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SoFi Checking and Savings
4.9/5 Best OverallOur top-rated pick for reliability, customer service, and proven results.
How It Works
Free Consultation
Talk to a certified counselor who will review your debts and financial goals.
Debt Analysis
Your accounts are reviewed to identify the best strategy for reducing what you owe.
Negotiation
Experienced negotiators work directly with your creditors to lower your balances.
Resolution
Debts are settled or restructured, and you move forward on solid financial ground.
If your savings account pays less than 4% APY right now, your bank is keeping the difference. The Fed rate is still elevated, and online banks are passing that yield to depositors at 4.20-4.75% while your Chase or BofA savings account pays 0.01%. On a $25,000 emergency fund, that gap is $1,000+ per year in free money you are leaving on the table. We evaluated 40+ savings accounts and picked the five that deliver the highest rates, charge zero fees, and make your money actually work while it sits there.
Our Top Picks for High-Yield Savings
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1. SoFi Checking and Savings
- APY
- 4.60%
- Min Deposit
- $0
- Monthly Fee
- $0
SoFi is our top pick because it combines one of the highest APYs available (4.60% with direct deposit) with an actually useful all-in-one platform. Set up direct deposit and you unlock the top rate plus early paycheck access (up to 2 days) and fee-free overdraft coverage up to $50. The Vaults feature lets you organize savings by goal -- emergency fund, vacation, down payment -- without opening separate accounts. Since getting its own bank charter in 2022, SoFi holds your deposits directly (FDIC-insured, Certificate #26881) rather than routing through a partner bank. The app integrates your savings with SoFi Invest and Relay (free credit score and spending tracker), so you can see your full financial picture in one place. No fees, no minimums, daily compounding. The 4.60% rate requires direct deposit; without it you still get a competitive rate, but the full APY is the real draw.
2. Discover® Bank
- APY
- 4.25%
- Min Deposit
- $0
- Monthly Fee
- $0
Discover is the zero-fee champion. No monthly maintenance fee, no excess-withdrawal penalties, no minimum balance, no minimum deposit to open, no transfer fees. Zero. The 4.25% APY is slightly below SoFi, but you do not need direct deposit to get it -- same rate for everyone. Discover has won J.D. Power awards for customer satisfaction, and their 100% U.S.-based customer service is available 24/7 by phone (no chatbots, no offshore call centers). The mobile app is clean and fast with instant transfers between Discover accounts and next-day external transfers. Since Capital One acquired Discover in 2025, the FDIC insurance is unchanged and operations continue as normal. If you want a savings account from an established brand with truly zero fees and solid customer service, Discover is the safest choice on this list.
3. Marcus by Goldman Sachs
- APY
- 4.40%
- Min Deposit
- $0
- Monthly Fee
- $0
Marcus is Goldman Sachs doing retail banking, and they do one thing well: not playing games with your APY. While some online banks run temporary promotional rates and then quietly drop them, Marcus has historically kept its rate within the top 10% of the market consistently. That rate stability matters more than chasing the absolute highest number this week. No fees, no minimums, daily compounding. The No-Penalty CD is a standout product -- lock in a rate but withdraw your full balance after just 14 days with zero penalty. That is basically a savings account with a rate floor. The downside: Marcus has no checking account or debit card, so it works purely as a savings vehicle alongside your primary bank. Over $100 billion in deposits from 3+ million customers says a lot about trust. Goldman Sachs is not going anywhere.
4. Ally Bank
- APY
- 4.20%
- Min Deposit
- $0
- Monthly Fee
- $0
Ally is the full-service online bank. Savings, checking, CDs, investing, mortgage, auto loans -- everything under one roof with no physical branches. The savings account APY (4.20%) is not the highest on this list, but the ecosystem is the best. Savings Buckets let you create up to 30 separate goals within a single account (emergency fund, vacation, car down payment) without opening multiple accounts. The Surprise Savings feature analyzes your spending and automatically moves safe-to-save amounts from checking to savings. Round-up transfers from Ally checking add spare change automatically. The app is rated 4.7+ stars and the UI is well-designed. $182 billion in assets makes Ally one of the largest online banks in the country. If you want your entire financial life in one app with a competitive (not highest) savings rate, Ally is the move.
