Wells Fargo does not currently offer a high-yield savings account

Wells Fargo's standard savings accounts earn little to no interest. As of now, the bank does not have a product marketed as a high-yield savings account. If you want a savings account that actually pays interest—currently ranging from 4% to 5% APY at online banks—you will need to open an account elsewhere, either at an online bank or at a different brick-and-mortar institution.

This matters because the difference between 0.01% APY (what Wells Fargo savings accounts typically earn) and 4.5% APY (what you might earn at an online bank) is substantial. On $10,000, that gap is roughly $450 per year in lost interest. Over five years, the difference compounds to thousands of dollars.

If you already bank with Wells Fargo and want to keep your checking account there while earning real interest on savings, your options are to open a high-yield account at a separate institution or to move your savings to a different bank entirely.

Key Takeaways

  • Wells Fargo savings accounts currently earn 0.01% APY or less, which means your money loses purchasing power over time.
  • Online banks and credit unions offer high-yield savings accounts with rates between 4% and 5% APY, though rates change based on Federal Reserve decisions.
  • You can keep your Wells Fargo checking account and open a high-yield savings account at a different bank for better returns.
  • Transferring money between banks takes one to three business days using ACH transfer, so plan ahead if you need the funds quickly.
  • High-yield accounts at FDIC-insured banks protect your money up to $250,000, the same as Wells Fargo.

Where to find high-yield savings accounts

Online banks consistently offer the highest rates because they have lower overhead costs than physical branches. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank typically offer rates between 4% and 5.5% APY. Credit unions also offer competitive rates, though you must be a member to open an account.

Rates change frequently—usually within days of Federal Reserve rate decisions. Before you open an account, check the current APY on the bank's website. The rate you see today may not be the rate you earn next month, but it will be locked in for accounts you already hold.

Some regional banks and credit unions offer high-yield savings accounts as well. If you prefer working with a bank that has physical locations, search for "high-yield savings account near me" or call local credit unions to ask about their current rates and membership requirements.

How to open a high-yield savings account at an online bank

The process takes 10 to 15 minutes and requires a computer or smartphone. You will need your Social Security number, a government-issued ID, your current address, and a Wells Fargo account number if you plan to link the accounts for transfers.

Go to the bank's website and click the button to open a new savings account. You will answer questions about your identity, income, and employment status. The bank will verify your identity using information from credit bureaus and public records. Some banks ask you to upload a photo of your ID; others verify you through a video call.

Once your identity is verified, the bank will ask you to fund the account. You can link your Wells Fargo checking account and transfer money via ACH, which takes one to three business days. Some banks allow you to deposit a check by mobile app or mail a check to their processing center. A few banks offer instant transfers if you connect your account through a service like Plaid, though this is less common.

Linking your Wells Fargo account for transfers

To move money between Wells Fargo and your new high-yield savings account, you will set up an external transfer. In Wells Fargo's online banking portal, go to Transfers and Payments, then select "Transfer to another bank." Enter the routing number and account number of your new savings account.

Wells Fargo will send two small deposits (usually under $1 each) to your new account within one to two business days. You will need to log into that account and confirm the amounts to verify you own it. After verification, you can transfer money freely between the accounts.

Each transfer takes one to three business days. If you need money urgently, plan ahead. Some online banks offer faster transfers through services like Zelle or real-time payment networks, but these are not yet standard across all institutions.

What to watch for when comparing accounts

The APY is the most important number, but it is not the only one. Check whether the bank charges monthly maintenance fees, minimum balance requirements, or fees for transfers. Most online banks charge no fees and have no minimum balance, but always confirm before opening.

Verify that the bank is FDIC-insured. This means your deposits up to $250,000 are protected if the bank fails. You can search the FDIC's Bank Find tool online to confirm a bank's insurance status. Credit unions are insured by the National Credit Union Administration (NCUA) up to the same $250,000 limit.

Read the terms about how often the rate can change. Some banks may provide a rate for a set period; others can change it at any time. Since rates are currently high by historical standards, understand that they may fall if the Federal Reserve cuts rates.

Moving money from Wells Fargo to your new account

Start by transferring a small amount—$100 or $500—to test the process. Confirm it arrives in your new account and that the transfer time matches what the bank promised. Once you are confident the link works, you can move larger amounts.

If you want to move a large sum quickly, ask your new bank whether it accepts wire transfers from Wells Fargo. Wire transfers move money the same business day but cost $15 to $30. ACH transfers are free but take longer. For most people, ACH is the right choice unless you need the money immediately.

Keep your Wells Fargo account open if you use it for direct deposit or bill payments. You do not need to close it to open a high-yield account elsewhere. Many people maintain both—a checking account at Wells Fargo for everyday spending and a high-yield savings account at an online bank for money they want to grow.

Why Wells Fargo's rates are so low

Wells Fargo is a large, traditional bank with thousands of branches and employees. Those costs are built into how much interest they can afford to pay depositors. Online banks have no branches, fewer employees, and lower technology costs, so they can pass higher interest rates to customers.

Wells Fargo also makes money by lending deposits out at higher rates. If they pay you 0.01% on savings and lend that money at 6% or 7%, the difference is their profit. Online banks operate on thinner margins and compete primarily on interest rates, so they pass more of the lending income back to savers.

This is not a criticism of Wells Fargo—it is how traditional banking works. But it means if your goal is to earn interest on savings, you will earn significantly more elsewhere.

Frequently Asked Questions

Can I keep my Wells Fargo checking account and open a high-yield savings account somewhere else?

Yes. You do not need to close your Wells Fargo account or move your direct deposit. Many people keep their checking account at a traditional bank for convenience and open a high-yield savings account at an online bank for better returns. Link the accounts for transfers and move money as needed.

How long does it take to open a high-yield savings account?

Identity verification usually takes 10 to 15 minutes online. Some banks verify instantly; others take up to one business day. Once verified, your account is open immediately, though you may need to wait one to three business days for transfers from Wells Fargo to arrive.

What if I need to withdraw money quickly from my high-yield account?

You can transfer money back to Wells Fargo via ACH, which takes one to three business days. If you need it faster, request a wire transfer (usually same-day for a $15 to $30 fee) or withdraw cash at an ATM if the bank has a network. Check the bank's ATM access before opening.

Is my money safe in an online bank?

Yes, if the bank is FDIC-insured. Search the FDIC's Bank Find tool to confirm. Your deposits are protected up to $250,000, the same as Wells Fargo. Online banks are regulated by the same federal agencies as traditional banks.

What happens if interest rates drop after I open the account?

The rate on your existing account will drop along with market rates, but you keep whatever balance you have. You are not locked into a rate. If rates fall significantly, you can move your money to a different bank offering better rates, though this takes a few days.