Why women entrepreneurs are leaving hundreds of dollars on the table every year—and the simple 10-minute fix that changes everything

Imagine driving across town to save $5 on groceries. You clip coupons religiously. You hunt for the best deal on everything from shoes to streaming services. But when it comes to your savings account, the place where your hard-earned money actually lives, you’re leaving hundreds of dollars on the table every year.

Sound familiar? You’re not alone. According to a recent study, 70 percent of people know they could be earning more on their savings, but only 30 percent actually took action in the past year to move their money to a better account.

“People overlook potential better offers because there’s this false notion out there that it’s difficult and time-consuming to find a better rate for your savings,” says Emily Zekonis, a finance expert at Raisin, a leading online savings platform. “But in today’s digital age, it’s super simple.”

The Reality Check That Changes Everything

Here’s where the math gets real, and might make you a little uncomfortable. Right now, the national average for a traditional savings account sits between 0.4 percent and 0.6 percent. Meanwhile, high-yield savings accounts are offering over 4 percent.

What does that mean for your wallet? If you have $10,000 in savings:

• Traditional savings account: You earn about $50 per year
• High-yield savings account: You earn over $400 per year

That’s $350 you’re losing annually by simply not knowing where to look. And no, you didn’t read that wrong. Better interest rates really are like free money.

Why We Stay Stuck (And How to Break Free)

Zekonis draws a powerful comparison between financial health and physical health. “Your money is something that’s so personal to you. It’s just like your health,” she explains. “You work hard to earn that money and build your savings. It should absolutely be working the hardest for you.”

Yet we treat them so differently. We’ll research the best gym membership, try different workout routines, and track our steps religiously. But we open one bank account before college and never look back.

The reason? It’s not always lack of awareness. It’s lack of action. And behind that lack of action? Fear.

“A lot of the times your financial situation is probably better than you’re thinking it is,” Zekonis reassures. “It’s just taking the time to go look at it. It’s like putting on your winter coat and finding $20 in there, but even better.”

Small Wins, Big Impact

Just like you wouldn’t commit to going to the gym every single day (we all know how that New Year’s resolution ends), you shouldn’t overwhelm yourself with a restrictive budget that eliminates all joy from your life.

“Don’t ever take away the things that bring you joy,” Zekonis advises. “If you’re going to create a budget, make sure it’s realistic and make sure you’re keeping in some expenses that may seem like ‘I don’t need this.’ But keep those things in your budget to keep you on track.”

The secret is automation and small incremental changes. Set up a transfer of $10, $25, or $50 from each paycheck into a high-yield savings account. Thanks to compounding interest over time, that small amount can put you in a completely different financial situation down the line.

The Hidden Power of Community Banks

Here’s something most people don’t know: those big national banks you see on every corner? They’re often offering the lowest rates because they don’t have to compete for your business. They got you early, and they’re banking (literally) on your inertia.

“Bigger banks know that if they get in front of people soon, you’ll kind of stick with them because you think it’s easy and simple,” Zekonis explains. “They don’t really care about what rate they’re giving you. They’re offering those really low percentages because they know, ‘Hey, once I get you, you’ll probably stay with us.'”

Smaller and mid-sized banks, on the other hand, need to compete for your deposits. They incentivize you with higher rates, better CD terms, and meaningful community involvement. Many are deeply ingrained in local communities, giving back through programs that support teachers, environmental initiatives, and local causes.

“Not only are you earning more interest, your community can benefit as well,” Zekonis notes.

Breaking Barriers: Why This Matters for Women

As a woman leader in finance, Zekonis recognizes the unique barriers women face when it comes to financial confidence. “I think typically finance is thought of as a male-driven industry, for sure,” she acknowledges. “But this isn’t a male-dominated field. Everyone has finances. It’s not just for men.”

Her advice? Take hold of the resources that are out there. Step up, do your own work, advocate for yourself, and find a community to rally around you. Your financial wellness matters just as much as any other aspect of your health and success.

Making It Simple: Tools That Work for You

In today’s digital age, you don’t have to call banks or walk into branches to find better rates. Free online tools have changed the game completely.

Zekonis works with Raisin, a free online savings platform that exemplifies this new approach. With one login, savers can access high-yield savings accounts, CDs, and no-penalty CDs from over 75 different partner banks and credit unions nationwide. The platform eliminates the typical barriers, no account fees, just a $1 minimum to open any product, and the ability to find, fund, and manage all your high-yield savings products in one place.

“Our goal is to make money work better for people and make savings just a little bit smarter,” Zekonis explains. “Rather than people having to go through this time-consuming process of finding different rates when there’s rate changes, you can shift your money between different products as your rates and goals change.”

This is what modern savings looks like: access without barriers. No high minimum deposits. No required recurring transfers. No hidden fees. Just better rates and the freedom to choose where your money goes.

Your Action Plan: Three Steps to Start Today

Step 1: Face the Fear Log into your current savings account. Yes, it might feel scary, but you need to know where you’re at. Check what interest rate you’re earning and what fees you’re being charged. This is your benchmark.

Step 2: Do the Research A simple Google search for “high-yield savings accounts” will show you comparison tables with current rates. Or use platforms that let you compare and open accounts all in one place, giving you a complete snapshot of your options without the hassle of multiple applications.

Step 3: Take Action Choose a high-yield option and set up even a small automatic transfer. You don’t have to move everything at once. Start with what feels comfortable, and let your money start working harder for you.

The Bottom Line

Financial wellness isn’t about making huge sacrifices or becoming an investment guru overnight. It’s about small, smart decisions that compound over time, just like that gym routine you’re building or those healthy habits you’re forming.

“Savings starts with you,” Zekonis says. “It starts with seeing where you’re at right now and knowing what your goals are. Once you know where you are, then you have the resources out there to go see what other options you have.”

Behind your health, your finances are one of the most important things in your life. You need the wealth to live that healthy lifestyle. You’ve worked hard for your money—it’s time to make it work hard for you.

Stop leaving money on the table. That $400 instead of $50? It’s waiting for you.

FAQs

Q: How much more can I actually earn with a high-yield savings account?
A: With $10,000 in savings, a traditional savings account (0.4-0.6 percent APY) earns about $50 per year, while a high-yield savings account (4 percent APY) earns over $400—that’s $350 more annually just by switching where your money sits.

Q: What’s the biggest barrier stopping people from switching to better savings rates?
A: It’s not awareness—70 percent of people know they could earn more. The real barrier is taking action. Many assume it’s difficult or time-consuming, but switching can take less than 10 minutes with online platforms.

Q: Are high-yield savings accounts safe for women entrepreneurs?
A: Yes. High-yield savings accounts at FDIC-insured institutions (or NCUA for credit unions) protect your deposits up to $250,000, offering the same security as traditional bank accounts while earning significantly more interest.

Q: Should women business owners use community banks for savings?
A: Community and mid-sized banks often offer better interest rates than large national banks because they compete for deposits. Many also give back to local communities, making your savings work harder for both you and your neighborhood.