Here's Why Tori Dunlap Recommends SoFi's High-Yield Savings Account

Tori Dunlap's recent partnership with SoFi makes a lot of cents.

The Financial Feminist, Tori Dunlap, announced a partnership with SoFi on Twitter last month. The exclusive banking partnership promotes SoFi's high-yield savings account, where savers can make their money work harder for them. Since this account comes with a strong APY, no fees or minimums, and cash back on debit card transactions, Tori Dunlap recommends fellow financial feminists ditch their bank and save with SoFi.

High-yield interest rates

When it comes to high-yield savings accounts, the name informs the meaning. By offering interest rates north of a percent, high-yield savings accounts are finally earning consumers money. At least they're beating out the fraction of a percentage that a traditional bank would offer on your cash.

The best high-yield savings accounts currently offer rates between 1.5% and 2.5% as of September 2022. UFB Direct currently offers one of the highest rates on the market. Lending Club and First Foundation Bank Online also offer competitive interest on their high-yield savings accounts.

No fees or minimums

High-yield savings accounts sometimes charge a fee to unlock their coveted rates of interest. The average monthly charge for a savings account is around $5, but many high-yield savings accounts offer their accounts for free. SoFi is among the leaders in the industry when it comes to not charging its clients for its savings accounts.

Many high-yield savings accounts require a minimum deposit in order to qualify for their advertised rates of interest. These minimums can range from $1 to $1,000, depending on the bank. By offering their APY on the first dollar of deposits, SoFi's high-yield savings account is among the top in the industry.

Worth noting, only SoFi bank account holders that set up direct deposit are eligible for the maximum APY offer. Members without direct deposit set up will earn a more modest APY.

The SoFi high-yield savings account offers many of the same perks as those offered by other banks. A strong APY without minimums or fees is a great place to start when considering opening a savings account. However, the place the account shines is in its complementary checking account, where customers can get rewarded for shopping locally. With these features, it's no wonder Tori Dunlap endorses this high-yield savings account.