Why I Moved My Savings and Started Earning 10x More

If your money's still collecting dust in a traditional savings account, you're likely missing out on a few hundred bucks of easy cash.

The national average savings rate is just 0.38% APY, according to the Federal Reserve, while top high-yield savings accounts (HYSAs) are offering 3.90% APY or higher -- literally 10 times more. Depending on how much you have in savings, that could be costing you hundreds of dollars in interest each year.

Here's how a quick switch can help your savings grow much faster.

Earn hundreds more with one simple change

Let's say you have $8,000 in a traditional savings account earning the average 0.38% APY. You'd make about $30 in interest per year.

Now compare that to a high-yield savings account that pays 3.90% APY. That same $8,000 would earn $312 annually -- nearly $300 more just for moving your money.

The best part? You'll still have full access to your money, making an HYSA the perfect place to store your emergency fund and short-term savings.

There's virtually no risk involved -- your money's FDIC-insured up to $250,000, just as it is with a traditional account. Just make the switch and let compound interest do the work.

Switching is quick and easy

Landing an HYSA usually takes less than 30 minutes -- I opened one a few months ago in between NBA playoff games. Here's how to get started:

1. Compare top high-yield savings accounts with no monthly fees and competitive rates.
2. Open a new account online -- most applications take just a few minutes.
3. Transfer your money from your old savings account.
4. Redirect any automatic deposits or transfers linked to your old account.
5. Close your old account after a few weeks (especially if it charges minimum balance fees).

Once your money is in the new account, you'll start earning more without any extra effort. It's that simple.

Should you keep your old savings account?

It's worth noting that most high-yield savings accounts are offered by online-only banks. Some people prefer to keep a traditional account open for ATM access, especially if they handle cash often.

But for everything else -- higher interest, mobile access, and no fees -- HYSAs are the better option.

Stop leaving money on the table

Leaving your savings in a traditional account, earning pennies on the dollar, means missing out on easy money.

By switching to a high-yield savings account, you could boost your interest earnings by hundreds of dollars a year. Make the switch today and join me in earning more now.