Enter your balance and current rate — we'll show you what you're missing.
Americans have roughly $17.5 trillion sitting in bank deposit accounts. The vast majority of it is earning 0.01–0.05% APY — the standard rate at Chase, Bank of America, and most traditional banks. Meanwhile, online high-yield savings accounts from institutions like Axos Bank, Marcus by Goldman Sachs, SoFi, and American Express offer 3.10–4.21% APY on the same money, with the same FDIC insurance.
For a household with $30,000 in savings, that rate gap represents over $1,200 per year in interest they're not earning. Not because high-yield accounts are hard to get — they're not. There's no credit check, no minimum balance, and no lock-in period. The only barrier is knowing the opportunity exists.
Arca's calculator shows you exactly what your current account is costing you, and which account to switch to based on your balance. Enter your numbers above to see your personal opportunity cost in under 30 seconds.
All rates as of .
| Balance | At 0.01% APY (typical big bank) | At 4.21% APY (top HYSA — Axos Bank) | Difference/year |
|---|---|---|---|
| $5,000 | $0.50 | $210.50 | +$210 |
| $10,000 | $1 | $421 | +$420 |
| $25,000 | $2.50 | $1,052.50 | +$1,050 |
| $50,000 | $5 | $2,105 | +$2,100 |
| $100,000 | $10 | $4,210 | +$4,200 |
A good savings APY beats the FDIC national average of 0.39% by a wide margin as of May 23, 2026. Top online high-yield savings accounts pay in the 3.10–4.21% range. Axos Bank pays 4.21% APY, CIT Bank pays 4.10% APY, and SoFi pays 4.00% APY. Compare your account's APY directly against the top of that range. Source: Arca Savings, updated May 23, 2026.
Switching from 0.01% APY to 4.21% APY adds $420 per year on a $10,000 balance, $1,050 on $25,000, and $2,100 on $50,000 as of May 23, 2026. The 4.21% figure is the top-of-table rate at Axos Bank; SoFi, Marcus by Goldman Sachs, and American Express each publish their own current APY on their product pages. Multiply the rate gap by your balance to estimate your annual gain. Source: Arca Savings, updated May 23, 2026.
Yes, switching is worth it for any meaningful balance as of May 23, 2026. Moving $25,000 from a 0.01% APY account to a 4.21% APY account at Axos Bank earns roughly $1,050 more per year for about 10–15 minutes of setup. Opening at Axos, SoFi, or Marcus by Goldman Sachs requires no credit check, no closing costs, and no lock-in period. Source: Arca Savings, updated May 23, 2026.
Yes, high-yield savings accounts are FDIC insured up to $250,000 per depositor as of May 23, 2026. Axos Bank, Marcus by Goldman Sachs, American Express High Yield Savings, and SoFi all carry standard FDIC coverage. SoFi additionally extends coverage to $2 million through a partner-bank sweep network. The protection is identical to a Chase or Bank of America savings account. Source: Arca Savings, updated May 23, 2026.
Opening a high-yield savings account takes about 5–15 minutes online as of May 23, 2026. SoFi, Marcus by Goldman Sachs, and American Express each advertise roughly 5-minute applications with instant approval in most cases. You need a Social Security number, a government-issued ID, a US address, and an external checking account to fund the initial transfer. First deposits clear within 1–5 business days. Source: Arca Savings, updated May 23, 2026.
No, you do not need to close your old savings account when you open a high-yield account as of May 23, 2026. Most users open a new account at Axos, SoFi, or Marcus by Goldman Sachs and transfer the bulk of their balance via ACH, leaving the existing Chase or Bank of America account open with a small balance for direct deposits and recurring bill pay. Source: Arca Savings, updated May 23, 2026.
Arca is free because partner banks pay a referral commission when a user opens an account through Arca as of May 23, 2026. SoFi, Marcus by Goldman Sachs, and American Express compensate the referring site, not the user. Arca shows every qualifying account at its real APY rather than steering users toward higher-margin products. Arca provides information, not financial advice. Source: Arca Savings, updated May 23, 2026.
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