I Asked 2 Financial Advisors About Their Favorite Savings Account — Here’s What They Said
Written by
Angela Mae
Edited by
Zuri Anderson
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Having a separate savings account keeps your money liquid and accessible while removing some of the temptation of using it. As long as that account is also FDIC-insured, your hard-earned cash is also safe from bank failure — at least up to a certain amount.
But not all savings accounts are created equal. Some of the best ones offer a high yield — also known as annual percentage yield or APY. They also often have other features like savings roundups or buckets that make it easier to set and track individual savings goals.
GOBankingRates asked two experts which savings account is their favorite. Here’s what they said.
You can also find out how much money you should have in your savings at every stage of your life.
SoFi®
Chelsea Williams, The Money Whisperer and a fractional CFO with Money Mastery, said SoFi is her favorite savings account.
“High-yield savings accounts are the way to go,” she said. “I prefer the ones from SoFi, but there are others. Using this type of savings account helps ensure that any ‘stagnant’ money earns money through this vessel. I like SoFi because it’s super easy to set up and has other cool in-app features such as credit monitoring, loan suggestions and plenty more.”
SoFi’s HYSA features up to Annual Percentage Yield (APY)*, which is higher than many other high-yield accounts. It’s also about 10 times higher than the national savings account rate.
There aren’t any monthly fees, which means your money can go even further.1 There’s also no minimum balance requirement, so the barrier of entry is low. Plus, if you’re looking for a checking account, you’ll get one when you open a savings account.
Another key feature of this savings account is money roundups, which let you automatically round up debit card purchases to the next dollar and transfer them to savings. Currently, you can get up to a $300 bonus for setting up direct deposit when you set up an account.*
Thanks!
While not a feature of the savings account per se, SoFi’s checking account also comes with APY. This means that even the money set aside for regular use can grow over time.
Ally
For Uziel Gomez, a certified financial planner (CFP), accredited financial counselor (AFC) and the founder of Primeros Financial, Ally is the way to go.
“I appreciate Ally’s high-yield savings account because it offers a better interest rate than traditional banks and comes with a handy buckets feature,” he said.
As of Sept. 13, Ally Bank’s savings account has a APY. While slightly lower than SoFi’s, this applies to all balance tiers. Ally also has no monthly maintenance fees, minimum opening deposit or minimum balance requirement. Plus, this account comes with additional features like roundups, automated savings and buckets.
The buckets feature is one of Gomez’s favorite aspects of Ally’s savings account.
“This feature lets you organize your savings into different categories or ‘buckets,’ which helps save for specific goals,” he said. “It taps into the concept of mental accounting, where people separate their money into different accounts for various purposes. Rather than juggling five separate savings accounts for different goals, this account lets you keep everything consolidated in one place while still dividing your funds into distinct goals.”
If you’re someone who struggles to save consistently or who wants to save for different goals simultaneously, this could be a helpful feature for you.
Choosing the Best Savings Account for You
There’s no one perfect savings account, but certain features can make certain financial institutions more attractive than others. If you’re looking to open a new savings account, keep an eye out for:
- APYs: Higher is generally better, but be aware that the rate you get when opening an account could vary.
- Fees: Some banks or credit unions charge fees, such as monthly maintenance fees or fees for dropping below the minimum balance. These can eat into your savings.
- Federal insurance: Look for an FDIC-insured bank. Ally and SoFi both have FDIC-insured savings accounts.
- Accessibility and location: While many savings accounts come with online access, there may be a time when you need in-person services, too. In that case, choose an option with physical branches or other customer service options.
More From GOBankingRates
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at http://sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.30% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
1SoFi’s account fee policy is subject to change at any time.
