If You're Saving $15,000 With Wells Fargo, You Could Be Making $500 More a Year
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It's 2025, and there are still millions of people saving with big banks like Wells Fargo. That means there are millions of people earning 0.01% APY on their cash -- next to nothing.
Luckily, there's a better way to save. Right now, top high-yield savings accounts (HYSAs) are offering 3.80% APY or higher, meaning $15,000 in savings could net you $570 a year in interest.
Here's how much more you could make by dumping Wells Fargo.
Hundreds more a year for one simple switch
Depending on how much you keep in savings, an HYSA can earn you hundreds more dollars a year in interest. Compare that to what you get with Wells Fargo, and the choice is clear:
| Balance | HYSA Earnings (3.80%) | Wells Fargo Earnings (0.01%) |
|---|---|---|
| $15,000 | $570 | $1.50 |
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
I opened a SoFi Checking and Savings (Member FDIC) account a few months ago, then moved my cash and instantly started earning up to 4.50% APY.
Right now, there's also a great new-member offer to take advantage of. Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Want to land this bonus now? Read our full review of SoFi Checking and Savings (Member FDIC) and open an account today.
SoFi Checking and Savings
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
What I keep in my HYSA -- and what I don't
My HYSA's perfect for all sorts of savings goals, but it's not where I keep all my cash. Here's how I divvy it up:
What I use my HYSA for:
- Emergency fund: Cash I can access quickly for unexpected expenses.
- Short-term savings: Vacations, home improvements, other big upcoming purchases.
- Any other in-between cash: Any money you're not planning on either 1) investing long-term or 2) spending soon.
What I don't use my HYSA for:
- Long-term investing: When it comes to saving for retirement, for example, an IRA is a much better fit.
- Everyday spending: My daily expenses are easier to manage with a checking account.
In short, an HYSA isn't great for long-term investing or short-term spending -- but for everything else, it's a perfect in-between place for your cash.
A simple change that can earn you thousands
Opening an HYSA is quick and easy, too -- it took me less than half an hour. Here's what to do:
- Find the right account for you. Look for one with a high APY, no account fees, and FDIC insurance up to $250,000.
- Open your new account. You'll just need to provide some basic info.
- Transfer your savings. Move your cash to your HYSA to start earning more immediately.
- Update automatic transfers. Move any automatic deposits and withdrawals to your new account.
Then, an optional step: Close your old account if you don't have any use for it. Once you switch, your savings will automatically start racking up interest. It's that simple.
Ready to earn hundreds of dollars more a year in interest? Check out 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.