Best High Yield Savings Accounts
By: Conor Keenan Last updated October 02, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal | Associated Press | Reuters | Yahoo Finance
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
Over the years, we’ve helped millions of Americans compare their options and open the right account. These are the same high-yield savings accounts we recommend to our own family and friends. Trusted, FDIC-insured, and easy to open online today.
Annual Percentage Yield (APY)
3.50% APY
APY as of October 02, 2025
On American Express® National Bank's
Secure Site, Member FDIC
Best For: High Yield Savings + Award-Winning Service
Earn a competitive 3.50% Annual Percentage Yield (APY) as of October 02, 2025 with the American Express® High Yield Savings Account — a top-tier rate from a brand known for trust, stability, and exceptional service.
Interest compounds daily and is deposited monthly, helping your savings grow effortlessly.
Enjoy no monthly fees, no minimum balance requirements, and 24/7 U.S.-based customer support.
Your deposits are FDIC insured up to $250,000 per depositor, offering you complete peace of mind.
Manage your savings easily through the American Express® App, where you can check balances, deposit funds, track transactions, and stay in control — anytime, anywhere.
If you're looking for a secure, reliable place to grow your savings — backed by award-winning service — the American Express® High Yield Savings Account is a clear standout.
See American Express National Bank's Secure Site For More Details.
Best For: Welcome Bonus With Qualifying Deposits
Discover Bank offers 3.40% APY with no monthly fees and $0 initial deposit.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.
For a limited time, Discover Bank is also offering a bonus for qualifying deposits on your first Discover Online Savings Account.
You can earn a $150 bonus when you deposit at least $15,000 or a $200 bonus when you deposit at least $25,000 within 45 days of account open date. Terms apply.ⓘ
Bonus Promo Code: CA925
You must open your account by 3/12/2026 to be eligible for the bonus.
This account is insured by the FDIC for up to $250,000 per depositor and Discover also boasts 100% U.S.-based Customer Service Available 24/7.
If you're looking for a competitive APY with "No. Fees. Period." and a nice welcome bonus, then this account is for you.
See Discover Bank's Secure Site For More Details.
Disclosure for promo code CA925:
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CA925 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/12/2026, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
Best For: High APY Interest Rates
Western Alliance Bank offers 4.10% APYⓘ on their High-Yield Savings Premier account.
In addition to this high APY, Western Alliance offers $0 account activity or maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
The minimum deposit required to open an individual or joint account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.
U.S.-based customer service support is available from 6 a.m. to 6 p.m. PDT Monday - Friday.
Western Alliance Bank was founded in 1994, has over $80 billion in assets and is consistently ranked among the top banks.
They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022, 2023 and 2024.
See Western Alliance Bank's Secure Site For More Details.
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.Best For: High APY Interest Rates
Western Alliance Bank offers 4.10% APYⓘ on their High-Yield Savings Premier account.
In addition to this high APY, Western Alliance offers $0 account activity or maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
The minimum deposit required to open an individual or joint account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.
U.S.-based customer service support is available from 6 a.m. to 6 p.m. PDT Monday - Friday.
Western Alliance Bank was founded in 1994, has over $80 billion in assets and is consistently ranked among the top banks.
They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022, 2023 and 2024.
See Western Alliance Bank's Secure Site For More Details.
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Best For: Boosted APY + Bonus
Grow your savings faster with a money market account backed by the strength of Bell Bank, one of the nation’s largest privately owned banks with over $13 billion in assets.
Healthcare Bank offers a boosted 4.36% APY for 60 days, exclusively through the Raisin Platform on their money market account. After that, your savings continue to grow at 4.15% APY.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Healthcare Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, $500 bonus for $50K deposited or $1,000 bonus for $100K deposited or more. Use promo code EASY at sign-up.
See Raisin's Secure Site for Healthcare Bank to Get More Details.
Up to $300 Bonus
Annual Percentage Yield (APY)
4.50% APY
with qualifying activities
On SoFi®'s Secure Site,
Member FDIC
Best For: Bonus + Large Deposits
SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
Bonus: up to $300 with direct deposit.ⓘ
In addition to the bonus, you'll enjoy up to 4.50% annual percentage yield (APY) on savings balances with qualifying activities and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.
The current savings APY without direct deposit is 1.00%. Although this is still higher than the national average, if you don't plan on setting up direct deposit, you should look at the other offers on this list unless you want more FDIC insurance.
Your deposits are FDIC-insured up to $250,000 per depositor and you can also access up to $3,000,000 of additional FDIC insurance through a network of participating banks. Ensuring your money stays safe and secure.
Limited Time Offer: New account holders earn +0.70% boost to 4.50% on their Savings APY for up to 6 months with eligible direct deposit. Terms apply.
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 4.50% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
8. 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
4.25% APY
Annual Percentage Yield (APY)
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Branch Access
Watch your money grow when you open a U.S. Bank Elite Money Market account.
