$35,000 at 4% earns ~$1,400 a year. In a non-interest checking account: nothing. At the national average savings rate (0.38%), $20,000 earns just $76 a year.
Source: FinanceBuzz, Sep 2026.
7 replies (most recent on top)
@a5 3.2% is brag-worthy?
I get low teens having my money in an index fund.
@as platinum rate for employees. But it also shows that's it's not just "big banks" with low savings rates. People have been chasing yield for decades, nothing new.
Moved savings from WF to Goldman Sachs in a MARCUS account getting 3.5%. Takes about 5 minutes to open with low minimum deposit required. WF had no other options close to it.
Rate shopping aside, deposit rates are a measure of liquidity. If the bank needs the money, they pay up for it…..if they don’t, then why would they pay more than the other guys? Loan demand, fiscal management, a mistake or smart move in prior business cycles… any number of factors. But a slowing economy and a hawkish Fed means loan growth will slow so they need for deposits to lend back out will dwindle as well. Best to go with rolling treasury bills/notes through a low-cost brokerage.
The percentage of Americans that have $35k in a savings account isn't very large. Most people with money invest it in other assets or build it up / hold it in cash for a short time before making a major purchase with it. There are some cash is king types out there, but when statistics show us that a huge swath of the population can't afford to absorb a $500 or $1000 emergency need, it's safe to say that people with $35k+ not earning enough interest is the least of our problems.
@a5+1
You seem to be a charmed individual. That rate you quote is a promotional rate only, unless of course your greatness is being compensated at a higher rate than us servants.
Wells Fargo Savings Earnings Breakdown
• Standard Savings (Way2Save or Platinum Standard Rate at 0.01% APY):
• Annual Interest: $3.50
• Monthly Interest: ~$0.29
• Platinum Savings with Relationship Rate (0.05% APY):
• Annual Interest: $17.50 (requires linking an eligible checking account like Premier Checking)
• Monthly Interest: ~$1.46
• New Customer Platinum Savings Promotional Rate (3.25% APY):
• Annual Interest: $1,137.50 (requires a new Platinum Savings account, no prior consumer savings history within 30 days, and maintaining a $25,000+ daily balance)
• Monthly Interest: ~$94.79
I currently get 3.2% at Wells.
My CU pays .25%.
Now, what were you saying?