Most Americans Are Getting Ripped Off by Their Bank — Are You One of Them?
Millions of Americans are still banking with Chase, Wells Fargo, and Bank of America — which means millions of Americans are getting a raw deal.
All three of those big banks offer a measly 0.01% annual percentage yield (APY) on their standard savings accounts. That means if you keep $10,000 in your account, you’re earning exactly $1 in interest in a year.
Meanwhile, the best high-yield savings accounts (HYSAs) are offering 3.80% APY or higher, meaning that same $10,000 could be earning you at least $380.
Here’s how to make the switch and stop leaving hundreds on the table.
Earn hundreds more with one easy switch
Top HYSAs offer much better returns no matter how much you keep in savings. Here’s how much more you could be making every year:
|
Balance |
HYSA Earnings (3.80%) |
Chase, Wells Fargo, and Bank of America Earnings (0.01%) |
|---|---|---|
|
$10,000 |
$380 |
$1 |
|
$5,000 |
$190 |
$0.50 |
|
$2,500 |
$95 |
$0.25 |
Data source: Author’s calculations.
Most HYSAs only take a few minutes to open, too. I opened my SoFi Checking and Savings (Member FDIC) account, moved my money, and closed my old account in less than half an hour. That’s how easy it was to start earning a higher APY.
I also love how SoFi® has:
- 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 deposit requirements
- FDIC insurance up to $250,000, just like traditional banks
- Limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY. Terms apply.
Want to join me? Read our full review of SoFi Checking and Savings (Member FDIC) to learn more and open an account today.
