Had $25K in a Wells Fargo Savings Account for 5 Years? You Just Lost $5,000 in Interest

Core Insights - Wells Fargo's standard savings account offers a very low interest rate of 0.01% APY, resulting in minimal earnings for customers [1] - In contrast, high-yield savings accounts (HYSAs) provide significantly higher interest rates, often 4.00% or more, leading to substantial potential earnings [2][3] - The difference in earnings over five years is stark; $25,000 in a Wells Fargo account would yield approximately $12.50, while the same amount in a HYSA could earn around $5,000 [3][4] Summary by Sections Interest Rate Comparison - Wells Fargo's savings account has an APY of 0.01%, leading to very low interest earnings [1] - Top HYSAs have been offering APYs of 4.00% or higher, which can significantly increase earnings on savings [2] Earnings Potential - Keeping $25,000 in a Wells Fargo account for five years results in about $12.50 in interest, while a HYSA could yield approximately $5,000 [3] - The long-term benefits of HYSAs are emphasized, as they provide much better returns without requiring ongoing effort after switching [4] Switching Process - Opening a HYSA is described as quick and easy, taking about half an hour to complete online [5] - Steps to switch include comparing options, applying online, transferring funds, and updating direct deposits [8] Account Features - HYSAs typically come with no account fees, no minimum deposit requirements, and FDIC insurance up to $250,000, similar to Wells Fargo [7]