For the best high-yield savings, you might have to switch banks

livemint.com:

savings account can be a great option, providing an effortless way to build your savings, with essentially no risk. For more than a decade, though, the trade-off for keeping that cash safe and at your fingertips was a paltry interest rate—or no return at all. It meant the difference between various savings accounts was negligible, and it was hard to keep up with inflation.

In the past year that situation has changed. It’s true many savers continue to earn meager returns. The average savings account still pays just over 0.4% , according to the Federal Deposit Insurance Corp.—but with a little legwork you can do far better.

In fact it’s not hard to find banking institutions that pay 10 times that amount. Today’s top savings accounts offer APYs of 5%, a rate that’s especially appealing considering inflation has finally started coming under control, recently falling to 3% . With rates rising, taking the trouble to move your money can make a big difference, equivalent to about $500 a year for every $10,000 you have saved, according to Michael Finke, professor of wealth management at the American College of Financial Services.

“It may not have mattered through 2020 and 2021," he says. But now, “if you’re not paying attention, you’re leaving a lot of money on the table." Choosing the best savings account for your needs involves looking at more than just the advertised rate. You need to consider how you plan to use the account, how you prefer to bank and how much you plan to keep in savings.

Take a look at Buy Side’s guide for choosing the best high-yield savings account for your cash cache. What is a high-yield savings account? The account most of us use on a day-to-day basis is a checking account. These financial workhorses