Keeping Your Savings in a Wells Fargo Account Could Cost You a Flight Every Year

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Still stashing your money in a Wells Fargo savings account? You could be quietly losing out on hundreds of easy dollars every year.

Wells Fargo's standard savings account pays just 0.01% APY. The national average savings rate is 0.38%, according to the Federal Reserve, which means Wells Fargo is falling way short.

Meanwhile, some of the best high-yield savings accounts (HYSAs) are offering 3.80% APY or higher -- literally 380 times more interest than Wells Fargo (no, that's not a typo). I made the switch from Wells Fargo myself a few months ago, and I'm never going back.

Here's what to know about HYSAs and how you can make a change today.

One switch could earn you hundreds more

Let's say you have $10,000 in savings. With Wells Fargo's 0.01% APY, you'd earn just $1 in interest over a full year.

But move that same $10,000 to an HYSA with 3.80% APY, and you'd earn $380 in a year -- enough to cover a few grocery runs or a round-trip flight from JFK to LAX.

Smaller balances can still put meaningful cash in your pocket. Here's how much interest you could earn in a year with an account paying 3.80% APY:

Balance HYSA Earnings (3.80%) Wells Fargo Earnings (0.01%)
$10,000 $380 $1
$5,000 $190 $0.50
$2,500 $95 $0.25
Data source: Author's calculations.

Ready to earn more in interest? Learn more about the SoFi Checking and Savings (Member FDIC) account here and earn up to 3.80% APY when you open an account today.

Is an HYSA right for you?

I'd been with Wells Fargo my entire life, so I never really stopped to think if it was really the best option. But once I realized what I was earning and compared it to what other banks were offering, it was clear I needed to make a move.

I made the switch to SoFi® a few months ago and haven't regretted it for a second. If you're ready to earn more on your savings -- while keeping access to your money, with no minimum balances or monthly account fees -- I highly recommend you do the same.

Want to start earning now? Compare our favorite high-yield savings accounts and find the best fit for you today.

Our Research Expert