Most Americans Are Getting Ripped Off by Their Bank -- Are You One of Them?

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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
Data source: Author's calculations.

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.

SoFi Checking and Savings

Member FDIC.

Rates as of Oct 20, 2025

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.

SoFi Checking and Savings

Member FDIC.

Rates as of Oct 20, 2025

CIT Platinum Savings

Member FDIC.
4.60/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.60/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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APY
3.85% Rate info Circle with letter I in it. 3.85% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$5,000
  • 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.

Open a CIT Platinum Savings Account

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.

SoFi Checking and Savings

Member FDIC.

Rates as of Oct 20, 2025

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

APY
3.90% Rate info Circle with letter I in it. Balances less than $250,000 earn 3.90%, and balances greater than $250,000 earn 4.10%.
Min. To Earn APY
$0
  • 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