Your Chase Savings Account Could Be Costing You a New Pair of AirPods Every Year. Here's How

Still keeping your money in a Chase savings account? You could be missing out on a new pair of AirPods every year.

Allow me to explain.

Chase's standard savings account pays just 0.01% annual percentage yield (APY). The national average savings rate is 0.38%, according to the Federal Reserve, meaning Chase is well below what you should expect.

Meanwhile, some of today's top high-yield savings accounts (HYSAs) are offering 3.80% APY or more -- literally 380 times higher than Chase. I made the switch from a traditional savings account to an HYSA a few months ago, and I can say for sure that I'm never going back.

Here's how much you can earn with a high-yield savings account, and how easy it is to make the switch.

One switch could earn you hundreds a year

Let's say you have $10,000 in savings. With Chase's 0.01% APY, you'd earn exactly $1 in interest for the entire year.

Move that same $10,000 to an HYSA with a 3.80% APY, and you'd earn $380 in a year -- enough to cover a new pair of AirPods, with more than a hundred dollars left over.

Even smaller balances can earn much more. For example:

Most HYSAs take less than half an hour to open, meaning it's extremely easy to make the move. You also keep complete access to your cash, making HYSAs the perfect place to keep your emergency fund and short-term savings.

How to find the right HYSA for you

Moving your money to an HYSA takes just minutes -- and you can do it without leaving your couch.

Here's what to do:

1. Pick a high-yield savings account -- Look for one with no monthly fees and an APY of 3.80% or higher.
2. Open the account online.
3. Transfer your cash to your new account.
4. Update any automatic deposits or withdrawals linked to your old account.
5. Close your old savings account if you want.

That last step is optional -- if you regularly visit physical bank branches or handle lots of cash, you may want to keep your old account open. For everyone else, though, closing it will make the most sense.

Join me in making the switch

I kept my savings in a big bank for years without thinking twice. But once I compared my interest to what the best HYSAs were paying, it was obvious I had to make a move.

If you're one of the millions banking with Chase, you're in the same boat I was in -- but there's a better way to go. Move your cash to a high-yield savings account today to earn more.

Ready to boost your savings? See our picks for the best high-yield savings accounts available today.