I Dropped My Wells Fargo Savings Account. Now I'm Earning $758 More a Year in Interest

For more than 15 years, I kept my emergency fund in a Wells Fargo savings account. It was safe, it was easy, it was familiar -- but it was earning me next to nothing.

I was getting 0.01% annual percentage yield (APY) with Wells Fargo. With $20,000 in savings, that comes out to just $2 a year in interest. Yes, two dollars.

A few months ago, I decided to switch to SoFi Checking and Savings (Member FDIC) -- and the difference has already been massive.

Here's how less than half an hour of work is earning me $700 more a year in interest.

SoFi® made the move worth it

Opening my SoFi® account and moving my money took me less than 30 minutes. And SoFi®'s savings account pays me up to 3.80% APY with direct deposit.

That means my $20,000 is now earning $760 a year in interest -- and I still have complete access to my cash.

Other SoFi® perks I love include:

• No monthly fees or account minimums
• FDIC insurance up to $250,000
• Early paycheck access with direct deposit
• Overdraft coverage of up to $50 when you set up direct deposit

Want to start earning more on your savings? Read our full review of SoFi Checking and Savings (Member FDIC) to learn more.

Smaller balances still add up

Even if your bankroll isn't huge, switching to a high-yield savings account (HYSA) can make a big difference. Here's how much you can earn on different balances with SoFi®'s APY of up to 3.80%:

• $10,000 = $380/year
• $5,000 = $190/year
• $2,500 = $95/year

Compare that with Wells Fargo's 0.01% APY, and there's no contest:

• $10,000 = $1/year
• $5,000 = $0.50/year
• $2,500 = $0.25/year

What do I keep in my HYSA?

A high-yield savings account is best for money you want to keep access to, but still earn interest on. Here's what I keep in my SoFi® account:

• Emergency fund: Three to six months of living expenses.
• Short-term savings: Money for near-term purchases like vacations, home improvements, etc.
• Extra cash: Any additional cash that I don't need in my checking account.

I don't use it for long-term investments or money I need for everyday transactions -- but for almost everything else, my HYSA is the perfect fit.

I only wish I'd switched sooner

For most of my life, Wells Fargo felt like a smart banking choice. I never questioned what I was earning on my savings -- but once I did, I knew I had to make a move.

I left Wells Fargo in the dust, and I'm never looking back. My only regret is that I didn't do it sooner.

Don't settle for tiny returns -- open one of our favorite high-yield savings accounts to earn more today.