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

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.

Bad news, Wells Fargo members: You probably missed out on thousands of dollars in interest over the last five years.

Let me explain.

Wells Fargo's standard savings account pays just 0.01% APY. That means if you kept $25,000 in savings, you earned a whopping $2.50 a year.

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

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

Hundreds or thousands more a year for switching

Let's say you kept $25,000 in savings with Wells Fargo over the last five years. With a 0.01% APY, you earned $12.50 in interest over half a decade -- enough to buy a Chipotle burrito.

Compare that to a high-yield savings account that offered 4.00% APY over that span. That same $25,000 would have earned you $1,000 a year, or $5,000 over five years.

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

The point, though, is that over the years, high-yield savings accounts offer much better returns -- all without any work required once you make the switch.

Ready to leave Wells Fargo in the dust? Read our review of the CIT Platinum Savings account, where you can get 3.85% APY on balances of $5,000 or more.

Rates as of Oct 20, 2025

CIT Platinum Savings

Member FDIC.
4.60/5 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.
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4.60/5 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
Limited-Time Offer
Earn a bonus of up to $300 after a one-time deposit of $25,000+ Circle with letter I in it. This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms: https://www.cit.com/cit-bank/platinum-savings/PS2025
APY
3.85% Rate info Circle with letter I in it. 3.85% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$5,000
  • 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.

Open a CIT Platinum Savings Account

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.

What you should keep in an HYSA -- and what you shouldn't

HYSAs are great for all sorts of savings, but it's not where you should keep all your money. Here's how to divvy it up:

What I use my HYSA for:

  • Emergency fund: Cash you need can access quickly for unexpected expenses.
  • Short-term savings: Vacations, home improvements, other big upcoming purchases.
  • Any other in-between cash: Any money you're not planning on either 1) investing long-term or 2) spending soon.

What I don't use my HYSA for:

  • Long-term investing: When you're saving for retirement, for example, an IRA is a much better fit.
  • Everyday spending: Daily expenses are generally easier to manage with a checking account.

In short, an HYSA is the perfect place to earn more in interest while keeping total access to your money.

A simple change that can earn you thousands

Moving your money to an HYSA is easy as pie -- I did it a few months ago, and it took me less than half an hour. Here's what to do:

  1. Find an account you like. Look for one with a high APY, no account fees, and FDIC insurance up to $250,000.
  2. Open your new account. You'll just need to provide some basic info.
  3. Transfer your savings. Move your cash to your HYSA to start earning more immediately.
  4. Update automatic transfers. Move any automatic deposits and withdrawals to your new account.
  5. Close your old account. If you don't have any use for it, close your old account to avoid maintenance fees.

Once you switch, your savings will automatically start racking up interest. It's that simple.

Ready to earn hundreds or thousands more a year in interest? Check out our favorite high-yield savings accounts today.

Our Research Expert