- Some financial institutions have bank accounts with special budgeting features.
- Our list covers accounts that let you separate savings into specific goals.
- To set up goals, you’ll need to set up online or mobile banking.
Saving money for personal finance goals is a tall task if you don’t know where to start. Some financial institutions have bank accounts with budgeting tools that you can use to separate your savings into specific goals or create a budget.
If you’re looking to open or switch to a new account that helps you maintain financial goals, we’ve put together a list of bank accounts with these features. Our list includes credit unions, online banks, and online banking platforms included in our best product guides.
18 bank accounts with savings features
1. Alliant Credit Union
Annual Percentage Yield (APY)
1.70% APY
Minimum Deposit Amount
$5 (Alliant will pay it for you)
- Several ways to become a member; the easiest is to join Foster Care for Success (Alliant will cover your $5 membership fee)
- Must maintain $100 balance to earn interest
- Interest compounded monthly
- Federally insured by the NCUA
How savings tool works: Alliant’s savings account offers “supplemental savings accounts,” which let you save for specific goals. Add goals by logging in to online banking. Select a new account under your existing Alliant Account. When you select “supplemental savings,” you’ll be prompted to add your savings account.
2. Ally
Annual Percentage Yield (APY)
2% APY
Minimum Deposit Amount
$0
- 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
- No physical branch locations
- No way to deposit cash
Read Our Review
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Ally lets you open savings buckets for different goals. Log in to online banking and create new buckets when you click on your savings account. You’ll also be able to track and set deadlines for goals.
3. Barclays
Annual Percentage Yield (APY)
2.0% APY
Minimum Deposit Amount
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Must transfer money to external bank to access it
- Low mobile app ratings in the Apple store
- No checking account or debit card, so you must transfer funds to an external bank account to access your money
- Compounds interest daily to maximize earnings
- Interest compounded daily, deposited monthly
- FDIC insured
How savings tool works: Set up savings goals through the Barclays app. You’ll need to select a bank account to start a new goal.
4. Capital One
Annual Percentage Yield (APY)
1.90% APY
Minimum Deposit Amount
$0
- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Capital One’s bank accounts allow you to establish goals through the bank’s mobile app. You’ll also be able to set deadlines and monitor your progress.
5. Chase
Annual Percentage Yield (APY)
0.01% APY effective as of 08/31/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
- Access to 16,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- Manage your accounts, deposit checks, transfer money and more — all from your device
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Member FDIC
How savings tool works: Chase allows you to create three types of goals: safety net, custom goals, and general savings. A safety net helps you establish an emergency fund. Custom goals help save for occasions you’d like to save for — for example, vacations or birthdays. General savings is where you will keep savings that aren’t for specific occasions.
6. Connexus Credit Union
Annual Percentage Yield (APY)
0.25% APY
Minimum Deposit Amount
$5
- Become a Connexus member by donating $5 to the Connexus Association
- 54,000+ free ATMs
- Federally insured by the NCUA
How savings tools work: Connexus Digital Banking offers a savings goal feature. Implement the savings goal feature in online banking, so you’re able to assign target amounts.
7. Current Account
Annual Percentage Yield (APY)
0% to 4% APY
Minimum Deposit Amount
$0
- 3 Savings Pods that let you earn up to 4% APY
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No instant transfer fees to other Current members
- Early direct deposit
- Debit card included
- Budgeting tools: Round-ups and Spending Insights
- Earn cash back on debit card purchases
- $2.50 out-of-network ATM fee
- Can’t overdraw from your account without the Overdrive feature
- Access to 40,000 fee-free Allpoint ATMs
- You may overdraw up to $200 from your account with no overdraft fees if you’re eligible for Overdrive
- To be eligible for the Overdrive feature, you’ll need to receive direct deposits $500 per month
- 3 Savings Pods: You may deposit up to $2,000 in each Savings Pod; Money that is kept in Savings Pods can earn 4% APY
- Round-Ups: Debit card purchases are rounded up to the nearest dollar and the change is deposited into a Savings Pod
- Spending Insights: You can create a budget that keeps track of specific categories of spending; Spending Insights monitors how much you spend and can issue alerts if you are close to your limit
- Cash back: You can earn cash back at 14,000 select stores when you use your debit card; Points be redeemed at the Current Shop for cash
- Issued through Choice Financial Group (Member FDIC)
How savings tools work: Current is a mobile banking platform with banking products for adults and teens. The Current Account has a special feature called a Savings Pod. You can create a Savings Pod through the platform’s mobile app to save for a specific goal. You’ll also be able to add an image and description. Each pod may hold a maximum of $2,000 and earn 0% to 4% APY.
