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Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF; edited by Sarah Silbert
Updated
2023-12-22T18:13:59Z
- Bank accounts that make it easy to save for different goals
- How many savings accounts should I have?
- What are some of the advantages of saving for separate goals?
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
- Saving for separate goals helps you track your progress and manage your money.
- You can save for different objectives with a high-yield savings account.
- Some of these accounts may also offer high interest rates and low minimum opening deposits.
Saving for different expenses can make it easier to manage your money than keeping all your savings in the same place. There are several savings accounts that let you save for separate goals and name each of them, like "Emergency Fund" or "Home Repairs."
Featured Checking and Savings Account
SoFi Checking and Savings
SoFi Bank, Member FDIC
Perks There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.60%
Minimum Opening Deposit
$0
Bonus
Customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24)
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
Take a look at these savings accounts and consider which one is the best fit.
See Insider's picks for the best high-yield savings accounts>>
Savings accounts with buckets that make it easy to save for goals
1. Ally Savings Account
Ally Savings Account
Start saving
Ally Bank, FDIC Insured
Insider’s Rating
4.75/5
Perks
Earn 4.35% Annual Percentage Yield with a $0 minimum account opening requirement
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Opening Deposit
$0
Pros
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
Cons
- No physical branch locations
- No way to deposit cash
Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees. You may earn 4.35% APY, and the account doesn't have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Ally Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
2. Betterment Cash Reserve Account
Betterment Cash Reserve Account
Betterment, FDIC Insured Account
Insider’s Rating
4.25/5
Perks
New customers will earn 5.50% APY (Annual Percentage Yield) for three months, then 4.75% APY. $10 minimum deposit. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.50% APY for new customers' first three months, then 4.75% APY
Minimum Opening Deposit
$10
Pros
- Competitive APY
- $10 minimum deposit
- No minimum balance requirements
- No monthly service fees
- No transaction limits
- FDIC insured for up to $4 million
- Create savings goals
- The "two-way sweep" moves extra money from checking to cash reserve to help you save
Cons
- No physical branch locations
- Mobile check deposit is limited to certain customers
- You can only deposit up to $1,500 in paper checks per day
- No way to deposit cash
Insider’s Take
Betterment has strong checking and cash reserve accounts. However, Betterment won't be a good fit if you need to deposit cash, or need to deposit checks but don't qualify.
Betterment Cash Reserve Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- By linking to a Betterment Checking Account (Member FDIC), you can set up the "two-way sweep," which helps you save automatically, earn more interest, and set up overdraft protection
- You can use mobile check deposit if a) you've been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
- Interest compounds daily, pays monthly
- FDIC insured through partner banks
3. Capital One 360 Performance Savings
Capital One 360 Performance Savings
Capital One, Member FDIC
Insider’s Rating
4.5/5
Perks
Earn 4.35% Annual Percentage Yield (APY) on any balance. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Opening Deposit
$0
Bonus
N/A
Pros
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
Cons
- Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Performance Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
4. Milli Savings Account
Milli Savings Account
Start saving
Milli, FDIC Insured Account
Insider’s Rating
4.25/5
Perks
Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$0
Pros
- High APY on Savings Account and Jar Accounts
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No ATM fees
Cons
- Does not reimburse out-of-network ATM Fees
- Does not accept cash deposits
- No weekend customer support
Insider’s Take
Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.
Milli Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Earn 4.75% APY on Savings Account and Jar Account
- Access to over 55,000 ATMs through AllPoint network
- Interest compounded daily and credited monthly
- FDIC insured
5. Navy Federal Credit Union Share Savings Account
Note: This is the only account on our list that doesn't let you set up separate goals in one account. You'll have to create multiple savings accounts and name each one. But because Navy Federal doesn't charge monthly bank maintenace fees, there isn't really a downside to doing it this way.
6. NBKC Everything Account
NBKC Everything Account
Read Review
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
1.75%
Minimum Opening Deposit
$0
Pros
- Competitive APY
- No minimum opening deposit
- No monthly service fees
- No foreign transaction fees
- No overdraft fees
- Refunds up to $12/month for out-of-network ATM fees
- Online bill pay
- Set up separate savings goals
Cons
- Only branches are in Kansas City, MO
- Limited customer support hours
- No overdraft protection options
Insider’s Take
NBKC Bank is a strong online financial institution because it has low minimum opening deposits and low fees on most accounts. But it's not a good match if you like in-person banking, unless you live in Kansas City, MO. You can also earn higher rates at the best online banks right now.
