How I Make $760 a Year on My Cash Without Lifting a Finger

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For more than 15 years, I kept my money in a Wells Fargo savings account. It was the only savings account I'd ever had -- until I realized it was time for a change.

With Wells Fargo, I was earning just 0.01% annual percentage yield (APY) on my money. That means I was getting exactly $2 a year in interest on my $20,000 balance. Not great.

I dumped Wells Fargo a few months ago for a SoFi Checking and Savings (Member FDIC) account. Now I earn the non-promotional member-eligible rate of 3.80% APY (rate accurate as of writing). That means I earn $760 a year in interest on that same $20,000 balance -- and I don't have to do a thing to get it.

Here's how easy it is for you to make the same switch.

Hundreds more a year for one easy change

With SoFi®, I earn literally 380 times more in interest than I did with Wells Fargo. Here's how much more I'd earn with different balance amounts:

Balance SoFi® Earnings (3.80%) Wells Fargo Earnings (0.01%)
$20,000 $760 $2
$10,000 $380 $1
$5,000 $190 $0.50
Data source: Author's calculations. Rates accurate as of Sept. 25, 2025.

There's no contest -- and even if interest rates keep falling as expected, the difference will still be massive.

SoFi®'s also great because it comes with:

  • No-fee overdraft coverage up to $50 with direct deposit
  • Access to paychecks up to two days early with direct deposit
  • No account fees or minimum deposit requirements
  • FDIC insurance up to $250,000, just like Wells Fargo

And right now, you can earn even more on your savings, thanks to SoFi®'s limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means you could earn up to 4.50% APY on your money.

Ready to earn hundreds more on your savings? Read our full review of SoFi Checking and Savings (Member FDIC) to open an account today.

SoFi Checking and Savings

Member FDIC.

Rates as of Oct 01, 2025

Opening your new account is a breeze

Moving your money to a high-yield savings account (HYSA) is quick and easy. It took me less than half an hour to open my SoFi® account -- and I did it all from the comfort of my couch.

Here's how you can open your HYSA:

  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.

After that, you can decide to close your old account if it no longer serves a purpose.

The last step for me was to call Wells Fargo and close my old account. I can't lie, it felt like the end of an era -- and the start of a way more profitable one.

If you want an easy way to earn more on your savings, I highly recommend you make the same switch I did.

Looking to supercharge your savings? See our full list of the best high-yield savings accounts available now.

Our Research Expert