8. Daylight Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees or membership fees
- No ATM fees
- No overdraft fees
- Visa debit card included
- Save for individual goals or guided goals
- Earn up to 10% cash back for spending at LGBTQ+ allied businesses
- Customize your card by adding your chosen name
- Won’t be reimbursed if you’re charged by an ATM operator
- Doesn’t include paper checks
- No joint bank account option
- Non-interest earning checkless bank account
- If you do not restore a negative account balance after 60 days, your account may be closed
- Earn up to 10% cash back for spending at LGBTQ+ allied businesses; Daylight’s mobile app lists thousands of participating businesses
- Create individual goals to help you save money for a specific purpose; Daylight also has a guided goal feature, which has a virtual assistant that can help you understand more about gender-affirming surgery costs
- Can use any ATMs that accept Visa Debit cards; Daylight will not charge you ATM fees, but you may be charge a fee by the ATM provider or ATM network
- Funds insured through MetaBank, Member FDIC
How savings tools work: Daylight is a mobile banking platform that serves and supports LGBTQ+ folks. Through the mobile app, you’ll be able to set up and track individual financial goals.
If you plan to have a gender-affirming surgery in the future, Daylight also has a guided goal feature, which has a virtual assistant that can help you understand more about the process.
9. LendingClub
Annual Percentage Yield (APY)
0.00% to 0.15% APY
Minimum Deposit Amount
$100
- Earn 1% cash back on credit purchases if you have at a $2,500 balance on your account
- Earn interest on your checking account
- No monthly service fee
- Receive your paycheck 2 days early
- Unlimited refunds on out-of-network ATM fees
- Overdraft protection is available that lets you link to another account
- $100 minimum opening deposit
- Must have $100,000 in your account to earn the highest APY
- $25 non-sufficient funds charge
- $5 daily overdraft fee after the 5th straight day of a negative balance
- Interest compounds monthly, not daily
Read Our Review
- Earn 1% cash back on all credit purchases if you have at least $2,500 in your account
- Earn 0.00% APY if you have an account balance of $0.00 to $2,4999.99
- Earn 0.10% APY if you have an account balance of $2,500 to $99,999.99
- Earn 0.15% APY if you have an account balance of $100,000 or higher
- Access to over 325,000 surcharge-free ATMs through the NYCE, SUM and MoneyPass ATM networks
- Interest compounded monthly, paid monthly
- Member FDIC
How savings tool works: LendingClub has a special mobile feature for checking accounts called Goalkeeper. To access Goalkeeper, log in to mobile banking and create a goal for anything you’d like.
10. NBKC Bank
Annual Percentage Yield (APY)
0.50% APY
Minimum Deposit Amount
None
- 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
- Only branches are in Kansas City, MO
- Limited customer support hours
- No overdraft protection options
- 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
How savings tool works: NBKC has a hybrid checking/savings account. Set up individual goals through the account through online and mobile banking.
11. One
Annual Percentage Yield (APY)
1% on your Save Pocket; 3% on your Auto-Save Pocket
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees
- Earn a high APY on your savings pocket and automatic savings pocket
- Use your debit card as overdraft protection
- No fee for using an out-of-network ATM
- Receive paychecks sooner with early direct deposits
- Only earn interest on up to a certain balance
- Doesn’t reimburse any fees charged by out-of-network ATM providers
- You’ll pay interest on overdraft line of credit if you don’t repay the cash in a month
Read Our Review
- 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 1% APY on balances up to $5,000
- Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 3% APY on your Auto-Save Pocket
- If you overdraft your account, the debit card acts as a line of credit
- Earn more rewards by setting up direct deposits: Earn interest on your Save Pocket balance up to $25,000; increase your line of credit; put 10% (up to $1,000 per month) of paychecks into Auto-Save where it earns 3% APY
- Deposits are FDIC insured through Coastal Community Bank
How savings tool works: One simplifies banking with a hybrid checking/savings account. You’ll be able to manage individual goals or through what are called pockets. You’ll start with three pockets: a Spend Pocket, a Save Pocket, and an Auto-Save Pocket (for automatic savings deposits). You may also add more pockets for customizable goals.
