$10,000 in Savings Earns $1 at Wells Fargo, but $430 at This Bank

Wells Fargo is one of the most popular banks in the world, with tens of millions of customers.

And that's a shame, because Wells Fargo's interest rates are terrible.

Wells Fargo's savings accounts pay as little as 0.01% APY. Meanwhile, the best high-yield savings accounts pay about 3.50% APY or more. One of our favorites pays a whopping 4.30% APY -- that's several hundred times higher than Wells Fargo's standard savings rate.

See how much money you could earn by switching banks today.

This savings account pays 4.30% APY

One of the best high-yield savings accounts on the market right now is the Western Alliance Bank High-Yield Savings Premier. It pays 4.30% on all deposits -- no minimum balance and no other hoops to jump through.

The account also has no monthly fees -- unlike Wells Fargo's, which charges a service fee if you don't maintain a minimum balance.

Let's say you have a balance of $10,000. Here's how much interest you'd earn over time at Wells Fargo's 0.01% APY and at Western Alliance Bank's 4.30% APY.

In the long run, leaving money in a Wells Fargo savings account could cost you thousands of dollars.

What's the catch?

There's no risk in opening a Western Alliance Bank High-Yield Savings Premier account. Western Alliance Bank is a big, FDIC-insured bank, which means your money is safe. The current APY is top-tier, so you're not missing out on much higher interest elsewhere.

However, there are a few caveats you should know about.

First, the Western Alliance Bank High-Yield Savings Premier account doesn't make it easy to withdraw cash quickly. That's because:

• Western Alliance Bank only has branches in Arizona, Nevada, and California.
• The account doesn't come with a debit card, though this is typical for a savings account.
• You can't make instant transfers to a linked checking account, which is not typical. Many banks allow instant transfers between their accounts, so you can move money from savings to checking and then withdraw it from an ATM in minutes. Western Alliance Bank says your transferred funds will generally be available five business days after you initiate the ACH transfer.

Personally, I don't need instant access to my savings, and I don't handle a lot of cash in general. But if you do, then maybe this account isn't the best choice.

Second, Western Alliance Bank's mobile app gets terrible reviews from users. You can always do your banking through the website, over the phone, or in person. But if a smooth mobile experience is important to you, then you might want to look elsewhere.

Lastly, while the Western Alliance Bank High-Yield Savings Premier account doesn't have a minimum balance, you do need to deposit $500 or more to open an account.

If that's all a bit much for you, then check out another of our favorite high-yield savings accounts: the SoFi Checking and Savings (Member FDIC) account. Savings earn an APY of up to 3.80% with qualifying direct deposits. Transfers between checking and savings are instant. And as a SoFi® customer, I can tell you that the mobile app is extremely easy to use.

If that sounds like the better account for you, then read our full SoFi Checking and Savings (Member FDIC) review and open an account now.

The verdict: It's still worth it

Personally, I don't need my savings account to have a lot of bells and whistles. I just want it to earn high interest. And in that area, the Western Alliance Bank High-Yield Savings Premier account definitely delivers.

I'd gladly do without a sleek mobile app and fast withdrawals if it meant earning hundreds of dollars more every year.

So what are you waiting for? Don't settle for a rock-bottom interest rate. Click here to read our full Western Alliance Bank High-Yield Savings Premier review and open an account today.