I'm Lazy With My Savings. Here's How I Still Rack Up $760 a Year in Interest
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I'm a creature of habit -- if I don't have to leave home to do something, I probably won't. So I love how when it came time to change bank accounts, I didn't even have to step outside to do it.
For 15 years, I kept my savings with Wells Fargo, which means I was earning just 0.01% annual percentage yield (APY) on my money. But a few months ago I fired up my laptop, opened a SoFi Checking and Savings (Member FDIC) account, and started earning its standard 3.80% APY.
It took me less than half an hour -- and now I'm earning $760 a year in interest on my $20,000 balance. Here's how easy it is for you to do the same.
30 minutes of work to earn hundreds more a year
With SoFi®, I'm getting an APY that's literally 380 times higher than Wells Fargo's. Here's how much more I'd make with different balance amounts:
| Balance | SoFi® Earnings (3.80% standard rate) | Wells Fargo Earnings (0.01%) |
|---|---|---|
| $20,000 | $760 | $2 |
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
As you can see, switching was an easy decision. And even if interest rates fall as expected, the difference will still be insane.
I also love how SoFi® 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
Right now you can earn even more on your savings, thanks to SoFi®'s limited-time bonus: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means you could earn a total of 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.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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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.
An easy switch, no matter how lazy you are
Even the most dedicated couch potatoes can take the time to open a high-yield savings account (HYSA). Like I said, it took me less than half an hour to open my SoFi® account -- and I did it all online, from my couch while watching TV.
Here's how to open an HYSA today:
- Compare top options. Look for ones with a high APY and no fees.
- Apply online. Applications are usually a breeze.
- Transfer your funds to your new account.
- Move direct deposits and other automatic transfers to your new account, too.
After that, you might even close your old account if it no longer has a purpose. That was the final step for me -- but it was a satisfying one.
If you want a lazy-proof way to earn more on your savings, I can't recommend HYSAs highly enough.
Want to start maximizing your savings earnings today? See our full list of the best high-yield savings accounts available now.
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.