For more than 15 years, I kept my money in a Wells Fargo savings account. It was the only savings account I’d ever had — until I realized it was time for a change.

With Wells Fargo, I was earning just 0.01% annual percentage yield (APY) on my money. That means I was getting exactly $2 a year in interest on my $20,000 balance. Not great.

I dumped Wells Fargo a few months ago for a SoFi Checking and Savings (Member FDIC) account. Now I earn the non-promotional member-eligible rate of 3.80% APY (rate accurate as of writing). That means I earn $760 a year in interest on that same $20,000 balance — and I don’t have to do a thing to get it.

Here’s how easy it is for you to make the same switch.

Hundreds more a year for one easy change

With SoFi®, I earn literally 380 times more in interest than I did with Wells Fargo. Here’s how much more I’d earn with different balance amounts:

Balance

SoFi® Earnings (3.80%)

Wells Fargo Earnings (0.01%)

$20,000

$760

$2

$10,000

$380

$1

$5,000

$190

$0.50

Data source: Author’s calculations. Rates accurate as of Sept. 25, 2025.

There’s no contest — and even if interest rates keep falling as expected, the difference will still be massive.

SoFi®’s also great because it comes with:

  • No-fee overdraft coverage up to $50 with direct deposit
  • Access to paychecks up to two days early with direct deposit
  • No account fees or minimum deposit requirements
  • FDIC insurance up to $250,000, just like Wells Fargo

And right now, you can earn even more on your savings, thanks to SoFi®’s limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means you could earn up to 4.50% APY on your money.

Ready to earn hundreds more on your savings? Read our full review of SoFi Checking and Savings (Member FDIC) to open an account today.

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