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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.
GOBankingRates asked two experts which savings account is their favorite.
Heres what they said.
High-yield savings accounts are the way to go, she said.
I prefer the ones from SoFi, but there are others.
Using this key in of savings account helps ensure that any stagnant money earns money through this vessel.
Its also about 10 times higher than the national savings account rate.
Plus, if youre looking for a checking account, youll get one when you open a savings account.
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While not a feature of the savings account per se, SoFis checking account also comes withAPY.
This means that even the money set aside for regular use can grow over time.
As of Sept. 13,Ally Banks savings accounthas aAPY.
While slightly lower than SoFis, 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 Gomezs favorite aspects of Allys savings account.
There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate.
Interest rates are variable and subject to change at any time.
These rates are current as of 1/24/25.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
See the SoFi Plus Terms and Conditions athttps://www.sofi.com/terms-of-use/#plus.
Cash bonus will be based on the total amount of Eligible Direct Deposit.
Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026.
SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
Interest rates are variable and subject to change at any time.
These rates are current as of 1/24/25.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program.
Deposits may be insured up to $3M through participation in the program.
See full terms atSoFi.com/banking/fdic/sidpterms.
See list of participating banks atSoFi.com/banking/fdic/participatingbanks.
1SoFis account fee policy is subject to change at any time.
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