U.S. Bank offers new Elite Money Market Account clients up to 4.25% APY with a $25,000 balance.
A minimum $100 initial deposit is required to open the account.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
In order to earn the 4.25% APY, you must have a balance of $25,000 or more. If you're planning on depositing less than $25,000, we recommend choosing a different account.
Avoid maintence fees with an average daily balance of $10,000 or more. Easy access to your funds when you need it and you can manage your cash and move money safely with the U.S. Bank Mobile App. APY may vary by zip code.
See U.S. Bank's Secure Site For More Details.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.01% APY on their savings account.
In fact, if you're not careful and perform enough qualifying activies, having a savings account with them can actually cost you money.
The average minimum balance to avoid a monthly service fee is $300. Monthly service fees can be up to $5 per month. They limit withdrawals to 6 per monthly statement period. If you go over this number, you'll be hit with an overage fee up to $15 per month.
Other miscellaneous fees may apply as well. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Chase Bank.
Annual Percentage Yield (APY)
3.75% APY
On CIT Bank®'s Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.75% APY on their Savings Connect account with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.
You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
3.80% APY
On Synchrony Bank's
Secure Site, Member FDIC
Best For: High APY From a Fortune 500 Bank
Synchrony Bank is offering a 3.80% APY (annual percentage yield) on its High Yield Savings Account, that’s many times the national average. With no minimum balance to open and no monthly service fees, you can start earning more on your savings today.
Interest compounds daily and posts monthly, so your money is always working harder for you. Unlike CDs, you’ll still have full access to your cash whenever you need it. Perfect for an emergency fund or short-term goals.
Synchrony also makes managing your account easy: their mobile app gives you 24/7 access to your balance and transactions. And with FDIC insurance up to $250,000 per depositor, you’ll have peace of mind while your savings grow.
Founded in 2003, Synchrony is a Fortune 500 company and one of the largest consumer banks in the U.S., serving millions of customers nationwide. Terms Applyⓘ
See Synchrony Bank's Secure Site For More Details.
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
3.85% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: Bonus + High APY Interest Rates
CIT Bank currently offers 3.85% APY on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.
For a limited time, CIT Bank is also offering a bonus for qualifying deposits.
You can earn a $225 bonus when you deposit $25,000 -$49,999.99 or a $300 bonus when you deposit $50,000+ within 30 days of account open date. Terms Applyⓘ
Bonus Promo Code: PS2025
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
Platinum Savings Promotion PS2025
Platinum Savings Promotion – PS2025
This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000
or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing
Customers who meet the Platinum Savings promotion criteria. The Promotion begins on
September 23, 2025, and can end at any time without notice.
Customers will receive a $225 or a $300 bonus provided that the program requirements are
met:
New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account
opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank
accounts provided that the following requirements are met:
Offer Requirements
1. New customers must open a Platinum Savings account with a valid Promo Code,
“PS2025.” The Platinum Savings account Bonus Promo Code will appear on the
online account opening enrollment web page. The Promo Code must be used at the
time of account opening. Accounts opened during the program period without the
Promo Code are ineligible to receive the bonus.
2. New customers must deposit at least $25,000 for a $225 bonus, or at least a
minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account
within the first 30 calendar days following account opening (the “Funding Period”).
The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the
account must come from a funding source outside of CIT Bank. Transfers from
existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank
are ineligible.
3. The enrolled Platinum Savings account must be open at the time of the bonus
payment to qualify.
CIT Bank Customers Prior to the Promotion: Offer valid for a Primary account owner of an
existing or newly opened Platinum Savings account with a CIT Bank User ID before the start
of the promotion, provided that the following requirements are met:
Offer Requirements
1. Current customers with a Platinum Savings account opened prior to the promotion
may enroll their current Platinum Savings account into the promotion using Promo
Code PS2025 or open a new Platinum Savings account via the enrollment web page
using Promo Code PS2025. After opening or enrolling the account deposit at least
$25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into
their enrolled Platinum Savings account within 30 calendar days (the “Funding
Period”) from the date they enrolled or opened the account. All funds deposited to
qualify for the bonus must be new funds from a source outside CIT Bank. Funds
already on deposit with CIT Bank are ineligible.
2. Customers without a Platinum Savings account open prior to the Promotion must
open a new Platinum Savings account with a valid Promo Code PS2025 which
appears on the enrollment web page for the Platinum Savings Account Bonus
Promotion and deposit at least $25,000 for a $225 bonus, or at least a minimum of
$50,000 for a $300 bonus into the account within the first 30 calendar days
following account opening (the “Funding Period”). All funds deposited to qualify for
bonus eligibility must be new funds from a source outside of CIT Bank. Funds
already on deposit with CIT Bank are ineligible.
