High-yield savings, ranked by APY
As of September 24, 2026, the top high-yield savings accounts pay 3.75%–4.21% APY — Axos Bank at 4.21%, SoFi at 4.20%, EverBank at 3.90% — versus the FDIC national average of 0.38% and Wells Fargo's 0.01%.
† Conditions — Axos: $1,500/mo direct deposit · CIT: $5,000 min balance · SoFi: linked checking + direct deposit
National average · FDIC, published monthly. FDIC, as of August 2026
| Rank | Bank | APY |
|---|---|---|
| 1 | Axos Bank (4.21% requires Linked Axos ONE® Checking Account Required and At least $1,500 in total monthly qualifying direct deposits AND average daily balance of at least $1,500 in Axos ONE® Checking. direct deposit; 1.00% base) | 4.21% |
| 2 | SoFi (4.20% requires Recurring direct deposit (payroll, pension, gov't benefit) OR $5,000 in qualifying deposits every 31 days. Required to earn 3.30% base APY; also unlocks 0.90% promo boost. direct deposit and Linked SoFi Checking Account (auto-opened); 3.30% base) | 4.20% |
| 3 | EverBank | 3.90% |
| 4 | CIT Bank (3.75% requires $5,000 or more to earn 3.75% APY; balances below $5,000 earn 0.25% APY minimum balance for top apy; 0.25% base) | 3.75% |
| 5 | Axos Summit Savings | 3.75% |
| — | Wells Fargo (your current bank) | 0.01% |
What you'd earn at each, by balance.
What you'd earn at each, by balance.
Annual interest = principal × APY, simple interest. All accounts FDIC insured up to $250,000.
| Balance | Wells Fargo0.01%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $0.50/yr | $210.50/yr | $195/yr |
| $10,000 | $1/yr | $421/yr | $390/yr |
| $25,000 | $2.50/yr | $1,052.50/yr | $975/yr |
| $50,000 | $5/yr | $2,105/yr | $1,950/yr |
| $100,000 | $10/yr | $4,210/yr | $3,900/yr |
Personalize the gap.
Compared at Wells Fargo's 0.01% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,100 over five years, just by switching where the dollars sit.
Why does Wells Fargo pay so little on savings?
Wells Fargo's savings business runs on relationship bundling rather than rate competitiveness. Its standard Way2Save account pays just 0.01% APY on a $10,000 balance as of September 24, 2026; the relationship-tier Platinum Savings reaches 0.05% APY, but only when the customer also holds a linked Wells Fargo Premier Checking account. Way2Save carries a $5 monthly service fee, waived with a $300 minimum daily balance; Platinum Savings' is $12, waived with $3,500. Compounding the lack of pressure: the Federal Reserve asset cap imposed after the 2016 fake accounts scandal is still in place as of September 24, 2026, constraining Wells Fargo's balance sheet growth and giving the bank even less reason than its peers to bid aggressively for new deposits. The savings account is treated as a retention product, not an earnings product.
What about Wells Fargo's higher-tier savings accounts?
Wells Fargo's higher-tier product is Platinum Savings, the relationship-rate version that requires a linked Wells Fargo Premier Checking account. Even at that tier the rate reaches only 0.05% APY as of September 24, 2026, and it stays under 0.10% APY across every retail balance band. The product is structured so the relationship requirement — not balance size — gates the rate, and even clearing it leaves the saver nearly a hundred times below a real high-yield account.
Where Wells Fargo customers are moving their savings.
