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Banks With Savings Buckets: A Practical Tool for Managing Your Financial Goals

Review Updated
Jake FitzGerald
Author: Jake FitzGerald
Jake FitzGerald
Jake FitzGerald
Editorial Strategist

Jake is a full-time Editorial Strategist for Motley Fool Money, focusing primarily on our content production and distribution channels. He specializes in all thing credit cards and wants to make sure each person has the best card for them. While spending the last decade editing financial content, he has the ability to spend an entire day tailgating, the inability to take himself too seriously, and lives with a putter he’s not currently speaking to.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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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. APY = Annual Percentage Yield.

Down payments, vacations, tuition -- there can be many big expenses on your financial journey, and saving for these goals can be difficult. Fortunately, many banks have started offering a "savings bucket" feature to help you reach your goals.

These "buckets" allow you to set aside money from your savings account toward a specific goal (so you don't accidentally spend it). Keep reading to learn more about savings buckets and the top banks currently offering them.

Top savings accounts with buckets

SoFi®

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 12, 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.
 = Best
= Excellent
= Good
= Fair
= Poor
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.
 = Best
= Excellent
= Good
= Fair
= Poor
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 3.80%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 $3M 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 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

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 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 depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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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SoFi® savings buckets are called "Vaults," and they allow you to track your savings progress for multiple goals in one savings account. Each SoFi® user can have up to 20 Vaults open at one time. Additionally, SoFi® members can round up their debit card purchases and deposit the change into their Vaults.

Unique perks:

  • Built-in budgeting tools that help you track your spending habits.
  • A 30-minute financial consultation to get you started on the right foot.
  • Community events to connect with others working to organize their financial lives.

SoFi® is a standout bank with a competitive APY on its combo SoFi Checking and Savings product² (Member FDIC)⁴ and no account fees.³ If you're interested in an online bank with savings tools, SoFi® is worth a look.

Capital One

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 12, 2025
Award Icon 2025 Award Winner

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One'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.
 = Best
= Excellent
= Good
= Fair
= Poor
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.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
3.60% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

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Capital One allows customers to open an unlimited number of savings accounts. While these savings accounts don't technically offer "buckets," clients can create as many accounts as they need to save for all their goals -- effectively functioning as buckets.

Unique perks:

  • The Capital One 360 Performance Savings account has no minimum balance, allowing you to open accounts for even the smallest goals.
  • Many competitors limit the number of "buckets" you can open; Capital One allows customers to open an unlimited number of savings accounts.

Additionally, if you have a Capital One credit card, you'll appreciate Capital One's savings interface. On the Capital One website, account holders can view an overview of their checking, savings, credit card spending, and rewards points at a glance on one page. It's a great place to save if you're looking for a convenient hub for both your saving and spending.

Ally

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 12, 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, a popular online bank, offers up to 30 buckets per savings account. A roundup feature on Ally debit cards also allows customers to save their spare change to these buckets.

Unique perks:

  • Surprise savings: Ally analyzes your spending patterns and automatically moves small amounts of extra money from your checking account into your savings.
  • Spending buckets: Think of these as savings buckets for your checking account. They help you allocate your paycheck into categories like groceries, bills, and entertainment to keep your budget on track.

With competitive APYs, no monthly maintenance fees, and no minimum balance fees, Ally is a great all-around online bank to check out if you're interested in leveling up your finances.

NBKC Bank

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 12, 2025

nbkc Everything Account

Member FDIC.
APY
1.75%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly fees
  • No min. balance required
  • Access to surcharge-free ATMs
  • Up to $12 monthly out-of-network ATM reimbursement
  • Comes with a debit card
  • Can earn higher APY with high-yield savings accounts
  • Limited branch locations in Kansas and Missouri only

Get a super competitive APY on this high-yield checking account and utilize the Savings Goals feature to set targets and put cash towards specific objectives. This account has no monthly fees and no minimum balance to earn the APY.

NBKC Bank's Everything Account is a high-yield checking account with savings features, like "Savings Goals." Customers can set up to 10 savings goals, each with a maximum amount of $250,000.

NBKC will use your deadline and goal amount to calculate how much should go into each goal monthly. Then, with your approval, NBKC will automatically transfer your savings into these goals each month.

The nbkc Everything Account has no minimums and no monthly fees, making it a great anxiety-free place to park your cash.

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

What are savings buckets?

Savings buckets are a way for individuals to set aside money toward a specific goal without opening a new savings account. The bank keeps track of how much money from your account is allocated toward your goal, so you don't have to.

You might find a savings bucket helpful if:

  • You want a way to see your progress toward your goals at a glance.
  • You have a lot of goals, but you don't want to open very many savings accounts.
  • You have short-term savings goals -- for example, a vacation, a new computer, or expenses related to a friend's wedding. It might feel like too much of a hassle to set up a new savings account for each of these, especially if you plan to save for less than a year. A savings bucket is an easy, hassle-free way to save for these types of goals.

Saving can be challenging. If you're working toward a goal, finding a bank with savings buckets can help.

How to choose the right bank for savings buckets

There are a few factors to consider when choosing a bank to use for savings buckets. It's important to find a bank that meets your overall financial needs, so be sure to look for:

  • High APY: Picking a bank where your money earns interest quickly will help you reach your goals faster.
  • No maintenance fees: You don't need a bank taking a bite out of your hard-earned savings.
  • No ATM fees: Many banks with savings buckets are completely online, so worry-free ATM access is a must have.
  • Banks with budgeting tools: Some banks offer financial tools, like spending buckets or budgeting software, that can help you save even faster.

How to set up and use savings buckets

Setting up savings buckets with most banks is quick and easy. The process varies from bank to bank, but generally the process looks like this:

  • Log in to your bank online.
  • Click into the savings account where you'd like to create buckets.
  • Find the "Add a bucket" option. Some banks call "buckets" something else, like "goals," "jars," or something similar.
  • Name your bucket. Take this opportunity to remind yourself what it is you're saving for.
  • Enter a goal for how much you'd like to save in this bucket.
  • Optionally, specify how much you'd like to transfer to the bucket on a regular basis.
  • Add some money to your bucket.

FAQs

  • Usually. Most banks that offer savings buckets don't have a fee associated with utilizing them. But keep an eye out for other account fees, like maintenance and ATM fees.

  • No, savings buckets do not affect interest rates. You'll earn the same interest rate on your savings account whether you organize your savings into buckets or not.