7 Ways to Earn More Money on Your Savings

1. Open a High-Yield Savings Account

High-yield savings accounts work like traditional savings accounts, but they come with drastically higher interest rates. For example, in May 2025, the average savings account earned 0.42% annual percentage yield (APY), according to the Federal Deposit Insurance Corp. (FDIC). Meanwhile, the best high-yield savings accounts earned upwards of 4.00% APY.

High-yield savings accounts are common at online banks. Without the costs of maintaining physical branches, online banks can pay higher interest rates and may eliminate certain fees for savings customers.

Whether you're building an emergency fund, saving for your wedding or preparing to buy a house, a high-yield savings account can help you reach your savings goals faster.

Tip: High-yield savings account rates are variable and typically change in response to the federal funds rate. So if the Fed rate drops, your savings rate will likely decrease too.

2. Use a No-Fee or High-Yield Checking Account

Checking accounts aren't the best for saving cash, but the right account can give your savings a leg up.

Look for a no-fee checking account, which doesn't have any monthly fees. No-fee checking accounts may also be free of other common charges and restrictions, such as ATM fees, overdraft fees and minimum balance requirements.

Even better, some checking accounts pay competitive interest on your balance. Generally, these high-yield checking accounts have certain criteria you must meet to earn interest on your checking account balance. For example, you may need to set up direct deposit or maintain a certain minimum balance.

Tip: Just because an account is labeled a "no-fee" or "free" checking account doesn't mean it's completely fee-free. For example, you may still have to pay overdraft fees if your balance dips below zero.

3. Earn a Bank Bonus

If you're in the market for a new bank account, a bank account bonus can be an extra perk. Similar to credit card intro bonuses, banks and credit unions may offer account opening bonuses to attract new customers. The account bonuses vary widely and can be anywhere from below $100 to $1,000 or more.

Usually, you need to meet certain requirements to earn a bank account bonus. For example, you may need to open a new account and:

• Enroll in direct deposit
• Make a certain number of transactions within a specified timeframe
• Maintain a specific minimum account balance

If you meet the eligibility requirements, your bank will typically deposit the bonus directly into your account.

Tip: Don't open a bank account just for the bonus. Some banks charge a variety of account fees, which you may or may not be able to waive. Read the fine print, understand the bonus offer and make sure the account is a good fit before opening a new account.

4. Compare Interest Rates

Interest rates vary widely across savings accounts. For example, several of the largest national banks offer savings accounts that earn just 0.01% APY. Meanwhile, the best high-yield savings accounts are earning more than 4.00% APY. Over time, this difference in APY has a major effect on the growth of your savings.

For example, say you make a one-time deposit of $10,000 into a traditional savings account earning 0.01% APY. In five years, your balance would be $10,005. But if you deposit that $10,000 into a high-yield savings account earning 4.00% APY, your balance would grow to about $12,166 during that same time period.

Tip: Online banks and credit unions tend to offer more competitive savings rates compared to traditional banks. When looking for the highest rates, center your search on these types of financial institutions.

5. Open a CD

If you want to earn even more than you can with a high-yield savings account, consider certificates of deposit (CDs)—or better yet, high-yield CDs. While these accounts offer competitive fixed interest rates, they come with a trade-off: You generally can't touch the money in your account for the length of the CD's term. If you withdraw your money early, you'll face a penalty.

Due to their rigidity, CDs are best for money you know you won't need in the immediate future. For example, you shouldn't put your emergency savings into a CD, as you'll have to pay penalties if you need the money before the CD matures.

If you want to take advantage of CDs' interest rates while maintaining some flexibility, you can try using a CD ladder. This savings strategy involves opening CDs with staggered maturity dates to make sure you have regular, predictable access to a portion of your savings.

Tip: There are some CDs that don't penalize early withdrawals, aptly called no-penalty CDs. But they typically offer lower APYs in exchange for their flexibility.

6. Consider a Money Market Account

If you want a way to make convenient payments while still earning interest on your savings, consider a money market account. Money market accounts blend certain features of checking and savings accounts into one, including features such as:

• Competitive interest rates
• Convenient transaction tools, like checks or a debit card
• Federal insurance on up to $250,000 per institution, per depositor and per ownership category

While money market accounts can outearn certain savings accounts, they may be less accessible to beginning savers, as some money market accounts come with high minimum deposit requirements. You may even have to maintain a certain minimum balance to earn an account's advertised APY.

Tip: Some banks may limit the number of convenient transactions you make from your money market account. For this reason, a money market account isn't a perfect substitute for a checking account.

7. Buy Government Bonds

Government bonds, or treasury bonds, are essentially loans you make to the U.S. Department of the Treasury. When you buy a bond, you loan money to the government with a guarantee that you'll be repaid, plus interest. These bonds pay a fixed rate of interest every six months until maturity, which is either 20 or 30 years.

Government bonds aren't completely risk-free, but they're considered an extremely safe investment. With this low risk comes lower returns. For example, as of May 2025, the 10-year average return on Treasury bonds was 3.278%—less than what the best high-yield savings accounts are paying.

Tip: Because government bonds come with fixed interest rates, yours could lose value if rates rise after you purchase one.

The Bottom Line

No matter what you're saving for, you can reach your goals faster by earning extra money on your savings. In addition to using the right accounts and qualifying for bank bonuses when possible, using a budget and reducing unnecessary expenses can help you make the most of your savings.

Curious how long it'll take to save up for that major purchase? Use Experian's savings calculator to plan for and track progress toward your goals.