How I Could Make $1,300 in the Next 2 Years Just by Switching Banks
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For most of my adult life, I kept my money in a Wells Fargo savings account. It was safe, it was familiar -- and it was earning me next to nothing.
That's because Wells Fargo's standard savings account earns just 0.01% APY. That means every $10,000 you keep there gets you exactly $1 a year in interest.
Now, I keep my money in an account that earns 3.80% APY. Even if that rate drops a bit, I'll comfortably earn over $1,000 in interest over the next two years.
Here's how I did it, and how you can do the same.
Earn hundreds more a year, even if rates drop
Current interest rates for high-yield savings accounts (HYSAs) are super strong. Our best high-yield savings page currently features accounts with APYs from 3.50% to 4.30%.
Assuming an APY somewhere in the middle, at 3.80% APY every $10,000 in savings earns $380 in interest a year.
That number can change, though -- and it almost certainly will, with Fed rate cuts expected as soon as this month. To stay conservative, let's assume the following:
- Year 1 with an HYSA after rate drops: 3.50% APY
- Year 2: 3.20% APY
I keep around $20,000 in my HYSA. Here's how much I'd earn at these projected rates:
- Year 1 (3.50%): $20,000 × 3.50% = $700
- Year 2 (3.20%): $20,000 × 3.20% = $640
- Two-year total: $1,340 in interest from my HYSA
Even if my APY drops further -- or faster -- than expected, I'm looking at more than $1,000 in interest over the next two years.
Compare that with Wells Fargo, and there's no contest:
- Year 1 (0.01%): $20,000 × 0.01% = $2
- Year 2 (0.01%): $20,000 × 0.01% = $2
- Two-year total: $4 in interest from Wells Fargo
That's a difference of more than $1,300 over two years, just for moving my money.
Ready to supercharge your savings? The NexBank High-Yield Savings Account from Raisin offers a super-competitive 4.15% APY and requires only $1 to open an account. Read our full review to learn more.
NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website.
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- High APY
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- No branch access; online only
Earn a 4.15% APY with a High-Yield Savings Account from NexBank (Member FDIC), powered by Raisin. NexBank has been a trusted institution in Texas for over 100 years. If maximizing yield is your priority and you don't need branch access, it's a solid pick.
¹New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $50 for depositing between $10,000 and $24,999; $125 for depositing between $25,000 and $49,999; $250 for depositing between $50,000 and $99,999; $500 for depositing between $100,000 and $199,999; and $1,000 for depositing $200,000 or more.
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Lower balances make hundreds more, too
Even if you don't have $20,000 in the bank, switching to a high-yield savings account can add up:
| Balance | HYSA Earnings (3.80%) | Wells Fargo Earnings (0.01%) |
|---|---|---|
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
| $2,500 | $95 | $0.25 |
I also can't overstate how easy it is to get started with most online HYSAs -- I opened my account, moved my money, and closed my old account in less than half an hour.
That's how quickly I started earning hundreds more in interest a year.
Switch now -- don't wait like I did
Until a few months ago, I'd never wondered if my savings were better off elsewhere. Now that I've broken up with Wells Fargo, though, I'm never going back.
And honestly, it kind of irks me when I think about all the past earnings I missed out on. Don't wait like I did -- make the switch today and earn hundreds more in interest every year.
Tired of earning next to nothing on your cash? Open one of our favorite high-yield savings accounts today.
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.
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Wells Fargo is an advertising partner of Motley Fool Money. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.