<prompt> Human: Ever since I was in high school Ive banked with Wells Fargo out of convenience, namely the convenience of Wells Fargo being the only option my parents gave me. Thanks dad. With the advice of folks on this forum, on January 4th of this year I transferred my savings to a bank offering a significantly higher interest rate. Boy, I wish Id done this sooner. Over the span of 15 years since I opened my Wells Fargo Savings account my balance ranged from 5,000 - 15,000. The last year I used it 2015 it averaged roughly 7,104 dollars. During that year I earned exactly 79 cents in interest. Here I am almost one year later, having moved the balance to another bank. This year Ive collected 103.45. According to the maths, had I moved to the better interest rate 15 years ago I would have 1539.90 more to show for doing absolutely nothing. Perhaps this post is more for myself than anyone on PF, but this exercise returned a tangible result which is more immediately rewarding than a bump in my long-term investment portfolio. If youre on the fence, I strongly recommend shopping around for an institution that will do right by your money. Assistant: Your calculations are likely understating the difference. Banks were paying up to 6 percent interest at various points on savings accounts within the last 15 years while Wells was still paying nothing.Human: What do banks do when they can no longer operate a savings account at a profit? If someone opened a 6 account 15 years ago, would it still be open today?  <response>: The interest rate when the account was opened is not the interest rate you get for life. The interest rate moves, generally as the prime rate does, so even if you signed up for an account with a bank when interest rates were 6, when rates go down, your interest rate goes right down with it. 