Savings Accounts With Buckets That Make It Easy to Save for 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 high-yield savings accounts.
- 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
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Opening Deposit
$0
- 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
- 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
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.60% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
Take a look at these savings accounts and consider which one is the best fit. Many of them are also high-yield savings accounts so you can earn a great interest rate while you budget.
Savings accounts with buckets that make it easy to save for goals
1. Ally Savings Account
Ally Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.20%
Minimum Opening Deposit
$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
Product Details
- 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
2. Betterment Cash Reserve Account
Betterment Cash Reserve Account
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
- 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
- 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
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
3. Capital One 360 Performance Savings
Capital One 360 Performance Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Opening Deposit
$0
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
- Limited access to customer service by phone
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
4. Milli Savings Account
Milli Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$0
- High APY on Savings Account and Jar Accounts
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No ATM fees
- Does not reimburse out-of-network ATM Fees
- Does not accept cash deposits
- No weekend customer support
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Earn 4.75% APY on Savings Account and Jar Account
- Access to over 55,000 ATMs through AllPoint network
- Interest compounded daily and credited monthly
- FDIC insured
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 maintenance fees, there isn’t really a downside to doing it this way.
6. NBKC Everything Account
NBKC Everything Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
1.75%
Minimum Opening Deposit
$0
- 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
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
7. ONE Account
ONE account
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.00%
Minimum Opening Deposit
$0
Bonus
3% cash back on Walmart purchases
- 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
- 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
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
8. Sallie Mae SmartyPig Account
Sallie Mae SmartyPig Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Opening Deposit
$0 ($0.01 balance to earn interest)
- High APY
- Save for separate goals
- No minimum opening deposit
- No monthly service fees
- No way to deposit cash
- Must transfer funds to external bank account to access money
Product Details
- Earn 4.25% APY on all account balances
- Interest compounded daily, paid monthly
- FDIC insured
9. SoFi Checking and Savings Account
SoFi Checking and Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.60%
Minimum Opening Deposit
$0
- 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
- 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
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.60% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
How many savings accounts should I have?
There is no limit to how many savings accounts you can have. When deciding how many savings accounts you want, you’ll want to balance your savings goals with how many accounts you can easily keep track of. Savings accounts with buckets can help cut down on the number of savings accounts you need by letting you organize money for your savings goals without needing to open extra accounts.
Understanding savings goals
Savings goals are individual objectives that you put your extra money toward. They can vary greatly from emergency funds to down payments to college savings plans, and they help give purpose to your saving. They also help you be prepared for the future, making sure you aren’t taken by surprise.
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 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.
Types of savings goals
Here are some savings goals you might need to save for:
- Emergency fund
- Holiday budget
- Travel
- Home repairs
- Down payment on a house
- Buying a car
- A semester’s tuition
- Pet expenses
- Wedding
- Retirement
Savings goals vary greatly by how much you need to save and how long you have to save for them. Savings accounts with buckets are good for smaller savings goals that you don’t have a definitive timeframe for, such as emergency funds or home repairs. If you know when you’ll need to access your funds, you might consider CDs, which tend to give higher, fixed interest rates at the cost of accessibility.
For longer-term savings goals, such as retirement, you’ll probably be better off investing your money. You’ll earn more money in the long run by using low-risk investment accounts or retirement plans instead of savings accounts.
Setting strong savings goals
Learning how to set savings goals well can help you be prepared for the future. For example, if you’re saving for your child’s college, you can build a strong savings goal by researching how much college is likely to cost, figuring out how much of each paycheck you can commit to saving, and finding which type of account will best help you earn the amount you need while planning how to budget. Comparatively, you’ll build a weaker savings goal if you just put a small amount of money in a general savings account each month without putting any research into whether that will be enough.
Savings accounts with buckets help you set strong savings goals and overcome savings goal challenges by letting you see exactly how much money you have put toward your specific goal at any time.
Strategies to achieve savings goals
One easy strategy to help you achieve savings goals is to automate your savings. Automating savings for goals means that you won’t have to manually transfer money toward each of your savings goals every paycheck, ensuring that you won’t accidentally forget and spend money you had earmarked for a long-term goal. Some savings accounts with buckets will let you set up automatic transfers into specific buckets; if that’s a perk you’re interested in using, make sure that the bank or credit union you’re interested in offers it before you commit.
Another strategy is to create a savings plan that gels well with the savings goals you’re interested in. For example, the 50/30/20 rule might be useful to you if you have a regular paycheck and not a lot of debt. But if you work freelance, live in an area with a high cost of living, or want to save more than 20% of your paycheck toward savings goals, then you might want to pick another budgeting plan or modify the rule to better fit your needs.
A savings account with buckets can be a great tool for growing savings goals. But there are other useful tools you can use alongside savings accounts with buckets to best maximize your goals.
Budgeting apps are one of the best tools for savings goals and can be a great companion to savings accounts with buckets. While buckets can help you keep track of any savings goals that make sense to keep in a savings account, budgeting apps can help you keep track of savings goals that make more sense in other types of accounts.
If you have the budget for it, an in-person or online financial advisor can also help you plan for more major savings goals that you want to invest toward. Financial advisors can be real people with financial certifications, or they can be robo-advisors that use algorithms to help you with investing.
Savings account with buckets FAQs
The bucket feature that some savings accounts come with lets you divide your money into buckets, which you can label and dedicate toward specific savings goals.
How many savings buckets you should have will depend on your individual savings needs. Generally, you should have a bucket for each savings goal you want to use a savings account for.
Savings buckets work by dividing your savings account into different categories that you can label, letting you easily save up for individual savings goals.
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