By Ryan Wilcox
How to switch accounts in under 30 minutes
You can start the switch by simply comparing high-yield savings accounts. Look for one with an APY of at least 3.60%, no monthly fees, no minimum balance requirements, and FDIC insurance, which protects up to $250,000 of your money in the event of bank failure.
Next, you’ll want to apply to open your new account. You’ll just need some basic personal information, your Social Security number, and possibly a small opening deposit. Most banks do a soft credit check, too, which won’t affect your credit score.
Once your new account is open, simply link it to your old savings account and transfer your funds. You don’t have to close the old account right away — just make sure you won’t be charged fees for low balances or inactivity.
You’ll also want to make sure all automatic deposits, transfers, and withdrawals are moved to your new account. I recommend reviewing your last few bank statements, making a list of everything that goes in and out of your old account — direct deposits, subscriptions, automatically paid bills, and more — and moving them to your new bank.
Once you’re up and running, you’ll be able to enjoy all the benefits of your new account.
Not sure where to start? Check out our full list of the top high-yield savings accounts available today.
Stop leaving money on the table
HYSAs give you the best of both worlds: a high APY with full access to your money. You can deposit or withdraw cash anytime without penalties, unlike a certificate of deposit (CD) or other fixed-term savings options.
The bottom line is: If you’re still using a regular savings account, you’re probably missing out on hundreds of dollars in interest every year. Make the switch and start earning more cash today.