9 savings accounts with buckets that make it easy to save for goals, like an emergency fund or travel (2024)

Personal Finance Banking Savings

Written by Laura Grace Tarpley, CEPF; edited by Sarah Silbert

2024-03-16T00:42:58Z

9 savings accounts with buckets that make it easy to save for goals, like an emergency fund or travel (1)

Bank accounts that make it easy to save for different goals
How many savings accounts should I have?
What are some of the advantages of saving for separate goals?

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Saving for separate goals helps you track your progress and manage your money.
You can save for different objectives with a high-yield savings account.
Some of these accounts may also offer high interest rates and low minimum opening deposits.

Saving for different expenses can make it easier to manage your money than keeping all your savings in the same place. There are several savings accounts that let you save for separate goals and name each of them, like "Emergency Fund" or "Home Repairs."

Featured Checking and Savings Account

SoFi Checking and Savings

Start saving

SoFi Bank, Member FDIC

Perks

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit

Fees

no monthly service fee

Annual Percentage Yield (APY)

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

up to 4.60%

Minimum Opening Deposit

Bonus

Customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24)

up to $300

Pros

FDIC insured for $2 million
High interest rate
Earn a higher interest rate with qualifying activities
No minimum opening deposit
No monthly service fees
No overdraft fees
Up to $300 bonus with qualifying direct deposit (terms apply)
No-fee overdraft coverage if you overdraw up to $50
Savings tools
Early direct deposit
Joint account available

Cons

Declined purchase if you overdraw by more than $50
Doesn't reimburse out-of-network ATM providers' fees
May deposit cash at Green Dot locations but there's a $4.95 fee

Insider’s Take

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

FDIC insured for $2 million
Free access to 50,000+ Allpoint ATMs worldwide
Hybrid checking/savings account
Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
Earn up to $300 cash bonus available through December 31, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
$4.95 fee each time you deposit cash at a Green Dot location
To get no-fee overdraft coverage you must have at least $1,000 in direct deposits

Show Pros, Cons, and More

Take a look at these savings accounts and consider which one is the best fit.

See Business Insider's picks for the best high-yield savings accounts>>

Savings accounts with buckets that make it easy to save for goals

1. Ally Savings Account

Ally Savings Account

Start saving

Ally Bank, FDIC Insured

Insider’s Rating

4.75/5

Perks

Earn 4.20% Annual Percentage Yield with a $0 minimum account opening requirement

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.20%

Minimum Opening Deposit

Pros

High APY
No minimum opening deposit
No monthly service fees
Savings buckets help you save for different goals
Surprise savings transfers help you save extra money from your checking account

Cons

No physical branch locations
No way to deposit cash

Insider’s Take

The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.

2. Betterment Cash Reserve Account

Betterment Cash Reserve Account

Start saving

Betterment, FDIC Insured Account

Insider’s Rating

4.25/5

Perks

New customers will earn 5.50% APY (Annual Percentage Yield) for three months, then 5.00% APY. $10 minimum deposit. FDIC Insured.

Fees

no monthly service fee

Annual Percentage Yield (APY)

5.50% APY for new customers' first three months, then 5.00%

Minimum Opening Deposit

$10

Pros

Competitive APY
$10 minimum deposit
No minimum balance requirements
No monthly service fees
No transaction limits
FDIC insured for up to $4 million
Create savings goals
The "two-way sweep" moves extra money from checking to cash reserve to help you save

Cons

No physical branch locations
Mobile check deposit is limited to certain customers
You can only deposit up to $1,500 in paper checks per day
No way to deposit cash

Insider’s Take

Betterment has strong checking and cash reserve accounts. However, Betterment won't be a good fit if you need to deposit cash, or need to deposit checks but don't qualify.

Betterment Cash Reserve Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

By linking to a Betterment Checking Account (Member FDIC), you can set up the "two-way sweep," which helps you save automatically, earn more interest, and set up overdraft protection
You can use mobile check deposit if a) you've been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
Interest compounds daily, pays monthly
FDIC insured through partner banks

Show Pros, Cons, and More

3. Capital One 360 Performance Savings

Capital One 360 Performance Savings

Start saving

Capital One, Member FDIC

Insider’s Rating

4.5/5

Perks

Rate as of 4/11/24

Earn 4.25% Annual Percentage Yield (APY) on any balance. FDIC Insured.

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.25%

Minimum Opening Deposit

Bonus

N/A

Pros

Competitive APY
No opening deposit or minimum account balance
No monthly service fee
Easy to save for various goals
24/7 live chat

Cons

Limited access to customer service by phone

Insider’s Take

Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.

Capital One 360 Performance Savings review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured

Show Pros, Cons, and More

4. Milli Savings Account

Milli Savings Account

Start saving

Milli, FDIC Insured Account

Insider’s Rating

4.25/5

Perks

Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.

Fees

no monthly service fee

5. Navy Federal Credit Union Share Savings Account

Note: This is the only account on our list that doesn't let you set up separate goals in one account. You'll have to create multiple savings accounts and name each one. But because Navy Federal doesn't charge monthly bank maintenace fees, there isn't really a downside to doing it this way.

