3 Reasons I Switched to a SoFi High-Yield Savings Account
KEY POINTS
- I'm earning 76 times more interest on my savings after making the switch.
- I was also able to open a retirement account that integrates seamlessly with my savings.
- The SoFi® app is great, and I have no need for physical bank branches.
For years, I didn't give my savings account much thought. I just opened an account with a local credit union, set up my direct deposit, and made sure the account had enough money to cover an emergency.
I later realized I could get a higher interest rate elsewhere, but how big of a difference would that really make? Was it worth the hassle?
The answer was clear when I finally stopped procrastinating and moved my savings to a SoFi® account: I should have switched years ago.
Here are three reasons why.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.70%
Rate info
3.70% annual percentage yield as of April 15, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 15, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Barclays Tiered Savings
Member FDIC.
APY
4.10%
Rate info
Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.
Min. to earn
$0
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
4.10%
Rate info
Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.
|
$0
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
1. My APY is 76 times higher
That's not a typo. I looked up my credit union's annual percentage yield (APY), and my savings were earning 0.05%. That's one-twentieth of one percent. That's abysmally low -- and most savings accounts don't pay a whole lot more, unfortunately. The average savings account APY is currently 0.41%, according to the FDIC.
These days, however, the best savings accounts pay about 3.75% APY or higher. My new combination SoFi Checking and Savings account (Member FDIC) earns up to 3.80%² APY.
I don't keep more money than necessary in my savings account, because my long-term savings are invested in stocks. So that difference in APY would not have been life-changing. However, if I had made the switch several years ago, I'd probably be a couple thousand dollars richer today.
Want to earn 10 times the average APY? Check out our list of the best high-yield savings accounts and open a new account today.
2. SoFi® is a one-stop shop for saving and investing
SoFi® acts not only as a bank, but a brokerage, too. You can open a SoFi Invest® account for free and start investing in stocks, index funds, and more.
After I opened my SoFi® bank account, I decided to open an individual retirement account (IRA) through SoFi®, too. In a matter of minutes, the account was open, and I was browsing stocks in the SoFi® app. Now I can view and manage my savings and investments in one place -- and moving money between my accounts is quick and easy.
To sweeten the deal, SoFi® pays a 1% match on all your IRA deposits.8 For these reasons and more, SoFi® made our list of the best online brokers.
3. I don't need a local bank branch -- and the app meets my needs
When was the last time you walked into a bank? If you're like me, it was sometime during the Obama administration.
Unlike my old credit union, SoFi® operates entirely online, meaning it has no physical bank branches. But this allows SoFi® to keep its costs low -- and that's why it offers competitive APYs, no maintenance fees,3 no account minimums, and other great perks. When I need cash, I have my SoFi® debit card, which arrived just a couple days after I opened my account.
On top of that, the SoFi® app does everything I need. I can deposit checks, send money to friends with Zelle, track my spending, and more. I can even close my SoFi® accounts right from the app, whereas my credit union required me to send them a PDF of a printed, signed request (the outrage!).
Don't settle for less than the best
Switching to a new bank account was not nearly as big a hassle as I'd feared it would be. It took me about an hour total to:
- Open my SoFi Checking and Savings account
- Transfer my savings over from the credit union
- Change my direct deposit at work
- Change my automatic bill payments
- Close the old account
If you've been putting up with a low APY or poor service because you don't want to switch banks, I'm here to tell you that it's both easy and very worthwhile. So rip off that Band-Aid® and find a better bank account today.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
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. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure:
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. 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 at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See theSoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁸ Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.