10 Finest High-Yield Cost Savings Accounts For February 2025

Smart Wealth MentorMar 1, 2025

You'll automatically be supplied with an inspecting account if you opt to sign up for Sofi's high-yield savings account, which makes this account best for someone who's searching for both savings account rather than a stand-alone location to park emergency situation cost savings. This deal is worth it for a lot of thanks to a solid yield (if you meet the requirements) and low costs.

Why We Like It

The SoFi Checking and Savings Account provides a well-rounded banking product: You'll make a strong yield, have access to countless ATMs nationwide through the Allpoint network and prevent lots of fees6.

What We Don't Like

For those who are simply searching for a high-yield savings account, SoFi's two-for-one deal might not be worth the effort. Furthermore, you can discover higher rates from a few of our other winners.

Who It's Best For

If you want a checking account (that makes interest) to support a high-yield cost savings account all at the very same bank, this mix is right for you.

1SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Membership Charge every thirty days or with $5,000 or more in Qualifying Deposits during the 30-Day Assessment Duration can make 3.80% yearly percentage yield (APY) on savings balances (consisting of Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit quantity needed to receive the mentioned interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Examination Duration will make 1.00% APY on savings balances (consisting of Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Rate of interest are variable and subject to alter at any time. These rates are present since 1/24/25. There is no minimum balance requirement. Additional info can be discovered at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms at https://www.sofi.com/terms-of-use/#plus. 2SoFi Bank is

a member FDIC and does not offer more than $250,000 of FDIC insurance per legal classification of account ownership, as described in the FDIC's guidelines. Any extra FDIC insurance is offered by the SoFi Insured Deposit Program. Deposits might be insured approximately $2M through involvement in the program. See complete terms at SoFi.com/ banking/fdic/terms See list of getting involved banks at SoFi.com/ banking/fdic/receivingbanks

3SoFi does not charge any account, service or maintenance costs for SoFi Monitoring and Cost Savings. SoFi does charge a transaction charge to process each outbound wire transfer. SoFi does not charge a fee for inbound wire transfers, however the sending bank might charge a charge. SoFi's fee policy is subject to change at any time. See the SoFi Monitoring & Savings Cost Sheet for information at sofi.com/legal/banking-fees/.

4Early access to direct deposit funds is based on the timing in which we receive notification of impending payment from the Federal Reserve, which is usually up to 2 days before the scheduled payment date, but may vary.

5Overdraft Protection is restricted to $50 on debit card purchases only and is an account advantage readily available to clients with direct deposits of $1,000 or more throughout the existing 30-day Examination Period as determined by SoFi Bank, N.A. The 30-Day Assessment Duration describes the “Start Date” and “End Date” stated on the APY Details page of your account, which makes up a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi site and picking either (i) Banking > Savings > Existing APY or (ii) Banking > Checking > Existing APY. Members with a prior history of non-repayment of unfavorable balances are ineligible for Overdraft Coverage.

6We've partnered with Allpoint to offer you with ATM gain access to at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a charge when utilizing an in-network ATM, nevertheless, third-party charges incurred when utilizing out-of-network ATMs are exempt to compensation. SoFi's ATM policies are subject to alter at our discretion at any time.

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