SoFi and Ally: Which Savings Accounts Experts Recommend

A separate savings account offers flexibility and makes the money readily available while reducing the temptation to use these funds impulsively. As long as the account is protected by local deposit insurance, hard-earned money is safe up to a certain limit, even in the event of a bank failure. However, not all savings accounts are the same. Some offer a high yield, also known as Annual Percentage Yield (APY). Additionally, some accounts feature tools like savings buckets or round-ups on expenses, simplifying goal and progress management. GOBankingRates interviewed two experts about their preferred savings accounts, and here are their recommendations. Chelsea Williams, known as “The Money Whisperer” and Chief Financial Officer at Money Mastery, favors SoFi's savings account. “High-yield savings accounts are the way to success,” she explains. “I prefer SoFi’s account because it is easy to set up and offers numerous extra features within the app, such as credit score monitoring and credit suggestions.” SoFi’s High-Yield Savings Account (HYSA) offers up to 4.5% APY, significantly above the national average interest rate. There are no monthly fees and no minimum balance requirements, keeping the entry barrier low. An attractive additional feature is the automatic round-up of debit card payments, which transfers contributions directly to the savings account. New customers who opt for direct deposit can also receive a bonus of up to $300. SoFi's checking account also stands out with an APY of 0.50%, allowing short-term funds to grow over time. For Uziel Gomez, a certified financial planner and founder of Primeros Financial, Ally is the best choice. “I appreciate Ally’s savings account because it offers better interest rates than traditional banks and has a practical bucket feature,” explains Gomez. As of September 13, Ally’s APY stands at 4.20%, applicable to all balance levels. Similar to SoFi, Ally has no monthly fees and no minimum deposits. The bucket feature, which allows saving goals to be divided into various categories, is one of Gomez’s favorite features. “It simplifies mental accounting, where people allocate their money into different pots for different purposes. Instead of maintaining multiple separate accounts, all funds can be centrally managed but still allocated to individual goals.” Which savings account is right for you depends on individual preferences. However, some key features can make certain accounts particularly attractive.