Leaving $10,000 in a Wells Fargo Savings Account Could Cost You $400 a Year

If you're still keeping your cash in a Wells Fargo savings account, you're probably missing out of hundreds of dollars in easy interest every year.

The bank's APY on its standard savings account is just 0.01%. Meanwhile, the best high-yield savings accounts (HYSAs) are offering around 4.00% APY -- literally 400 times higher than Wells Fargo's rate.

I made the switch from Wells Fargo to an HYSA a few months ago, and I haven't looked back. Here's how moving your money could put $400 or more in your pocket each year.

Earn more with one simple switch

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

Compare that to a high-yield savings account paying 4.00% APY. At that rate, you'd earn $400 on your savings, a $399 increase. That's money you could use toward bills, a shopping spree, or just padding your savings -- all without doing a thing once you make the switch.

You'll also keep total access to your money, making an HYSA the perfect place to stash your emergency fund or short-term savings.

Switching accounts is fast and easy

Opening a new HYSA usually takes less than 30 minutes. Here's a quick step-by-step guide:

1. Find a high-yield savings account with no monthly fees and a competitive APY
2. Apply online -- most applications take just a few minutes
3. Transfer your savings to the new account
4. Move any automatic deposits or withdrawals from your old account
5. Close your old account after a few weeks if you're no longer using it

Most HYSAs are offered by online-only banks, so if you prefer an in-person banking experience or regularly move large amounts of cash, you might want to keep your old account open.

For everyone else, though, moving all your money to an HYSA is usually the better choice.

Make your money work harder for you today

Leaving $10,000 in a Wells Fargo savings account could be costing you $400 in lost interest every year. Moving to a high-yield savings account only takes a few minutes, so the return on investment is more than worth the time spent.

See our list of top high-yield savings accounts to get started today.