3 Savings Accounts Crushing Wells Fargo on Interest Rates

Published on Aug. 23, 2025

Ryan Wilcox

By: Ryan Wilcox

Full-Time Personal Finance Writer

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 3.80% 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 3.80% 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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 23, 2025
Limited-Time Offer

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

APY
up to 3.80% Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. To Earn APY
$0
  • 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.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

Read Full Review

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:

  • 4.00% 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 4.00% 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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 23, 2025

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for CIT Platinum Savings

On CIT's Secure Website.

APY
4.00% APY for balances of $5,000 or more Rate info Circle with letter I in it. 4.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000+ for max APY
  • 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).

Read Full Review

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.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 23, 2025

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

APY
3.90% Rate info Circle with letter I in it. Balances less than $250,000 earn 3.90%, and balances greater than $250,000 earn 4.10%.
Min. To Earn APY
$0
  • 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

Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.

Read Full Review

Our Research Expert

Ryan Wilcox
Ryan Wilcox icon-button-linkedin-2x

Ryan is a full-time Personal Finance Writer at Motley Fool Money. He’s been covering topics like credit cards and savings since 2022, focusing on helping people who are new to the world of personal finance.