5. Synchrony Bank
- APY
- 4.75%
- Min Deposit
- $0
- Monthly Fee
- $0
Synchrony consistently has the highest or second-highest APY on the market, often beating competitors by 20-30 basis points. Right now at 4.75%, it is the rate leader on this list. If maximizing yield is your only priority and you do not care about a checking account or a polished app ecosystem, Synchrony is where your money earns the most. They compound interest daily and credit monthly, which matters for larger balances. A unique feature: you can get an ATM card for your savings account, which is rare and useful for emergency access. Synchrony is best known as the company behind store credit cards (Amazon, Lowe's, etc.), but their deposit side is FDIC-insured (Certificate #27314) and well-capitalized. The app and banking features are basic compared to Ally or SoFi, but for pure savings yield, Synchrony wins.
How They Stack Up
| Provider | APY | Min Deposit | Monthly Fee | Rating |
|---|---|---|---|---|
|
SoFi Checking and Savings
Top Pick
|
4.60% | $0 | $0 |
4.9
|
|
Discover® Bank
|
4.25% | $0 | $0 |
4.8
|
|
Marcus by Goldman Sachs
|
4.40% | $0 | $0 |
4.8
|
|
Ally Bank
|
4.20% | $0 | $0 |
4.7
|
|
Synchrony Bank
|
4.75% | $0 | $0 |
4.6
|
What Is a High-Yield Savings Account?
Do not chase the absolute highest APY -- it changes weekly and the difference between 4.50% and 4.75% on $10,000 is $25/year. Instead, focus on rate consistency (does the bank maintain competitive rates over time or slash them quietly?), fees (should be zero), and whether the platform fits how you actually bank. If you want savings plus checking plus investing in one app, go with SoFi or Ally. If you just want a place to park cash at the highest rate, Synchrony or Marcus.
Your money is FDIC-insured up to $250,000 per depositor, per bank. An online savings account at SoFi is exactly as safe as a savings account at JPMorgan Chase. The federal government backs both identically. Do not let unfamiliarity with a bank name stop you from earning 4.50% instead of 0.01%.
Frequently Asked Questions
Q: How much interest will I earn with a high-yield savings account?
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We opened accounts at 40+ online banks and credit unions, tracking APY changes over 6 months, testing transfer speeds, calling customer service at off-hours, and comparing mobile app quality. We weighted rate consistency over time higher than one-week promotional rates.
APY & Rate Competitiveness
30%We tracked APYs weekly over 6 months. Banks that maintained top-10% rates consistently scored higher than banks that offered a high promotional rate and then dropped it.
Fees & Minimums
25%Any monthly fee, any minimum balance requirement, any excess-withdrawal penalty erodes your earnings. Our top picks all charge zero across the board.
Account Features & Usability
25%We tested mobile apps, savings buckets, auto-save features, transfer speeds (ACH vs. wire), and the overall experience of actually using each bank day-to-day.
Safety & Customer Support
20%FDIC insurance verified, customer service tested at 10 PM on a Wednesday, and financial stability assessed via FDIC call reports and capital ratios.
How We Tested
Financial News & Regulation
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Jan 21, 2025Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.
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Blog | Consumer Financial Protection BureauHeadlines sourced from government agencies and legal publications. Updated every 12 hours.
Authoritative Resources on Banking
We consulted these regulatory sources while evaluating banking products.
FDIC — Bank Find & Deposit Insurance
Federal Deposit Insurance CorporationVerify FDIC insurance coverage and check any bank's financial health.
NCUA — Credit Union Locator
National Credit Union AdministrationFind federally insured credit unions and compare savings rates.
CFPB — Bank Accounts & Services
Consumer Financial Protection BureauCFPB guidance on choosing bank accounts, avoiding fees, and filing complaints.
Federal Reserve — Interest Rate Data
Federal ReserveDaily interest rate data that drives savings account and CD yields.
OCC — Consumer Protection
Office of the Comptroller of the CurrencyFederal bank regulatory oversight and consumer complaint resources.
USA.gov — Banking
USA.govOfficial government guide to bank accounts, FDIC insurance, and financial literacy.
Economic Snapshot
Source: Federal Reserve Economic Data (FRED). Indicators refresh daily.
About the Author
Sarah Chen
Senior Senior Financial Editor
Sarah Chen is a certified financial planner (CFP®) and senior editor at Zogby with over 12 years of experience covering banking and high-yield savings accounts. She holds a degree in Economics from Columbia University and has been published in The Wall Street Journal, Bloomberg, and Forbes. Sarah's work focuses on making complex financial products accessible to everyday consumers.
Did You Know?
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Cost of living varies dramatically: the same salary goes 30-50% further in states like Texas or Tennessee vs. California or New York.
The average 401(k) balance hit $118,600 in 2025, though the median is much lower at $35,286.
Important Banking & Savings Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Minimum deposit requirements, monthly maintenance fees, and other account terms may apply. Review the account's fee schedule and terms before opening.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.