Kept $10K in a Wells Fargo Account for 5 Years? You Missed Out on Almost $2,000 in Interest

Image source: Getty Images
If you've been keeping your money in a Wells Fargo savings account, I've got some bad news: You likely missed out on thousands of dollars in interest over the last five years.
That's because Wells Fargo's standard savings account pays just 0.01% APY, meaning every $10,000 in savings earns exactly $1 a year. Meanwhile, top high-yield savings accounts (HYSAs) have been offering APYs of 4.00% or higher -- literally 400 times more than Wells Fargo.
Over the years, that difference adds up. Here's how much you've missed out on -- and what you can do about it.
Almost $400 more a year just for switching
Let's say you kept $10,000 in savings with Wells Fargo over the last five years. Assuming a 0.01% APY, you earned $5 in interest over half a decade -- enough to buy a couple packs of gum.
Compare that to a high-yield savings account that offered 4.00% APY over that span. That same $10,000 would have earned you $400 a year, or $2,000 over five years -- enough to buy a new MacBook Pro.
This is a simplified example that doesn't account for fluctuating rates or changes in your account balance. APYs were much lower five years ago, but higher in late 2023 through 2024.
The point is that over the years, high-yield savings accounts offer far more value -- all without any effort required once you make the switch.
Ready to leave Wells Fargo in the dust? Check out the CIT Platinum Savings account below and earn 3.85% APY for balances of $5,000 or more.
CIT Platinum Savings
On CIT's Secure Website.

On CIT's Secure Website.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
A simple change that can earn you thousands
Moving your money to an HYSA is quick and easy -- it took me less than half an hour. Here's what to do:
- Find an account you like. 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.
- Close your old account. If you don't have any use for it, close your old account to avoid maintenance fees.
Once you switch, your savings will automatically start racking up interest. It's that simple.
What I keep in my HYSA -- and what I don't
My HYSA is great for all sorts of savings, but it's not where I keep all my money. Here's how I divide 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: For retirement saving, for example, an IRA is a much better fit.
- Everyday spending: Daily expenses are generally easier to manage with a checking account.
In short, an HYSA is the perfect place to earn more in interest while keeping total access to your money. And if you make the simple switch from Wells Fargo to a top HYSA, it could earn you thousands of dollars more in the long run.
Ready to earn 400 times more interest? Check out our favorite high-yield savings accounts today.
Our Research Expert