3 Savings Accounts Crushing Wells Fargo on Interest Rates
Image source: Getty Images
A few months ago, I was just one of the millions of Wells Fargo customers earning next to nothing on my savings -- until I realized it was time for a change.
Wells Fargo's standard savings account offers a measly 0.01% annual percentage yield (APY) -- which means with a $10,000 balance, you're earning exactly $1 in a year in interest. Not great.
Now I'm earning hundreds more in interest every year just for moving my cash to a high-yield savings account. It took me less than half an hour to switch, and it's one of the best financial decisions I've ever made.
Want to join me? Here are three of my favorite high-yield savings accounts available now.
1. SoFi Checking and Savings (Member FDIC)
This is the one I went with -- I love my SoFi Checking and Savings (Member FDIC) account. Here's what you get when you join:
- Earn up to 4.50% APY on savings and 0.50% APY on checking with direct deposit
- Up to $50 in no-fee overdraft coverage with direct deposit
- Early paychecks up to two days before your payday with direct deposit
- No account fees or minimum deposit requirements
- FDIC insurance up to $250,000, just like Wells Fargo
This is the account I've been recommending to everyone, thanks to its high APY and long list of extras. The APY of up to 4.50% is literally hundreds of time higher than Wells Fargo's 0.01% rate.
Want to learn how to qualify? Read our full review of the SoFi Checking and Savings (Member FDIC) account now.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn SoFi's Secure Website.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. CIT Platinum Savings
CIT Platinum Savings is another strong pick, offering a similar APY to SoFi®, but without some of the additional perks. Here's what you'll get:
- 3.85% APY for balances of $5,000 or more
- No account fees
- $100 minimum to open an account
- Daily compounding interest for slightly faster growth
- FDIC insurance up to $250,000, just like Wells Fargo
A 3.85% APY is one of the highest base rates you'll find, and applies as long as you keep at least $5,000 in your account.
CIT is best for people who can keep a larger balance and are focused purely on maximizing their savings. If you want a high APY without additional bells and whistles, it's a great choice.
To learn more, read our full review of the CIT Platinum Savings account today.
On SoFi's Secure Website.
Member FDIC.
CIT Platinum Savings
On CIT's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn CIT's Secure Website.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
3. Barclays Tiered Savings
Finally, Barclays is another great high-APY option. Here's what you'll get:
- 3.90% APY on all balances under $250,000 (slightly higher APY applies over that amount)
- No account fees or minimum deposits
- FDIC insurance up to $250,000, just like Wells Fargo
Even if you don't have a spare quarter-million in the bank, you'll still earn 3.90% APY on your cash. And with no fees or account minimums, it's easy to open and use.
It's another account I'd recommend to anyone looking to earn more on their cash.
Check out our full review of the Barclays Tiered Savings account to see if it's right for you today.
On SoFi's Secure Website.
Member FDIC.
Barclays Tiered Savings
On Barclays' Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn Barclays' Secure Website.
- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- No minimum deposit to open an account
- Balance requirement for maximum APY
- No ATM access
- No wire transfers (inbound or outbound)
- No branch access; online only
Barclays Tiered Savings rewards savers with a tiered APY structure, offering higher rates as your balance grows. No monthly fees and no minimum balance to open mean it's accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. And now, you can take advantage of a special offer $200 bonus on top of your savings growth when you open a new account and deposit $30,000 or more. Offer ends Dec. 31, 2025. Terms apply.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.