Best Banks for Automated Savings [2025]: Effortless Ways to Grow Your Wealth

Consistently saving money can be challenging, especially when unexpected expenses pop up. Automated savings can help you build your nest egg with minimal effort. It allows you to set your goals and let your bank handle the rest.

The best bank for automated saving can help you build your wealth passively with tools like roundups, recurring transfers, paycheck percentage transfers, and high-yield accounts. Let's explore some of the best savings accounts for automated savings so you can choose which one fits best with your financial goals.

What makes a bank great for automated savings

A bank that's great for automated savings combines tools and incentives that make it easy for you to build wealth without much effort. These can include roundup programs and goal-based savings buckets.

Flexible automation options, such as scheduled transfers or rules that save a set percentage of your income, can help you customize your approach to saving. Saving analysis tools are also helpful in tracking your progress and identifying ways to help you save more.

Financial institution/account	Great for …	Savings account APY
Capital One 360 Savings	Physical branch locations	3.40%
Ally Bank Savings Account	Surprise savings	3.40%1 <p class="">The APY of 3.40% is accurate as of 10/01/25. Rates are subject to change and may vary by account type and financial institution.&nbsp;</p>
SoFi Checking and Savings	Extra FDIC protection2 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>	Up to 3.80% with direct deposit3 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>
Varo Savings Account	High APY	5.00% (as of 04/25/25) with direct deposit
Current Savings Pods4 <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC</b>. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.</p>	Low balance accounts	Up to 4.00%5 <p>Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.<br></p>
Chime High Yield Savings Account6 <p class="">Chime Checking Account is required to be eligible for a Savings Account.<br></p> 7 <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p>	Unlimited savings goals	1.25%8 <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p>

Capital One 360 Savings

With Capital One 360 Savings, you control the rules for your automatic savings. You can set up recurring automatic transfers to your savings account on a weekly, biweekly, monthly, or quarterly basis. You also control the amount that gets transferred.

Capital One allows you to autosave a percentage of your paycheck. To set up Paycheck Percentage AutoSave, you must have a Capital One checking account, while recurring transfers can use an external checking account.

Capital One is a solid choice for all your banking needs. It has no monthly fees or minimum balance requirements, and its 360 Savings earns a decent APY of 3.40%. Its 360 Checking even earns a modest 0.10% (as of 09/15/25) APY.

Learn more in our Capital One 360 review.

Ally Bank Savings Account

Ally Bank is a fully online bank, so there are no physical branch locations. Like other online banks, Ally offers several benefits for banking with them, including no monthly fees and no minimum balance requirements. Its savings account also earns a competitive interest rate of 3.40%.

With Ally's savings account, you can set up recurring transfers from another Ally account or an external account. You set the amount and frequency of the transfers, and then Ally does the rest.

You can even set up separate "buckets" for your savings goals, like buying a house, paying off your debt, or going on a dream vacation. Those buckets can have different parameters on when and how much is transferred.

If you have an Ally Bank Spending account, you can have your transactions from that account rounded up to the nearest dollar, and the extra money is automatically transferred into your savings account.

Ally's Surprise Savings booster also analyzes your linked checking account (can be an Ally account or an external account) to find extra cash that it automatically transfers to your Ally savings account.

Learn more in our Ally Bank review.

SoFi Checking and Savings

SoFi enables you to open up to 20 different "vaults" for different savings goals, and all those vaults earn up to 3.80% APY with direct deposit, which is high compared to many competitors. However, there is a catch. You must sign up for direct deposit or deposit at least $5,000 monthly to qualify for the highest APY. Otherwise, the interest rate is 1.00% (as of 01/24/25) APY.

SoFi® has no monthly fees and no minimum balance requirements¹⁰ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> , and you automatically get a SoFi checking account when you open a savings account. That checking account even made our list of the best checking accounts on the strength of its 0.50% APY with direct deposit.

With SoFi's AutoSave, you can have part of your paycheck automatically transferred to savings. You can also set up automatic roundups to have your SoFi debit card purchases rounded up to the nearest dollar and the extra automatically transferred into the vault of your choice.

Visit SoFi | Learn more in our SoFi review

Varo Savings Account

Varo offers one of the highest APYs on a savings account that you'll find. However, to qualify, you must have at least $1,000 in direct deposits each month, and the rate is capped at a $5,000 balance. On funds over that amount, you'll earn 2.50% (as of 12/11/24) APY.

As with many fintech companies, Varo has no monthly fees or minimum balance requirements. Varo also requires you to open a checking account to get a savings account.

