Have a Wells Fargo Savings Account? You're Probably Missing Out on $300-Plus a Year
KEY POINTS
- Wells Fargo's savings account rates are among the lowest in the country.
- A high-yield savings account could earn a typical saver hundreds of dollars more each year -- and thousands more over time.
- Switching bank accounts is easier than ever.
If you have a savings account at Wells Fargo, your money isn't working as hard as it should.
The bank's savings accounts pay rock-bottom APYs. Customers can earn a low standard APY of 0.01% up to 2.51%, at most, with the Wells Fargo Platinum Savings, a linked Premier Checking account, and a high account balance of $1,000,000 or more. That's a lot of stipulations.
Most customers will earn just a fraction of a percent. The national average APY is currently 0.41%, and the best savings accounts pay at least 3.70% -- that's 370 times higher than the standard APY on Wells Fargo's accounts.
Let me show you how that difference could be costing you hundreds of dollars per year in lost interest -- and how you could start earning way more money with a high-yield savings account.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.70%
Rate info
3.70% annual percentage yield as of April 12, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 12, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
I recently opened a SoFi Checking and Savings (Member FDIC) account in minutes and started earning an APY up to 3.80%². You could do the same. Click here to open a SoFi® high-yield savings account now.
How much interest are you missing out on?
According to the Federal Reserve, the median balance in American transaction accounts (which mainly includes savings and checking accounts) was $8,000 in 2022.
If you left $8,000 in a Wells Fargo savings account earning a 0.01% APY, you'd earn a mere $0.80 in interest over an entire year.
Now, compare that to a high-yield savings account (HYSA) offering a 4.00% APY. Over the same year, you'd earn $320 in interest. That's a staggering difference.
Looking further ahead:
- After 5 years, you'd have earned just $4 in a Wells Fargo account versus $1,734 in the high-yield savings account.
- After 10 years, it would be $8 at Wells Fargo compared to $3,842 in the high-yield savings account.
How to switch to a high-yield savings account in an hour or less
Many people stick with their current bank because switching seems like a hassle. But opening a new high-yield savings account is surprisingly quick and easy. Here's what you need to do:
- Find a high-yield savings account -- Look for an account with an APY of at least 3.70% and no fees.
- Open your new account -- Most banks offer a simple application process that takes just a few minutes.
- Transfer your savings -- Move your money from Wells Fargo to your new high-yield savings account. This should only take a couple of minutes.
- Update automatic deposits and withdrawals -- Ensure that any direct deposits or bill payments tied to your old account are updated.
- Close your old account -- If you no longer need it, close your Wells Fargo savings account. Wells Fargo accounts charge monthly fees if you don't maintain a minimum balance or make regular deposits.
The process should take about an hour. That's a small time investment for the chance to earn thousands of dollars more over the years.
Click here to see our list of the best high-yield savings accounts and open a new account today.
Are there any downsides to switching?
Some people prefer big banks like Wells Fargo because they have thousands of physical branches. If you regularly deposit or withdraw large amounts of cash, having access to a branch might be useful.
Most high-yield savings accounts are offered by online-only banks. While they may not have brick-and-mortar locations, they still offer full FDIC protection, meaning your deposits are just as safe as they would be at Wells Fargo. Plus, they typically offer better mobile banking features and no-fee ATM withdrawals from a linked checking account.
If you need access to cash, you can always transfer money from your high-yield savings account to a checking account at a traditional bank. Just keep in mind that these transfers can take a couple of business days.
Don't let your savings sit idle
If your money is sitting in a Wells Fargo savings account, you're likely earning next to nothing in interest. Taking an hour to switch to a high-yield savings account could mean earning hundreds of dollars more per year -- and thousands over time.
I made the switch to SoFi® and started earning way more in interest -- it's quick, easy, and completely worth it. Click here to open a SoFi® high-yield savings account now.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure:
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.