Why I'm Telling All My Friends to Ditch Their Chase Savings Accounts This Year
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It's 2025, and I still have loved ones saving money with big banks like Chase. That means they're still earning just 0.01% APY on their savings -- practically nothing.
Luckily, there's an easy way to earn more -- much more. Right now, top high-yield savings accounts (HYSAs) are offering 3.80% APY or higher, meaning you can literally earn 380 times more interest by switching.
I made the move myself a few months ago, and I'm never looking back. Here's why I'm telling all my friends and family to do the same.
Get hundreds more a year for moving your money
Depending on how much you keep in savings, an HYSA can earn you hundreds of dollars a year in interest. Compare that to what you get with Chase, and there's no contest:
| Balance | HYSA Earnings (3.80%) | Chase Earnings (0.01%) |
|---|---|---|
| $15,000 | $570 | $1.50 |
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
Most HYSAs are also incredibly easy to open. I opened my SoFi Checking and Savings (Member FDIC) account in minutes, then moved my cash and instantly started earning a top-tier annual percentage yield (APY).
Right now, there's also a great offer to take advantage of for new account holders: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. This means you could earn a total APY up to 4.50%!
Want to land this bonus now? Read our full review of SoFi Checking and Savings (Member FDIC) and open an account today.
More reasons to switch to an HYSA
A higher APY isn't the only reason to switch banks. Here are a few more reasons to move your money to an HYSA:
- Most have no monthly fees or overdraft fees
- Banks with HYSAs also tend to have higher APYs on checking accounts
- You'll still have complete access to your money
- Your money's FDIC-insured up to $250,000, just like at the big banks
Put simply, HYSAs let you earn more and pay less while keeping your money safe and accessible.
What should you keep in your HYSA?
HYSAs are perfect for all your "in-between" cash: money you aren't planning to spend immediately or invest for the long term. For me, that includes:
- Short-term savings: Money to cover vacations and other big purchases
- Emergency fund: A few months' worth of expenses
- Additional cash: Any other money I don't want in my checking account
In short, an HYSA is the perfect way to earn more on all your medium-term savings.
I'm making all my friends switch this year
I moved my money to an HYSA from a big bank earlier this year, and it was one of the easiest financial decisions I ever made. Now I'm pestering all my friends and family to do the same.
Ready to earn 3.80% APY or more on your cash? Check out our full list of the best high-yield savings accounts available today to get started.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.