Had $25K in a Wells Fargo Savings Account for 5 Years? You Just Lost $5,000 in Interest

Have you been keeping your money in a Wells Fargo savings account? If so, you probably lost out on thousands of dollars in interest over the last five years.

That's because Wells Fargo's standard savings account has an interest rate of next to nothing: 0.01% APY. Even if you kept $25,000 in your account, you earned just $2.50 a year.

On the other hand, top high-yield savings accounts (HYSAs) have been offering APYs of 4.00% or higher over the last few years. That means that same $25,000 could've been earning you $1,000 or more a year.

Here's how the math breaks down -- and what you can do about it today.

Get hundreds or thousands more a year for switching

Here's a simple example: Let's say you kept $25,000 in savings with Wells Fargo over the last five years. With Wells Fargo's 0.01% APY, you earned about $12.50 in interest over an entire half-decade -- enough to buy a meal at a drive-thru.

Meanwhile, a top high-yield savings account offering 4.00% APY over that span could have earned you $1,000 a year on that same balance -- or about $5,000 over five years.

It's worth noting that this is a simplified example that doesn't account for things like compounding interest, fluctuating rates, or changes in your account balance. APYs were lower than 4.00% five years ago, but much higher in late 2023 and 2024.

But the point is that in the long run, high-yield savings accounts offer much, much better returns -- all without any work required once you make the switch.

The best options also come with:

• No account fees or minimum deposit requirements
• No-fee overdraft coverage
• Early paycheck access
• FDIC insurance up to $250,000, just like Wells Fargo

Ready to earn hundreds more on your savings? Check out our full list of the best high-yield savings accounts today.

Opening an HYSA is a piece of cake

Moving your money to a high-yield savings account is quick and easy. It took me about half an hour to open mine -- and I did it all from home on my laptop.

Here's how to get started:

1. Compare top options. Look for HYSAs with a high APY and no fees.
2. Apply online. Applications are usually quick and easy.
3. Transfer your funds to your new account.
4. Move direct deposits and other automatic transfers to your new account, too.

Trust me: Even if you don't keep tens of thousands in the bank, moving to an HYSA is incredibly worth it. If you want an easy way to earn more on your cash, I highly recommend you make the switch today.

Want to earn 4.00% APY or more on your savings balance? See our full list of the best high-yield savings accounts available now.