Here's How Much You Can Make With $20,000 in a High-Yield Savings Account
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Fun fact: When it comes to earning interest, your traditional savings account is probably one of the worst places to put your cash.
It's true. Yes, savings accounts are safe and accessible. But right now, the average savings account APY is just 0.40%, according to the Federal Reserve. That means $20,000 in savings is earning just $80 a year in interest.
On the other hand, top high-yield savings accounts (HYSAs) are offering APYs of 3.60% or higher. That means that same $20,000 could be earning you $720 a year in interest, all for one simple switch.
Here's what to know about HYSAs, and how to move your money today.
Earn hundreds more, no matter how much you have
Depending on your account balance, a top HYSA can earn you hundreds more in interest every year while you sleep. Compared to the national average, there's no contest:
| Balance | HYSA Earnings (3.60%) | National Average (0.40%) |
|---|---|---|
| $20,000 | $720 | $80 |
| $10,000 | $360 | $40 |
| $5,000 | $180 | $20 |
Here are some other reasons to move money to an HYSA:
- Some top HYSAs have no monthly fees or overdraft fees
- You'll still have total access to your cash
- Your money's still FDIC-insured 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.
Two great HYSAs I'd recommend to anyone
1. SoFi Checking and Savings (Member FDIC)
I opened a SoFi Checking and Savings (Member FDIC) account almost a year ago, and I've been reaping the benefits ever since.
Right now, new account holders can earn a $50 or $300 bonus when you sign up and set up eligible direct deposit, plus an annual percentage yield (APY) up to 4.30% on savings for six months (a 0.70% boost). Terms apply. That's one of the highest APYs you'll find, period.
I also love how SoFi® comes with:
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
- FDIC insurance up to $250,000
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. Axos ONE®
Axos ONE®'s standard savings and checking APYs won't get you much. But you can boost the standard rates up to 4.31% APY on savings and 0.51% on checking 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.
That's a high bar for some -- but if you can hit it, you'll get a super high ongoing APY.
Axos ONE® is also great because it has:
- No account fees or minimums
- Early paycheck access (up to two days)
- FDIC insurance up to $250,000, just like traditional bank accounts
This account comes with one of the top rates still available today. If you can meet the qualifying criteria, this is one opportunity you shouldn't miss out on.
On SoFi's Secure Website.
Member FDIC.
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 4.31% 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 12/2/2025. 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 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 4.31% 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.