NBKC Everything Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Online bank with branches in Kansas City, MO
- Hybrid checking and savings account
- Earn APY on entire balance
- Set up savings goals
- Interest is compounded daily, paid monthly
- FDIC insured
7. ONE Account
ONE account
Start banking
On ONE's website
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.00%
Minimum Opening Deposit
$0
Bonus
3% cash back on Walmart purchases
Pros
- No minimum opening deposit
- No monthly service fees
- Earn a solid APY on your savings pocket and automatic savings pocket
- Free overdraft protection for up to $200 if you meet certain requirements
- No fee for using an out-of-network ATM if you have direct deposits set up
- Receive paychecks sooner with early direct deposits
Cons
- Only earn interest on up to a certain balance
- $3.00 out-of-network ATM fee if you do not have direct deposits set up
- Doesn't reimburse any fees charged by out-of-network ATM providers
Insider’s Take
ONE could be a good fit if you are comfortable with keeping your money all in one account. The ONE account pays a competitive interest rate on savings balances up to $250,000 and it's on par with the savings rates of our best high-yield savings account guide.
ONE account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you'll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
- Free access to 55,000 Allpoint ATMs in the US
- The ONE Account acts as a hybrid checking/savings account
- Set up a Savings Pocket and earn up to 5.00% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
- Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 5.00% APY on your Auto-Save Pocket
- All other Savings balances will earn 1.00% APY
- Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
- Deposits are FDIC insured through Coastal Community Bank
8. Sallie Mae SmartyPig Account
Sallie Mae SmartyPig Account
On Sallie Mae's website
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Opening Deposit
$0 ($0.01 balance to earn interest)
Pros
- High APY
- Save for separate goals
- No minimum opening deposit
- No monthly service fees
Cons
- No way to deposit cash
- Must transfer funds to external bank account to access money
Sallie Mae SmartyPig Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn 4.25% APY on all account balances
- Interest compounded daily, paid monthly
- FDIC insured
9. SoFi Checking and Savings Account
SoFi Checking and Savings
SoFi Bank, Member FDIC
Insider’s Rating
4.25/5
Perks There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.60%
Minimum Opening Deposit
$0
Bonus
Customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24)
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
10. Wealthfront Cash Account
Wealthfront Cash Account
Wealthfront, FDIC Insured Account
Insider’s Rating
4.25/5
Perks
Earn $60 for depositing at least $25,000, $125 for depositing at least $50,000, $250 for depositing at least $100,000 or $625 for depositing at least $250,000 when you open a Cash Account as a first-time Wealthfront customer and make a qualifying deposit within 30 days. The tiered incentive is for individual cash accounts only; joint accounts and trust accounts do not qualify. Your bonus tier is determined by the net deposits made across all your Wealthfront accounts within the first 30 days after opening a Cash Account, minus any withdrawals.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.00%
Minimum Opening Deposit
$1
Bonus
Earn $60 for depositing at least $25,000, $125 for depositing at least $50,000, $250 for depositing at least $100,000 or $625 for depositing at least $250,000 when you open a Cash Account as a first-time Wealthfront customer and make a qualifying deposit within 30 days. The tiered incentive is for individual cash accounts only; joint accounts and trust accounts do not qualify. Your bonus tier is determined by the net deposits made across all your Wealthfront accounts within the first 30 days after opening a Cash Account, minus any withdrawals.
up to $625
Pros
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
Cons
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
Insider’s Take
The Wealthfront Cash Account is a solid high-yield checking account. But if you're looking to open a separate savings account, take a look at our best high-yield savings accounts guide.
Wealthfront Cash Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- FDIC insured up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
How many savings accounts should I have?
There is no limit to how many savings accounts you can have. The best number for you depends on how many purchases you want to save for.
Here are some savings goals you could work toward with these accounts:
- Emergency fund
- Holiday budget
- Travel
- Home repairs
- Down payment on a house
- Buying a car
- A semester's tuition
- Pet expenses
- Wedding
What are some of the advantages of saving for separate goals?
So, why not just keep all your savings in one account and withdraw money when you need it? You can do this, but there are some perks to having separate pots for each savings goal:
- Easily track your progress. With one savings account, you may see that you have $15,000 in savings. But with separate goals, you can see that you have $10,000 in an emergency fund, $3,000 saved for a car, and $2,000 set aside for that big trip next month. If you need $5,000 to buy a car and $3,000 for the trip, you now have a better understanding of how much more you need to save.
- Save more. Once you have a better idea of how close you are to reaching each savings goal, you may feel motivated to save more so you can reach a certain dollar amount. Transfer some money from checking, or set recurring automatic transfers to go toward goals.
- Reduce temptation. Keeping all your savings in the same place makes it easy to misspend money. For example, maybe you were planning to use your savings both to buy a car and go on a big trip next month. You go on vacation, but when you return, you realize you don't have enough money left over to buy the car. Setting separate goals can help you remember not to touch the money you want to put toward the car.
All of these savings accounts are useful tools for saving for different goals. Take a look at their other features — savings interest rates, minimum opening deposits, options for depositing money — to decide which one is right for you.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
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