Fargo

According to data compiled by S&P Global Market Intelligence, Wells Fargo (WFC -2.93%) stock was up by more than 8% week to date as of Thursday night. That was hardly a surprise, as the company delivered quarterly results that beat analyst estimates and pleased investors.

A satisfying third quarter

On Tuesday, Wells Fargo — one of the so-called big four U.S. banks — took the wraps off its third quarter. For the period, total revenue came in at over $21.4 billion, representing an improvement of 5% over the same quarter of 2024.

Image source: Getty Images.

The company’s generally accepted accounting principles (GAAP) net income saw a healthier rise, growing by 9% year over year to almost $5.6 billion. On a per-share basis, that profitability stood at $1.66.

As for traditional banking metrics, average loans crept up by 2% to just under $929 billion. Average deposits, however, declined marginally to almost $1.34 trillion.

The two headline numbers comfortably exceeded the consensus analyst estimates. Prognosticators tracking Wells Fargo stock were collectively anticipating slightly more than $21.1 for total revenue and $1.55 per share for profitability.

Multiple revenue streams

In its earnings release, Wells Fargo attributed its improvements mainly to a rise in fee-based income from both commercial and consumer operations. The bank also benefited from higher vehicle loan originations and an increase in total client assets for its wealth and investment management business.

Keeping your money in a Wells Fargo savings account could cost you $5,000 over the next decade.

The reason is simple: Wells Fargo pays just 0.01% APY, while top high-yield savings accounts are offering around 4.00%. That’s the difference between pennies in interest and thousands of dollars in growth.

If you’re still stashing cash with a traditional bank, it might be time to make the switch.

The hidden cost of low savings rates

Here’s a quick look at how much more you could earn by moving your money from a basic Wells Fargo savings account (0.01% APY) to a high-yield savings account paying 4.00% APY:

Data source: Author’s calculations.

Sadly, I’m a victim of missed interest myself. For years, I had over $20,000 sitting in a Chase checking account earning a pathetic 0.01% APY. At the time, I was stacking up cash for rental property down payments, thinking it was smart to keep it “safe” and liquid.

But one day I wisened up and compared rates at other banks. And whoa!… I realized keeping my cash with Chase all those years was a huge mistake. Honestly, I’ve likely missed out on over $5,000 in interest over the years — I feel sick just thinking about it.

Oh well, onwards and upwards… I’ve been making up for it ever since. My new bank has paid me over $2,000 in interest since switching, and I’m earning a 4.00% APY right now.

Online banks are just as safe

A big misconception about using online banks is that it’s risky or a hassle to access your cash. But that’s not really the case at all.

If anything, online banks are more easy and convenient to work with. And they’re super safe.

Most online high-yield savings accounts today are:

• FDIC-insured up to $250,000 — just like Wells Fargo, Chase, BofA, or other big bank accounts.
• Have no monthly fees or account minimums for most accounts.
• Fully digital — You can open an account and manage everything from your phone.
• Linked directly to your checking account for easy transfers.

I know it’s nerve wracking moving a chunk of your hard-earned savings to a new bank. But you’ll quickly realize that online banks are just as safe and secure as traditional, old-school banks.

Ready to stop earning pennies and start growing your savings? Explore the top high-yield savings accounts paying up to 4.00% APY or more.

How to switch in less than 10 minutes

I recently helped a friend open an HYSA, and it took us less than 10 minutes. Her money took one day to transfer from Wells Fargo to the new bank. And as soon as it landed in her new account she began earning daily interest.

Here’s a quick overview of the process:

1. Open a high-yield savings account online (it takes about five minutes).
2. Link it to your Wells Fargo checking account. Most apps allow you to “connect” your accounts at other banks for faster money transfers.
3. Transfer your savings and start earning real interest immediately.

That’s it. You’ll still have access to your money, but now it’ll actually be working for you.

You don’t even need to close your old Wells Fargo account. Keep it for everyday banking if you like (as long as you aren’t paying those pesky monthly fees).

These days, I make about $60 to $70 in interest every month depending on my balance.

This is real money, that I buy real stuff with.

You can earn bigger interest too. You just need to open an account and move some money over.

If you’re still stashing cash in a Wells Fargo savings account, this is your nudge to take action. Check out these top-rated high-yield savings accounts and start earning more today.

July 20 (UPI) — The Chinese government is preventing a Chinese American banker for Wells Fargo and, separately, an employee of the U.S. Patent and Trademark Office from leaving the country, reports said Sunday.

The identity of the detained U.S. government employee was not known to the Washington Post, which first reported the news. Mao Chenyue, the managing director of Wells Fargo Credit Solutions, was confirmed as the bank employee facing the exit ban by the company in statements to The New York Times and the Wall Street Journal.

People familiar with the Patent and Trademark Office employee’s case told the Washington Post that he traveled to China to visit family but allegedly failed to disclose on his visa application that he worked for the government.

Wells Fargo has since reportedly suspended travel by its executives to China, noting in its statement to The New York Times that the company is tracking the situation and working “through the appropriate channels” to ensure their employee is returned.

The company did not provide any details as to why Mao was prevented from leaving the country but noted that she has not been detained in China and is free to move about the country.

“We have raised our concern with Chinese authorities about the impact arbitrary exit bans on U.S. citizens have on our bilateral relations and urged them to immediately allow impacted U.S. citizens to return home,” said a U.S. Embassy in Beijing spokesperson.

A Chinese Foreign Ministry spokesman was asked about Mao’s exit ban on Friday but said he was not aware of it.

Her LinkedIn account, reviewed by UPI, shows that she was active on social media as recently as two weeks ago when she thanked people for congratulatory messages on her recent election as chairman of FCI.