- The rate gap formula is simple: balance x APY difference.
- A dollarized gap is more useful than comparing APYs in isolation.
- Use the gap as a decision trigger, then check fees, insurance, and access.
How to choose in 60 seconds
- Enter your balance.
- Enter your current APY.
- Compare against a better insured APY.
- Subtract fees and taxes if relevant.
- Switch only if the net gap is worth the friction.
Quick picks
- Tool
- Rate Gap Calculator
- Why
- Fastest way to dollarize APY.
- Tool
- Live savings table
- Why
- Shows current providers.
- Tool
- Money Map
- Why
- Compares savings against debt, cards, and mortgage.
- Tool
- Rate alerts
- Why
- Monitor until switching is worth it.
Current savings options
The best available high-yield savings rate right now is 4.20% APY, against a national average of 0.38% APY. That spread is the raw material for the gap calculation below.
What a 1 percentage point gap costs
Formula: annual gap = balance x APY gap. A 1.00 percentage point gap equals 0.0100. On $10,000, that is $10,000 x 0.0100 = $100 per year before taxes. On $100,000, the same gap is $1,000 per year.
See how much yield your current bank is leaving on the table.
Check your bank app or last statement
Sourced from live market data
Annual money left on the table
$1,005
At this gap, waiting a year costs about $1,005 in lost interest.
What to do
Switch to a top high-yield savings account and earn $1,005 more per year on your balance. The switch takes under 10 minutes online with no credit pull and same FDIC protection. The 4.02% gap won't close on its own.
Pre-tax estimates. For illustration only — not financial advice.
This is why a rate gap is more useful than an APY comparison alone. A small difference can be meaningful for large cash reserves and irrelevant for a small sinking fund.
Choose X if
- Use the calculator if you know your current APY and balance.
- Use the live table if you want to compare specific accounts.
- Use rate alerts if the gap is close but not worth acting on today.
- Skip switching if fees, minimums, or access limits erase the gain.
Compare the tradeoffs
- Why it matters
- Drives the dollar value
- Watch-out
- Small balances need larger APY gaps.
- Why it matters
- Core calculation
- Watch-out
- Teaser rates can overstate the benefit.
- Why it matters
- Reduce net gain
- Watch-out
- Monthly fees can erase interest.
- Why it matters
- Reduce after-tax yield
- Watch-out
- Interest is usually taxable.
- Why it matters
- Determines whether you act
- Watch-out
- Slow transfers can matter for emergency cash.
When this recommendation changes
Balance changes: A rate gap that was not worth it at $2,000 can become worth it at $50,000.
Rates compress: If top rates and your current bank move closer together, the switching case weakens.
Fees appear: A monthly fee can turn a better APY into a worse account.
Access matters: Emergency cash should not be trapped behind slow transfer rules.
Sources and verification
- Verified
- 2026-06-26
- Source
- FDIC national rates
- Verified
- 2026-06-26
- Source
- SwitchWize savings table
- Verified
- 2026-06-26
How we ranked
We ranked calculator usefulness by clarity, conservatism, data freshness, and whether the result leads to a realistic next step. We prefer simple annual dollar estimates because they avoid overstating long-term gains when rates can change.
Compensation disclosure: SwitchWize may earn referral fees from some providers. That does not affect organic rankings or calculator logic.
What to do next
What to Do Now
Frequently Asked Questions
How do you calculate a savings account rate gap?
Does the rate gap calculation include compounding?
What APY gap is worth switching for?
Should taxes be included?
Where should I compare current savings rates?
Act on this: today's top savings
Ranked by SwitchWize's composite score. We may earn a referral fee, and it never changes the ranking order.
Editorial review
What changed since the last update
Was this guide helpful?
