At present, there are very few banks offering 7% APY on savings accounts. If you're looking for maximum returns from a bank, the best high-yield savings accounts typically offer around 3% to 4% APY — which is still fairly high by historical standards.

Why aren't 7% interest bank accounts typically available anymore? Mainly because of the Federal Reserve's adjustments to the federal funds rate.

Starting in 2022, the Fed began a series of unusually aggressive rate hikes, with the aim of taming post-pandemic inflation and preventing a recession. For people with money in savings accounts, a positive side effect of the rate hikes was that deposit account rates rose in tandem.

Now, with inflation under control, the Fed is expected to continue its recent series of rate cuts. And with each cut, banks will reduce their deposit rates.

For financial accounts that have variable interest rates, including checking accounts, savings accounts, and credit cards, interest rates have dropped alongside the federal funds rate, and are likely to fall further. For new accounts with fixed rates, including CDs and most loans, rates have shifted downwards, too.

Read more: Fixed rate vs. variable rate: What's the difference, and why it matters

To find the highest rate on a savings account, you'll have to shop around. Interest rates vary drastically from one account to another, with the national average at just 0.4%, so earning more starts with some comparison shopping.

When you find a bank or credit union that advertises a high interest rate, be sure to read the fine print. In some cases, the highest rate on an account only applies to a limited portion of your deposit, and you have to meet certain requirements to earn that rate. Any or all of these actions may be required:

Enroll in eStatements

Complete a minimum number of debit transactions per month

Receive a minimum dollar amount in direct deposits per month

Log into your account at least once a month

Open both a checking and savings account with the financial institution

Read more: How to maximize your savings following the Fed's rate cut

Bank accounts that offer 7% APY are extremely rare. That said, you can find a handful of credit unions that pay 7% or more on checking or savings accounts. The catch: These rates only apply to a portion of your balance.

Before opening an account, take a close look at the terms and conditions to determine whether you can earn the advertised rate. For example, with BCU, you need $3,000 in qualifying deposits each month to earn the 8% rate, and the APY significantly drops after three months.

Earning 7% APY on a bank savings account is a thing of the past, but that doesn't mean you should abandon your savings efforts. Keeping some money in FDIC- or NCUA-insured accounts remains essential for good financial management, even when interest rates are falling.

Here's where you can deposit your money to maximize your interest:

Day-to-day spending cash: Look for a high-yield checking account with low or no fees, where you can make unlimited withdrawals without any penalty.

Emergency savings: Try a high-yield savings account or money market account where you qualify for a high APY based on the balance amount you can consistently keep on deposit.

Short- and mid-term savings: Open a CD or Treasury bill that allows you to lock in an above-market APY before the Fed makes more interest rate cuts.

Long-term savings: Invest in a retirement account (ideally with an employer match) where you'll earn compound returns over the long term. Stock purchases and other investments can bring high returns, too, but they should be part of a balanced portfolio, especially given the current uncertainty in the stock market.

Read more: How to maximize your interest earnings following a Fed rate cut

If you’re looking to grow your savings, high-yield savings accounts (HYSAs) remain one of the safest and most accessible options. And with the Federal Reserve’s latest meeting likely to result in a rate cut, choosing an HYSA with a competitive interest rate is more important than ever.

Our team compared today's high-yield savings accounts offered by federally insured financial institutions and identified the 10 best based on interest rate, fees, account features, customer service, and more (see our methodology here). Find out which banks have the best high-yield savings accounts today.

Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.

SoFi’s online bank account — a combination checking and high-yield savings account — made our list for its competitive APY, lack of fees, and bundled approach to saving and spending.

It currently offers up to 3.8% APY on savings balances and 0.5% APY on checking account balances. However, for a limited time, new customers can earn a boost on their savings rate (up to 4.5% APY) by meeting certain requirements.

There are no monthly maintenance fees, minimum balance requirements, or minimum deposit requirements to open an account.

