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4 Banks With Round Up Savings

Review Updated
Ashley Maready
Author: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Finding money to put into your savings account isn't always easy -- we've all got bills to pay and other essential expenses, and sometimes savings contributions fall by the wayside.

Thankfully, some banks go the extra mile to make saving money effortless by offering round up savings. Let's take a closer look at this nifty bank account feature, how it works, and which banks offer this feature.

What is round up savings?

Simply put, round up savings is a way to transfer money from your checking account to your savings account without having to think about it. Some banks let you opt in for this service.

It will generally involve rounding your checking account or debit card purchases to the nearest dollar on every transaction and send that extra money to your linked savings account. You get to watch your savings account balance increase without any direct action from you, beyond your usual spending activities.

Let's say you use your debit card to buy a coffee for $3.25. With round up savings, your bank rounds up that transaction to an even $4, and you get $0.75 transferred to your savings account.

Over time, this can add up -- buy two coffees per week at this price, and you'll end up with an extra $78 in savings over a year. It's not a ton of money, but every little bit of savings can improve your personal finances and prepare you for an unplanned expense or a big future purchase.

Getting to take advantage of this special feature is one compelling reason to have your checking and savings accounts at the same bank. So if you're looking for a new bank, investigate perks across both checking and savings to see how the two accounts might work together on your behalf.

Banks with round up savings

Ready for a bank that'll help making saving money automatic? Here are a few great options to consider.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jan 02, 2025

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.00%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit 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 4.00% APY for savings (including Vaults). Members without Direct Deposit 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

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.

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 the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises 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 website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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Having a checking and savings account with the same institution can be incredibly convenient. When you open one of these accounts with SoFi®, you automatically get the other. SoFi® offers Roundups on all your debit card purchases.

And as a perk, SoFi® has an attractive new account bonus that could put up to $300 in your pocket for setting up direct deposit.¹

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jan 02, 2025

Chime Savings Account

Open Account for Chime Savings Account

On Chime's Secure Website.

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Chime Savings Account

On Chime's Secure Website.

APY
2.00%
Min. To Earn APY
$0
  • Above-average APY
  • No maintenance fees
  • No balance requirements
  • Need Chime checking account to open
  • Mediocre customer service

Chime Savings is a simple savings account with a better-than-average APY. It's perfect for your basic banking needs.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of April 3, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

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Chime is a fintech company -- it partners with banks to offer savings and checking accounts. When you make purchases with your Chime debit card, the amounts are rounded up to the nearest dollar and the extra is sent to your savings account.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jan 02, 2025

Bank of America Advantage Savings

Read Review
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.01% Rate info Circle with letter I in it. Preferred Rewards members are eligible for higher APY. Gold tier earns 0.02%, Platinum earns 0.03%, and Platinum Honors earns 0.04%.
Min. To Earn APY
N/A
  • FDIC insured 
  • Large network of local branches
  • Relationship benefits for Preferred Rewards members
  • Mobile check deposits
  • Low APY
  • Only one savings account option
  • Monthly fee unless you meet monthly requirements
  • Requires a $100 minimum opening deposit

Bank of America Advantage Savings does not earn a competitive APY, even for Preferred Rewards members, and it carries a monthly fee except for minor and college students under 25 years of age. Still, the savings account is a viable option for those wanting in-person local banking or an account with an established big bank.

Bank of America is a big bank and therefore doesn't have the best rates on savings accounts, but its mobile banking app is one of the best out there. I've been an account holder for years, and the app is one reason I stay.

Bank of America also offers the Keep the Change program, which rounds up your debit card purchases and sends those extra cents to savings.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jan 02, 2025

Ally Savings

Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
3.80%
Min. To Earn APY
$0
  • Competitive APYs
  • No monthly maintenance fees
  • Saving buckets to separate savings by goals
  • No minimum balance requirements
  • No local branches
  • No cash deposits

The Ally Savings account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.

Ally is an online-only bank, so that means higher rates on savings accounts (and an interest-earning checking account), and no banking fees.

I opened accounts with Ally a few years ago to take advantage of those high rates, and I love that this bank offers so many customer-friendly features, including round ups. With Ally, your spending is rounded up and transferred to your savings account in $5 increments.

Pros and cons of round up savings

Automatic savings just for making purchases sounds pretty great, right? Well, using a bank account with round up savings can have both perks and drawbacks.

Pros:

  • Round up savings benefits you every time you make a purchase. You're going to use your checking account and/or debit card to pay bills and make purchases, so it can be a nice boost to your savings to have that spare change sent over.
  • Round up savings are automatic. This can be a double-edged sword (see below), but ultimately, not having to think about saving money benefits you. If savings are automatic, you can't forget to save.
  • Round up savings can be motivating. Watching your savings account balance grow, even by small amounts every week, can motivate you to take the reins and manually save more money to reach your goals faster.

Cons:

  • Round up savings can throw off your budget. Personally, I tend to round up my bills and purchases anyway when I account for them, but if you prefer budgeting down to the cent, having your expenses rounded up to the nearest dollar can complicate the process for you.
  • Round up savings likely aren't sufficient on their own. It's best to consider this bank feature as an extra bit of savings on top of the cash you're deliberately saving. For example, you might set up an automatic transfer of $100 per month to your savings account, and also opt in for round up savings. This way, you get the benefit of actively choosing to save a larger amount of money and also getting those extra cents moved to your savings automatically.
  • Round up savings generally requires you to use a debit card. Debit cards don't offer the same consumer protections as credit cards, so some people prefer to use those to cover everyday expenses instead.

Tips for saving

Want to save more money? Here's how.

Opt for a high-yield savings account

No matter how much you can afford to save, having your cash in a high-yield savings account will help it grow faster. As of this writing, the average rate across all savings accounts is just 0.45%, per the FDIC. But you can currently find high-yield accounts paying 10 times that or more.

Set up automatic transfers

Have a peek at your budget and see how much money you can free up to save every month, then automate that amount to transfer from checking to savings. You won't forget to save, and the money moves without your intervention.

Make savings a must-pay bill

If you prefer to make savings contributions manually, I'm right there with you. I saved a large amount of money over the course of 18 months to buy a home, and I got there by treating the additions to my savings as a bill -- there was no skipping it once I got in that mindset.

More cash in your savings account will do you a world of good. If you want to funnel more money there without thinking about it, consider opening accounts with one of these banks with round up savings.