Key Takeaways
- If you’ve worked hard to save $30,000 or more, it’s time to make that money work for you.
- A high-yield savings account can pay 13 times more than a traditional savings account, which often pays nearly 0% interest.
- By switching to an account that pays 4.50% APY (or better), you could earn hundreds of dollars more every year, helping to grow your savings faster.
- Consider high-yield savings accounts, high-yield checking accounts, and even money market accounts, which all pay high rates from 4.00% to 6.75%.
For many, saving $30,000 can take years to achieve. In fact, the median bank account balance among U.S. adults was $8,000 in 2022, according to the Federal Reserve. So if you have $30,000 in your bank account, you’re doing relatively well.
However, if you’re keeping that money in a traditional checking or savings account, you’re missing out. The average savings account interest rate was 0.40% as of November 2025, according to the Federal Deposit Insurance Corporation (FDIC). However, high-yield savings accounts pay upwards of 4.00% APY, with some offering 5.00% in November 2025. That’s a difference of hundreds—if not thousands—of dollars in interest per year, depending on how much you continue to save per month.
Avoid letting your money sit idle in a traditional savings account. Instead, put it to work by switching to a high-yield bank account.
Why You Should Avoid Keeping Your Savings in a Traditional Account
Traditional bank accounts usually don’t pay high interest rates. So if you have your money at a big bank like Wells Fargo or Bank of America, you might only be earning 0.01% on your $30,000. If you made no additional contributions to the account, you’d earn a measly $3 in interest in a whole year, with a new balance of only $30,003.
But in a high-yield savings account, you could earn much more. Let’s say you moved your savings to a bank that pays about 4.50% APY, such as Pibank. After one year, with no additional monthly contributions, you’d have $31,350. That’s $1,350 in interest earned—450 times more interest than in the traditional account.
Now, if you saved another $100 per month in your high-yield savings account, you’d have even more, ending the year with a balance over $32,500. And if you saved $100 per month for 10 years, you’d have over $61,000.
Important
As long as you open a high-yield savings account that is FDIC-insured, your money will be safe and protected up to $250,000.
Consider a High-Yield Checking Account for Even Higher Rates
High-yield savings accounts are not the only accounts that pay high interest rates. A high-yield checking account can also serve as a place to stash your $30,000—and could pay interest rates up to 6.75% APY.
With a high-yield checking account, you can earn interest in the same way as a high-yield savings account, though you may have to meet a handful of requirements. For example, a high-yield checking account at the Credit Union of New Jersey pays 6.00% APY on balances up to $25,000 and 0.75% on the amount above that. To earn that rate, you must be enrolled in electronic statements and have at least one direct deposit, ACH credit or payment, or bill pay transaction per month, plus 12 or more debit card transactions per month.
Consider Money Market Accounts, Too
Money market accounts (MMAs) are similar to savings accounts, and can pay high interest rates of up to 4.50% APY. The primary difference between a high-yield savings account and a money market account is that you can typically access your money more easily with an MMA, such as by writing checks or using a debit card. This can be a handy feature if you need it, but if not, we generally recommend going with whichever type of account offers the better interest rate.
Tip
If you are willing to let your deposit sit for longer periods without touching it, you can also consider a certificate of deposit, the best of which pay 4.50% APY. CDs are fixed-rate accounts that allow you to earn interest for a set period of time, such as six months or one year, but you typically pay a fee if you withdraw early.
Yes, You Can Easily Withdraw Your Money From a High-Yield Account
Whether it’s in a high-yield savings, high-yield checking, or money market account, you can get the same type of flexibility when it comes to withdrawals. Your bank may set limits on how many withdrawals you can make per month, just as it might with a traditional savings account, although this shouldn’t be a problem for most savers (checking accounts typically have no limit on withdrawals). If it’s an online-only account, take the time to learn how long transfers take between banks, and if you can access your money through an ATM or other source.
Note
Anytime you earn $10 or more in interest, you’ll need to pay income taxes. Your bank will send you a 1099-INT form during tax season so you can file appropriately.
The Bottom Line
Leaving $30,000—or any large sum of money—in a traditional bank account that pays close to 0% interest will not help you build wealth. Moving that money to a high-yield savings account, a high-yield checking account, or a money market account could help you earn hundreds—if not thousands—of dollars in interest over time. So avoid keeping large amounts of money in a traditional savings account and missing out on interest, especially while rates are still high. Instead, aim to grow your savings to even bigger balances with high-yield accounts.
How We Find the Highest Interest Rates on Savings and Checking Accounts
Every day, we look at banks and credit unions that offer checking, savings, and money market accounts with the highest annual percentage yields (APYs). To make our lists, institutions must be federally insured (by FDIC for banks and NCUA for credit unions).
For our savings accounts, banks must be available in at least 40 states and the account’s minimum initial deposit must not exceed $25,000. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. If the savings account is accessible only through a mobile app, we require that the app be available on both the iOS and Android platforms.
For checking accounts, the maximum allowable balance that can earn the high rate has to be at least $10,000, and the number of required debit card transactions can not exceed 15.
For money market accounts, the account’s minimum initial deposit must not exceed $25,000. The account must allow check-writing. Again, banks and credit unions must be available in at least 40 states, and we exclude credit unions whose membership donation requirement is $40 or more. If the money market account is accessible only through a mobile app, we require that the app be available on both the iOS and Android platforms.