The online bank account from SoFi comes with several additional perks, such as purchase round-ups that are deposited into your savings account and multiple savings vaults to help you stay organized and save for different goals. Right now, new customers can also earn up to a $300 bonus when they meet certain requirements.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit.

If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Read our full review of SoFi

The Barclays Online Savings Account offers 3.7% APY with no monthly maintenance fees and no minimum balance required to open. Barclays also offers a free savings assistant tool to help customers figure out how much they need to save each month to reach their goals.

Read our full review of Barclays Bank

At 4.05% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.

Bask operates as an online-only bank, meaning there are no physical branches. However, if you need assistance with your account, Bask Bank provides generous phone customer support hours, including Saturdays.

Read our full review of Bask Bank

The Online High Yield Savings Account from Synchrony Bank offers a competitive 3.8% APY — which is nearly 10 times the national average for traditional savings accounts.

This account is free to open and doesn’t charge any monthly fees. Interest is compounded daily and credited monthly. Synchrony also offers an optional ATM card for savings account holders; the bank refunds customers up to $5 per statement cycle for any domestic ATM fees they have incurred.

Read our full review of Synchrony Bank

UFB Direct’s Portfolio Savings Account offers a competitive 4.01% APY, which applies to all balances. UFB customers also receive a complimentary ATM card for easy access to their funds and a host of digital tools to make banking easier, including mobile deposits and SMS banking.

This account also stands out due to UFB’s highly rated mobile app. Customers can use the app to check account balances, view transaction history, transfer funds between eligible accounts, and contact a customer service representative.

Read our full review of UFB Direct

The Ally Bank Savings Account is a high-yield savings option with no minimum deposit required to open and zero monthly fees. At 3.4% APY, this account’s interest rate is more than eight times the national average.

Account holders can maximize their savings potential through round-ups, recurring transfers to their savings account, and surprise savings through tools that analyze your checking account spending and transfer “safe-to-save” money to your savings account.

Read our full review of Ally Bank

The American Express High-Yield Savings Account made our top 10 list thanks to its competitive 3.5% APY and lack of minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account on a monthly basis.

One drawback: This account does not provide account holders with an ATM card, debit card, or checks. In order to access your money, you’ll need to transfer your funds electronically. That’s why this account may be better for those who plan to keep their funds on deposit for the long-term and don’t anticipate needing immediate access.

Read our full review of American Express National Bank

EverBank’s Performance Savings Account gives account holders the opportunity to earn 4.05% APY on their savings balance with no minimum opening deposit, minimum balance requirements, or monthly maintenance fee. Interest is also compounded daily.

Note that while EverBank does have extended customer service hours, the only way to reach a representative is by telephone — there is no live chat or email option.

Read our full review of EverBank

The TAB Save account made our top 10 list thanks to its impressive 3.8% APY. This account is free to open and has no minimum opening deposit or monthly fee. Interest is compounded daily and credited to your account monthly.

Despite its high APY, TAB ranked lower on our list due to its average mobile app rating and lack of extra account perks or savings tools to help customers maximize their savings.

Read our full review of TAB Bank

The Capital One 360 Performance Savings account took the final spot on our list for its competitive interest rate, lack of fees, and highly rated mobile app. Account holders earn 3.4% APY regardless of their balance. However, unlike the other accounts on our list, interest compounds monthly rather than daily.

Capital One’s mobile app stood out in particular. Savers can use it to move money between linked Capital One accounts and external bank accounts, create multiple Performance Savings accounts for each of their financial goals, deposit checks with their mobile devices, and create savings plans.

Read our full review of Capital One

Yes, high-yield savings accounts are considered safe, and in most cases, you can’t lose money in an HYSA. As long as your account is held by an FDIC- or NCUA-insured institution, your money is federally insured up to the $250,000 limit.

High-yield savings account rates are variable and subject to change at your bank’s discretion. To get the most recent rate information for the accounts you’re considering, you’ll need to visit those institutions’ websites or call them directly to learn more.

Yes, you can withdraw money from a high-yield savings account at any time and for any reason. However, some banks place withdrawal limits on savings accounts (typically six per month). If you exceed this limit, you may be subject to a fee.

