Saving money can be challenging under the best of circumstances. Unfortunately, millions of Americans are making the process even harder than it needs to be. That’s because they’re passing up on a golden savings opportunity that’s nearly effortless. 

So, what are Americans missing that’s causing them to leave money on the table? Here’s what you need to know. 

This simple move can boost your savings — but too many aren’t doing it

Financial research from Santander showed how many Americans are missing out. The research revealed that just 18% of Americans moved money into an account that earned them more interest during the past year.  This is an especially big problem because so few people have their money in the right account in the first place. Only 18% of all Americans have a high-yield savings account, according to Santander’s data. 

While the good news is that 57% of Americans do have a traditional savings account, the bad news is that the national average savings account interest rate is just 0.42%, according to the FDIC. By comparison, many high-yield savings accounts have been paying rates in the 4.00% to 5.00% range or above in recent years, thanks to the Federal Reserve repeatedly raising interest rates in light of the record high inflation that occurred after the pandemic. 

If you accept a savings account rate of just 0.42%, you’ll earn just $4.21 in interest per $1,000 invested each year, assuming interest compounds monthly.  If this money was in an account paying, say 4.50%, then you’d earn $45.94 in interest per $1,000 invested instead. That adds up over time — especially if you have a good amount of money in savings. 

Don’t pass up the chance to earn more on your savings

As you can see, you’re losing a lot of money if you don’t move your savings into an account paying the most competitive rates. But, the situation is actually even worse than it seems. Many traditional savings accounts that pay low rates often charge more fees than high-yield savings accounts.  Plus, with the high inflation rates that Americans have been experiencing in recent years, if you had your money in a traditional savings account, you’d have actually lost ground and your cash would have less buying power than before you put it in savings.

There’s no reason to leave money on the table by sticking with an account paying a low rate when it’s so easy to move your money to a better one. Most of the high-yield savings accounts paying the best rates do not have any minimum balance requirements and you can open them and move your money over with just a few clicks online.

In fact, online savings accounts make the process so easy that it actually makes good sense to check every few months to see if you can get a better rate. Since you don’t usually have a lot of auto payments coming out of your savings account, you can move your money pretty easily to chase the best rates — and this could have a big payoff over time. So, in 2025, join the minority of Americans who moved their money in the last year in search of higher yields. When you see your net worth increase faster, you’ll be glad you made the effort.

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