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- Saving for separate goals helps you track your progress and manage your money.
- You can save for different objectives with a high-yield savings account.
- Some of these accounts may also offer high interest rates and low minimum opening deposits.
Saving for different expenses can make it easier to manage your money than keeping all your savings in the same place. There are several savings accounts that let you save for separate goals and name each of them, like “Emergency Fund” or “Home Repairs.”
Featured Checking and Savings Account
SoFi Checking and Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Deposit Amount
$0
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn’t reimburse out-of-network ATM providers’ fees
- May deposit cash at Green Dot locations but there’s a $4.95 fee
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don’t have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
Take a look at these savings accounts and consider which one is the best fit.
See Insider’s picks for the best high-yield savings accounts>>
Savings accounts with buckets that make it easy to save for goals
1. Ally Savings Account
Ally Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn’t charge standard bank fees. You may earn 4.35% APY, and the account doesn’t have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Ally Savings Account
Product Details
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
2. Betterment Cash Reserve Account
Betterment Cash Reserve Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75% APY (new customers will earn 5.50% APY for three months)
Minimum Deposit Amount
$10
- Competitive APY
- $10 minimum deposit
- No minimum balance requirements
- No monthly service fees
- No transaction limits
- FDIC insured for up to $4 million
- Create savings goals
- The “two-way sweep” moves extra money from checking to cash reserve to help you save
- No physical branch locations
- Mobile check deposit is limited to certain customers
- You can only deposit up to $1,500 in paper checks per day
- No way to deposit cash
Product Details
- By linking to a Betterment Checking Account (Member FDIC), you can set up the “two-way sweep,” which helps you save automatically, earn more interest, and set up overdraft protection
- You can use mobile check deposit if a) you’ve been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
- Interest compounds daily, pays monthly
- FDIC insured through partner banks
3. Capital One 360 Performance Savings
Capital One 360 Performance Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35% (as of 12/6/23)
Minimum Deposit Amount
$0
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
- Limited access to customer service by phone
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
4. Milli Savings Account
Milli Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.50%
Minimum Deposit Amount
$0
- High APY on Savings Account and Jar Accounts
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No ATM fees
- Does not reimburse out-of-network ATM Fees
- Does not accept cash deposits
- No weekend customer support
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Earn 5.50% APY on Savings Account and Jar Account
- Access to over 55,000 ATMs through AllPoint network
- Interest compounded daily and credited monthly
- FDIC insured
5. Navy Federal Credit Union Share Savings Account
Note: This is the only account on our list that doesn’t let you set up separate goals in one account. You’ll have to create multiple savings accounts and name each one. But because Navy Federal doesn’t charge monthly bank maintenace fees, there isn’t really a downside to doing it this way.
6. NBKC Everything Account
NBKC Everything Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
1.50%
Minimum Deposit Amount
$0
- Competitive APY
- No minimum opening deposit
- No monthly service fees
- No foreign transaction fees
- No overdraft fees
- Refunds up to $12/month for out-of-network ATM fees
- Online bill pay
- Set up separate savings goals
- Only branches are in Kansas City, MO
- Limited customer support hours
- No overdraft protection options
Product Details
- Online bank with branches in Kansas City, MO
- Hybrid checking and savings account
- Earn APY on entire balance
- Set up savings goals
- Interest is compounded daily, paid monthly
- FDIC insured
7. ONE Account
ONE account
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.00%
Minimum Deposit Amount
$0
Bonus
3% cash back on Walmart purchases
- No minimum opening deposit
- No monthly service fees
- Earn a solid APY on your savings pocket and automatic savings pocket
- Free overdraft protection for up to $200 if you meet certain requirements
- No fee for using an out-of-network ATM if you have direct deposits set up
- Receive paychecks sooner with early direct deposits
- Only earn interest on up to a certain balance
- $3.00 out-of-network ATM fee if you do not have direct deposits set up
- Doesn’t reimburse any fees charged by out-of-network ATM providers
Product Details
- If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you’ll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
- Free access to 55,000 Allpoint ATMs in the US
- The ONE Account acts as a hybrid checking/savings account
- Set up a Savings Pocket and earn up to 5.00% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
- Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 5.00% APY on your Auto-Save Pocket
- All other Savings balances will earn 1.00% APY
- Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
- Deposits are FDIC insured through Coastal Community Bank
8. Sallie Mae SmartyPig Account
Sallie Mae SmartyPig Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$0 ($0.01 balance to earn interest)
- High APY
- Save for separate goals
- No minimum opening deposit
- No monthly service fees
- No way to deposit cash
- Must transfer funds to external bank account to access money
Product Details
- Earn 4.25% APY on all account balances
- Interest compounded daily, paid monthly
- FDIC insured
9. SoFi Checking and Savings Account
SoFi Checking and Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Deposit Amount
$0
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn’t reimburse out-of-network ATM providers’ fees
- May deposit cash at Green Dot locations but there’s a $4.95 fee
Product Details
- FDIC insured for $2 million
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
- Earn 1.20% APY on SoFi Checking and Savings if you don’t have qualifying activities
- Earn up to $300 cash bonus available through June 30, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
10. Wealthfront Cash Account
Wealthfront Cash Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
Product Details
- FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
How many savings accounts should I have?
There is no limit to how many savings accounts you can have. The best number for you depends on how many purchases you want to save for.
Here are some savings goals you could work toward with these accounts:
- Emergency fund
- Holiday budget
- Travel
- Home repairs
- Down payment on a house
- Buying a car
- A semester’s tuition
- Pet expenses
- Wedding
What are some of the advantages of saving for separate goals?
So, why not just keep all your savings in one account and withdraw money when you need it? You can do this, but there are some perks to having separate pots for each savings goal:
- Easily track your progress. With one savings account, you may see that you have $15,000 in savings. But with separate goals, you can see that you have $10,000 in an emergency fund, $3,000 saved for a car, and $2,000 set aside for that big trip next month. If you need $5,000 to buy a car and $3,000 for the trip, you now have a better understanding of how much more you need to save.
- Save more. Once you have a better idea of how close you are to reaching each savings goal, you may feel motivated to save more so you can reach a certain dollar amount. Transfer some money from checking, or set recurring automatic transfers to go toward goals.
- Reduce temptation. Keeping all your savings in the same place makes it easy to misspend money. For example, maybe you were planning to use your savings both to buy a car and go on a big trip next month. You go on vacation, but when you return, you realize you don’t have enough money left over to buy the car. Setting separate goals can help you remember not to touch the money you want to put toward the car.
All of these savings accounts are useful tools for saving for different goals. Take a look at their other features — savings interest rates, minimum opening deposits, options for depositing money — to decide which one is right for you.
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