Because rates fluctuate, what is considered a "good" savings account rate can change over time. Generally, a savings account that earns more than the national average is considered good. Today, the national average rate is just 0.4%, while the top high-yield savings accounts offer around 3% to 4% APY.

Among our list of the 10 best high-yield savings accounts, the highest rate available is 4.5% APY, offered by SoFi.

High-yield savings accounts are one of the best places to keep extra cash, whether for your emergency fund or short-term savings. The best rates currently hover between 3% and 4% APY.

Learn more: Are high-yield savings accounts worth it?

Banks set their savings account rates by balancing several factors, including the Federal Reserve’s benchmark interest rate, market competition, and their own business needs. Ultimately, the rate a bank sets reflects both the broader interest rate environment and the bank’s strategy for attracting and retaining deposits.

Yes, the interest earned in an HYSA is taxable income. You should receive a Form 1099-INT from your bank if you earn more than $10 in interest during the year, which you need to report on your tax return. However, even if you don't receive this form, you are responsible for reporting all interest income to the IRS.

Learn more: How to avoid taxes on savings account interest

A high-yield savings account functions similarly to a traditional savings account. The main difference is that HYSAs offer much higher interest rates. In fact, some of the best HYSAs offer annual percentage yields (APYs) 10 times higher than the national average savings account rate (which is currently 0.4%, according to the FDIC).

Keep in mind that some banks may require you to maintain a minimum balance to earn interest or avoid a monthly service charge. However, there are plenty of accounts that offer the same rate regardless of your balance and do not charge monthly fees. When shopping around for an HYSA, it's important to compare multiple offers and select an account that fits your needs.

There are several benefits to opening a savings account. For one, these accounts provide a safe place to store your money while earning interest, helping your savings grow over time. Plus, unlike keeping cash on hand or in a checking account, a savings account encourages financial discipline by separating money meant for future goals from everyday spending. And as long as you open an account with a reputable, federally insured bank or credit union, your deposits are protected in case the financial institution fails — up to $250,000 per depositor, per institution, per ownership category.

There are many benefits of opening a high-yield savings account, particularly the opportunity to earn a competitive rate on your balance. However, there are some drawbacks to consider as well. Let’s take a closer look at the pros and cons of high-yield savings accounts:

Higher interest rates: You’ll generally earn more interest than you would with a traditional savings account.

Compound interest: Compounding interest helps your balance grow more quickly. Interest in an HYSA may compound daily or monthly.

Accessibility: These accounts are a great place to stash money you may need to access quickly, such as your emergency fund. Other types of accounts, such as certificates of deposit (CDs), offer high rates but impose penalties if you withdraw money prior to the maturity date.

Minimal or no fees: Fees with high-yield savings accounts are rare, so you won’t need to worry about these costs eating into your balance.

Low-risk: High-yield savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Plus, unlike investments, account performance isn’t tied to the stock market and you can’t lose money, making HYSAs a low-risk option for your money.

Variable rates: Your savings account’s APY can increase or decrease over time. While individual banks set rates at their discretion, these rates are loosely tied to the federal funds rate. Banks may choose to increase or decrease savings rates when the Fed adjusts its target rate.

Minimum balance requirement: Some accounts may have a high minimum opening deposit.

Tiered APYs: Some banks may have tiered APYs depending on the deposit amount. For instance, you may earn a higher rate if you deposit $5,000 vs. $100. So, while a $5,000 deposit isn’t necessarily required, it could result in a better APY.

Better for short-term savings: High-yield savings accounts aren’t the best choice for long-term savings goals, like retirement. Investment accounts tend to offer higher long-term returns.

Withdrawal limits may apply: Depending on your bank, you may have a limit on monthly withdrawals.

An HYSA can be a smart place to store your savings, but it's not your only option. Here's a look at some of the alternatives you may want to consider.

