Let’s talk about your savings account. You know, that thing sitting in your bank app, occasionally throwing a couple of pennies your way as a “thank you” for letting the bank use your money. If you’re still rocking a traditional savings account with a big-name bank, you might want to sit down for this—because you’re probably earning about 0.01% interest.

That’s not a typo. That’s one one-hundredth of a percent. In other words, it’s nothing. If your account balance were a person, it would be out here begging for loose change.

Meanwhile, the cool kids (a.k.a. the financially savvy people) have jumped ship to High-Yield Savings Accounts (HYSAs), where the interest rates actually mean something. We’re talking about 4.40% APY (Annual Percentage Yield) or more, which is a lot better than whatever crumbs your old bank is offering. But let’s break this down and really see what a difference this makes.

Imagine you have $10,000 in savings. You let it sit for 10 years. Let’s compare two scenarios:

• Sad, low-interest bank account (0.01% APY): After a decade, you’ll have made a grand total of… wait for it… $10 in interest. That’s right. Ten bucks. Not even enough to buy a large pizza.
• High-Yield Savings Account (4.40% APY): Over the same 10-year period, your $10,000 turns into around $15,384. That’s an extra $5,384 just for parking your money in the right place.

That’s the difference between a nice vacation and literally nothing.

You’re probably wondering why everyone doesn’t just switch to a high-yield savings account if it’s this good. Well, they should. But old habits die hard, and big banks count on you not paying attention. They know most people won’t bother moving their money elsewhere, so they don’t bother offering better rates.

Here are a few things to know about HYSAs before you make the switch:

• Most of them are online-only. That means you won’t have a physical branch to walk into, but honestly, when was the last time you did that anyway? It’s also possible to keep a small account open at a local bank in case that makes you nervous. I keep a $100 in a TD Bank account so I have access to a physical location if needed.
• They usually have a limit on withdrawals. Federal regulations (Regulation D, if you want to get fancy) used to limit savings accounts to six withdrawals per month, though that rule was temporarily suspended. Some banks still enforce it, though, so if you need frequent access to your money, just be mindful of that.
• The interest rate isn’t fixed. It can fluctuate depending on the economy, but even if it drops, it’s still miles ahead of 0.01%.

Making the move to a high-yield savings account is easy, and it can literally put thousands of extra dollars in your pocket over time. Here’s how to do it:

1. Find a good HYSA – Look for a reputable online bank or credit union offering a solid interest rate (check out places like Ally, Marcus by Goldman Sachs, or Capital One 360 – I’ve been an Ally customer for 17 years for my basic checking and I’ve had my emergency savings in a Captial One 360 account for 15 years).
2. Open an account – This usually takes about five minutes online. You’ll need basic info and possibly a small deposit.
3. Transfer your savings – Move your money from your old account to your shiny new HYSA.
4. Sit back and let your money work – That’s it. No extra effort required.

If you leave your money in a 0.01% savings account, you are essentially donating free cash to your bank. They take your money, invest it, and make massive profits while you get a handful of cents per year. That’s not just unfair—it’s insulting.

A High-Yield Savings Account is one of the easiest ways to make your money work harder. No risk, no stock market crashes to worry about, just free money accumulating over time.

So, are you ready to stop being financially ghosted by your bank and start actually earning something?