3 High-Yield Savings Accounts That Let You Split Savings Into Buckets

Stick money in envelopes earmarked for spending goals. That's the envelope budgeting method in a nutshell. It's appealing because it's simple: one envelope holds rent money, another holds vacation money, etc. There's just one problem: it's clunky.

The solution: online banks that let you split savings across multiple accounts. The account replaces the envelope. Better yet, high-yield savings accounts (HYSAs) pay you 4.00% interest or more for the privilege of holding your cash.

It's an easy way to organize your money in one place. Below are three high-yield savings accounts that let you split savings into buckets.

1. Ally Bank: Best platform for bucketing

My housemate loves her Ally Savings account because it offers her a good rate and lets her split her savings to her heart's content. She's got a bucket for vacations, vet appointments, mortgage payments -- you name it, she's got it.

Here's how it works: Ally offers savings account users a tool called "Savings Buckets." Users can organize their money and visualize what they're saving for. They can also track their balances. To make saving automatic, they can set up round-ups or recurring transfers.

Ally doesn't offer the absolute highest deposit rate, but at 4.25% at the time of writing, it's one of the best. It loses to peak savings account rates by less than a percentage point. To put a 4.25% rate into perspective, a $10,000 deposit would earn about $425 after one year.

2. SoFi: Mix of great rates, features, and bucketing

One of my favorite banks is SoFi, an all-in-one financial app. Forget just banking -- you can invest, take out loans, and earn credit card rewards. It's all in one place: the SoFi app. Like Ally, SoFi Bank lets you split your savings into buckets.

SoFi calls these savings buckets "vaults." You can assign each vault a goal, like "$1,000 for an emergency fund," and SoFi will track your progress.

SoFi offers an APY up to 4.60%, slightly better than Ally's. But there's a catch: You must set up direct deposits to your SoFi checking account to earn the top rate (or deposit $5,000 monthly). For some, that's a dealbreaker. But if you're happy to make SoFi your main bank, it's worth looking into.

3. Wealthfront: Best rates and hybrid account

My dad recently opened a Wealthfront Cash Account. His criteria were a really good interest rate, savings buckets, and Zelle integration. Wealthfront only hit two out of three targets -- it doesn't offer Zelle -- but its other features convinced my dad to sign up anyway.

Wealthfront does things differently than Ally and SoFi. It keeps all funds in a single "Cash" account, a mix of checking and savings accounts. You can transfer cash to specific categories that help you track how much you've saved toward each category. It's a bit clunkier than alternatives, but it works for some. And you can link the account to a debit card, which is a neat perk.

Wealthfront's 5.00% rate beats Ally and SoFi. Unlike SoFi, it requires no direct deposit minimum for you to earn the best rate. Like SoFi, the platform lets you open brokerage accounts to buy stocks and invest with a robo-advisor. However, users can opt to open a Cash account only.

Top HYSAs charge no monthly fees

Some savings accounts charge fees. Not these. The best high-yield savings accounts tend not to charge fees that eat into deposits. Each has perks and downsides, so they're worth reviewing before opening an account.

Rates change frequently: Savings account rates can change anytime; they typically follow Federal Reserve interest rate changes. The best rate today may not be the best rate tomorrow. Sometimes, a platform that offers a slightly lower rate but better features is the right pick.

Most banks don't let you split savings into buckets. It's a convenient way to stay organized and track progress toward goals. If that's what you're into, compare these accounts to one another to see what works best for you. You might be happy you switched banks.