Your Savings Account Pays 0.38%. Here’s How to Earn 10x on the Same Cash

Reviewing savings options while comparing low savings account rates with higher-yield cash alternatives is important. There are key steps to making your idle money work harder – Shutterstock

A savings account paying 0.38% can feel like your money sits on a treadmill, moving but barely getting anywhere. Thankfully, many savers have options to put the same cash to work without jumping straight into risky investments.

According to the FDIC, the national average savings account pays just 0.38% APY, while many federally insured high-yield savings accounts currently pay around 4% or more—roughly 10 times as much on the same money. That means simply moving your emergency fund to a different account could earn significantly more interest without taking on stock market risk.