Axos ONE® Savings account will earn a promotional rate of up to 4.51% APY for the statement cycle in which the requirements are met.
The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
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.