After 15 Years, I Closed My Wells Fargo Savings Account for Good. Here's Why I Have No Regrets

I held on to my Wells Fargo savings account for over 15 years. Until recently, it was the only savings account I'd ever had. But after realizing my money was earning just 0.01% in interest a year, I decided it was time to make a change.

I closed my account a few months ago and switched to a high-yield savings account: SoFi Checking and Savings (Member FDIC). Now I'm earning up to 3.80% annual percentage yield (APY) on my savings -- literally 380 times what I was getting before.

Here's exactly what I did -- and how you can do the same.

Starting with SoFi® was fast and simple

I signed up for SoFi® in less than 30 minutes -- no need to visit a branch or fill out paperwork, just an online application from the comfort of my couch.

I also earned a cash bonus of $300 just for opening my account. Here's how it worked:

• I opened a new SoFi Checking and Savings (Member FDIC) account
• I set up qualifying direct deposits
• I direct deposited $5,000 within 25 days to earn the full $300 bonus

If you direct deposit between $1,000 and $4,999, you can get a $50 bonus -- still a solid incentive to move your money.

Want to earn more on your savings? See our full SoFi Checking and Savings (Member FDIC) review to learn more.

I'm finally earning real interest

The initial bonus was nice, but the sky-high APY is what really made the switch worth it.

With SoFi®'s APY of up to 3.80%, I'm getting about $760 a year on my $20,000 in savings -- a huge jump from the $2 a year I was earning at Wells Fargo.

I love how SoFi® has no monthly fees, no minimum balance, and a sleek app that's easy to use. Some of my other favorite perks include:

• Early direct deposit -- I can get paid up to two days early.
• No-fee overdraft coverage -- If you direct deposit $1,000+ a month, SoFi® will spot you up to $50 to cover a purchase if your checking account is overdrawn.
• Instant transfers -- I can move money between checking and savings with no delays.

Leaving Wells Fargo was easier than expected

The last step in my journey was closing my Wells Fargo account, which I expected to be a headache -- but it was a breeze. I emptied my account, called customer service, and confirmed my closure in 10 minutes or so. That was it.

It was an easy change to make, all things considered. I only wish I had done it sooner. It was also one of the most rewarding financial decisions I've made in years. If you want to earn more on your savings, I highly suggest you do the same.

Ready to earn more? Compare our top high-yield savings accounts and find the best fit for you today.