The Hidden Cost of a Wells Fargo Savings Account Could Be a Free Flight

If you’re keeping your savings in a Wells Fargo account, you might be leaving hundreds of dollars on the table every year without realizing it.

Right now, Wells Fargo’s standard savings account pays just 0.01% APY, while the national average is 0.39% (Federal Reserve data). But the top high-yield savings accounts are paying 3.80% or more. That’s not a small gap; it’s the difference between pennies at Wells Fargo and hundreds of dollars in interest elsewhere.

I made the switch myself a few months ago, moving my cash into a high-yield savings account, and I’m not looking back. Here’s why these accounts are worth a closer look — and how to get started.

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:

If you're finally ready to start earning more in interest and stop leaving money on the table, Check out our list of our favorite high-yield savings accounts now.

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.