Here's how much interest a $65,000 high-yield savings account can earn now

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While it may be tempting to wait until you reach a round, milestone number in your savings account before shifting strategies, the reality is that in today's economy, delaying action could prove to be costly. With inflation still elevated, higher interest rates making borrowing costly and household debt sitting at a record high, where you store your money now is more important than usual. And, if you have an amount like $65,000 sitting in a traditional savings account, you're essentially losing money thanks to the paltry average rate of 0.38% those accounts currently employ.

Fortunately, this is an easy issue to rectify and you may even be able to do so online right now with select high-yield savings accounts. These accounts operate the same way traditional accounts do but with an interest rate exponentially higher than that 0.38%. That makes them a worthwhile and potentially lucrative alternative worth serious consideration now, even if your deposit amount sits at $65,000 or so. Before getting started, however, savers should begin by calculating the interest-earning potential associated with an account of this size.

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

High-yield savings accounts employ variable interest rates that will rise or fall based on market conditions. But while that may be problematic in a climate in which rates are falling, it's less so now with the talk of an interest rate hike for later this year growing. Still, interest-earning projections here can be difficult to make with precision due to the inevitable rate changes, though savers can still gain a reliable approximation of what they stand to earn over the next year.

Here's how much interest a $65,000 high-yield savings account can earn now, calculated against a top available rate, four different time frames and the assumption that the rate will hold during each:

The interest-earning potential with a high-yield savings account of this size can be substantial and worth more than $600 in just around 90 days or more than $2,600 by this time next summer. And, if rates tick up or if savers deposit more into the account in the interim, they'll earn even more.

That said, expect some variability here, especially over an extended period, as rates are unlikely to stay identical month to month. But if you want to earn a competitive return, maintain access to your funds as you're already accustomed to and feel comfortable usi