3 High-Yield Savings Accounts That Let You Split Savings Into Buckets
KEY POINTS
- Ally, SoFi®, and Wealthfront offer savings accounts with competitive annual percentage yields (APYs) and bucketing.
- Ally's "Savings Buckets" are easy to set up and customize; SoFi® requires direct deposits for the best rate.
- Wealthfront has the highest 4.25% rate and a hybrid checking/savings "Cash" account.
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.
Our Picks for the Best High-Yield Savings Accounts of 2024
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of December 28, 2024. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
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 3.80% 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 3.80% 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® (member FDIC), 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® 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 4.00%², 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 4.25% 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.
Our Research Expert
Cole Tretheway is a full-time personal finance writer whose articles have been featured on Motley Fool Money and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
SoFi disclosure:
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.