While it may be tempting to wait until you’ve reached a savings milestone to shift a portion of your funds into a high-yield savings account, the reality is that delaying action will result in lost interest-earning opportunities in the interim. Look at high-yield savings account rates, for example, which sit around 4% now. That’s $4 earned for each $100 deposited, after a select period of time. But the average rate on a traditional savings account is just 0.38% currently, according to the FDIC, which is actually lower than it was earlier in the year. Keeping any portion of your money there, then, doesn’t make much financial sense.

Fortunately, you can make a switch easily as multiple banks offer high-yield savings account options for customers. And, if you have $15,000 at play, making a transfer is critical to do now as you’re already missing out on a sizable return. What will those returns look like, however, particularly over the next year? While these accounts have variable interest rates that make precise interest-earnings difficult to calculate, savers can still gain an approximate idea of what they’d earn, especially with the rate climate relatively stable right now. Below, we’ll do the math that savers should know before making any transfers.

See how much interest you could be earning with a high-yield savings account here.

How much interest will a $15,000 high-yield savings account earn over the next year?

The top high-yield savings account interest rates range from 4.00% to 4.15% now, though savers may be able to find slightly more competitive rates by shopping around online. Here’s how much interest a $15,000 high-yield savings account will earn over the next year, calculated against three top rates and the assumption that the rates won’t change and no account activity impacts the principal amount:

• $15,000 high-yield savings account at 4.00% after one year: $600.00
• $15,000 high-yield savings account at 4.10% after one year: $615.00
• $15,000 high-yield savings account at 4.15% after one year: $622.50

Savers are positioned to earn between $600 and $622.50 over the next year with a $15,000 high-yield savings account and potentially more should interest rates rise during this period. At the same time, if rates decline, even slightly, returns here could drop, too. 

Account for some variability here, then, especially considering the extended interest-earning time frame. But if you want to earn hundreds of dollars more on your money while still maintaining flexibility and access to your funds to pivot as needed, a high-yield savings account merits serious consideration right now.

Get started with a high-yield savings account online today.

How much interest will a $15,000 money market account earn over the next year?

Money market accounts also have competitive interest rates now, albeit slightly lower than the top high-yield savings accounts. With the best money market rates ranging from 3.90% to 4.00% currently, you’ll earn a little less with $15,000 deposited into this alternative. 

That said, money market accounts also won’t restrict access and they come with check-writing features that high-yield savings accounts don’t offer. So, if you’re looking to streamline your banking needs with a single account while still earning a competitive return, a money market account could also be worth serious evaluation now.

The bottom line

A $15,000 high-yield savings account will produce a return worth around $600 over the next year and possibly more if interest rates rise in the interim or if savers add more money to the principal during that time. That said, money market accounts will also offer a similar return while providing additional banking opportunities for savers. Just be sure to keep the money in that traditional account limited – if you need to keep any money there at all – as you can earn exponentially more with either of these alternatives and you can start that process by shopping around and opening an account online right now.