The Bank Account Hack That Could Save You Hundreds Every Year

Most people don't think twice about where they keep their money. You set up a checking account, deposit your paycheck, pay your bills, and move on. But what if your bank account choice is actually costing you hundreds of dollars a year?

The truth is, many banks quietly drain your money (or prevent it from growing) through fees and low interest rates. The good news is that a simple bank account hack could help you save hundreds effortlessly -- moving your money to a high-yield savings account (HYSA).

The hack: Automate your savings with a high-yield account

The biggest mistake most people make is keeping too much money in a checking or savings account that earns little to no interest. Instead, you should transfer your extra cash into a high-yield savings account and let it grow automatically.

Step 1: Open a high-yield savings account

Traditional savings accounts currently pay an average APY of 0.41%, meaning your money barely grows, and it certainly doesn't keep pace with inflation. But HYSAs can pay 4.00% APY or more, meaning you'll earn nearly 10 times more on your savings.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.70% Rate info 3.70% annual percentage yield as of April 15, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of April 15, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY Min. to earn $100 to open account, $5,000+ for max APY Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC.	4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY	$100 to open account, $5,000+ for max APY	Open Account for CIT Platinum Savings On CIT's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.15% Rate info Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY. Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.15% Rate info Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY.	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

For example, if you keep $5,000 in an HYSA with a 4.00% APY, you'd earn $200 in interest in a year -- compared to just $20.50 in a typical savings account.

Don't miss out on extra interest earnings. Check out our curated list of the best high-yield savings accounts today to maximize your APY.

Step 2: Set up automatic transfers

To make saving effortless, set up a recurring transfer from your checking account to your HYSA every payday, or utilize the option that some banks have to split your direct deposit between multiple accounts. Even $50 per paycheck can add up over time, and you likely won't notice it's gone from your checking account.

Step 3: Keep only what you need in checking

Your checking account should only hold enough money for monthly bills and day-to-day spending. Anything extra should be moved to your high-yield savings account, where it can earn interest instead of sitting idle.

Bonus: Avoid hidden bank fees that drain your money

Another way banks cost you money is by charging you unnecessary fees. Some traditional banks charge:

• Monthly maintenance fees: $5 to $30 per month ($60-$360 per year).
• ATM fees: $3 to $5 per withdrawal if you use an out-of-network ATM -- the fee is shared between your bank and the ATM owner.
• Overdraft fees: $20 to $30 or more per occurrence.

How to stop paying fees

• Switch to a no-fee savings account. Luckily, many high-yield savings accounts have no monthly fees, no overdraft fees, and nationwide ATM fee reimbursements.
• Use direct deposit to meet minimum balance requirements. Some banks waive fees if you set up direct deposit.
• Set up overdraft protection. Link your checking and savings accounts so money is automatically transferred if needed.

By simply choosing a better bank account, you could save hundreds of dollars per year in fees alone.

Make the switch today

Saving money doesn't have to be complicated. By switching to a high-yield savings account, setting up automatic transfers, and avoiding hidden bank fees, you may be able to save hundreds of dollars a year -- without changing your lifestyle.

This simple bank account move could be one of the easiest money-saving startegies you ever put into place. Don't wait any longer.