Earn up to 4.50% APY -- Our Best Online Savings Account Pick
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The Fed has cut rates at the last couple meetings, and savings APYs everywhere are starting to slide. Banks that were bragging about "high yield" six months ago have quietly lowered their rates.
But one bank hasn't flinched.
SoFi Checking and Savings (Member FDIC) continues to offer one of the highest annual percentage yields (APYs) available -- up to 4.50% for 6 months when you set up direct deposit.
And even after the promo period ends, the standard rate is 3.80%, which still beats most savings accounts today.
Why SoFi® stands out in a sea of savings accounts
SoFi Checking and Savings (Member FDIC) is a two-in-one setup that blends daily banking convenience with top-tier APY potential.
It's a hybrid checking and savings account in one place. And right now, it's offering one of the strongest value combos we've seen all year.
Here's what you get when you set up direct deposit:
- APY of up to 4.50% on savings (standard 3.80% APY on savings, plus a 0.70% APY boost for six months with direct deposit. Terms apply.)
- Welcome bonus up to $300 (direct deposit required)
- No account fees or minimum balance requirements
- FDIC insured (up to $3M with opt-in to SoFi® Insured Deposit Program)
You can also transfer money instantly between checking, savings, and even your SoFi® Invest account.
SoFi®'s clean, app-first design makes it feel more like a financial dashboard than a bank account. You can manage your bills, grow your emergency fund, and track savings goals -- all from one place.
So if you're tired of stitching together a Frankenstein mix of apps, banks, and brokerages, SoFi®'s unified setup is refreshingly simple.
On SoFi's Secure Website.
Member FDIC.
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.
How much you can earn at 4.50% APY
At 4.50% APY, your savings can grow faster than you think -- even over a short stretch like six months.
Here's a look at how much interest you could earn by keeping your money parked in SoFi®:
| Balance | Interest Earned |
|---|---|
| $5,000 | $113 |
| $10,000 | $225 |
| $25,000 | $563 |
If you add in the current welcome offer up to $300 (with direct deposit), your total return gets even better.
And to put these numbers into perspective, the average savings account in America right now pays 0.40% APY. So with SoFi® you're earning more than 10 times the average interest rate.
Compare all of today's best high-yield savings accounts and rates.
What to watch for as rates change
As the Fed continues to trim rates, many banks are following suit by quietly lowering APYs.
That's why it's smart to utilize a high-yield account while you can still earn a killer APY. Especially one like SoFi®, which has remained a category leader as other banks pull back.
SoFi® has consistently held a top-tier APY while keeping its digital banking experience smooth, modern, and user-friendly.
Another safe option for APY-concerned folks is certificates of deposit (CDs). They can be a good fit for short-term savings goals where you don't need access to your cash.
But for most people, the flexibility of a high-yield savings account like SoFi® makes it easier to save consistently while staying nimble.
The bottom line
SoFi Checking and Savings (Member FDIC) checks all the right boxes -- high APY, no account fees, welcome bonus offer, and a clean digital experience that actually makes saving easier.
If you're looking for a one-stop banking setup while APYs are still high, this account is hard to beat.
You don't need to overhaul your financial life to earn more. Sometimes, it's as simple as moving your money to a smarter spot.
See our full leaderboard of top-rated banking tools and accounts.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.