For more than 15 years, I kept virtually all my cash in a traditional Wells Fargo savings account. It was easy. It was familiar. It felt safe. But that convenience came at a cost.

My account was earning a measly 0.01% annual percentage yield (APY) — much lower than even the national average savings rate of 0.38% APY, according to the Federal Reserve.

A few months ago, though, I made the switch to a SoFi Checking and Savings (Member FDIC) account, which earns up to 3.80% APY — literally 380 times more than I was getting before. It was one of the simplest, smartest financial decisions I ever made.

Here’s how I did it — and how you can do the same.

How I signed up and earned an easy $300

Signing up for SoFi® took less than half an hour — I did it in between NBA playoff games. I quickly opened a high-yield SoFi Checking and Savings (Member FDIC) account online, with no paperwork or branch visits required. I didn’t even have to leave my couch.

The best part? I also earned a $300 sign-up bonus just for setting up direct deposit. All you have to do is:

  • Open a new SoFi Checking and Savings (Member FDIC) account
  • Set up qualifying direct deposits
  • Direct deposit $5,000 or more within 25 days of your first deposit to get $300
  • Deposit $1,000 to $4,999 for a smaller bonus of $50

Even without the bonus, I would’ve made the switch. But that extra $300 definitely made it easier to pull the trigger.

Want to join me and earn a quick $300 bonus with qualifying direct deposits? Open a SoFi Checking and Savings (Member FDIC) account today.

My money is earning 380x more

Here’s the real game-changer: SoFi® pays up up to 3.80% APY on savings when you set up direct deposit — again, 380 times more than Wells Fargo’s 0.01% APY. That means with about $10,000 in my account, I’m earning $380 in interest a year — compared to the measly $1 I was earning before.

I moved over my emergency fund and have been using my account for all kinds of short-term goals, like vacation savings and car repairs.

I also love how SoFi® charges no monthly maintenance fees, no overdraft fees, and has no minimum balance requirements. Everything’s managed through a clean, easy-to-use app, with instant transfers between checking and savings.

In short, it feels like a modern banking experience — something I definitely didn’t have before.

Join me in making the switch today

Switching to a high-yield savings account was one of the easiest financial decisions I’ve ever made, and it’s already paying off. I’m now earning 380 times more on my savings, and the $300 bonus was just the icing on the cake.

Making the move took me less than 30 minutes, and it’s made a big difference in how I manage my money. I can’t recommend it highly enough.

Ready to earn up to 3.80% APY? Open a SoFi Checking and Savings (Member FDIC) account today.

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