Why You Should Upgrade Your Savings Account in 2026
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I switched my personal savings account late last year. Now I'm earning a 4.00 APY, I don't pay any monthly fees, and I can move money in or out whenever I want with just a few taps.
Switching banks used to be a hassle, but not anymore. With today's digital transfers and streamlined apps, upgrading your savings account is a 10-minute task, and 100% worth it.
Here's why I think everyone should open a new savings account in 2026.
Snag a better APY (it could be 400x higher)
Right now, many of the nation's largest banks are still offering just 0.01% APY on simple savings and checking accounts. That's $1 of interest per year for every $10,000 you've saved.
Meanwhile, top high-yield savings accounts are paying close to 4.00% APY. And many have no fees, no minimum balance requirements, and the same federal protection (FDIC insured up to $250,000 per depositor, per bank).
Here's the difference:
- $10,000 in a typical big-bank account at 0.01% = $1.00 in interest over 12 months
- $10,000 in a top HYSA at 4.00% = around $400 in interest
If you've got money sitting in a low-rate account right now that you don't plan on using right away (like emergency funds, home down payment savings, etc.) a high-yield account is the best place to store it.
The LendingClub LevelUp Savings account is a great option to consider right now (and it's what I personally use). You'll get a top APY of 4.00% APY with $250+ in monthly deposits, no monthly fees, and easy access to your cash when you need it.
2026 Award Winner
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.
Stop paying junk fees to outdated banks
If you're still getting hit with bank fees in 2026, it's officially time to walk away.
Traditional banks have built their business around charging loyal customers for basic services. Whether it's monthly maintenance fees, overdraft charges, or penalties for not keeping a high enough balance -- the model relies on squeezing every dollar they can to keep physical branches afloat.
Modern savings accounts don't play that game. Online banks are designed to operate efficiently, and they pass that savings back to you. That means no monthly fees, no minimums, and no surprise charges buried in the fine print.
Rate shopping is easier than ever -- and so is switching
Upgrading your savings account these days is a 10-minute task.
Most top savings accounts can be opened entirely online, and allow "linking" to your existing bank or checking account within an app. That means ACH transfers back and forth are painless and more secure.
Opening a new account doesn't mean changing your entire banking setup. You can still keep your current checking account and simply move your savings into a better home. That's what I did.
It's a zero-risk upgrade
There's really no downside to moving your savings into a better account.
Your money stays protected with FDIC insurance (up to $250K per person, per bank). And since there's no lock-in period, you still retain access to your money at any time.
In other words, you're not giving anything up… you're just getting more out of your savings.
Upgrading to a new savings account gives your cash a smarter home with no fees, full access, and a much stronger return.
Take 10 minutes today and explore the top savings account options here.
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.