Money market accounts and high-yield savings accounts both offer higher interest rates compared to traditional savings accounts. However, these accounts come with different features. For instance, MMAs typically offer check-writing abilities and debit cards, though they might require higher minimum balances to earn the top interest rates. High-yield savings accounts, on the other hand, are designed to store your savings longer-term with fewer withdrawal options.

Read more: Money market accounts vs. high-yield savings accounts

Like high-yield savings accounts, CDs can provide a safe place to store your savings while earning a competitive return. The big difference is that CDs require you to lock in your money for a set period, known as the term, which can range from a few months to several years. For this reason, CDs are a better option for people who don't need immediate access to their funds.

Read more: High-yield savings accounts vs. CDs

High-yield savings accounts and investing serve vastly different financial goals and risk profiles. HYSAs provide stable, low-risk returns with interest rates higher than traditional savings accounts. They're best for short-term financial goals or emergency funds due to their liquidity and FDIC insurance. Investing in bonds, stocks, mutual funds, and other securities typically involves higher risk — but also the potential for higher returns over the long run. Investing your money makes more sense for long-term financial goals like retirement since the returns generally outpace inflation and help grow wealth over time.

Read more: High-yield savings accounts vs. investing

Today, savings accounts offer competitive rates by historical standards. Even though the national average rate for traditional savings accounts is just 0.4%, the best high-yield savings accounts still pay upwards of 4% APY.

Over the past decade, savings account interest rates have experienced significant fluctuations. In the mid-2010s, rates were considerably low — below 1% — thanks to the Federal Reserve's efforts to stimulate economic growth following the 2008 financial crisis. As the economy recovered, the Fed incrementally increased the federal funds rate between 2015 and 2018, leading to a gradual rise in savings account rates. However, the onset of the COVID-19 pandemic in 2020 prompted a return to near-zero interest rates to support economic activity, resulting in a decline in savings yields.

However, this led to a period of rising inflation, so the Fed implemented several rate hikes, contributing to the current higher yields on savings accounts. Even so, rates are now back on a downward trend as the Fed began cutting its target rate again in late 2024. Additional cuts are expected in 2025.

Competitive rates are great, but considering other factors besides APY can help you find an account that best meets your needs.

New account offers: Look for banks that offer new account bonuses, which can help boost your earning potential.

Required deposits: Research applicable deposit requirements. Is there a minimum initial deposit requirement? Do any other deposit requirements apply? Are there tiered APYs depending on your deposit amount?

Fees: Some accounts may have monthly maintenance fees or other fees. Look into which fees may apply before opening a new account.

Accessibility: Understand how you can access your money before opening a new account. For example, can you log into an online dashboard? Does your bank have a mobile app? Is it connected to an ATM network?

Deposit options: Review available deposit options. Are mobile check deposits via a mobile banking app an option? Can you make direct deposits via an ATM?

Account linking: Look into whether you can link your new account to an existing checking account at another bank. Make sure there are no restrictions or waiting periods when it comes to accessing your money.

Learn more: How to choose the right high-yield savings account for you.

Once you’ve determined the best high-yield savings account for you, opening one is simple and can be done in person or online. You’ll generally need to provide your personal information, proof of identity, and address to open a new account. Make sure you have your driver’s license, Social Security number, and copies of a recent mortgage statement or utility bill.

Depending on the account, a minimum deposit amount could apply when you open your HYSA account. If that’s the case, you’ll also need to be ready to transfer money from an existing account to meet the deposit requirement.

Learn more: How to open a high-yield savings account

Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for approximately 30 federally insured savings accounts to develop our list of the top 10 high-yield savings accounts. We considered accounts with yields higher than the national average for traditional savings accounts.

We evaluated these accounts according to several key metrics, including annual percentage yield, minimum opening deposit, minimum balance requirement, monthly fees, compounding frequency, and more.

The accounts on our list could earn a maximum of 45 points across all metrics. Here’s a closer look at the categories we considered:

Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing but are subject to change at any time.

Minimum balance to earn interest: Some banks and credit unions require a minimum balance to earn the advertised rate. We favored accounts that had no or low minimum balance requirements.

