I Review Bank Accounts for a Living. Here's Where I'd Put $10,000 Right Now
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I get genuinely excited talking about bank accounts. I know, I know… that sounds nerdy. But what if I told you that you could earn an extra $400 in interest this year just by opening a new account and moving your savings into it? Isn't that something you'd be excited about?
I've reviewed a ton of bank accounts over the years. If I had $10,000 sitting in cash today, these are the three places I'd feel great about putting it.
1. SoFi Checking and Savings (Member FDIC)
SoFi® has been crushing it lately. It's one of the fastest growing financial platforms in the U.S., and it's not hard to see why.
Here's why I like the SoFi Checking and Savings (Member FDIC) account:
- Earn up to 4.00% annual percentage yield (APY) on savings when you set up direct deposit (includes a 0.70% APY boost for six months on top of the current standard APY)
- No account fees or minimums
- Get your paycheck up to two days early
- $50 in overdraft coverage (as long as you have direct deposit)
- FDIC insurance up to $250,000
What really makes SoFi® "sticky" is how easy it is to use. The app is really intuitive, everything lives in one place, and you can manage a wide range of financial products under the same roof -- checking, savings, investing, credit, and more.
Once your money's there, it's easy to keep it there.
On SoFi's Secure Website.
Member FDIC.
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.
2. Axos ONE®
This account takes a little more effort -- but the reward is a huge APY if you can meet the requirements.
Axos ONE® is offering up to 4.31% APY on savings and 0.51% APY on checking, if you meet one of the following criteria.
- Either: $1,500+ in monthly direct deposits and a $1,500+ average daily balance
- Or: $5,000+ in monthly deposits and a $5,000+ daily average balance
That's definitely a higher bar to clear, but if you've got regular income or a solid savings buffer, it's very doable.
And once you're in, you can look forward to no monthly fees, early paycheck access, and of course FDIC-insured accounts up to $250,000.
If you're the type who likes maximizing every dollar, this one's a winner.
On SoFi's Secure Website.
Member FDIC.
Axos ONE®
On Axos Bank's Secure Website.
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- Earn a competitive APY on checking and savings
- Pay no monthly maintenance or account fees
- No cap on how much you can save
- Access to fee-free ATM network
- Extra conditions required to earn the advertised rate
- No physical branches for in-person help
The Axos ONE® bundle makes your money work overtime – all under one roof. Meet the direct deposit and balance requirements, and you’ll earn up to 4.31% APY on savings and up to 0.51% APY on checking, some of the highest rates we’ve seen lately. There are no physical branches, but you can still access cash easily through a network of over 95,000 fee-free ATMs. It’s a simple, high-reward setup that actually pays off.
The Annual Percentage Yield (APY) is accurate as of 12/2/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.
Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
- Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.
- The average daily balance of your Axos ONE® Checking account is at least $1,500.
Option 2
- Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.
- The average daily balance of your Axos ONE® Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
- The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
- The Axos ONE® Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.
The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
3. Western Alliance Bank High-Yield Savings Premier
This account is straightforward and very powerful. It offers a 3.80% APY across all balances currently.
Here's a quick overview of features:
- $500 minimum to open
- No account fees
- Online-only banking (ACH transfers only to/from one externally linked account)
- FDIC insured up to $250,000
You won't get ATM access or a fancy mobile app. But for a solid savings account with zero fees and a great rate, Western Alliance Bank is still a great option. I'd feel totally confident stashing $10K here and letting it grow without touching it.
On SoFi's Secure Website.
Member FDIC.
Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Can open an individual or joint account
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don't have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don't mind a bare-bones banking experience.
The annual percentage yield (APY) is accurate as of January 8, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of December 15, 2025. See the FDIC website for more information.
Final thoughts
If you've got extra cash sitting around doing nothing in a 0.39% savings account (that's the current national average, by the way), it might be time to upgrade.
These three accounts are offering around 10x the earning potential, with no junk fees or headaches.
Compare today's top high-yield savings accounts and see which current APY fits your money best.
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.