Stop Letting Your Idle Cash Sit in a Low-Interest Account

Many people I know keep their extra cash parked in a Chase bank account, earning little to no interest—typically a measly 0.01% APY. That means if you left $1,000 sitting there for an entire year, you’d end up with just $1,000.10. Not exactly exciting.

Over the past few years, I’ve tested several high-interest bank accounts, and the one I currently like the most is SoFi. Your ideal choice may depend on your specific needs, but SoFi offers a great combination of competitive interest rates and everyday banking flexibility. While some accounts may offer slightly higher rates, here’s why I prefer SoFi.

Earn More on Your Savings with SoFi

When you open a SoFi account, you get both a checking and savings account automatically. And if you set up a direct deposit into your savings, you unlock a 3.80% APY (as of March 2025).

Let’s put that into perspective:

• With Chase’s 0.01% APY, your $1,000 would grow to $1,000.10 in a year.
• With SoFi’s 3.80% APY, your $1,000 would grow to $1,038.67.

That extra $38.67 comes from compounding interest—meaning you’re earning interest on your interest every month. Why settle for an extra $0.10 when you could be earning nearly $40 instead?

Checking That Works Like a Traditional Bank

Another reason I like SoFi is that it functions just like a traditional bank account, without the low interest rates. Here’s what you can do with it:
✔ Earn 0.50% APY on checking (which is still better than most big banks).
✔ Pay bills directly from your account.
✔ Use Zelle to send and receive money.
✔ Easily transfer funds in and out of your account.
✔ Pay your credit card bill seamlessly.

If you’re looking for a simple way to grow your savings without locking up your money, SoFi is worth considering.

Final Thoughts

The big banks count on people leaving their money in low-yield accounts because most won’t take the time to switch. But with zero fees, high interest, and full banking functionality, moving your money to a high-yield account like SoFi is an easy way to make your money work harder for you.

So, why let your cash sit idle? Take a few minutes to set up a high-yield account and start earning more today!