Money Management

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The average checking account earns a measly 0.07% APY. That means if you have $10,000 sitting in your checking account, you’ll earn a whopping $7 in interest for the year. Ouch! That can’t even pay for a delicious craft Hazy IPA at my local brewery.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. High-yield savings accounts (HYSAs), on the other hand, can offer up to 4.40% APY. Interest earned in a year would be over $400… Which would buy me three to four delicious Hazy IPAs — per month, for a year!If you have $10,000 or more sitting in checking, it’s time to put that money to work in a better type of account.How much $10,000 could be earningSo, how much could that $10,000 that’s languishing in your checking account be earning you elsewhere?Here’s the math comparing interest rates across different account types, at various balances:Cash BalanceChecking (0.07% APY)HYSA (4.40% APY)$5,000$3.50$224$10,000$7.00$448$20,000$14.00$897$50,000$35.00$2,242Data source: Author’s calculations.With a $10,000 account balance, you’re looking at a $441 difference in interest just for moving your money into an HYSA. No investing, no risk. Just smarter saving.Ready to earn 10 times the national average APY? Check out our list of the best high-yield savings accounts and open a new account today.Why most people keep too much in their checking accountsMost of us were taught that our checking account is the default place for our money. It’s where your paycheck lands. It’s what your debit card pulls from. It’s… easy.But that convenience leads people to continue to build up savings amounts way higher than they should.Traditional banks love this by the way. They make billions by keeping their customers’ cash sitting in low-interest accounts, and never encourage people to move it.In reality, there’s no need to keep more than one or two weeks’ worth of expenses in a checking account. As long as you’ve got enough to cover immediate bills, any excess cash is probably too much.What to look for in a high-yield savings accountIf you’re ready to put your cash pile to work, here are some things to consider when evaluating high-yield savings accounts:Competitive APY: Look for accounts offering 3.60% APY or higher. Rates change often, so it’s worth checking every few months.No monthly fees: You shouldn’t have to pay to save. Plenty of online banks offer free accounts with no minimums or maintenance fees.FDIC insurance: Make sure your money is protected and you’re working with a reputable bank.Easy transfers: You’ll want quick access to your cash should you need it to cover large bills or if an emergency pops up. Typical transfer times should be one to three business days.A great mobile app: This makes it easy to quickly log in and manage your money.Our editorial team has spent hundreds of hours researching, reviewing, and testing the best savings accounts. Check out our best high yield savings accounts for April 2025.Give every dollar a jobChecking accounts are perfect for daily use. Like for paying bills, buying groceries, and getting your paycheck deposited. But they’re not built for growth.Every extra dollar you have sitting idle, move it somewhere it can work harder for you. A high-yield savings account gives those dollars a job, while also keeping them accessible in case you need the money in a pinch.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

The average checking account earns a measly 0.07% APY. That means if you have $10,000 sitting in your checking account, you’ll earn a whopping $7 in interest for the year. Ouch! That can’t even pay for a delicious craft Hazy IPA at my local brewery.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

High-yield savings accounts (HYSAs), on the other hand, can offer up to 4.40% APY. Interest earned in a year would be over $400… Which would buy me three to four delicious Hazy IPAs — per month, for a year!

If you have $10,000 or more sitting in checking, it’s time to put that money to work in a better type of account.

How much $10,000 could be earning

So, how much could that $10,000 that’s languishing in your checking account be earning you elsewhere?

Here’s the math comparing interest rates across different account types, at various balances:

With a $10,000 account balance, you’re looking at a $441 difference in interest just for moving your money into an HYSA. No investing, no risk. Just smarter saving.

Why most people keep too much in their checking accounts

Most of us were taught that our checking account is the default place for our money. It’s where your paycheck lands. It’s what your debit card pulls from. It’s… easy.

But that convenience leads people to continue to build up savings amounts way higher than they should.

Traditional banks love this by the way. They make billions by keeping their customers’ cash sitting in low-interest accounts, and never encourage people to move it.

In reality, there’s no need to keep more than one or two weeks’ worth of expenses in a checking account. As long as you’ve got enough to cover immediate bills, any excess cash is probably too much.

What to look for in a high-yield savings account

If you’re ready to put your cash pile to work, here are some things to consider when evaluating high-yield savings accounts:

1. Competitive APY: Look for accounts offering 3.60% APY or higher. Rates change often, so it’s worth checking every few months.
2. No monthly fees: You shouldn’t have to pay to save. Plenty of online banks offer free accounts with no minimums or maintenance fees.
3. FDIC insurance: Make sure your money is protected and you’re working with a reputable bank.
4. Easy transfers: You’ll want quick access to your cash should you need it to cover large bills or if an emergency pops up. Typical transfer times should be one to three business days.
5. A great mobile app: This makes it easy to quickly log in and manage your money.

Our editorial team has spent hundreds of hours researching, reviewing, and testing the best savings accounts. Check out our best high yield savings accounts for April 2025.

Give every dollar a job

Checking accounts are perfect for daily use. Like for paying bills, buying groceries, and getting your paycheck deposited. But they’re not built for growth.

