Farewell to Wells Fargo: Why I Closed My Savings Account for Good
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I stuck with my old-school Wells Fargo savings account for years, mostly out of habit -- and maybe a bit of nostalgia.
But the interest I was earning (a pitiful 0.01%) clearly wasn't helping my money grow. That's well below the national average annual percentage yield (APY) of 0.38% -- and hundred of times lower than the rates offered by the best high-yield savings accounts.
I knew I could do better, so I closed my Wells Fargo account and moved my savings to SoFi®, where I earn up to 3.80% APY. Here's why I'm telling all my friends to do the same.
Opening a SoFi® account was quick and easy
The switch to SoFi®'s high-yield savings account took less than 30 minutes. I did it a few months ago between NBA playoff games. I applied quickly and was able to open a SoFi Checking and Savings (Member FDIC) account online, without any physical paperwork.
Even better, I qualified for a $300 cash bonus by setting up direct deposit. All I had to do was:
- Open a new SoFi Checking and Savings (Member FDIC) account
- Set up qualifying direct deposits
- Direct deposit at least $5,000 within 25 days of my first deposit
If you direct deposit between $1,000 and $4,999, you can earn a $50 bonus.
Want to join me? Open a SoFi Checking and Savings (Member FDIC) account and complete the qualifying criteria to earn a new-member bonus.
I'm earning 380 times more in interest
The $300 bonus was nice, but SoFi®'s high APY was the main reason I made the switch. Right now, SoFi® pays up to 3.80% APY on savings and 0.50% APY on checking when you set up qualifying direct deposits.
Its new offer -- which I missed out on -- also includes an APY boost: Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY!
Still, I'm literally earning 380 times more in interest than I was with Wells Fargo. My new account is the perfect place to stash my emergency fund and short-term savings. I love SoFi®'s sleek, modern interface, too, along with:
- No monthly fees or minimum balance requirements
- No overdraft fees
- Instant transfers between SoFi® accounts
What are you waiting for?
Once I realized how little I was earning with Wells Fargo, the switch to SoFi® was a no-brainer. I now earn much, much more on my savings, and the $300 bonus was a nice extra.
Best of all, the whole process took me less than half an hour. So now I turn the question to you: What are you waiting for?
If SoFi® doesn't feel like the best match, there are several other accounts out there still offering top-tier APYs. See our full list of the best high-yield savings accounts available and open a new account now.
Our Research Expert
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.