12. Qapital Goals Account
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0.01
- Low minimum opening deposit
- No monthly service fees
- Helps you set savings goals
- Fail-safe mechanism pauses transfers from your account if your balance is less than $100
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- No checks writing
- No debit card option
- No ATM deposits
- No overdraft fees
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- Interest compounded and credited monthly
- FDIC insured through Lincoln Savings Bank
How savings tool works: Qapital is a mobile banking platform that can help you save and invest. If you open the Qapital Goals Account, you’ll be able to use unique savings tools called “Rules.” When you apply a Rule, any money saved will go toward a goal set up in your Goals Account.
For example, let’s say you use “The 52 Week Rule.” Every week, some money will be transferred into your account until you have $1,378 saved up over the course of 52 weeks.
13. Regions Bank
Annual Percentage Yield (APY)
0.01% APY
Minimum Deposit Amount
$5 at a branch, $50 online
- 1,500 branch locations in 15 states
- 2,200 free ATMs
- To earn the 1% annual bonus (up to $100), set up monthly automatic transfers from your Regions checking account to your LifeGreen Savings account
- Interested compounded daily, paid monthly
- FDIC insured
How savings tool works: MyGreenInsights is a unique online banking feature if you have a Regions bank account. You’ll be able to create a budget and establish goals for how much you’d like to save or spend in a certain area.
14. Sallie Mae
Annual Percentage Yield (APY)
1.65% APY
Minimum Deposit Amount
None
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Through Sallie Mae’s savings accounts, you’ll be able to set up specific savings goals online and monitor them.
15. SoFI
Annual Percentage Yield (APY)
1% to 2% APY
Minimum Deposit Amount
$0
- High interest rate
- Earn a higher interest rate if you set up direct deposit
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- 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
Read Our Review
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 2% APY with direct deposit
- Earn 1% APY if you do not have direct deposit
- Earn up to a $300 bonus by 9/30/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;
- 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
- FDIC insured
How savings tool works: You can set individual goals through SoFi’s Money Vaults. Create categories for Money Vaults through online or mobile banking.
16. Tellus Boost Account
Annual Percentage Yield (APY)
3.00% to 6.00% APY
Minimum Deposit Amount
$125
- High interest rate
- No monthly service fees
- No credit check
- Set aside money using Stacks or Reserve Accounts
- High minimum deposit amount
- Limited customer support
- $5 withdrawal fee if make a withdrawal request of less than $50
- Can’t deposit cash
- Online-only fintech platform with high-yield cash account
- Earn 3% APY when you open a Tellus Boost Account
- Earn up to 6% APY through Boosts by answering a daily pop quiz question or participating in Tellus promotions
- Transfer money into a Boost Account through an ACH transfer or Zelle; May only link one bank account
- Minimum deposit of $125 to open an account and earn interest
- $5 withdrawal fee if make a withdrawal request of less than $50
- Interest compounded and paid daily
- Banking services provided by Chase Bank, Member FDIC
How savings tool works: Tellus is an online fintech company with a high-yield cash account. If you open the Tellus Boost Account, you can also create Stacks. Stacks allow you to save for personal goals, like vacations or rent. You may customize Stacks with descriptions and set targets to track your goals over time. You may also apply Boosts, which can temporarily increase your account’s interest rate as high as 6% APY. To create a Stack, you’ll need a minimum of $125.
The Tellus Boost Account is not a savings or checking account, and it is not FDIC insured. According to a disclosure on the Tellus website, your money will still be returned to you if Tellus goes bankrupt. Banking services are also provided by Chase Bank, Member FDIC.