Every account below is FDIC insured to $250,000, with the same daily access you have today. On a $10,000 balance, the top rate earns about $420 more a year than Wells Fargo.
| Requirements to earn the maximum APY | Apply | ||
|---|---|---|---|
Axos ONE® SavingsAxos Bank · Member FDIC | Up to 4.21 percent APY. 1.00 percent base, plus 3.21 percent with conditions. |
| Go to Axos Bank (opens axosbank.com in a new tab) |
See detailsHide details for Axos ONE® Savings
| |||
SoFi High-Yield Savings AccountSoFi · Member FDIC$0 minimum to open | Up to 4.20 percent APY. 3.30 percent base, plus 0.90 percent with conditions. |
| Go to SoFi (opens sofi.com in a new tab) |
See detailsHide details for SoFi High-Yield Savings AccountEarn 4.20% APY now, dropping to 3.30% APY when the intro period ends on December 31, 2026.
| |||
EverBank Performance SavingsEverBank · Member FDIC | 3.90 percent APY. Variable rate, no conditions. |
| Go to EverBank (opens everbank.com in a new tab) |
Ties break toward the account with the higher guaranteed rate. Deposit insurance is provided by each bank listed, not by Arca Savings, which is not a bank and does not accept deposits.
Questions, answered.
What is Wells Fargo's current savings account APY?
Wells Fargo's standard Way2Save savings pays just 0.01% APY as of September 24, 2026; its relationship-tier Platinum Savings reaches 0.05% APY, but only when paired with a linked Wells Fargo Premier Checking account. On a $10,000 balance the standard rate earns $1 per year, versus roughly $421 at a 4.21% APY high-yield savings account like Axos Bank. Source: Arca Savings, updated September 24, 2026.
Does Wells Fargo Platinum Savings pay a higher rate at larger balances?
No — Wells Fargo Platinum Savings tops out at 0.05% APY as of September 24, 2026, and only with a linked Premier Checking account; the rate barely moves across balance tiers. At a $10,000 balance it pays 0.05% APY — still nearly a hundred times lower than the 4.21% APY at Axos Bank or 4.20% APY at SoFi. Source: Arca Savings, updated September 24, 2026.
Will switching affect my Wells Fargo checking or mortgage?
No. Moving savings to Axos Bank, SoFi, or Marcus by Goldman Sachs has no impact on your Wells Fargo checking account, mortgage, credit cards, or any other Wells Fargo products. Source: Arca Savings, updated September 24, 2026.
How do I transfer a large balance from Wells Fargo?
Standard ACH transfers from Wells Fargo to Axos Bank, SoFi, or Marcus by Goldman Sachs typically clear in 1–3 business days. For balances above $25,000, check the destination account for per-transaction or rolling 5-day transfer limits before initiating the move. Source: Arca Savings, updated September 24, 2026.
Is it worth switching savings accounts if I have a Wells Fargo mortgage?
Yes — the two are unrelated. Your Wells Fargo mortgage rate and terms are locked regardless of where your savings are held. Moving savings to a 4.21% APY account at Axos Bank earns roughly $420 more per year on $10,000 versus Wells Fargo's standard 0.01% Way2Save rate as of September 24, 2026. Source: Arca Savings, updated September 24, 2026.
How much interest does Wells Fargo pay per month on $10,000?
Wells Fargo pays about $0.08 per month on a $10,000 savings balance — $1 a year at 0.01% APY as of September 24, 2026. EverBank Performance Savings pays about $32.50 a month, or $390 a year, on the same balance. The monthly difference is roughly $32.42. Source: Arca Savings, updated September 24, 2026.
Is Wells Fargo's savings account good for an emergency fund?
No — Wells Fargo Way2Save Savings is safe but costly for an emergency fund. It pays 0.01% APY as of September 24, 2026, so a $10,000 emergency fund earns $1 a year, against $390 at EverBank Performance Savings. Wells Fargo Way2Save Savings also charges $5 a month unless you keep a $300 minimum daily balance. Both are FDIC insured to $250,000. Source: Arca Savings, updated September 24, 2026.
How do I calculate interest on a Wells Fargo savings account?
Multiply your balance by the APY. Wells Fargo Way2Save Savings pays 0.01% APY as of September 24, 2026, so $10,000 earns $1 a year and $25,000 earns $2.50. APY already includes compounding, so no separate compounding step is needed. Arca's free calculator does this for any balance and compares it against current high-yield rates. Source: Arca Savings, updated September 24, 2026.