3. Customers who are not the Primary account owner on a Platinum Savings account
may be eligible to earn a $225 or $300 bonus by opening a new Platinum Savings
account as a Primary account owner with a valid Promo Code PS2025 which
appears on the enrollment web page for the Platinum Savings Account Bonus
Promotion, and depositing at least $25,000 for a $225 bonus, or at least a minimum
of $50,000 for a $300 bonus to the account within the first 30 calendar days
following account opening (the “Funding Period”). The minimum $25,000 or $50,000
used to fund the account must come from a funding source outside of CIT Bank.
Funds already on deposit with CIT Bank are ineligible. Transfers from existing CIT
Bank accounts will not qualify.
4. CIT Bank will deposit the qualifying bonus into the customer’s enrolled account
within 60- days following the 30-day funding period.
5. The enrolled Platinum Savings account must be open at the time of the bonus
payment to qualify.
There is a limit of one Platinum Savings promotional offer per account and per Primary
customer. If multiple Platinum Savings accounts are opened, only one account per primary
account owner is eligible.
Custodial accounts and Trust Accounts are not eligible.
This offer is non-transferable.
IMPORTANT: All customers who qualify for the $225 or $300 bonus offer will receive the
bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding
period.
Example and key dates for the Platinum Savings promotion
Below is an illustration of the promotion requirements and key dates. Individual results
may vary based on the date of account opening.
A customer who opens a Platinum Savings account with the promotional code, “PS2025,”
on September 23, 2025, funds it with a minimum of $25,000 or $50,000 by October 8, 2025, and satisfies the additional requirements specified above can expect to receive the
qualifying bonus no later than December 7, 2025. Below are the key dates and deadlines in
this example:
9/23/2025: The Platinum Savings account is opened by a customer who uses promotion code PS2025.
9/23/2025 – 10/8/2025: The account is fully funded with a minimum of $25,000 or $50,000 via deposit(s) from an external account(s) This represents the 30-day Funding Period.
12/7/2025: The qualified account will be credited the $225 or $300 bonus payment by this
date which is 60 days after the end of the funding period. The value of the $225 or $300 bonus will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
Platinum Savings interest rates are variable and may change without notice, including after
the account is opened.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their savings accounts.
They currently offer a sad 0.01% Way2Save Savings Account.
They require a minimum opening deposit of $25 and also force people to jump through hoops to avoid their monthly fees. You can avoid the fee with a $300 minimum daily balance, qualified transfers from a linked Wells Checking account and vice versa or if the primary account holder is 24 years old or under.
However, other fees may still apply. See terms for full details.
Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Wells Fargo.
3.76% APY
On Raisin's Secure Site
for Customers Bank, FDIC Insured
Best For: High APY + No Monthly Fees
Customers Bank high yield savings account offers 3.76% APY exclusively through the Raisin Platform.
Using a single secure login, the Raisin Platform brings together 70+ federally insured banks & credit unions to help accomplish your savings goals.
In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
These features plus the high APY make this account a rare offer.
Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.
Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.
Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, $500 bonus for $50K deposited or $1,000 bonus for $100K deposited or more. Use promo code EASY at sign-up.
See Raisin's Secure Site for Customers Bank For More Details.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.50% APY as of October 02, 2025
Discover® Bank Online Savings Account: 3.40% APY - Earn up to $200 with Promo Code: CA925
Healthcare Bank High-Yield Money Market Account: boosted 4.36% APY for 60 days - Earn up to $1,000 with Promo Code: EASY
SoFi® Checking and Savings: 4.50% APY & Earn up to $300 with qualifying activities
U.S. Bank® Money Market Account: up to 4.25% APY
CIT Bank® Savings Connect Account: 3.75% APY as of October 02, 2025
CIT Bank® Platinum High Yield Savings Account: 3.85% APY - Earn up to $300 with Promo Code: PS2025
Customers Bank High Yield Savings Account: 3.76% APY - Earn up to $1,000 with Promo Code: EASY
Customers Also Viewed: Bonus Checking Accounts
Up to $300 Bonus
- Checking & Savings Account
- No Monthly Fees
- No Overdraft Fees
- Fee-Free Overdraft Coverage Available
- Bonus: up to $300 with Direct Depositⓘ
- Set Up Direct Deposit & Access Funds up to 2 Days Sooner with Early Pay
- Access 55,000+ Fee-Free ATMs within the Allpoint® Network
- Send Money with SoFi's Peer-to-Peer Payment System
- Earn 0.50% Annual Percentage Yield (APY) on Checking Balances
- Limited Time Offer: New account holders earn +0.70% boost to 4.50% on their Savings APY for up to 6 months with eligible direct deposit. Terms apply.
- See Site for Details
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 4.50% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
8. 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
On SoFi's Secure Site,
Member FDIC
What to Look for in a High-Yield Savings Account
It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.
Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.
2. Monthly Fees
Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.
3. Required Initial Deposit
Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.
Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.
4. Minimum Balance Required
Minimum balance required to maintain your account is another feature to keep a close eye on.
Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.
The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.
5. Accessing Your Money
Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.
Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.
We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.
Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.