Have a Wells Fargo Savings Account in April 2025? You're Probably Missing Out on $300-Plus a Year

If you have a savings account at Wells Fargo, you could be robbing yourself of hundreds of dollars per year.

Most Wells Fargo savings accounts pay tiny interest rates. The APY range is 0.01% up to 2.51%. But the standard rate is the very bottom of that range. And you have to jump through some big hoops -- like keeping at least $1 million in a Wells Fargo Platinum Savings account linked to a Premier Checking account -- to earn the max APY. Not feasible for most people.

Meanwhile, the best high-yield savings accounts are offering 3.60% or more, with no big deposits required. That's a massive difference.

Let's break down how much money you could be missing out on -- and how easy it is to start earning a lot more interest.

How much interest are you losing?

Federal Reserve data shows that the median balance in Americans' savings and checking accounts was about $8,000 in 2022.

Here's how that $8,000 would grow in a Wells Fargo savings account versus a high-yield savings account:

• At Wells Fargo (0.01% APY): You'd earn about $0.80 in a year.
• In a high-yield savings account (4.00% APY): You'd earn about $320 in a year.

If we zoom out to 10 years, that $8,000 balance will have earned over $3,800 more in interest in the high-yield savings account.

In other words, a typical American could earn thousands of dollars more just by switching bank accounts.

How to switch your savings account in under an hour

A lot of people stick with Wells Fargo because switching sounds like a hassle. But it's actually really easy. Here's a quick step-by-step guide:

1. Find a better account: Look for a high-yield savings account with at least a 3.60% APY and no monthly fees.
2. Open your new account: Most banks let you open a new account online, and it only takes a few minutes.
3. Transfer your money: Move your savings from Wells Fargo to your new account. This should also be quick and easy through your new bank's website or app.
4. Update any linked payments or direct deposits: If you have automatic deposits or bill payments tied to your old account, switch them over.
5. Close the old account: Once everything's set, you can close your Wells Fargo savings account (and avoid the fees that Wells Fargo charges for having an empty account).

Start to finish, the whole process should take less than an hour. It may take a few minutes more if you also want to open a linked checking account.

Ready to start earning way more money for very little work? The Barclays Tiered Savings account pays a 4.00% APY on balances under $250,000. There are no crazy requirements and no junk fees. Click here to open a Barclays Tiered Savings account today.

Is there any reason to keep your Wells Fargo account?

Some people like big banks like Wells Fargo because they offer thousands of local branches. If you regularly deposit cash or need in-person help, that could be a reason to keep your Wells Fargo account open.

Most high-yield savings accounts are offered by online-only banks, which don't have branches. But they are FDIC insured, just like Wells Fargo. Your money is just as safe. Plus, online banks usually offer better apps, fewer fees, and access to no-fee ATMs.

Ready to drop your low-APY account and start earning way more interest? Click here to see our list of the best high-yield savings accounts and open one today.

If you want to keep your Wells Fargo account open so you have a local bank branch, you can still move most of your savings to an account where it will earn more interest. Just be sure your Wells Fargo account contains enough money to avoid unnecessary service fees.

Don't settle for a low APY

If your cash is sitting in a Wells Fargo savings account, you're leaving a lot of money on the table. It's fast and easy to open a better account -- and that little bit of time and effort could help you earn hundreds more each year and thousands more over time.