I research and write about banks for a living. And there's one painful truth I see over and over again with traditional savings accounts: the interest rates are shockingly low. I'm talking 400x lower than what modern online banks offer.

Take Wells Fargo, for example. Right now, the standard savings account pays just 0.01% APY. That's really depressing -- especially for an account that is supposed to encourage people to save more.

Meanwhile, some online banks are offering around 4.00% APY on high-yield savings accounts.

The difference might not seem like much at first glance, but over 10 years, it could cost you $5,000 or more in lost interest.

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:

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.

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.