High-yield savings accounts outperformed the stock market in 2018

The best online banks also offer perks such as no minimum balance and free ATM access. You can even link an online savings account to the checking account at your local bank to access cash when you need it. “You don’t have to sever your existing banking relationship,” McBride said.

Supplementing with a high-yield savings account could mean almost an additional $500 in annual interest for the average U.S. savings account of $25,000, according to Anand Talwar, a deposits and consumer strategy executive for Ally Bank. (You can earn even more with certificates of deposit.

“We estimate there is $50 billion of interest that could be earned if consumers merely switched their savings account to a bank with better rates,” Talwar said.

McBride predicts deposit yields will move even higher before flattening by the end of the third quarter. “The highest yields will range from 2.9 percent on savings to 4 percent on 5-year CDs,” he said.

More from Personal Finance:
Here are two strategies to turn your 2019 savings goals into reality
The markets are behaving like an irrational teenager
Here are some safe places for your cash right now

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