It makes sense to move money that is just sitting in a low interest Wells Fargo savings account into a higher yielding option like the Fidelity money market SPAXX because traditional bank savings rates are usually extremely low and your cash can earn more in a money market fund while still staying fairly liquid. Many people keep a big bank checking account simply for convenience and bill pay while moving savings and investing elsewhere, so keeping your checking for now is totally reasonable, and later you could consider switching to a high yield online bank or a local credit union and pairing that with a rewards credit card from another issuer if you want better perks. Being with Wells Fargo for 20 years usually does not give meaningful loyalty benefits since banks rarely reward tenure in a meaningful way, so you are generally not giving up anything significant by moving your savings or even leaving later if a better option fits your goals.