6. NBKC Everything Account

NBKC Everything Account

Read Review

Insider’s Rating

4.25/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

1.75%

Minimum Opening Deposit

Pros

Competitive APY
No minimum opening deposit
No monthly service fees
No foreign transaction fees
No overdraft fees
Refunds up to $12/month for out-of-network ATM fees
Online bill pay
Set up separate savings goals

Cons

Only branches are in Kansas City, MO
Limited customer support hours
No overdraft protection options

Insider’s Take

NBKC Bank is a strong online financial institution because it has low minimum opening deposits and low fees on most accounts. But it's not a good match if you like in-person banking, unless you live in Kansas City, MO. You can also earn higher rates at the best online banks right now.

NBKC Everything Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

Online bank with branches in Kansas City, MO
Hybrid checking and savings account
Earn APY on entire balance
Set up savings goals
Interest is compounded daily, paid monthly
FDIC insured

Show Pros, Cons, and More

7. ONE Account

ONE account

Start banking

On ONE's website

Insider’s Rating

4.25/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

up to 5.00%

Minimum Opening Deposit

Bonus

3% cash back on Walmart purchases

Pros

No minimum opening deposit
No monthly service fees
Earn a solid APY on your savings pocket and automatic savings pocket
Free overdraft protection for up to $200 if you meet certain requirements
No fee for using an out-of-network ATM if you have direct deposits set up
Receive paychecks sooner with early direct deposits

Cons

Only earn interest on up to a certain balance
$3.00 out-of-network ATM fee if you do not have direct deposits set up
Doesn't reimburse any fees charged by out-of-network ATM providers

Insider’s Take

ONE could be a good fit if you are comfortable with keeping your money all in one account. The ONE account pays a competitive interest rate on savings balances up to $250,000 and it's on par with the savings rates of our best high-yield savings account guide.

ONE account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you'll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
Free access to 55,000 Allpoint ATMs in the US
The ONE Account acts as a hybrid checking/savings account
Set up a Savings Pocket and earn up to 5.00% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 5.00% APY on your Auto-Save Pocket
All other Savings balances will earn 1.00% APY
Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
Deposits are FDIC insured through Coastal Community Bank

Show Pros, Cons, and More

8. Sallie Mae SmartyPig Account

Sallie Mae SmartyPig Account

Start saving

On Sallie Mae's website

Insider’s Rating

4.25/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.25%

Minimum Opening Deposit

$0 ($0.01 balance to earn interest)

Pros

High APY
Save for separate goals
No minimum opening deposit
No monthly service fees

Cons

No way to deposit cash
Must transfer funds to external bank account to access money

Sallie Mae SmartyPig Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

Earn 4.25% APY on all account balances
Interest compounded daily, paid monthly
FDIC insured

Show Pros, Cons, and More

9. SoFi Checking and Savings Account

SoFi Checking and Savings

Start saving

SoFi Bank, Member FDIC

Insider’s Rating

4.25/5

Perks

Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit

Fees

no monthly service fee

Annual Percentage Yield (APY)

up to 4.60%

Minimum Opening Deposit

Bonus

Customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24)

up to $300

Pros

FDIC insured for $2 million
High interest rate
Earn a higher interest rate with qualifying activities
No minimum opening deposit
No monthly service fees
No overdraft fees
Up to $300 bonus with qualifying direct deposit (terms apply)
No-fee overdraft coverage if you overdraw up to $50
Savings tools
Early direct deposit
Joint account available

Cons

Declined purchase if you overdraw by more than $50
Doesn't reimburse out-of-network ATM providers' fees
May deposit cash at Green Dot locations but there's a $4.95 fee

Insider’s Take

SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.

SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

FDIC insured for $2 million
Free access to 50,000+ Allpoint ATMs worldwide
Hybrid checking/savings account
Earn 4.60% APY on savings balances (Vaults included) and 0.50% APY on checking balances if you set up direct deposit or deposit minimum $5,000 per month
Earn 1.20% APY on SoFi Checking and Savings if you don't have qualifying activities
Earn up to $300 cash bonus available through December 31, 2024; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $300 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
$4.95 fee each time you deposit cash at a Green Dot location
To get no-fee overdraft coverage you must have at least $1,000 in direct deposits

Show Pros, Cons, and More

How many savings accounts should I have?

There is no limit to how many savings accounts you can have. The best number for you depends on how many purchases you want to save for.

Here are some savings goals you could work toward with these accounts:

Emergency fund
Holiday budget
Travel
Home repairs
Down payment on a house
Buying a car
A semester's tuition
Pet expenses
Wedding

What are some of the advantages of saving for separate goals?

So, why not just keep all your savings in one account and withdraw money when you need it? You can do this, but there are some perks to having separate pots for each savings goal:

Easily track your progress. With one savings account, you may see that you have $15,000 in savings. But with separate goals, you can see that you have $10,000 in an emergency fund, $3,000 saved for a car, and $2,000 set aside for that big trip next month. If you need $5,000 to buy a car and $3,000 for the trip, you now have a better understanding of how much more you need to save.
Save more. Once you have a better idea of how close you are to reaching each savings goal, you may feel motivated to save more so you can reach a certain dollar amount. Transfer some money from checking, or set recurring automatic transfers to go toward goals.
Reduce temptation. Keeping all your savings in the same place makes it easy to misspend money. For example, maybe you were planning to use your savings both to buy a car and go on a big trip next month. You go on vacation, but when you return, you realize you don't have enough money left over to buy the car. Setting separate goals can help you remember not to touch the money you want to put toward the car.

All of these savings accounts are useful tools for saving for different goals. Take a look at their other features — savings interest rates, minimum opening deposits, options for depositing money — to decide which one is right for you.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.