17. Wealthfront
Annual Percentage Yield (APY)
2.00% APY
Minimum Deposit Amount
$1
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured for $1 million
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
Read Our Review
- FDIC insured for $1 million
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
How savings tool works: Save for distinct savings goals through Wealthfront’s mobile app. You can also set up goals, so they’re completed in a specific order.
18. Wings Financial
Annual Percentage Yield (APY)
0.10% to 0.80% APY
Minimum Deposit Amount
$0
- Join Wings Financial by becoming a member of the Wings Financial Foundation for $5
- Branches in FL, GA, MI, MN, and WA, or open an account online
- 80,000 free ATMs
- Earn 0.10% if you have less than $10,000 in your account
- Earn 0.55% if you have $10,000 to $49,999.99 in your account
- Earn 0.70% if you have $50,000 to $249,999.99 in your account
- Earn 0.80% if you have more than $250,000 in your account
- Interest compounded and paid monthly
- Federally insured by the NCUA
How savings tool works: Money Tracker is a special mobile banking feature for Wings Financial Credit Union account holders. You’ll be able to create goals and track them each month. Money Tracker also lets you establish a budget and assign categories for spending.
Frequently asked questions
You’ll need to set up online banking and have money deposited into your account to utilize the budgeting tools for most of the accounts listed. Once you set up an account, you can separate your savings into specific goals.
Brian Walsh, CFP® professional and senior manager of financial planning at SoFi, says budgeting tools can play an important role in the way a person manages their finances.
“People who use budgeting tools are actually much more likely to spend more responsibly, have an emergency, fund, pay off their credit cards, have a retirement account — all these great things when it comes to their personal finances. There is significant research that shows that using these types of tools can be very powerful for everyday people,” Walsh says.
Walsh says budgeting tools are helpful for people who would prefer to have a general idea of where their money is going but don’t want granular details or specifics.
“Most people, they just want a high-level overview, and they want it in the palm of their hand. So, it can help them kind of nudge them into making slightly more responsible decisions on their spending,” adds Walsh.
If you find it overwhelming to save for goals using a spreadsheet or calculator, a bank account with budgeting tools may ultimately provide a unique option worth exploring.
- Some financial institutions have bank accounts with special budgeting features.
- Our list covers accounts that let you separate savings into specific goals.
- To set up goals, you’ll need to set up online or mobile banking.
Saving money for personal finance goals is a tall task if you don’t know where to start. Some financial institutions have bank accounts with budgeting tools that you can use to separate your savings into specific goals or create a budget.
If you’re looking to open or switch to a new account that helps you maintain financial goals, we’ve put together a list of bank accounts with these features. Our list includes credit unions, online banks, and online banking platforms included in our best product guides.
18 bank accounts with savings features
1. Alliant Credit Union
Annual Percentage Yield (APY)
1.70% APY
Minimum Deposit Amount
$5 (Alliant will pay it for you)
- Several ways to become a member; the easiest is to join Foster Care for Success (Alliant will cover your $5 membership fee)
- Must maintain $100 balance to earn interest
- Interest compounded monthly
- Federally insured by the NCUA
How savings tool works: Alliant’s savings account offers “supplemental savings accounts,” which let you save for specific goals. Add goals by logging in to online banking. Select a new account under your existing Alliant Account. When you select “supplemental savings,” you’ll be prompted to add your savings account.
2. Ally
Annual Percentage Yield (APY)
2% APY
Minimum Deposit Amount
$0
- 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
- No physical branch locations
- No way to deposit cash
Read Our Review
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Ally lets you open savings buckets for different goals. Log in to online banking and create new buckets when you click on your savings account. You’ll also be able to track and set deadlines for goals.
3. Barclays
Annual Percentage Yield (APY)
2.0% APY
Minimum Deposit Amount
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Must transfer money to external bank to access it
- Low mobile app ratings in the Apple store
- No checking account or debit card, so you must transfer funds to an external bank account to access your money
- Compounds interest daily to maximize earnings
- Interest compounded daily, deposited monthly
- FDIC insured
How savings tool works: Set up savings goals through the Barclays app. You’ll need to select a bank account to start a new goal.
