Switch to a high-interest checking and savings account
Opting for a high-interest checking and savings account is an easy way to make sure you maximize the return on your idle cash.
These accounts are usually offered by online banks and financial institutions with lower operating expenses, so you can benefit from lower fees.
If you want to ensure that your money is in safe hands, look for institutions that are insured by the FDIC or the National Credit Union Administration.
SoFi’s checking and savings account is insured by the FDIC for up to $250,000. You can get additional coverage of up to $2 million if you opt for the SoFi Insured Deposit Program.
For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.8% APY — 9x the national average. Plus, SoFi charges no account, monthly or overdraft fees.
The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.
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Start saving smarter today!Shop around for the best high-yield savings accounts
You can easily compare multiple online banks offering high-yield savings accounts with 4% or more in annual interest in a matter of minutes. Many options now offer $0 monthly fees and don’t require a minimum balance to earn their high APY.
You might also benefit from lower overdraft fees if you use your high-yield savings account as your everyday banking app, you might also benefit from lower overdraft fees.
You can check out the Moneywise best high-yield savings accounts of 2025 list to view your options that can earn almost 10x the national average.
Consider a certificate of deposit
Certificates of deposit (CD) are another low-risk option that you can use to earn interest on your cash. They offer even higher returns compared to high-yield savings accounts.
Money put in CDs remains locked in throughout a specified investment period. If you want higher returns and are comfortable with not being able to access that cash throughout the investment term, a CD might be a good choice for you.
You can compare CD rates and other features through SavingsAccounts.com. A side-by-side comparison can make it easy for you to find the best option without having to visit multiple websites.
You can also get personalized CD recommendations based on your preferences through SavingsAccounts.com.
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