I have friends that have admitted to signing up for a savings account without even considering shopping around for a better rate.

If it were a one-time thing (say purchasing those beautiful Marc Jacobs pumps on impulse without checking online for a better deal) I might not be so devastated, but not seeking out a high yield savings account means money lost every single month.

I think the problem lies in the fact that most people don’t realize what their rate or yield is. Our friends at WaMu [1] offer a high yield savings account with 4.75 percent APY*. Do you have any idea what yours is?

Thank you to WaMu for sponsoring this post.

*Annual Percentage Yield (APY) effective 1/09/2008 on Online Savings account tiers $0-$9,999 and $10,000 and above. Interest rate and APY may change at bank's discretion after account opened. WaMu checking account must be linked at opening. $1 minimum opening deposit on both savings and checking. Fees may reduce earnings. Restrictions apply. Total Deposits at Washington Mutual are FDIC insured.

Source [2]