I Keep Less Than $100 in My Checking Account. Here's Why
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Right now, my checking account has less than $100 in it -- and that's just how I like it.
Thankfully, I'm not on the verge of bankruptcy. I just keep almost all of my cash in the savings portion of my SoFi Checking and Savings (Member FDIC) account, where I rack up $760 a year in interest on my $20,000 in savings, and I don't have to lift a finger to get it.
Here's how I do it -- and how you can supercharge your savings with an HYSA.
One easy move to earn hundreds more a year
You don't need to have $20,000 in savings to make switching to an HYSA worth it. The national average APY is just 0.39%, per the Federal Reserve, and top HYSAs are offering more than nine times that.
Here's how much more you can make on smaller balances:
| Balance | Top HYSAs (3.80%) | National Average (0.40%) |
|---|---|---|
| $10,000 | $380 | $40 |
| $5,000 | $190 | $20 |
| $2,500 | $95 | $10 |
If you're ready to start the switch, I recommend my bank of choice, SoFi®. It comes with:
- An annual percentage yield (APY) of up to 4.00% on savings with direct deposit
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
To earn up to 4.00% APY on your savings, read our full review of SoFi Checking and Savings (Member FDIC) and open an account today.
SoFi Checking and Savings
On SoFi's Secure Website.
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Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- 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.
I keep almost everything in my HYSA
Practically all of my cash is in my SoFi® savings account. I've set up all my automatic transactions to come out of savings, too: Bills, credit card payments, and more.
That means I can stash basically all my money in my HYSA and earn that sweet, sweet APY. I only keep about $100 in my checking account for emergencies -- and if I ever need more, I can instantly transfer cash from my savings.
Here's how I think about it:
I don't use my HYSA for:
- Long-term investing: Like retirement savings and money in my brokerage account
- A small checking cushion: About $100 to cover small emergencies (with the option to instantly transfer more)
I do use my HYSA for -- everything else, including:
- Emergency fund: Three to six months' worth of expenses
- Short-term savings: Money for vacations, home improvements, and other big purchases
- Other in-between cash: Basically any money I'm not planning on investing
Open your HYSA in less than half an hour
Getting started with an HYSA is quick and easy. I did it a few months ago in less than thirty minutes, all from the comfort of my couch. Here's what to do:
- Compare accounts. Look for an HYSA with a high APY, no account fees, and FDIC insurance up to $250,000.
- Open your account of choice. Just provide some basic info to get started.
- Move your money. Move your cash to your new high-powered account.
- Update automatic transfers. Set up direct deposit and other automatic transfers with your new account.
- Close your old account. If it no longer serves a purpose, feel free to dump your old savings account.
Once you make the switch, your savings should automatically start racking up interest. It's that easy.
Want to earn hundreds more a year on your savings? Compare and contrast our favorite high-yield savings accounts today.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.