Big Banks Still Pay 0.01% Interest. Here’s How to Get Far More From Your Savings

Last week, I got hit with a $25 service charge from Chase and called customer support to find out why, then asked whether it could be reversed. The reason was simple: my balance had fallen below $1,500 for a few days, and the bank moved quickly to collect the fee.

The representative was courteous and, after issuing the refund, tried to frame the experience positively. She pointed out that my account earns 0.01% APY, so the cash sitting there is at least “doing something.”

I couldn’t tell whether she was being serious or sarcastic. Either way, 0.01% is not much of a perk.

What 0.01% actually does for your savings

At 0.01% APY, a $1,500 balance generates only about $0.15 in interest over a year. Not exactly a windfall.

At that pace, it would take around 166 years to recover a single $25 fee through interest alone, which means even future generations would still be playing catch-up.

That’s the typical rate at Chase, Bank of America, and Wells Fargo for basic savings accounts. Some of these banks do offer relationship-based rate boosts for larger balances, but those only raise the yield to about 0.02%.

Meanwhile, the banks themselves remain highly profitable. JPMorgan Chase reported $15.3 billion in net income for the third quarter of 2026. The numbers are what they are.

Top high-yield savings accounts offer 4.00% APY or more

A high-yield savings account, or HYSA, works like a regular savings account but pays a much better interest rate.

Online banks usually lead the pack here, often with no monthly fees and APYs near 4.00%. Over the course of a year, the gap in earnings can be substantial, depending on your balance.

The difference can be as dramatic as pocket change versus a meaningful monthly expense. By keeping my own savings in high-yield accounts over the past few years, I’ve earned more than $3,000 in interest without having to do anything extra.

One account I like right now is SoFi Checking and Savings (Member FDIC), which earned our Best Online Savings Account of 2026 award. It offers a strong APY on savings, no monthly fees, and a welcome bonus for new customers. Terms apply.

SoFi Checking and Savings

Member FDIC.

4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Limited-time offer: Earn $50 or $400 and +1.10% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

APY

up to 4.40% Rate info Circle with letter I in it. Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

• Competitive APY on both Savings and Checking
• No monthly account fee
• Welcome bonus up to $400 (direct deposit required)
• ATM access
• Unlimited number of external transfers (up to daily transaction limits)
• FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
• Early access to direct deposits
• Tools to help you track savings goals

• Combo account only; no stand-alone savings or checking
• Maximum Savings APY requires direct deposit
• No branch access; online only
• Overdraft protection requires monthly direct deposit minimum

For anyone planning to set up direct deposit with a new account, SoFi Checking and Savings (Member FDIC) is difficult to beat. The account offers a strong savings APY, and the linked checking account also earns an above-average rate, which is relatively uncommon. New customers can also earn a bonus of $50 or $400 with eligible direct deposit. For many people, that combination could make switching banks worthwhile.

Online banks are also just as safe as large physical banks. If the institution is FDIC-member, deposits are covered by the same federal insurance protection up to $250,000.

Your money should be doing more than “something”

After the Federal Reserve raised interest rates for the first time since 2023, some savings accounts adjusted quickly. Big banks, meanwhile, have been much slower to respond.

Interest on savings matters because prices have climbed 3.7% over the past year, according to the Bureau of Labor Statistics. At 0.01%, your money loses purchasing power over time. At around 4.00%, it has a better shot at keeping up with inflation.

Opening an HYSA usually takes about 10 minutes online, and interest starts building as soon as your money is deposited.