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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.
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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.
Want to earn more on your cash? Check out our list of the best high-yield savings accounts and open one today.
Switching accounts is fast and easy
Opening a new HYSA usually takes less than 30 minutes. Here’s a quick step-by-step guide:
Find a high-yield savings account with no monthly fees and a competitive APY
Apply online — most applications take just a few minutes
Transfer your savings to the new account
Move any automatic deposits or withdrawals from your old account
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.
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