Sofi

Are you looking for a high yield savings account? Do you know what a high yield savings account is? Or what the difference is between a high yield and normal savings account? 

First of all, a high yield savings account has a significantly higher interest rate than normal savings account at most banks. For example, my Sofi high yield savings has a 4.0% APY versus my Chase standard savings 0.01% APY. The average APY on savings accounts is a 0.56% APY. Imagine you have an account with a 0.52% interest rate that has $1.000 in it. After a year this $1,000 will have only grown to $1,005.60, but if you had that same $1,000 in an account with 4.0% APY it will have grown to $1040 by the end of that same year. Neither one of these are huge amounts of money but if you had $10,000 or $20,000 in the account it will make a huge difference. And why not have your savings in a high yield account if you're going to have it in savings anyway? 

How are some banks capable of providing customers with these high yields? Well most of the banks with these types of accounts are solely online banks. This saves them payroll from employees, rent or lease money from buildings, utilities, etc. With the money they save from not having to maintain buildings, ATMs, and more employees they can pass those savings onto the customers as interest in these accounts. 

Sofi has very high yields on their savings accounts but their checking accounts also have a high interest rate, for a checking account anyway. The APY on checking accounts through them is 0.50% which is significantly higher than my Chase savings account, let alone the Chase checking where I earn no interest at all. So even the checking account is a better choice than with the majority of banks. Another awesome perk about their savings accounts is that they have "vaults" where you can set individual goals and completely separate savings for different purposes, such as a car, house down payment, future children, etc. You can directly allocate money to each one of these vaults to make your savings seamless and help you visually see each and every one of them. 

I love Sofi overall. It has so many features and the great interest is just one of them. They can also help with personal loans, mortgages, student loan refinancing, a credit card, and even a section of the app you can use for investing. In the investment section they have brokerages and IRAs that you can set up. There are endless possibilities of how Sofi can and will help you with your financial goals and future.

If banking with Sofi sounds interesting to you feel free to use my referral link, https://www.sofi.com/invite/money?gcp=45dab3d8-7dd4-4eb6-9055-e9a66491fabe&isAliasGcp=false . When you sign up you'll receive a $25 bonus and up to another $300 bonus if you set up direct deposit through Sofi as well.