Why Keeping $10,000 in Checking Could Be a Big Mistake in 2026
Image source: Getty Images
Did you know that your checking account might be one of the worst places to keep your cash?
It's true. Yes, they're convenient, and yes, they're safe -- but most checking accounts earn next to nothing in interest. Take Chase, for example, which offers just 0.01% annual percentage yield (APY) on checking accounts. For every $10,000 in your account, you're earning exactly $1 in interest a year. (No, that's not a typo.)
Luckily, there's an easy way to earn much more on your cash -- a top high-yield savings account (HYSA) offering 3.30% APY or higher. That means that same $10,000 in savings could be earning you $330 a year in interest.
Here's how much you could make by switching today.
Earn hundreds more with one easy switch
A top HYSA can earn you literally hundreds more dollars a year in interest, just for taking a few minutes to make the switch. Here's how it breaks down:
| Balance | HYSA Earnings (3.30%) | Chase Earnings (0.01%) |
|---|---|---|
| $15,000 | $495 | $1.50 |
| $10,000 | $330 | $1 |
| $5,000 | $165 | $0.50 |
For reference, I opened a SoFi Checking and Savings (Member FDIC) account about a year ago, moved my cash, and instantly started earning a much higher APY. It couldn't have been simpler. I also loved how it came with:
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
- FDIC insurance up to $250,000
Right now, there's also a great new-member offer to take advantage of: Earn $50 or $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. This means you could earn up to 4.00% APY on your savings.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn SoFi's Secure Website.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
Two other HYSAs I recommend
I've got no regrets about SoFi® -- it's still my go-to HYSA recommendation. There are some other great options out there, though, especially if you can hit their direct deposit and balance requirements. Here are a couple of the top high-yield savings accounts available now.
1. Axos ONE®
If you want to earn one of the highest APYs I've seen, Axos ONE® has you covered -- but it might not be as easy to land as some others. Here's how it works.
Axos ONE®'s standard APYs are nothing to write home about -- but you can boost your earnings up to 4.31% for savings and 0.51% for checking if you:
- Receive at least $1,500 in monthly qualifying direct deposits and maintain an average daily balance above $1,500; OR
- Receive at least $5,000 in monthly qualifying deposits and keep an average daily balance above $5,000.
Those aren't necessarily easy numbers to hit, but if you can, it's kind of a no-brainer. You'll also enjoy:
- No account fees or minimums
- Access to paychecks up to two days early
- FDIC insurance up to $250,000, just like traditional bank accounts
On SoFi's Secure Website.
Member FDIC.
Axos ONE®
On Axos Bank's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn Axos Bank's Secure Website.
- Earn a competitive APY on checking and savings
- Pay no monthly maintenance or account fees
- No cap on how much you can save
- Access to fee-free ATM network
- Extra conditions required to earn the advertised rate
- No physical branches for in-person help
The Axos ONE® bundle makes your money work overtime – all under one roof. Meet the direct deposit and balance requirements, and you’ll earn up to 4.31% APY on savings and up to 0.51% APY on checking, some of the highest rates we’ve seen lately. There are no physical branches, but you can still access cash easily through a network of over 95,000 fee-free ATMs. It’s a simple, high-reward setup that actually pays off.
The Annual Percentage Yield (APY) is accurate as of 12/2/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.
Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
- Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.
- The average daily balance of your Axos ONE® Checking account is at least $1,500.
Option 2
- Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.
- The average daily balance of your Axos ONE® Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
- The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
- The Axos ONE® Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.
The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
2. Western Alliance Bank High-Yield Savings Premier
The Western Alliance Bank High-Yield Savings Premier account also offers a high APY -- and thankfully, this one's actually super easy to earn. You'll get:
- 3.90% APY on all account balances
- No account fees
- Minimum $500 to open an account
- FDIC insurance up to $250,000, just like traditional bank accounts
The downside here is that Western Alliance Bank doesn't provide ATM access, wire transfers, or in-person access, which means transactions can only be done online through ACH transfer.
If you're cool with that, though, Western Alliance Bank is definitely worth considering. Once you deposit at least $500 to open an account, you can keep any balance you want to keep earning the max APY.
On SoFi's Secure Website.
Member FDIC.
Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn Western Alliance Bank's Secure Website.
- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Can open an individual or joint account
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don't have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don't mind a bare-bones banking experience.
The annual percentage yield (APY) is accurate as of December 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of December 15, 2025. See the FDIC website for more information.
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.