SoFi Bank (4.60% APY with Direct Deposit)

SoFi's HYSA at 4.60% APY is conditional on setting up direct deposit (paycheck or recurring transfer of $1,000+/month), but for people who can meet this requirement, it adds compelling features that pure savings accounts lack. SoFi includes a no-fee checking account, a Visa debit card with 1% cashback, ATM fee reimbursements up to $50/month, and no minimum balance. The combined checking+savings structure means emergency fund cash is accessible without a 1-3 day transfer wait. SoFi also offers sign-up bonuses of $250-300 for new accounts with qualifying direct deposit — effectively a 0.5% rate bump in year one. The downside: without direct deposit, the rate drops to 1.20% APY, which makes it uncompetitive. SoFi is a full FDIC-insured bank (not a fintech with bank partner), providing regulatory clarity.