4. Capital One
Annual Percentage Yield (APY)
1.90% APY
Minimum Deposit Amount
$0
- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Capital One’s bank accounts allow you to establish goals through the bank’s mobile app. You’ll also be able to set deadlines and monitor your progress.
5. Chase
Annual Percentage Yield (APY)
0.01% APY effective as of 08/31/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
- Access to 16,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- Manage your accounts, deposit checks, transfer money and more — all from your device
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Member FDIC
How savings tool works: Chase allows you to create three types of goals: safety net, custom goals, and general savings. A safety net helps you establish an emergency fund. Custom goals help save for occasions you’d like to save for — for example, vacations or birthdays. General savings is where you will keep savings that aren’t for specific occasions.
6. Connexus Credit Union
Annual Percentage Yield (APY)
0.25% APY
Minimum Deposit Amount
$5
- Become a Connexus member by donating $5 to the Connexus Association
- 54,000+ free ATMs
- Federally insured by the NCUA
How savings tools work: Connexus Digital Banking offers a savings goal feature. Implement the savings goal feature in online banking, so you’re able to assign target amounts.
7. Current Account
Annual Percentage Yield (APY)
0% to 4% APY
Minimum Deposit Amount
$0
- 3 Savings Pods that let you earn up to 4% APY
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No instant transfer fees to other Current members
- Early direct deposit
- Debit card included
- Budgeting tools: Round-ups and Spending Insights
- Earn cash back on debit card purchases
- $2.50 out-of-network ATM fee
- Can’t overdraw from your account without the Overdrive feature
- Access to 40,000 fee-free Allpoint ATMs
- You may overdraw up to $200 from your account with no overdraft fees if you’re eligible for Overdrive
- To be eligible for the Overdrive feature, you’ll need to receive direct deposits $500 per month
- 3 Savings Pods: You may deposit up to $2,000 in each Savings Pod; Money that is kept in Savings Pods can earn 4% APY
- Round-Ups: Debit card purchases are rounded up to the nearest dollar and the change is deposited into a Savings Pod
- Spending Insights: You can create a budget that keeps track of specific categories of spending; Spending Insights monitors how much you spend and can issue alerts if you are close to your limit
- Cash back: You can earn cash back at 14,000 select stores when you use your debit card; Points be redeemed at the Current Shop for cash
- Issued through Choice Financial Group (Member FDIC)
How savings tools work: Current is a mobile banking platform with banking products for adults and teens. The Current Account has a special feature called a Savings Pod. You can create a Savings Pod through the platform’s mobile app to save for a specific goal. You’ll also be able to add an image and description. Each pod may hold a maximum of $2,000 and earn 0% to 4% APY.
8. Daylight Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees or membership fees
- No ATM fees
- No overdraft fees
- Visa debit card included
- Save for individual goals or guided goals
- Earn up to 10% cash back for spending at LGBTQ+ allied businesses
- Customize your card by adding your chosen name
- Won’t be reimbursed if you’re charged by an ATM operator
- Doesn’t include paper checks
- No joint bank account option
- Non-interest earning checkless bank account
- If you do not restore a negative account balance after 60 days, your account may be closed
- Earn up to 10% cash back for spending at LGBTQ+ allied businesses; Daylight’s mobile app lists thousands of participating businesses
- Create individual goals to help you save money for a specific purpose; Daylight also has a guided goal feature, which has a virtual assistant that can help you understand more about gender-affirming surgery costs
- Can use any ATMs that accept Visa Debit cards; Daylight will not charge you ATM fees, but you may be charge a fee by the ATM provider or ATM network
- Funds insured through MetaBank, Member FDIC
How savings tools work: Daylight is a mobile banking platform that serves and supports LGBTQ+ folks. Through the mobile app, you’ll be able to set up and track individual financial goals.
If you plan to have a gender-affirming surgery in the future, Daylight also has a guided goal feature, which has a virtual assistant that can help you understand more about the process.
