Most Americans Are Getting Ripped Off by Their Bank -- Are You One of Them?
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Millions of Americans are still banking with Chase, Wells Fargo, and Bank of America -- which means millions of Americans are getting a raw deal.
All three of those big banks offer a measly 0.01% annual percentage yield (APY) on their standard savings accounts. That means if you keep $10,000 in your account, you're earning exactly $1 in interest in a year.
Meanwhile, the best high-yield savings accounts (HYSAs) are offering 3.80% APY or higher, meaning that same $10,000 could be earning you at least $380.
Here's how to make the switch and stop leaving hundreds on the table.
Earn hundreds more with one easy switch
Top HYSAs offer much better returns no matter how much you keep in savings. Here's how much more you could be making every year:
| Balance | HYSA Earnings (3.80%) | Chase, Wells Fargo, and Bank of America Earnings (0.01%) |
|---|---|---|
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
| $2,500 | $95 | $0.25 |
Most HYSAs only take a few minutes to open, too. I opened my SoFi Checking and Savings (Member FDIC) account, moved my money, and closed my old account in less than half an hour. That's how easy it was to start earning a higher APY.
I also love how SoFi® has:
- 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 deposit requirements
- FDIC insurance up to $250,000, just like traditional banks
- Limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Want to join me? Read our full review of SoFi Checking and Savings (Member FDIC) to learn more and open an account today.
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.
Two other HYSAs I recommend
SoFi®'s my bank of choice, but here are two other HYSAs I'd recommend to anyone.
CIT Platinum Savings
CIT Platinum Savings is one of the highest-earning HYSAs out there. It comes with:
- 3.85%
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
- No account fees
- Minimum $100 deposit to open
- FDIC insurance up to $250,000
CIT also offers a checking account you can open separately to get quick access to your cash.
A 3.85% APY is a great rate. If maximizing interest is your goal, CIT is hard to beat -- just be sure to keep your balance above $5,000.
To earn hundreds more a year on your savings, read our full review of the CIT Platinum Savings and open an account now.
On SoFi's Secure Website.
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CIT Platinum Savings
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- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
Barclays Tiered Savings
Barclays Tiered Savings is another simple, strong earner. You'll get:
- 3.90% APY on balances under $250,000
- No account fees or minimum deposits
- FDIC insurance up to $250,000
It's worth noting that Barclays doesn't offer a checking account, which means you won't have immediate access to your cash. If that's important to you, consider one of the other accounts listed above.
Still, a 3.90% APY is excellent, and you don't need a balance of $5,000-plus to earn it. For a simple way to earn more on your cash, Barclays is another great pick.
Want to earn more every year without lifting a finger? Read our full review of the Barclays Tiered Savings account to learn more today.
On SoFi's Secure Website.
Member FDIC.
Barclays Tiered Savings
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- No minimum deposit to open an account
- Balance requirement for maximum APY
- No ATM access
- No wire transfers (inbound or outbound)
- No branch access; online only
Barclays Tiered Savings rewards savers with a tiered APY structure, offering higher rates as your balance grows. No monthly fees and no minimum balance to open mean it's accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. And now, you can take advantage of a special offer $200 bonus on top of your savings growth when you open a new account and deposit $30,000 or more. Offer ends Dec. 31, 2025. Terms apply.
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.