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High Yield Savings Accounts, Explained

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High Yield Savings Accounts, Explained

08/21/24 12:44 pm

Are you still using the same savings account since you opened your very first bank account? It’s time to upgrade your banking style and make your money work for you. 


Traditional banks are not the most productive way to store your savings anymore. Typically, the interest you can earn for keeping your savings in a traditional bank is anywhere from .01% to .04%. With a High Yield Savings Account your savings can be 10x and truly add up, month over month.

 

These accounts are a low-risk way to increase and diversify your financial portfolio. In comparison to riskier investments such as bitcoin, stocks, or other investments, there is essentially no downside. You do, however, need to ensure that you are choosing the correct bank for your individual needs and finances.


There are many different factors to consider when choosing a high yield savings bank account. Some important considerations are how high the APY rate is, what are the minimums needed to deposit initially and monthly, is the bank reputable and FDIC insured, are there fees associated with the account, etc.

 

Let's take a look at  award-winning online banking SoFi Checking and Saving.

 

SoFi is a FDIC Member online banking service that has a highly competitive Annual Percentage Rate of 4.60% for savings accounts. 

As a bonus, receive an up to $300 reward just for setting up your account!

More details:

  1. APY Rate - 4.60% with monthly deposits of $5,000+ or by enabling direct deposits from your employer with no minimum. 

  2. No fees - no account fees, no monthly fees, no overdraft fees, and no minimum balance fees. 

  3. FDIC Member 

  4. No limits on withdrawals or transfers

  5. Ease of Use

    1. Set up an account in 15 minutes.

    2. Download the simple and easy to use App.

    3. Have access to over 55,000+ of ATM points with no fees. 

  6. Checking account has a debit card with no foreign transaction fees and free ATM usage. 

  7. Receive up to $300 as a bonus when you connect direct deposit to your account and meet the requirements. Once direct deposit is set up, wait for the paycheck to hit the account (typically around 2-4 weeks). Enjoy your bonus of $50 to $300 depending on direct deposit amounts. 

  8. Collect your paycheck 2 days early - with direct deposit your paycheck will be available 2 days early

 

The enticing 4.60% APY, $300 signup bonus and easy-to-use App are great reasons to switch to SoFi. Do your due diligence, read the fine print, and you can enjoy years of compounded savings in this bank.

 

Stay tuned for our reviews on other banking systems with High Yield Savings Accounts!

 




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