I Review Bank Accounts for a Living. Here's the One I Recommend to Friends and Family
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I spend a good chunk of my days writing about all sorts of savings accounts. But there's only one I actually use myself: the SoFi Checking and Savings (Member FDIC) account.
With a high annual percentage yield (APY) and new-member bonus, it's one of the best high-yield savings accounts (HYSAs) out there. It's the one I opened when I dumped Wells Fargo a few months ago, and it's the one I'm always recommending to friends and family.
Here's why I'm stumping for SoFi® -- plus two other great HYSAs I'd recommend.
Why I love SoFi®
Right now with SoFi®, you can earn up to 4.50% APY on your savings when you set up direct deposit. That's literally hundreds of times higher than Wells Fargo's standard APY of 0.01%.
Let's look at an example. I keep $20,000 in my SoFi® account, which means I could earn up to $821 in interest over a year. That number is calculated using the current APY boost at time of writing for the first six months, then the eligible member APY without the boost for the last six months. For simplicity's sake, this calculation assumes APYs don't change over the course of a year.
Compare that to the $2 a year I was getting with Wells Fargo, and there's no contest.
It's not all about the high APY, though. SoFi® also comes with:
- Up to $50 in no-fee overdraft coverage when you set up direct deposit
- Early payday (up to two days) with direct deposit
- No account fees or minimum deposit requirements
- FDIC insurance up to $250,000, just like traditional banks
I'm telling all my friends and family to move to SoFi® -- and I'm telling them to do it now, because of its great limited-time offer.
Limited-time offer: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means you'll get up to 4.50% APY on your cash for up to six months.
That's even better than the bonus I got when I joined. If you've been thinking about opening an account, now's definitely the time.
Want to earn up to $300 and a six-month APY boost? Read our full review of SoFi Checking and Savings (Member FDIC) and open an account today.
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.
Two other great HYSAs
Still not sold on SoFi®? Here are two other HYSAs I also love.
1. CIT Platinum Savings
CIT Platinum Savings comes with a super strong APY -- if you keep at least $5,000 in the bank. Here's what you'll get:
- 3.85%
- No account fees, with a minimum $100 deposit to open an account
- FDIC insurance up to $250,000
If you can maintain a $5,000 balance, you'll get one of the highest APYs available. It's a great option if you keep a lot in savings.
Plus, CIT offers a checking account you can open separately for easy access to your cash.
Looking to earn 3.85%? Read our full review of the CIT Platinum Savings account today.
On SoFi's Secure Website.
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CIT Platinum Savings
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- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
2. Barclays Tiered Savings
Barclays is another great option. Here's what you'll get:
- 3.90% APY on all balances under $250,000
- No account fees or minimum deposits
- FDIC insurance up to $250,000
Barclays doesn't have perks like overdraft coverage and early payday. It also doesn't offer a checking account, which means you won't have immediate access to your cash. But if you want a competitive APY with no hoops to jump through, it's a strong choice.
Ready for simplified savings? Check out our full review of the Barclays Tiered Savings account now.
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Barclays Tiered Savings
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- No minimum deposit to open an account
- Balance requirement for maximum APY
- No ATM access
- No wire transfers (inbound or outbound)
- No branch access; online only
Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.
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.