Most Americans still park their savings in traditional checking or savings accounts earning just 0.07% APY. That means if you have $30,000 sitting in there, it’s making about $21 a year. That’s less than the price of two movie tickets — for the whole year.
What people should be doing is keeping their cash in a high-yield savings account (HYSA). With APYs up to 4.40%, that same $30,000 could earn over $1,300 a year, without any added risk.
Let’s take a closer look at what you stand to gain by switching to a high-yield savings account.
What $30,000 earns in high-yield savings (vs. traditional accounts)
I’ve done the calculations for a few different scenarios to show you how much $30,000 would earn over the course of a year in various account types.
Our Picks for the Best High-Yield Savings Accounts of 2025
|
American Express® High Yield Savings Account Member FDIC. APY 3.70%
Rate info
Member FDIC.
|
3.70%
Rate info |
$0 |
|
CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more
Rate info Min. to earn $100 to open account, $5,000+ for max APY
Member FDIC.
|
4.10% APY for balances of $5,000 or more
Rate info |
$100 to open account, $5,000+ for max APY |
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Barclays Tiered Savings Member FDIC. APY 4.10%
Rate info
Member FDIC.
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4.10%
Rate info |
$0 |
Here’s a simple comparison based on national average checking and savings account rates, plus a competitive HYSA rate you can find today:
|
Account Type |
Interest Rate (APY) |
Earnings on $30K |
|---|---|---|
|
National average checking |
0.07% |
$21 |
|
Traditional savings account |
0.40% |
$120 |
|
Online high-yield savings (HYSA) |
4.40% |
$1,320 |
Data source: Author’s calculations.
That’s a $1,299 difference between a regular checking account and a top-paying HYSA. Nothing to scoff at.
Personally, I was pretty nervous when I first opened an online HYSA. Transferring $30,000 to any new bank requires a bit of research.
Here’s what I look for before moving my money:
- A high APY — Right now, 3.60% and up is the benchmark for competitive rates
- No monthly fees — Junk fees are a pet peeve of mine
- FDIC insurance — This protects your cash up to $250,000 per depositor, per bank
- Fast transfers — You’ll want access to your money if you need it quickly
Some accounts may also offer welcome bonuses for new customers! So definitely keep an eye out for those.
Put your money to work today
Checking accounts are convenient. But they’re not built for storing cash long term.
If you’ve got $30,000 sitting in a checking account, it’s quietly costing you over $1,000 each year.
Your mission this week: Open a high-yield savings account and put all your hard-earned dollars to work.