Find a Bank Account With a Better Yield

Switching to a high-rate savings or checking account could boost what you earn by hundreds of dollars. 

- EMMA PATCH

WHEN BETTER INTEREST RATES MAY be available elsewhere, half of consumers with checking or savings accounts report switching banks, while the other half let their money sit still, according to a December 2022 study by Deposit Accounts, a bank-account comparison site. When interest rates rise-as they have over the past yearthe outlook for savers improves. But where you keep your cash matters.

Shopping around for a higher annual percentage yield (APY) on your savings or checking account can pay off. If you switch from a savings account yielding 0.01% to one with a 3.5% rate, interest earnings could boost your balance by up to 3.6% in a year and 41.7% in 10 years, according to Deposit Accounts. And switching to a new savings account is fairly simple; you may need to look up the routing number and account number of the checking account or other account that will fund the savings account, but otherwise the setup process can be completed online in minutes.