The Simple Savings Account Switch That Can Earn You Hundreds in 2026
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Most people assume all savings accounts work the same. You park your money, let it sit, and maybe earn a little interest while you go about your life.
But the truth is interest rates vary wildly from bank to bank. Some traditional banks (like Bank of America, Chase, and Wells Fargo) pay just 0.01% APY on simple savings accounts, while other online banks are offering up to 4.00% -- or even more.
That gap is the difference between earning $1 or $400 in a year on the same $10,000 balance.
I track these rates daily, and personally keep my savings in a high-paying online bank. Here's how (and where) you can start earning way more interest in 2026.
Earning more in a high-yield savings account
High-yield savings accounts (HYSAs) are just like regular savings accounts, but they pay a much higher interest rate. Right now, some banks are offering APYs up to 4.00% APY.
Here's what that looks like in real dollars over one year comparing a traditional bank's 0.01% APY versus a high-yield online account at 4.00% APY:
| Balance | Interest at 0.01% APY | Interest 4.00% APY |
|---|---|---|
| $1,000 | $0.10 | $40.00 |
| $5,000 | $0.50 | $200.00 |
| $10,000 | $1.00 | $400.00 |
| $25,000 | $2.50 | $1,000.00 |
Pretty massive difference, right!? Even small balances can earn meaningful interest in the right account.
Moving your savings to an HYSA is one of the easiest wins in personal finance. It takes just a few minutes to open an account, and your money starts earning exponentially more right away.
And since most banks offering high-yield accounts are FDIC insured, everything is protected just like at the big banks.
I recently opened a new high-yield savings account with LendingClub (I still do my regular checking with Chase). Now all my cash savings earns a super-high APY and it's still accessible just like before. If you're looking for a recommendation, LendingClub LevelUp Savings is great.
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LendingClub LevelUp Savings
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
What to look for when choosing an HYSA
Banks might look the same from the outside, but have very different features and offerings on the inside.
Before opening any ol' savings account, here are a few things to keep in mind:
- APY: Look for accounts offering 3.00% to 4.00% APY. These are top rates right now and will earn you the most interest.
- Fees: Most online HYSAs have no monthly fees or service charges, but always double-check for minimum balance rules or hidden charges.
- Transfer times: It's normal for ACH transfers to take one to three business days. That delay is often worth it for the higher yield.
- FDIC insurance: Make sure the bank is FDIC insured, so your money is protected up to $250,000 per depositor, per institution.
Once you're set up, there's nothing else to manage. You just watch your balance grow.
Final thoughts: Your savings deserve better
If you've been letting your money sit in a basic savings account (or worse, a checking account), 2026 is the perfect year to make a quick change.
You don't have to overhaul your finances or learn a new system. Just park your idle cash savings in a better-paying spot and let time do the rest.
This simple switch takes minutes, but the payoff adds up month after month. Explore all the best high-yield savings accounts for 2026.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.