To The Moon

Best for Checking and Savings Combo: SoFi

Why Money chose it: SoFi Checking and Savings is a unique combination account that can earn up to 4.00% APY. This is not a standalone checking account, but it could be a good option for couples who want to combine every aspect of their finances.

SoFi is an online-only bank that stands out for its combined checking and savings account. It has the potential to earn a high APY but might not be the best option if you already have a savings account.

SoFi Checking and Savings keeps two separate balances in one account. Your checking balance can earn up to 1.20% APY and your savings balance can earn up to 4.00% APY. To earn the highest possible APY, you’ll have to set up direct deposit. SoFi can expedite deposits up to two days before the usual date, so this account is definitely best for someone who gets paid through direct deposit. If you do not set up direct deposit, you will earn 1.20% APY on both accounts. It also offers up to 15% cash back on limited local purchases.

There are no monthly maintenance fees for this account. Account holders who maintain a minimum balance of $1,000 get no-fee overdraft protection to prevent overspending. There is a charge for using out-of-network ATMS, but SoFi has a larger ATM network than other online-only banks with over 55,000 locations. Cash deposits must be handled through a third-party retailer and can cost up to $4.95 per deposit.

Customer reviews report helpful phone service and live chat. However, live chat support is only available to existing customers, so you can’t use it to learn more about the account.

You might not want to open a SoFi Checking and Savings account if you already have a secure savings account. This joint bank account is best for couples who can take advantage of the direct deposit benefits and want to earn a high APY on their combined funds.

source:money