9. LendingClub
Annual Percentage Yield (APY)
0.00% to 0.15% APY
Minimum Deposit Amount
$100
- Earn 1% cash back on credit purchases if you have at a $2,500 balance on your account
- Earn interest on your checking account
- No monthly service fee
- Receive your paycheck 2 days early
- Unlimited refunds on out-of-network ATM fees
- Overdraft protection is available that lets you link to another account
- $100 minimum opening deposit
- Must have $100,000 in your account to earn the highest APY
- $25 non-sufficient funds charge
- $5 daily overdraft fee after the 5th straight day of a negative balance
- Interest compounds monthly, not daily
Read Our Review
- Earn 1% cash back on all credit purchases if you have at least $2,500 in your account
- Earn 0.00% APY if you have an account balance of $0.00 to $2,4999.99
- Earn 0.10% APY if you have an account balance of $2,500 to $99,999.99
- Earn 0.15% APY if you have an account balance of $100,000 or higher
- Access to over 325,000 surcharge-free ATMs through the NYCE, SUM and MoneyPass ATM networks
- Interest compounded monthly, paid monthly
- Member FDIC
How savings tool works: LendingClub has a special mobile feature for checking accounts called Goalkeeper. To access Goalkeeper, log in to mobile banking and create a goal for anything you’d like.
10. NBKC Bank
Annual Percentage Yield (APY)
0.50% APY
Minimum Deposit Amount
None
- 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
- Only branches are in Kansas City, MO
- Limited customer support hours
- No overdraft protection options
- 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
How savings tool works: NBKC has a hybrid checking/savings account. Set up individual goals through the account through online and mobile banking.
11. One
Annual Percentage Yield (APY)
1% on your Save Pocket; 3% on your Auto-Save Pocket
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees
- Earn a high APY on your savings pocket and automatic savings pocket
- Use your debit card as overdraft protection
- No fee for using an out-of-network ATM
- Receive paychecks sooner with early direct deposits
- Only earn interest on up to a certain balance
- Doesn’t reimburse any fees charged by out-of-network ATM providers
- You’ll pay interest on overdraft line of credit if you don’t repay the cash in a month
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- 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 1% APY on balances up to $5,000
- Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 3% APY on your Auto-Save Pocket
- If you overdraft your account, the debit card acts as a line of credit
- Earn more rewards by setting up direct deposits: Earn interest on your Save Pocket balance up to $25,000; increase your line of credit; put 10% (up to $1,000 per month) of paychecks into Auto-Save where it earns 3% APY
- Deposits are FDIC insured through Coastal Community Bank
How savings tool works: One simplifies banking with a hybrid checking/savings account. You’ll be able to manage individual goals or through what are called pockets. You’ll start with three pockets: a Spend Pocket, a Save Pocket, and an Auto-Save Pocket (for automatic savings deposits). You may also add more pockets for customizable goals.
12. Qapital Goals Account
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0.01
- Low minimum opening deposit
- No monthly service fees
- Helps you set savings goals
- Fail-safe mechanism pauses transfers from your account if your balance is less than $100
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- No checks writing
- No debit card option
- No ATM deposits
- No overdraft fees
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- Interest compounded and credited monthly
- FDIC insured through Lincoln Savings Bank
How savings tool works: Qapital is a mobile banking platform that can help you save and invest. If you open the Qapital Goals Account, you’ll be able to use unique savings tools called “Rules.” When you apply a Rule, any money saved will go toward a goal set up in your Goals Account.
For example, let’s say you use “The 52 Week Rule.” Every week, some money will be transferred into your account until you have $1,378 saved up over the course of 52 weeks.
13. Regions Bank
Annual Percentage Yield (APY)
0.01% APY
Minimum Deposit Amount
$5 at a branch, $50 online
- 1,500 branch locations in 15 states
- 2,200 free ATMs
- To earn the 1% annual bonus (up to $100), set up monthly automatic transfers from your Regions checking account to your LifeGreen Savings account
- Interested compounded daily, paid monthly
- FDIC insured
How savings tool works: MyGreenInsights is a unique online banking feature if you have a Regions bank account. You’ll be able to create a budget and establish goals for how much you’d like to save or spend in a certain area.
14. Sallie Mae
Annual Percentage Yield (APY)
1.65% APY
Minimum Deposit Amount
None
- Interest compounded daily, paid monthly
- FDIC insured
How savings tool works: Through Sallie Mae’s savings accounts, you’ll be able to set up specific savings goals online and monitor them.
