Here's Why Tori Dunlap Recommends SoFi's High-Yield Savings Account
KEY POINTS
- SoFi's high-yield savings account offers an an APY well above the national average
- No fees or minimums means your cash savings are free to grow from day one.
Tori Dunlap's recent partnership with SoFi makes a lot of cents.
The Financial Feminist, Tori Dunlap, announced a partnership with SoFi on Twitter last month. The exclusive banking partnership promotes SoFi's high-yield savings account, where savers can make their money work harder for them. Since this account comes with a strong APY, no fees or minimums, and cash back on debit card transactions, Tori Dunlap recommends fellow financial feminists ditch their bank and save with SoFi.
High-yield interest rates
When it comes to high-yield savings accounts, the name informs the meaning. By offering interest rates north of a percent, high-yield savings accounts are finally earning consumers money. At least they're beating out the fraction of a percentage that a traditional bank would offer on your cash.
The best high-yield savings accounts currently offer rates between 1.5% and 2.5% as of September 2022. UFB Direct currently offers one of the highest rates on the market. Lending Club and First Foundation Bank Online also offer competitive interest on their high-yield savings accounts.
No fees or minimums
High-yield savings accounts sometimes charge a fee to unlock their coveted rates of interest. The average monthly charge for a savings account is around $5, but many high-yield savings accounts offer their accounts for free. SoFi is among the leaders in the industry when it comes to not charging its clients for its savings accounts.
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 29, 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 29, 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. |
Many high-yield savings accounts require a minimum deposit in order to qualify for their advertised rates of interest. These minimums can range from $1 to $1,000, depending on the bank. By offering their APY on the first dollar of deposits, SoFi's high-yield savings account is among the top in the industry.
Worth noting, only SoFi bank account holders that set up direct deposit are eligible for the maximum APY offer. Members without direct deposit set up will earn a more modest APY.
The SoFi high-yield savings account offers many of the same perks as those offered by other banks. A strong APY without minimums or fees is a great place to start when considering opening a savings account. However, the place the account shines is in its complementary checking account, where customers can get rewarded for shopping locally. With these features, it's no wonder Tori Dunlap endorses this high-yield savings account.
Our Research Expert
Charlie Pastor, CFP®, is a freelance writer for Motley Fool Money. Founder of a Registered Investment Advisory firm. Charlie has reached thousands with educational seminars and videos shared on social media.
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.