Minimum opening deposit: Many high-yield savings accounts require a minimum deposit to open an account. High-yield savings accounts with no or low minimum deposit requirements were given preference in our rankings.

Monthly fees: It’s not uncommon for high-yield accounts to charge a monthly maintenance or service fee. We rewarded accounts with no monthly fees.

Compounding frequency: Compounding can happen daily, monthly, or even annually. We awarded more points to accounts that compound interest frequently.

Account bonus: Accounts with a current bonus promotion earned extra points.

Maximum bonus amount: We awarded more points to the accounts with higher welcome bonuses.

Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).

Mobile app rating: High-yield savings accounts at banks with a higher average mobile app rating on the Apple and Google storefronts scored more points than those with lower user ratings.

Growing your savings can be a challenge, especially if you face competing financial obligations. So if you’ve managed to save $10,000 — congratulations. The next step is putting that money to good use.

It can take a lot of time, dedication, and patience to hit $10,000 in savings. Once you get there, you might not have a clear plan for using that money.

If you’re looking for inspiration, consider these three ways you can use $10,000 in savings to improve your personal finances and set your future self up for success.

If you’ve been keeping your money in a basic checking or savings account, you could be losing out on hundreds of dollars in interest earnings.

Today, the national average interest rate for savings accounts is just 0.38%. However, some banks and credit unions offer rates well above this average. In fact, you could earn as much as 4% APY by opening a high-yield savings account, certificate of deposit (CD), or money market account.

What would that mean for your savings? If you deposited $10,000 in a savings account that earns 4% APY and didn’t touch the money for one year, you’d earn $400 in interest.

Now let’s say you left your original $10,000 in the account for three years while it continued to accumulate compound interest (and you don't make any additional contributions). At that point, you’d have $11,248 — including $1,248 in earned interest. Not bad for money that’s just sitting in the bank.

Carrying high-interest debt means you’re losing money each month. Even if you’re saving money while paying off debt, the interest rates you’re paying are likely much higher than what you’re earning on your savings.

So, if you have $10,000 in savings, consider using it to pay off some or all of your debts.

Say you have a credit card balance of $5,000 at an APR of 22%, and you pay $200 toward that balance each month. Assuming you don’t make any new charges, it would take you 34 months to pay off that debt and cost you $1,604 in interest.

However, you could take half of your savings and wipe out that $5,000 debt immediately. Not only would you save over $1,600 in interest charges, but you would also have an extra $200 per month you could set aside to earn interest.

Read more: 4 ways to increase cash flow and pay off debt faster

If you’re saving for a long-term goal, such as retirement or a child’s college education, or simply trying to grow your wealth as much as possible, even the competitive interest rates offered on high-yield deposit accounts won’t be enough to get you there within a reasonable amount of time.

In this case, you’ll need to invest in the market. Historically, the average stock market return is about 10% per year as measured by the S&P 500 index. Though you’ll take on more risk — and maybe even see your portfolio value go down at times — you’ll be able to grow that $10,000 significantly in the long run.

If possible, prioritize contributing to a tax-advantaged account such as an IRA, 401(k), or 529 plan. If you’ve already maxed out your contributions for the year, you can buy additional investments through a taxable brokerage account.

But if you’re not comfortable crafting your own investment strategy, consider speaking with a reputable financial adviser who can customize a plan that fits your risk tolerance and financial needs.

Finding a fiduciary financial adviser doesn't have to be hard. SmartAsset's free tool matches you with up to 3 financial advisers that serve your area in 5 minutes.

Overall, $10,000 is a positive step toward financial security, but whether it's \\"good\\" depends on your individual circumstances and financial goals.

The median balance for all transaction accounts (checking accounts, savings accounts, money market accounts, call accounts, and prepaid credit cards) is just $8,000, according to the Federal Reserve’s Survey of Consumer Finances.

So, if you have $10,000 saved up, you’re ahead of the curve. And in general, $10,000 is a good starting point for many people, especially if you have clear goals and little debt. And there are steps you can take to maximize that money and save even more.

