I Keep $20K in My SoFi Savings Account. Here's How Much I'll Make in Interest This Year

For years, I kept my emergency fund in a traditional savings account at a big-name bank. It felt like the "safe" choice -- until I realized it was earning almost nothing in interest.

Now, the $20,000 in my SoFi® savings account will earn me more than $700 in interest this year, all because I took 30 minutes or so to move my money. Here's what I did -- and how you can do it, too.

Hundreds more just for moving your money

A few months ago I made the jump to a SoFi Checking and Savings (Member FDIC) account. Right now, it's offering an annual percentage yield (APY) on its savings account of up to 3.80% with direct deposit, along with no monthly fees or minimum balance requirements. That's a huge jump from what I was getting before -- and it's 10X the national average of 0.38%.

With the $20,000 in my high-yield savings account, I'm on track to earn around $760 in interest this year -- nearly $700 more than the $76 I'd get from a typical bank. And it's all passive income, requiring zero effort on my part.

Not everyone keeps that much in their checking or short-term savings. But even if you have half that amount -- $10,000 -- you'll earn $380 with SoFi®, compared to $38 with a traditional bank. It's more than worth the time it takes to switch.

Ready to earn 10X the average APY on your savings? Open a SoFi Checking and Savings (Member FDIC) account today.

Why I chose SoFi®

Besides its competitive APY, SoFi®'s account is user-friendly and mobile-first. Its sleek interface makes it easy to set up savings goals and automatic deposits. You'll also enjoy perks like:

• Early paycheck access: Get paid up to two days early with direct deposit
• No-fee overdraft coverage: Get up to $50 in overdrafts covered with no fees (if you receive $1,000 or more in total direct deposits monthly)
• Instant transfers: Move money between accounts or send to friends with no delays

Also, probably the best part: Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY!

Join me in making the switch

I love my high-yield savings account because there's no risk involved. I just wanted my emergency fund to do more than sit idle -- and earning up to 3.80% on money I already have in savings is an easy, no-risk win.

The switch only took me a few minutes. So don't wait to open a high-yield savings account.

Check out the SoFi Checking and Savings (Member FDIC) account and start earning more interest today.