Should I Switch Bank Accounts? [Calculator]

If you hold a lot of money at a bank that is paying 0.01% APY, which is fairly standard at one of the “big banks,” it always makes sense to switch to a high yield savings account. It's a no brainer.

But what if you have a kinda high yield savings account, say something at 3%, and you see an offer of 4% – should you switch? What if the other account has a slightly higher APY but also has a bonus?

Should you switch?

This calculator should help you decide.

Current account

Balance to consider moving ($) Current APY (%)

New account

New APY (%) Sign-up bonus ($) Transfer time (days money is in transit, earning nothing) ACH transfers typically take 1–3 business days. Wires are same-day but often charge a fee.

Move it

You'll come out ahead by switching.

Stay put — final balance $1,005 $5 interest Move it — final balance $1,045 $45 interest Net gain from moving +$40 over 12 months

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