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 March 3, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of March 3, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
SoFi Checking and Savings Member FDIC. APY up to 3.80%² Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn $0 Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC.	up to 3.80%² Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.	$0	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 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. Member FDIC.	3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 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 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:

1. Find a high-yield savings account -- Look for an account with an APY of at least 3.70% and no fees.
2. Open your new account -- Most banks offer a simple application process that takes just a few minutes.
3. Transfer your savings -- Move your money from Wells Fargo to your new high-yield savings account. This should only take a couple of minutes.
4. Update automatic deposits and withdrawals -- Ensure that any direct deposits or bill payments tied to your old account are updated.
5. 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.