Core Insights - Traditional savings accounts are yielding low interest rates, averaging 0.38% APY, which can cost consumers hundreds of dollars annually in lost interest [1] - High-yield savings accounts (HYSAs) are currently offering rates of 4.00% APY or more, significantly higher than traditional accounts [1] - Switching to HYSAs can result in substantial annual earnings, exemplified by an increase from approximately $30 to $320 for an $8,000 balance [2] Group 1 - The average savings account APY is 0.38%, while some HYSAs offer over 4.00% APY, representing a tenfold increase [1] - An example illustrates that moving $8,000 from a traditional account to a HYSA can yield an additional $290 annually [2] - HYSAs are FDIC-insured up to $250,000, providing security similar to traditional savings accounts [3] Group 2 - HYSAs typically have no monthly fees or account minimums, making them suitable for emergency funds and short-term savings [3] - Consumers have complete access to their funds in HYSAs, ensuring liquidity [3]