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I'm going to let you in on a little secret…

Nobody's perfect.

That includes me. For example, even though I spend my days steeped in good personal finance advice, I've let my money languish in a savings account that isn't doing very much for me.

And I, of all people, should know better! Switching to a high-yield savings account has been a big trend for a few years now, especially as inflation hit record highs. Currently, my Wells Fargo savings account has an interest rate of 0.01%, which is laughable considering many banks currently offer comparable savings accounts with yields between 4% and 5%.

Even so, switching banks seems like a hassle. And how much money am I really missing out on? $50? $100? Let's break it down.

For a $10,000 savings account, the difference is stark. At 0.01% annual percentage yield (APY), my Wells Fargo account generates a whopping $1 a year. In contrast, a high-yield account with an APY of 5.1% at Texas Capital Bank would earn $510 in the same period.

I can be a little lazy sometimes, but I'm not that lazy.

More important, with my current ultra-low interest rate, my money isn't keeping up with inflation.

The High Stakes of Low-Yield Savings

What kind of interest is your savings account generating? If you don't know off the top of your head, go ahead and log in to check the current APY on your savings.

Unless you've already made the switch to a high-yield savings account, you might find your account has an APY around 0.5% (the national average), which is still woefully inadequate compared to the current inflation rate of more than 3% in the United States. In fact, the difference between these two percentages represents how much value the average savings account is losing each year.

For me, the gap is about as wide as it gets.

And while I'm kicking myself a bit for taking so long to do this, I shouldn't be too hard on myself. For years, low interest rates were the norm, and many of us have long been accustomed to earning next to nothing on our savings. There just wasn't a real alternative — especially nothing with the liquidity of a savings account. This wasn't a big deal when inflation was low, but in high inflation periods, those meager returns simply don't cut it.

But those days are gone. Over the past few years, smaller banks and credit unions have started offering competitive interest rates as a way to attract customers away from larger national banks.

Online banks have also been a game-changer for savings accounts. Without the overhead costs associated with maintaining physical branches, they can pass those savings on to customers in the form of higher interest rates.

And thanks to the Federal Deposit Insurance Corp. (FDIC) and National Credit Union Administration (NCUA), your money is just as safe at one of these small or online institutions as it is at your local Big Bank branch. Savings accounts — even high-yield accounts — are federally insured up to $250,000 per depositor, which means that even if the institution fails, you'll still be able to get your money back. (To confirm that an account is insured, check that the bank is designated "Member FDIC" or "funds insured by the FDIC," or NCUA for credit unions.)

Some of these institutions are offering rates around 5%, which can make a significant difference in your savings over time.

How significant? Let's take that $10,000 and see what it looks like after 10 years.

With a 0.01% interest rate, by 2034, that money is worth $10,010 — a gain of $10 over the decade.

With a 5.1% interest rate, by 2034, that money is worth $16,444.75 — a gain of nearly $6,500.

It's really not a hard choice.

Find, Compare, Switch: Optimizing Your Savings Account

If you're tired of your traditional bank account barely doing anything for you, it's time to explore better options.

Here's a step-by-step guide to help you navigate the process smoothly.

1) Start your search online to find the best rates available.

In the past, people usually kept their money in whatever bank was local. But online is now the norm, which means you can access the best rates available, even if they're thousands of miles away. Websites like NerdWallet, DepositAccounts, and Bankrate provide up-to-date information on interest rates, account features, and customer reviews, and even offer comparison tools to help you make an informed decision (and save time).

As of July, NerdWallet shows more than a dozen banks offering high-yield savings accounts with an APY of 5% or more (up to 5.55%). DepositAccounts checks rates daily at more than 5,000 U.S. banks and credit unions; it also lets you search by state if you're looking for something more local.

2) Compare interest rates and how they're applied to your account.

Once you've identified a few promising options, dive deeper into their interest rates. Make sure you understand how these rates apply — some banks offer tiered interest rates based on your account balance (e.g., "5% on account balances up to $5,000, 3% on the rest"), while others have flat rates (e.g., 5% no matter what).

3) Actually read the terms and conditions (and watch for hidden fees).

Before committing to a new account, it's important to read the fine print. Make sure you understand the terms and conditions, including minimum balance requirements, monthly fees, and withdrawal limits. Some high-yield accounts come with strings attached that could eat into your earnings if you're not careful. It's no fun to get hit with a $12 monthly fee because your account is below a certain balance.

You also want to watch out for any hidden fees, which can quickly erode the benefits of a higher interest rate. Look for potential charges like monthly maintenance fees, ATM fees, and transfer fees. Ensure the account you choose has minimal or no fees that could offset your interest earnings.

4) Set up your new account and watch your money grow!

Once you've chosen a new account, it's time to set it up. This includes linking your new account to your existing bank account for easy transfers, setting up direct deposit if necessary, and arranging for any automatic payments or withdrawals to be updated with your new account information.

5) Don't forget to include your interest on your taxes — and set some of it aside to pay the bill.

Any interest you earn in a savings account needs to be reported on your taxes. This is true whether your account has an APY of 0.01% or 5.55% — but most people don't know this because we're all so used to accounts that don't earn more than a dollar or two each year.

Unfortunately, a lot of them have learned this the hard way after making the switch to a high-yield savings account and then getting hit with an unexpected tax bill.

Like all interest, the money you earn from your high-yield savings account is considered "taxable income" and is taxed according to your tax bracket. But don't forget — the amount you owe in taxes is just a percentage of the money you get to keep; in the end, it's still a net gain.

All in all, a high-yield savings account can be an excellent tool to help outpace inflation and make your money work harder.

And while switching banks might seem like a hassle, the potential gains in interest earnings make it well worth the effort. (And it's really not a hassle; it took about 10 minutes from start to finish to open a new account while I was writing this article, and a few of those were corralling my husband.)

By following these steps, you can ensure your money is working as hard as you do. Your future self will thank you.