Switching Savings Accounts Won't Change Your Life, but It Might Pay for Your Next Flight

Moving your money from one savings account to another isn't going to make you rich. But if your cash is sitting in a low-interest account at a big bank like Chase, Bank of America, or Wells Fargo, you're leaving easy money on the table.

And by "easy," I mean really easy.

Just by switching to a high-yield savings account, you could earn hundreds more per year in interest. That might not fund early retirement, but it could cover your next roundtrip flight. And it takes all of five minutes to set up in most cases.

The math is simple

Most big banks are still offering 0.01% APY on their standard savings accounts. That's not a typo. If you have $10,000 in your account, you'll earn a whopping $1 in interest after a year.

Now compare that to the top high-yield savings accounts, which in July 2025 are paying around 4.00% APY. Same $10,000 deposit, but this time you're looking at $400 a year in interest.

That's real money. Weekend getaway kind of money.

Make your emergency fund work for you

People generally keep their emergency fund in a savings account. That money needs to be safe and easy to access. But that doesn't mean it has to sit there doing nothing.

A good high-yield savings account still gives you:

• FDIC insurance up to $250,000
• Same-day or next-day transfers
• Unlimited transfers
• No fees

Why big banks don't pay up

It's not because they can't. It's because they don't have to.

Chase and Bank of America know most customers won't bother moving their money. And as long as that's true, they'll keep pocketing the difference while their customers earn pennies.

But you don't have to accept that. And once you make the switch, you'll wonder why you waited so long.

How to switch (in under 10 minutes)

1. Open a high-yield savings account with an online bank or credit union.
2. Transfer your savings from your old account.
3. Keep your old account open temporarily if it's linked to bills or apps.
4. Update your direct deposit or auto-transfers if needed.
5. Done.

No, it won't change your life

This won't change your life, but it doesn't have to. Some financial wins are big and dramatic. Others are just smart.

If switching your savings account means your money grows while you sleep, why not do it?