4 Underrated Perks You're Missing if Your Checking and Savings Aren't Linked
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For years, I thought I was being "smart" by spreading my money across multiple banks. I had checking at one, savings at another, and an old account I barely touched. Spoiler: It wasn't smart.
Here's what I've learned: When your checking and savings live under one roof, your money works harder and your life gets easier. With SoFi Checking and Savings (Member FDIC), you unlock perks most people don't even know they're missing.
1. Never pay an overdraft fee again
Nothing spikes my stress like an overdraft email. Some banks ding you $35 just for buying a latte when your balance dips. That's why I used to leave extra cash in checking to sit there doing nothing.
SoFi® flips the script. If you ever spend more than what's in your checking, it'll automatically pull from savings to cover it. No overdraft fees. No awkward declines at the register. That means I can keep almost everything in my high-yield savings account (where it's actually growing) and just leave a small buffer in checking for daily swipes.
It feels like training wheels for your money, but smarter.
On SoFi's Secure Website.
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SoFi Checking and Savings
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. Even your spending money earns interest
Most checking accounts are dead zones. The national average APY is around 0.07%. Translation: almost nothing.
SoFi® pays 0.50% annual percentage yield (APY) on checking. It's not life-changing on its own, but when even the cash I use for bills and groceries is earning more than most savings accounts at big banks? Yeah, I'll take it.
Lazy money is finally off the couch.
3. Top-tier savings rate -- plus an up to $300 kickstart
Here's where the real growth happens: SoFi®'s high-yield savings account. Not only is its standard APY impressive, but right now new members can take advantage of an even better offer.
Limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means your savings balance can earn up to 4.50% APY. That crushes what most traditional banks are offering.
And because checking and savings are bundled, I don't have to stress about transfers or moving money around. My savings grows at a top rate but can still instantly back up my checking whenever I need it.
And that cash bonus of up to $300 is basically a free weekend getaway just for opening an account.
4. Open one account, unlock double the value
This part surprised me: You don't apply for separate accounts. With SoFi®, you open once and instantly get both checking and savings. One application. One login. One debit card.
I can't overstate how nice it is to just…not juggle multiple banks.
The bottom line
With SoFi®, you get fee-free overdraft protection, interest on every dollar, some of the best savings rates around, and a bonus of up to $300 just for setting up direct deposit within the bonus period.
Big banks won't give you that combo. If you're ready to see exactly how it stacks up (and why it could be the smartest switch you make this year), check out our full SoFi Checking and Savings (Member FDIC) review to learn more and apply today.
Our Research Expert
Brooklyn Sprunger is a full-time Content Manager and Personal Finance Writer at Motley Fool Money, where she oversees product reviews and ratings while also writing about credit cards, bank accounts, investing, auto insurance, and other personal finance topics. She has worked in financial content since 2018, including more than four years at The Motley Fool. When she’s not writing or editing, Brooklyn is likely hiking and watching the Tennessee Vols.