This Lazy but Avoidable Banking Mistake Could Cost You $8,000 in 5 Years

Published on Sept. 10, 2025

Jake FitzGerald

By: Jake FitzGerald

Editorial Strategist

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.

For years, I kept my emergency fund in the same savings account I opened in high school. It was convenient. I didn't have to think about it. But when I finally looked at what I was earning in interest, I wanted to kick myself.

Here's the mistake: Leaving money in a traditional big-bank savings account that pays practically nothing.

The difference in dollars

Let's do the math with $20,000 in savings:

  • A typical big-bank account pays around 0.01% APY. Over five years, that balance would earn you about $10 total.
  • Move that same $20,000 to a high-yield savings account paying 4.00% APY, and you'd earn about $4,330 in interest over five years.
  • That's a gap of more than $4,300, just for clicking a few buttons.

Double that balance to $40,000, and you're looking at nearly $8,700 in lost interest over the same period.

This isn't about taking risks, it's about not leaving money on the table.

Why people stick with bad accounts

The number one reason people stick with bad accounts is laziness. It feels easier to leave things where they are. Banks know this, and they're counting on your indifference. But the truth is, switching to a high-yield savings account takes less than 10 minutes, and plenty of online banks have $0 minimums.

Where your money should go instead

With an HYSA, your money stays safe, liquid, and actually earns a return. It's the simplest upgrade you can make to put your savings to work.

These accounts pay interest rates that are often 20 to 30 times higher than what big traditional banks offer. It really only does take minutes to open a new account.

One account offering a top-tier APY right now that can be opened with as little as $1 is the NexBank High-Yield Savings Account from Raisin. Earn a jaw-dropping 4.15% APY on your savings and open and operate your account fully online.

Rates as of

NexBank High-Yield Savings Account from Raisin

Open Account for NexBank High-Yield Savings Account from Raisin

On Raisin's Secure Website.

Member FDIC.
4.70/5 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
4.70/5 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 NexBank High-Yield Savings Account from Raisin

On Raisin's Secure Website.

APY
4.15% Rate info Circle with letter I in it. Earn a guaranteed 4.15% APY for 90 days. After that, your savings keep growing at a competitive standard rate — currently 3.97% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees. See product terms for complete details.
Min. To Earn APY
$1
  • High APY
  • No monthly service fee
  • Unlimited ACH transfers
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limited to one linked external account)
  • No checking account offered through Raisin
  • No branch access; online only

Earn a 4.15% APY with a High-Yield Savings Account from NexBank (Member FDIC), powered by Raisin. NexBank has been a trusted institution in Texas for over 100 years. If maximizing yield is your priority and you don't need branch access, it's a solid pick.

New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $40 for depositing between $10,000 and $24,999; $100 for depositing between $25,000 and $49,999; $200 for depositing between $50,000 and $99,999; $425 for depositing between $100,000 and $199,999; and $900 for depositing $200,000 or more.

Multi-Product Boost: Customers eligible for the Base Bonus may earn an additional bonus by opening a product in a second product category. To qualify, customers must deposit at least $1,000 into the secondary product category within 14 days of their initial deposit and maintain balances over $1,000 in both categories through 90 days from the initial deposit date.

For the purposes of this promotion, High-Yield Certificates of Deposit constitute one product category; No-Penalty CDs and Callable CDs constitute a second product category; and Savings Accounts (including Money Market Deposit Accounts, High-Yield Savings Accounts, and Rate Lock Savings Accounts) constitute a third product category. Multi-Product Boost eligibility is determined by your Base Bonus tier: customers depositing between $10,000–$24,999 receive an additional $10; $25,000–$49,999 receive an additional $25; $50,000–$99,999 receive an additional $50; $100,000–$199,999 receive an additional $75; and $200,000 or more receive an additional $100.

Customers are eligible to earn the Recurring Deposit Bonus associated with their Base Bonus tier or any lower Recurring Deposit Bonus tier. For example, a customer with an initial deposit of $200,000 (qualifying for the highest Base Bonus tier) whose aggregate recurring deposits total $500, is eligible for the lower tier and will receive the $50 Recurring Deposit Bonus. However, setting up a recurring deposit greater than your Base Bonus tier's required threshold will not qualify you for a higher Recurring Deposit Bonus.

The Multi-Product Boost is optional and paid in addition to the Base Bonus. To qualify for the Base Bonus and Multi-Product Boost, your first deposit must be initiated between September 1, 2026, and September 30, 2026, by 11:59 PM ET, and the promo code STACK must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days of the initial deposit date will be eligible for the Base Bonus and Multi-Product Boost. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only, is non-transferable, and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.

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Don't let laziness cost you

Five years from now, you could be thousands of dollars richer, or you could still be earning pennies because you didn't bother to switch.

It's one of the easiest financial wins out there, and you only have to do it once.

Check today's best high-yield savings accounts and move your money before another month slips by.

Our Research Expert

Jake FitzGerald
Jake FitzGerald icon-button-linkedin-2x

Jake FitzGerald is a former full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money. Jake led content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.