If you’re still keeping your cash in a Wells Fargo savings account, you’re probably losing out on a few hundred dollars of easy cash every year.
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The bank’s APY on its standard savings account is just 0.01%, far below the national average of 0.38%, per the Federal Reserve. And not only that, the best high-yield savings accounts (HYSAs) are offering around 4.00% APY or more — 400 times higher than what Wells Fargo offers (yes, you read that right).
Here’s how easy it is to move your money and earn hundreds more per year on your savings.
Earn more by making one simple switch
Let’s say you have $8,000 in your Wells Fargo savings account. At 0.01% APY, you’d earn $0.80 in interest over a full year — not exactly raking it in.
Compare that to a high-yield savings account that offers 4.00% APY. At that rate, you’d earn $320 on your savings — over $300 more per year, just for opening an account and moving your money. It’s that simple.
Switching accounts is fast and easy
Opening a new HYSA is very simple and usually takes no more than half an hour. Here’s what to do:
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Find a high-yield savings account with no fees and a high APY
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Open the account online — most applications can be completed in minutes
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Transfer your savings to your new account
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Move all automatic transfers tied to your old account
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Close the old account after a few weeks if you’re not using it — especially if it charges fees
It’s that simple. Once you get everything situated in your new account, you’ll start earning way more in APY and, in all likelihood, enjoying a much sleeker and cleaner interface than your old Wells Fargo account.
Ready to get started? Compare our favorite high-yield savings accounts and apply now.
Reasons to keep your old account open
Big banks like Wells Fargo have lots of physical branches, which can be useful if you deal with cash often. Most HYSAs are offered by online-only banks, so if depositing and withdrawing large amounts of cash is important to you, you might want to keep your old account open.
Otherwise, HYSAs are the way to go. Most of them also offer intuitive, modern mobile apps. And as with traditional banks, your money is FDIC insured up to $250,000.
Make your money work harder for you today
Leaving your savings in a Wells Fargo account could cost you $300 or more every year in easy passive income. Switching to a high-yield savings account takes minutes — and will help you grow your money much faster.
See our favorite high-yield savings accounts and start earning more today.
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