Is your savings earning what it could?
By Amine, founder of Lirandel. Last fact-checked October 22, 2026. General information, not financial advice.
Money in a checking account, or a standard savings account, usually earns close to nothing. The national average savings rate is 0.38% (FDIC, 2026-10-19). The best rate among the high-yield accounts Lirandel checks is 3.50% APY (Marcus by Goldman Sachs Online Savings, checked 2026-10-21). Rates are variable and change often.
What the difference is worth
On $10,000, a year at 0.38% earns about $38. At 3.50% it earns about $350, if the rate stays the same all year (simple interest, before tax). It's the same money, moved once.
How much to keep in checking
Moving everything isn't the goal. Keep enough in checking for the bills and transfers that leave it, plus a cushion. Lirandel suggests keeping about two months of what goes out of the account, and moving only the rest. If a big payment is coming, keep more.
Is it safe?
At an FDIC-insured bank, deposits are insured up to $250,000 per depositor, per bank, for each account ownership category (for example, accounts in your own name, and joint accounts, are covered separately). Check that a bank is FDIC-insured before opening an account. Some apps hold your money at a partner bank, so check which bank holds it.
Things to check before you switch
- Whether the rate depends on a condition, like direct deposit or a minimum balance.
- Monthly fees and the minimum to open.
- How long transfers back to your checking account take.
See today's rates, each checked on the bank's own page.