If you want a single recommendation, the SoFi Checking and Savings account (Member FDIC) is earning attention for its high annual percentage yield (APY), no monthly fees, and smooth, all-in-one app experience. Here’s everything you need to know.
SoFi Checking and Savings
Member FDIC.
Limited-time offer:
Earn $50 or $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
APY
up to 4.30%
Rate info
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we thinkSoFi Checking and Savings(Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too — which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.
Open a SoFi Checking and Savings Account
2. Short-term certificates of deposit (CDs)
Since the Fed has already started cutting rates, I’ve been thinking a short-term CD might actually be a better fit for some of my cash.
Locking in a solid rate for 6-12 months guarantees that return won’t drift lower while everything else adjusts.
Here are some of the strongest short-term CD rates available right now:
- 6-month CDs: 4.10% APY
- 9-month CDs: 4.10% APY
- 12-month CDs: 4.05% APY
The trade-off with locking in an APY and earning guaranteed interest is that your cash is locked up during the term.
But 6-12 months isn’t that long, and if a killer opportunity pops up mid-term it might be worth paying the early withdrawal penalty to access the cash.
3. Treasury bills (T-bills)
T-bills are one of the safest investments on the planet, because they’re backed by the U.S. government. You can buy them in terms ranging anywhere from 4 weeks up to 52 weeks.
Current yields are hovering around the 3.60%-4.00% range, depending on the term and auction.
If you put $10,000 into a 26-week T-bill yielding 3.80%, you’d walk away with roughly $186 in guaranteed interest over six months.
T-bills are pretty simple to buy and manage through TreasuryDirect or a brokerage.
4. Money market funds
Money market funds (MMFs) are basically the “cash parking lot” inside your brokerage account.
They’re not bank accounts, so they’re not FDIC insured. But they’re generally considered low-risk and often yield more than basic savings.
Here are some quick pros and cons:
Pros:
- Higher yields than traditional checking and savings accounts
- Easy access if you already invest through a brokerage
- Great for parking cash between investments
Cons:
- Not FDIC insured
- Yields can move up or down with the market
- Some MMFs have a high expense ratio (eg. 0.50%) which can eat into returns long term
If you already invest through Fidelity, Vanguard, or Schwab, MMFs can be a super convenient way to earn more on idle cash while keeping everything under one roof.
The easiest first step
When the market feels weird (like right now), I like to keep a bit of money on the sidelines.
My first step is always putting cash in my high-yield savings account. It’s the best blend of safety, flexibility, and APY without any lock-ins or headaches.
Once the money is in there, I consider the other options to juice the return a little. CDs, T-bills, and MMFs are all great secondary layers depending on the timeline.
Explore today’s best HYSAs and start earning more on your safe money.
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