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A che
The following guide will help you determine the ri
Average Checking Account Balance
The average quarterly checking account balance in the United States ranged betwee
However, when you look at average quarterly checking accou
Instead, it can be helpful to consider me
The Federal Reserve’s 2019 Survey of Consumer Finances (SCF), the mo
How to Manage Multiple Bank Accounts and Credit Cards Like an Expert
Finding the Right Checking Account Balance for You
Understanding how much the avera
In general, checki
You m
It’s also important to pay attention to any checking account minimums that your bank may impose. For example, your bank or credit union might require you to maint
What to Do With the Rest of Your Cash
Once you figure out the right amount of money to keep in you
It’s also important to c
Once you have your debts under control and a handle on your emergency fund, it’s wise to branch out and look at other
Recommended High-Yield Savings Accounts
Bank Account | APY | Features | Learn More |
---|---|---|---|
|
4.85%
*Annual Percentage Yield (APY) is variable and is accurate as of 11/15/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 min. deposit |
Open Account |
|
Up to 4.86%
Earn up to 4.86% APY on savings, and 0.51% APY on checking when you meet requirements. |
No minimum deposit |
Open Account |
Member FDIC |
0.50% - 4.00%
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. |
No minimum deposit |
Open Account |
|
4.55%
Earn 4.55% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of November 13, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
5 Low-Risk Ways to Earn More Money On Savings
How to Choose a Bank Account
When you’re looking for a bank or credit union to work with, it’s important to find a financial institution that’s a g
- Do you want a bank or cred
it union that charges f ew fees? - Is in-person banking
important to you? - Are you hoping to earn a
competitive APY on your deposit account balances? - Would you like to earn a bank account bonus w
hen you op en a new account?
Once you identify your banking priorities, it should be easier to start the comparison process. For example, you’ll know to av
Explore the Best Bank Bonuses Currently Available
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Figuring out a comfortable checking account balance for your budg
If you find that you transfer mo