Get Up To $300
SoFi Checking and Savings
Earn 11x the national average
New accounts with eligible direct deposit get a +0.20% APY boost to 4.00% for up to 6 months*
Get Up To $300
Learn More

5.0
5.0
MoneyAtlas
Rating
SoFi Checking and Savings
Earn 11x the national average
New accounts with eligible direct deposit get a +0.20% APY boost to 4.00% for up to 6 months*
Up to $300 direct deposit bonus. Terms apply.
No fees or minimum balance
Learn MoreOn SoFi's Site
Western Alliance
24/7 online banking access from anywhere
Earn 4.25% APY on your entire account balance
Learn More

4.9
4.9
MoneyAtlas
Rating
Western Alliance
24/7 online banking access from anywhere
Earn 4.25% APY on your entire account balance
New Customers can earn up to $500 with qualifying deposits
Only $1 minimum deposit
Learn MoreOn Raisin's Website
1. Why Open a Savings Account?
- The rate gap is real. The FDIC’s April 2025 national average for savings sits at ≈0.42 % APY, while top HYSAs advertise 4.55 %-4.66 %. On $10,000, that’s ~$40 vs. ~$460 a year in interest.
- Federal insurance up to $250,000 per depositor, per bank, per ownership type shields principal even if the institution fails.
- Household saving matters again. Americans are stashing only 3.9% of disposable income, so every basis point earned helps.
2. How Savings Accounts Earn—and Keep—Yield
3. Access & Liquidity
- Reg D cap lifted. The Fed permanently suspended the six-per-month withdrawal limit in 2020; banks may still impose their own caps, so read each disclosure.
- ACH transfers now clear faster. Same-day ACH is common, but large outbound pulls can trigger 1-3-day security holds.
- Check-writing? Choose a money-market account if occasional checks or a debit card are essential.
4. What to Compare Before You Apply
5. Strategies to Maximize Yield
- Automate deposits the day you get paid. “Pay yourself first” keeps goals funded before money hits checking.
- Rate-check twice a year. Moving $25,000 for an extra 0.60% earns $150 more with the same risk profile.
- Mind the insurance cap. Spread balances across separate FDIC charters or ownership categories to stay fully covered.