Here's How I Could Make $1,300 in the Next 2 Years Just by Switching Banks
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For years, I parked my savings at Wells Fargo because it felt safe and familiar. The problem is it was earning almost nothing.
Wells Fargo's standard savings account still pays just 0.01% APY, which means every $10,000 earns $1 a year in interest. One dollar.
Then I finally moved my money into a high-yield savings account (HYSA) paying around 4.00% APY, and it completely changed the math. Even if rates dip as the Fed starts cutting, I'll still earn over $1,000 in interest over the next two years.
Here's how that adds up, and why I keep telling everyone I know to switch.
Earning hundreds more, even if rates fall
Right now, the best HYSAs are still offering between 4.00% and 4.50% APY.
To stay realistic, let's assume rates drop gradually:
- Year 1: 3.60% APY
- Year 2: 3.20% APY
I keep about $20,000 in savings. Here's what that earns me:
| Year | APY | Interest |
|---|---|---|
| 1 | 3.60% | $720 |
| 2 | 3.20% | $640 |
| Total (2 years) | — | $1,360 |
Now compare that with Wells Fargo:
| Year | APY | Interest |
|---|---|---|
| 1 | 0.01% | $2 |
| 2 | 0.01% | $2 |
| Total (2 years) | — | $4 |
That's a $1,356 difference, just for moving my money to a better bank.
Lower balances still earn serious money
You don't need a big balance to make this work. Even smaller amounts can grow fast in a high-yield account.
| Balance | HYSA Earnings (4.00%) | Wells Fargo (0.01%) |
|---|---|---|
| $10,000 | $400 | $1 |
| $5,000 | $200 | $0.50 |
| $2,500 | $100 | $0.25 |
Most HYSAs are easy to open online with no fees and low (or no) minimums. I opened mine in minutes and started earning interest the same day. Check out some of the best account options and start earning today.
The best part? It's effortless
Switching accounts used to sound intimidating, but now it's incredibly simple. Once you open a new HYSA, you can link it to your checking account, transfer funds, and start earning immediately.
Your money stays FDIC-insured up to $250,000, just like it was at Wells Fargo -- only now it's actually working for you.
If I'd switched years ago, I'd probably have several thousand dollars more by now. Don't make the same mistake I did.
Don't let your bank keep your interest
It takes less than 15 minutes to move your savings to a high-yield account that pays you what your money deserves.
See the best high-yield savings accounts available today and find one paying 4.00% or more before rates start to fall.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.