15. SoFI
Annual Percentage Yield (APY)
1% to 2% APY
Minimum Deposit Amount
$0
- High interest rate
- Earn a higher interest rate if you set up direct deposit
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- 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
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- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 2% APY with direct deposit
- Earn 1% APY if you do not have direct deposit
- Earn up to a $300 bonus by 9/30/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;
- 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
- FDIC insured
How savings tool works: You can set individual goals through SoFi’s Money Vaults. Create categories for Money Vaults through online or mobile banking.
16. Tellus Boost Account
Annual Percentage Yield (APY)
3.00% to 6.00% APY
Minimum Deposit Amount
$125
- High interest rate
- No monthly service fees
- No credit check
- Set aside money using Stacks or Reserve Accounts
- High minimum deposit amount
- Limited customer support
- $5 withdrawal fee if make a withdrawal request of less than $50
- Can’t deposit cash
- Online-only fintech platform with high-yield cash account
- Earn 3% APY when you open a Tellus Boost Account
- Earn up to 6% APY through Boosts by answering a daily pop quiz question or participating in Tellus promotions
- Transfer money into a Boost Account through an ACH transfer or Zelle; May only link one bank account
- Minimum deposit of $125 to open an account and earn interest
- $5 withdrawal fee if make a withdrawal request of less than $50
- Interest compounded and paid daily
- Banking services provided by Chase Bank, Member FDIC
How savings tool works: Tellus is an online fintech company with a high-yield cash account. If you open the Tellus Boost Account, you can also create Stacks. Stacks allow you to save for personal goals, like vacations or rent. You may customize Stacks with descriptions and set targets to track your goals over time. You may also apply Boosts, which can temporarily increase your account’s interest rate as high as 6% APY. To create a Stack, you’ll need a minimum of $125.
The Tellus Boost Account is not a savings or checking account, and it is not FDIC insured. According to a disclosure on the Tellus website, your money will still be returned to you if Tellus goes bankrupt. Banking services are also provided by Chase Bank, Member FDIC.
17. Wealthfront
Annual Percentage Yield (APY)
2.00% APY
Minimum Deposit Amount
$1
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured for $1 million
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
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- FDIC insured for $1 million
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
How savings tool works: Save for distinct savings goals through Wealthfront’s mobile app. You can also set up goals, so they’re completed in a specific order.
18. Wings Financial
Annual Percentage Yield (APY)
0.10% to 0.80% APY
Minimum Deposit Amount
$0
- Join Wings Financial by becoming a member of the Wings Financial Foundation for $5
- Branches in FL, GA, MI, MN, and WA, or open an account online
- 80,000 free ATMs
- Earn 0.10% if you have less than $10,000 in your account
- Earn 0.55% if you have $10,000 to $49,999.99 in your account
- Earn 0.70% if you have $50,000 to $249,999.99 in your account
- Earn 0.80% if you have more than $250,000 in your account
- Interest compounded and paid monthly
- Federally insured by the NCUA
How savings tool works: Money Tracker is a special mobile banking feature for Wings Financial Credit Union account holders. You’ll be able to create goals and track them each month. Money Tracker also lets you establish a budget and assign categories for spending.
Frequently asked questions
You’ll need to set up online banking and have money deposited into your account to utilize the budgeting tools for most of the accounts listed. Once you set up an account, you can separate your savings into specific goals.
Brian Walsh, CFP® professional and senior manager of financial planning at SoFi, says budgeting tools can play an important role in the way a person manages their finances.
“People who use budgeting tools are actually much more likely to spend more responsibly, have an emergency, fund, pay off their credit cards, have a retirement account — all these great things when it comes to their personal finances. There is significant research that shows that using these types of tools can be very powerful for everyday people,” Walsh says.
Walsh says budgeting tools are helpful for people who would prefer to have a general idea of where their money is going but don’t want granular details or specifics.
“Most people, they just want a high-level overview, and they want it in the palm of their hand. So, it can help them kind of nudge them into making slightly more responsible decisions on their spending,” adds Walsh.
If you find it overwhelming to save for goals using a spreadsheet or calculator, a bank account with budgeting tools may ultimately provide a unique option worth exploring.