If you're wondering whether it's really worth switching, I guess it depends a little bit on how much cash you have. But I would say the average person listening to this episode who's using an account at a regular bank is probably missing out on at least $1,000 a year of interest by using the wrong bank account.

Maybe $1,000 isn't important to you. Maybe it's super meaningful. I have a feeling that if it's not important, you probably also keep a lot more money in checking accounts. So maybe that number will be a lot higher for you. If you do have $50,000, $100,000, or maybe you're even saving for a down payment or you're making regular tuition payments, missing out on 5% is going to be thousands of dollars a year.

And even if the alternative isn't zero, but it's 0.48% like you're getting at Schwab or 0.25% like you're getting at the Ally checking account, it's still close to $1,000 a year. So to me, that's worth it, especially when some of these products are such a better experience.