I Track Bank Rates for a Living -- Here's How I'd Put $5,000 to Work Right Now
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I spend my days analyzing bank accounts, comparing APYs, and watching rate changes in real time -- it's my job. So trust me when I say this: we're in a rare window for savers.
After September's Fed cut, top yields are already starting to drift down. And with another meeting on the calendar this month, I'm not waiting for the next one.
If I had $5,000 ready to move, here's exactly how I'd put it to work -- without taking on risk or missing what's left of this high-rate window.
1. Start with a top-tier high-yield savings account (HYSA)
I treat my HYSA like a holding pen -- money that's still accessible, but never sitting still.
I personally use the LendingClub LevelUp Savings account. It currently offers 4.20% APY with $250+ in monthly deposits, has no monthly fees, and offers an easy app experience that makes managing money simple.
What I like most is that it pays the same strong rate on every dollar, not just big balances. It's FDIC-insured, fully liquid, and ideal for emergency funds or short-term savings goals.
If you need quick access to your cash, this is the right move. You can transfer funds anytime with no penalties.
On LendingClub's Secure Website.
Member FDIC.
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LendingClub LevelUp Savings
On LendingClub's Secure Website.
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
Once your emergency cash is covered, you can look at the next layer -- earning even more on the money you won't need right away.
2. Lock a slice into a short-term CD before rates fall again
After September's Fed cut, we already saw a few banks trim CD APYs. Another cut later this month could knock them down even more.
If you can leave the money untouched for a bit, I'd move some of it into a 6- to 12-month CD. That locks in one of the last high-rate snapshots we'll likely see this year. As a LendingClub loyalist, I'm eyeing the 8 Mo. LendingClub CD paying 4.25% APY.
LendingClub CD
On LendingClub's Secure Website.
But here's the key: only put money here that you don't need immediate access to. Withdraw early and you'll pay a penalty, so I treat CDs like set-it-and-forget-it savings for a specific timeline (like next year's trip, or a house project fund).
3. Use a short-term promo or bonus to boost your yield
Once your foundation's set, the next step is stacking guaranteed returns.
Some banks are paying $200-$300 for opening a new deposit account with qualifying direct deposits right now. That's money that isn't dependent on the market at all -- just bonus money for qualifying.
For example, SoFi® and Chase each have promotions for direct deposits right now with pretty easy qualifications if you can park cash for 90-120 days.
On LendingClub's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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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.
If you go this route, set a reminder for the payout date so you can pull your funds as soon as the bonus hits and roll them into your next top-yield account.
How I'd divide $5,000 today
Here's what my own mix would look like right now:
| Use | Amount | Goal | What You'll Earn |
|---|---|---|---|
| LendingClub LevelUp Savings | $2,000 | Accessible cash | 4.20% APY with $250+ in monthly deposits (fully liquid) |
| Short-term CD (8 Mo.) | $2,000 | Fixed, no-risk yield | 4.25% APY (locked rate) |
| Bank bonus window | $1,000 | Short-term promo | $200-$300 cash bonus |
Together, this mix balances liquidity, fixed yield, and quick wins, letting your money earn steady interest and grab a one-time bonus.
Don't wait for "one more" Fed meeting
I've watched rates peak, plateau, and start to slip. Once the next Fed cut hits, many of these top-tier APYs will follow.
If you've got $5,000 ready to work, use this moment. Lock the rate. Claim the bonus. Make the banks compete for your money while they still have to.
Ready to put your money to work? See the best high-yield savings accounts I'm watching right now.
Our Research Expert
Brooklyn Sprunger is a full-time Content Manager and Personal Finance Writer at Motley Fool Money, where she oversees product reviews and ratings while also writing about credit cards, bank accounts, investing, auto insurance, and other personal finance topics. She has worked in financial content since 2018, including more than four years at The Motley Fool. When she’s not writing or editing, Brooklyn is likely hiking and watching the Tennessee Vols.