Every extra dollar you have sitting idle, move it somewhere it can work harder for you. A high-yield savings account gives those dollars a job, while also keeping them accessible in case you need the money in a pinch.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
Just a few simple actions — done consistently — can raise your credit score by 50 points or more, sometimes within a few months.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. The trick is knowing which actions move the needle the most and what to tackle first.Your credit score is mostly a math formula. Here are the factors that make up a typical FICO® Score:35% — Payment history (whether you pay bills on time)30% — Credit utilization (how much credit you use vs. what you have)15% — Length of credit history (older is better)10% — Credit mix (variety of accounts, like loans and cards)10% — New credit (recent applications)Not all of these are within your immediate control. But the ones that are can be powerful.1. Pay every account on time — no exceptionsThis one’s non-negotiable. Missing even one payment can tank your score by 50 to 100 points. Especially if it hits the 30-day late mark and gets reported to credit bureaus.Consistent on-time payments are the fastest way to build a rock-solid score.What to do:Set up autopay for at least the minimum payment on every account.Use calendar reminders for due dates.If you’re late, call your lender before it gets reported, because some will give you a grace period.Remember, 35% of your credit score is based on this single habit. If you messed up in the past, don’t stress. Just start fresh now and stay consistent with payments.Pro tip: If you have trouble staying organized, the Chase app allows you to customize alerts for your credit card, including reminders for payments. Check out all our top rated Chase credit cards.2. Check your credit reports and fix any errorsAccording to the FTC, 1 in 5 people have a credit report error that could be hurting their score.So it’s always worth checking your report (at no cost!) to make sure all your info looks right.How to check your report:Go to AnnualCreditReport.com (it’s free!)Download your reports from Equifax, Experian, and TransUnionLook for mistakes, like accounts you don’t recognize, late payments that shouldn’t be there, or balances that were already paid off.Dispute anything that’s wrong. The Federal Trade Commission has a sample letter you can use.Fixing just one error could give your score a quick bump.Another option — some banks give you free credit monitoring tools that monitor your score every month. Here’s my favorite everyday card that helps me stay on top of my credit score.3. Lower your credit utilization ratioYour credit utilization ratio is how much of your available credit you’re using. So if your credit limit is $10,000 and your balance is $5,000, your utilization is 50%.Experts recommend keeping this below 30%, but the sweet spot for top scores is under 10%.Ways to lower it fast:Pay your balances down early (even before the statement closes).Ask for a credit limit increase (or open a new line).Spread spending across multiple cards to keep individual balances low.These strategies can improve your score in a matter of weeks, because credit utilization makes up 30% of your credit score.If you’re bogged down with credit card debt, this top balance transfer card can help cut your interest dramatically and help you pay off debt faster.Ready to level up your credit?Boosting your credit score is one of the highest-return money moves you can make. Higher scores can make qualifying for mortgages easier, lower your insurance premiums, and give you access to the best credit cards.It’s all about building smart habits. And knowing where to start first. Always pay on time, check for mistakes, and lower your credit utilization. Each of these tips can give your score a meaningful boost.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Just a few simple actions — done consistently — can raise your credit score by 50 points or more, sometimes within a few months.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

The trick is knowing which actions move the needle the most and what to tackle first.

Your credit score is mostly a math formula. Here are the factors that make up a typical FICO® Score:

• 35% — Payment history (whether you pay bills on time)
• 30% — Credit utilization (how much credit you use vs. what you have)
• 15% — Length of credit history (older is better)
• 10% — Credit mix (variety of accounts, like loans and cards)
• 10% — New credit (recent applications)

Not all of these are within your immediate control. But the ones that are can be powerful.

1. Pay every account on time — no exceptions

This one’s non-negotiable. Missing even one payment can tank your score by 50 to 100 points. Especially if it hits the 30-day late mark and gets reported to credit bureaus.

Consistent on-time payments are the fastest way to build a rock-solid score.

What to do:

• Set up autopay for at least the minimum payment on every account.
• Use calendar reminders for due dates.
• If you’re late, call your lender before it gets reported, because some will give you a grace period.

Remember, 35% of your credit score is based on this single habit. If you messed up in the past, don’t stress. Just start fresh now and stay consistent with payments.

Pro tip: If you have trouble staying organized, the Chase app allows you to customize alerts for your credit card, including reminders for payments. Check out all our top rated Chase credit cards.

2. Check your credit reports and fix any errors

According to the FTC, 1 in 5 people have a credit report error that could be hurting their score.

So it’s always worth checking your report (at no cost!) to make sure all your info looks right.

How to check your report:

1. Go to AnnualCreditReport.com (it’s free!)
2. Download your reports from Equifax, Experian, and TransUnion
3. Look for mistakes, like accounts you don’t recognize, late payments that shouldn’t be there, or balances that were already paid off.
4. Dispute anything that’s wrong. The Federal Trade Commission has a sample letter you can use.

Fixing just one error could give your score a quick bump.

Another option — some banks give you free credit monitoring tools that monitor your score every month. Here’s my favorite everyday card that helps me stay on top of my credit score.

3. Lower your credit utilization ratio

Your credit utilization ratio is how much of your available credit you’re using. So if your credit limit is $10,000 and your balance is $5,000, your utilization is 50%.

Experts recommend keeping this below 30%, but the sweet spot for top scores is under 10%.

Ways to lower it fast:

• Pay your balances down early (even before the statement closes).
• Ask for a credit limit increase (or open a new line).
• Spread spending across multiple cards to keep individual balances low.

These strategies can improve your score in a matter of weeks, because credit utilization makes up 30% of your credit score.

If you’re bogged down with credit card debt, this top balance transfer card can help cut your interest dramatically and help you pay off debt faster.

Ready to level up your credit?

Boosting your credit score is one of the highest-return money moves you can make. Higher scores can make qualifying for mortgages easier, lower your insurance premiums, and give you access to the best credit cards.

It’s all about building smart habits. And knowing where to start first. Always pay on time, check for mistakes, and lower your credit utilization. Each of these tips can give your score a meaningful boost.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

“}]] Read More