Read more: How to save $10,000 in 6 months

The interest you earn on $10,000 in a savings account depends on the account's annual percentage yield (APY). Today, the national average savings account rate is 0.38% APY. At this rate, a $10,000 deposit would earn approximately $38 in interest over one year.

However, high-yield savings accounts offer significantly higher rates. For instance, some accounts provide APYs up to 4%. With a 4% APY, a $10,000 deposit would yield about $400 in interest over one year.

Financial experts often recommend maintaining an emergency fund of three to six months' worth of expenses. If $10,000 fits this guideline based on your expenses, it's the right amount to keep in a savings account. For savings in excess of $10,000, you might consider other investments that offer higher returns, depending on your financial goals and risk tolerance.

The typical American has $8,000 in cash across their bank accounts, including savings accounts, according to the Federal Reserve. The median balance in all transaction accounts varies by age:

Under 35: $5,400

Between 35 and 44: $7,500

Between 45 and 54: $8,700

Between 55 and 64: $8,000

Between 65 and 74: $13,400

75 and older: $10,000

You may not be earning as much interest on your savings account as you could.

Some of the biggest banks in the U.S., including Chase, Bank of America, and Wells Fargo, offer savings accounts that pay just 0.01% APY. However, other institutions offer savings rates of 5.00% APY or more.

Why is there so much variation in savings account rates? It's a mix of factors, from market forces to the rate policies at each individual bank. Let’s take a closer look at how banks set their savings account rates — and how to find the highest offers.

Banks are private businesses, so they can set their own savings account rates according to their individual objectives and priorities. For example, some banks may offer higher rates to encourage more deposits, which they can lend out to increase their loan portfolio and generate revenue.

However, in addition to internal policies, there are forces that affect the annual percentage yield (APY) on savings accounts at all banks, including:

The federal funds rate: When the Federal Reserve adjusts its target rate up or down, bank account rates usually follow.

Competition: Banks can increase their savings rates to compete for more deposits from new customers.

Overhead: Costs such as shareholder pay and operations at physical bank branches impact savings rates at each bank. That's one reason online-only banks can offer higher APYs than traditional banks.

Loan and credit card rates: For some banks, the main source of revenue comes from charging high APR and paying low APY.

Read more: How do banks make money?

Savings accounts have variable interest rates, meaning the interest rate you earn can change at any time without notice.

Rate changes, however, are usually triggered by specific events. For example, your bank's savings interest rates are likely to change when the Fed adjusts its target rate, which can happen up to eight times a year. Most recently, the Fed cut its target rate by 50 basis points in September and another 25 basis points in November after more than two years of holding it at 5.00-5.50%.

Read more: Should you open a savings account or CD before the Fed’s next meeting?

Many people are missing out on interest by depositing their savings at large institutions or even keeping the money in a checking account. Here's how you can upgrade your banking rates:

Switch from a big bank to a credit union or online bank. Credit unions generally offer higher APYs and lower fees than banks since they don't have to pay shareholders. Online-only banks are also competitive since they don't have the overhead costs involved with running physical bank branches.

Another way to boost your earnings is to switch to a high-yield savings account (HYSA), money market account (MMA), or certificate of deposit (CD). With these account types, you can find interest rates over 5%. By comparison, the average traditional savings account rate is just 0.45%, according to the FDIC.

Complicated fees and account requirements can quickly erode your interest on a savings account. Some savings accounts charge fees if you don't maintain a minimum daily balance or reach a minimum average monthly collected balance. You can also lose money on your savings if there's a monthly maintenance fee on the account.

For example, Bank of America Advantage Savings accounts currently pay 0.01% APY and charge an $8 per month maintenance fee on accounts with less than $500 deposited every day during the month.

If you keep $500 on deposit all year, you'll avoid the fee on this account, but you'll earn just $0.05 in total interest. If your balance drops below $500 just one day per month, you'll lose $96 a year to account maintenance fees.

That’s why it’s important to shop around for a savings account and choose one with a high APY and few, if any, fees — or one that makes it easy to get fees waived.