This has nothing to do with marital status or financial situation. Every woman needs her own savings account. And you need a real account that actually earns you interest. Your standard savings account at your walk in bank isn’t giving you much at all. You’re earning pennies on the Benjamin instead of the dollars you can get from a high yield savings account HYSA from well-established instiutions like SoFi. I opened a free account with them, it didn’t even have a minimum requirement, and auto-enrolled my direct deposit of my stock dividends, royalty checks, company paychecks, earnings, and rollovers. We also did this for our kids. When they turn 18, they’re going to be set for a home once they have a stable job to get approved on their own. When you open a SoFi savings account, you automatically get a free checking account too!

This is not an ad for them. I legitimately did my research and their ability to withstand the market was the top reason I chose them. Small local banks are great for your bill checking account but for savings, get a strong and longstanding bank that can survive. Think 2008 and 2020. There are a couple of other companies claiming to pay out more until you read the fine print and read their average customer payout is actually closer to SoFi and also fluctuates more than SoFi does. Upon many hours of reading and Google searching I also found articles and interviews from the other competitors’ CEOs and he even admitted their volatility during the banking crisis and if it happened during COVID, when the interview took place, they would not have survived. The company does offer home and personal loan programs but not nearly as many viable programs as companies like SoFi because they’re smaller and just don’t have that market share; which is also why their average customer is signed up a whole percentage under their advertiesed APY.

Researching more about FDIC laws and some of the provisions the CEO mentioned gave me more pause. We all know when a bank is failing, the government always does a “bailout” process as per those guidelines which are decades old. Again, think 2008 and 2020. Those are because the laws require the Feds to perform an oversite and dig deep into the insitutions financials. Why did they fail? What were their reserves before and after? How are they being spent? etc. That’s what is happening in those bailout meetings with presidents because FDIC doesn’t just pay out–and that is why I also chose SoFi. Banks that have far less reserves and profitability, as this other CEO admitted his HYSA did, they have far more regulatory procedures to go through to get that money back to customers. That takes a lot of time which means your money could be MIA for an extended period of time while the bank undergoes federal scrutiny and forensic accounting audits. SoFi doesn’t have that problem and in a crash, is far more likely to have your money available. Done deal for me.

HYSAs work exactly the same with one caveat which is also a federal requirement so ALL US banks follow this rule: Limit 6 transactions per month. However, you can open as many free accounts as you want! You can even open a dozen at once and name them. For example; mortage, bills, college fund, etc. I signed up on my phone in like 5 minutes and just put in $50 to start because I had to make dinner and setup my deposits after I put the kids to bed.

You can go here and get started: https://www.sofi.com/invite/money?gcp=2dbe572d-72c2-4f5e-a7a4-c6cbb597ed56&isAliasGcp=false