Table of Contents
- 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.
- Read more stories from Personal Finance Insider.
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 individual goals.
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 budgeting tools. Our list includes credit unions, online banks, and online banking platforms included in our best product guides.
1. Alliant Credit Union
Annual Percentage Yield (APY)
0.55% 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)
0.50% APY
Minimum Deposit Amount
None
- 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)
0.50% APY
Minimum Deposit Amount
None
- 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
- 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)
0.40% APY
Minimum Deposit Amount
None
- Over 470 branches in CT, DC, DE, LA, MD, NJ, NY, TX, and VA
- 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
Chase Savings℠
Annual Percentage Yield (APY)
0.01% APY effective as of 3/1/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
- No minimum opening deposit
- Relatively easy to waive $5 monthly fee
- Link to a Chase checking account for free overdraft protection
- Low APY
- Interest compounded monthly, not daily
- $5 monthly service fee
- 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. 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.
8. NBKC Bank
Annual Percentage Yield (APY)
0.15% 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.
9. One
Annual Percentage Yield (APY)
1% on your Save Pocket; 3% on your Auto-Save Pocket
Minimum Deposit Amount
None
- 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.
10. 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.
11. Sallie Mae
Annual Percentage Yield (APY)
0.45% to 0.70% APY
Minimum Deposit Amount
None
- Rate decreases when your balance hits $2,500.01, $10,000.01, and $50,000.01
- 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.
12. SoFI
Annual Percentage Yield (APY)
0.05% to 1.00% APY
Minimum Deposit Amount
None
- Solid interest rate
- Earn a higher interest rate if you set up direct deposit
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- $100 bonus if you make a direct deposit of at least $1,000 in the first 30 days
- 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
- 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 $100 bonus if you have $1,000 or more in direct deposits within the first 30 days of opening your account and before 4/30/2022
- Earn 1.00% APY with direct deposit on the first $50,000 of each account, a total of $150,000 total deposits
- Earn 0.25% APY if you do not have direct deposit but have less than $50,000 in your account
- Balances over $50,000 in checking, savings, and Vault earn 0.05% APY
- 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.
13. Wealthfront
Annual Percentage Yield (APY)
0.10% 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.
14. Wings Financial
Annual Percentage Yield (APY)
0.10% to 0.45% APY
Minimum Deposit Amount
None
- 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 0.30% if you have $10,000 to $49,999.99 in your account
- Earn 0.35% if you have $50,000 to $249,999.99 in your account
- Earn 0.45% if you have more than $100,000 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:
How do you use bank budgeting tools?
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.
Why are budgeting tools important?
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.
When should you consider a bank with budgeting tools?
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.