If you kept all of your savings in one account and just mentally tracked how much you’re saving for your different goals, things can get … messy. Luckily, plenty of modern savings accounts can help organize your savings goals.
How to separate your savings goals
There are two main ways to separate your savings goals:
- Buckets or subaccounts
- Savings goal feature
Savings accounts with “buckets” or subaccounts allow you to organize your savings into multiple, distinct categories within a single account. Each bucket can be named for a specific goal, like a vacation fund, emergency savings or a home down payment.
Alternatively, there are bank accounts with a built-in savings goals feature that usually includes the ability to name a savings goal and track your progress. Create individual goals, like “New Laptop” or “Holiday Travel,” in your banking app and set a target amount. Then, as you save, you can track your progress visually or percentage-wise. Additionally, you usually have the option to set up automatic transfers to help you reach each goal faster.
Hot tip: A savings account with a bucket functionality usually also comes with an automated transfer function to fund each bucket, making it a hands-off way to save for multiple purposes at once.
4 best savings accounts to name your savings goals
Best overall
Best hybrid account
Best for checking and savings buckets
Ally Bank Savings Account offers up to 3.5% on all balances, with no monthly maintenance fees or opening deposit requirements. With either the Ally checking or savings account, you can create up to 30 “buckets” that let you divide your money into named goals. You can also use a variety of savings tools, such as recurring transfers, Round Ups and Surprise Savings.
Best for families
Methodology: How we chose the best savings goal accounts
Finder’s banking experts compare hundreds of savings accounts to narrow down the best options for savings goals. While APYs are a must for a top savings account, for this list, we prioritized finding savings accounts with the ability to separate, name and create savings goals, or the functionality of creating subaccounts (buckets, vaults, etc.). To further narrow down our list, we looked at accounts with extra features, such as round-ups and auto-transfers, to make saving even easier.
To be considered on our best list, accounts need to meet the following minimum criteria:
- Must have savings goal functionality or subaccount creation
- $0 monthly fees
- $0 opening deposit requirements
- Competitive APYs, preferably above 3.50% APY
So you’ve set a savings goal — now what?
Creating savings goals is the easiest part of saving. You can name each savings goal, set a target rate and daydream about how it will feel to achieve that goal.
The real savings challenge is sticking to the plan after the excitement wears off.
That’s where tools like automatic transfers, visual progress tracking and even small reminders can make a big difference. Here are some tips to keep your savings goals on track:
- Name your goals. You’re already looking for accounts with this functionality, so you’re halfway there. Naming the savings goal reminds you why you’re saving, and it can keep you motivated.
- Automate it. Set up recurring transfers so money moves to your savings without you having to think about it.
- Make it visual. Use savings buckets or goal trackers in your banking app to see your progress grow.
- Break it down. Instead of saving $1,000 in one shot, aim for $25 or $50 a week. Smaller milestones are easier to reach and help build momentum.
- Keep the money out of reach. Consider keeping your savings in a separate account (or a locked goal) so you’re not tempted to dip into it for everyday spending.
- Set reminders. If you have a regular pay schedule, set a reminder for your paydays to transfer a little bit of money toward your savings goals.
How do I set up savings buckets?
- Log in to SoFi’s savings account.
- Choose Add Vault.
- Select a pre-named Vault, such as Travel, or customize the Vault’s name.
- Finish creating the vault and move money from your SoFi Checking account to the Vault, or vice versa.
Some accounts also let you round up purchases or use AI tools to help fund your buckets faster. In the case of SoFi, you can set up round-ups so each debit card purchase is rounded up to the nearest whole dollar, and the rounded-up amount can be transferred to the Vault of your choice.
Bottom line
Savings goals and buckets can be great tools to help build your savings. Whether saving for your kids’ college education, a wedding, vacation or creating an emergency fund, having a savings account with automation and organization tools can help you reach those goals.
Compare the best overall savings accounts for the highest rates and lowest fees in the market.
Frequently asked questions
Are these accounts FDIC-insured?
Yes, all accounts featured on our best list are FDIC insured, either directly through the bank or through partner banks. If you need more deposit insurance than the typical $250,000, check with providers like Wealthfront or SoFi, as they use a network of banks to increase coverage.
Do savings buckets earn interest separately?
For the most part, no, most savings accounts with savings buckets are part of a single savings account, so the total balance earns interest at the same rate.
However, you’ll want to check your account carefully. While most subaccounts consider you’re entire balance, we have found a few accounts that earn interest separately, such as Current’s “pods.” The digital account Current comes with three savings pods, which can earn up to 4.00% in each pod separately by meeting deposit requirements.
Is there a limit to how many savings goals I can create?
Typically, yes, savings accounts with goals do have limits on how many buckets or individual savings goals you can create. For example, Wealthfront allows up to eight savings goals, SoFi offers up to 20 Vaults and Ally allows up to 30 buckets.
Can I withdraw money from a savings bucket at any time?
That depends on the bank account. Many online savings accounts don’t have withdrawal limitations, such as SoFi and Wealthfront, but some banks will restrict withdrawals up to six per month. Check with your bank to learn your daily, weekly or monthly withdrawal limits.