Varo's Save Your Pay feature allows you to set up automatic transfers of a certain percentage of your paycheck to your savings account. Its Save Your Change feature rounds your purchases to the nearest dollar and automatically transfers it to your savings account. Both these features help you grow your savings with little to no effort.

Learn more in our Varo review.

Current Savings Pods

Current is a fintech company that offers banking products to help you save and spend¹¹ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> . While Current doesn't provide standalone savings accounts, members who have a Debit or Build account can open up to three Savings Pods for different financial goals. And, if you receive at least $200 in monthly direct deposits, you may receive a high APY of 4.00% on those savings pods.

The high APY on savings makes Current a good option for growing your money but only if you have a low balance on your savings. The up to 4.00% APY on savings is capped at account balances up to $6,000. Funds over $6,000 earn 0% interest. So, if you have $12,000 in savings, you are better off with a savings account from Capital One, Ally, or SoFi, which gives you over 3.00% APY without any limits.

Becoming a Current member is most beneficial if you are working to improve your credit. As a member, you get a Build secured credit card that links to your account so that you can build your credit.

There is no credit check to get a Build card. You can also round up transactions on your Current debit card to automatically transfer the extra change into your savings pods.

Visit Current | Learn more in our Current review

Chime High Yield Savings Account

Chime® is comparable to other online banks offering automated savings. It has no monthly fees and no minimum balance requirements. To open a Chime savings account, you'll first need to open a Chime monthly fee-free banking account. Unlike many banks we've reviewed that have limits on the number of savings goals/vaults/pods you can have, Chime offers unlimited buckets for your savings.

Chime accounts have two tiers: standard Chime and Chime+¹² <p>To be eligible for Chime+TM status you must receive a qualifying direct deposit to your Chime Checking Account in the preceding 34 days. Certain products marketed as Chime+ benefits have additional eligibility requirements. While some Chime+ benefits may have associated fees, none of these fees are mandatory to access Chime+ benefits or to maintain Chime+ status. See <a href="https://www.chime.com/chimeplus-terms/">Chime+ Terms and Conditions</a> for details. CHIME+ is a Trademark of Chime Financial, Inc.</p> . To take advantage of many of the perks this fintech offers, including a higher APY on your savings, you'll need to have a Chime+ account¹³ <p>The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY rate is effective as of August 21, 2025. No minimum balance required. Must have $0.01 in savings to earn interest. The 3.75% Chime+ APY is available only while you maintain eligibility requirements for Chime+, otherwise the 1.25% APY for non-Chime+ members will apply. See <a href="https://www.chime.com/chimeplus-terms/">Chime+ Terms and Conditions</a> for more details.</p> . To qualify for a Chime+ account, you'll need to make at least $200 in qualifying direct deposits within 34 days.

There are a couple of ways to build your Chime savings account automatically. You can set up automated savings from your paychecks or enable roundups so spare change from your debit card transactions automatically goes into your savings account.¹⁴ <p>Save When I Get Paid automatically transfers 10% of your direct deposits&nbsp;of $1 or more from your Checking Account into your savings account.</p>

Visit Chime | Learn more in our Chime review

How to maximize your automated savings

Many banks offer features to help you maximize your automated savings. These features can include:

• Goal-based savings buckets: These enable you to save for different financial goals, such as buying a home or car, paying off debt, or going on vacation.
• Paycheck transfers: Many banks let you set a percentage or amount that you want to have automatically taken out of your paycheck and put into savings.
• Roundups: With roundups, your debit transactions are rounded up to the nearest dollar and the spare change is automatically added to your savings goal.
• Scheduled transfers: Some banks allow you to set up when and how much will be automatically transferred into your savings account.
• High APYs: Savings accounts with high APYs can help you build your wealth by putting your money to work for you. Most of the accounts we looked at require direct deposit to access higher APYs.

FAQs

Bottom line

Automating your savings can be one of the easiest and most effective ways to build long-term wealth, and the right bank can make all the difference.

But the best bank for automated savings depends on your financial needs and goals. Look for a bank that offers high APYs, minimal fees, goal-setting options, and flexible savings tools.

Check out our list of the best savings accounts for more options beyond those covered here.

Reach Your Savings Goals Faster

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2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹⁵ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.¹⁶ <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees¹⁰ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁹ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million² <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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Author Details

Danielle Letenyei

Danielle Letenyei is a writer for FinanceBuzz living in Madison, Wisconsin. Her interests include budgeting, travel, credit cards, insurance, and creative side gigs. She hopes her work on these topics can help others navigate the intricate landscape of personal finance.