Money in One Chart

where money goes

Your savings account might be quietly paying you almost nothing.

The average US savings account pays 0.38%. An online account next to it pays 3%, with the same federal insurance. On $10,000 that is the difference between $38 and $300 a year.

You asked for the rate comparison. It is below, as the slides from the post, then the one move, then the tool the chart points at.

Slide 1 of 7: Your savings account might be quietly paying you almost nothing.Slide 2 of 7: The average savings rate against one online savings rate, both insured the same way.Slide 3 of 7: On $10,000 for one year, the two rates pay very different amounts.Slide 4 of 7: Most people keep the account they opened at nineteen, because moving money feels like work.Slide 5 of 7: Online banks are safe to use if two things are true.Slide 6 of 7: Moving takes about ten minutes, spread over a month.Slide 7 of 7: Save this for the next time you look at your balance.

Moving takes about ten minutes, spread over a month.

  1. 01
    Open the higher-rate account and keep the old one open.The application takes about ten minutes.
  2. 02
    Move one paycheck's worth first and confirm it lands.That is your test transfer.
  3. 03
    Move the rest next month.Then close the old account, or keep it for bills.

The tool this chart points at

A low-fee brokerage

For the IRA, the index fund and the rollover. Broad index funds with expense ratios under 0.1%.

Open it

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Sources: FDIC national rates 2026-08-17; Ally rate page 2026-09-18; Arithmetic on the two rates above.

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