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I Opened a High-Yield Savings Account on My Phone. It Took 8 Minutes

Nothing had prepared me for how easy it was.

By Roxana Loomes , Edited by Melinda Sineriz, ABFP®

Updated Oct. 1, 2026

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Opening a high-yield savings account on a phone took 8 minutes, start to finish. It required no branch visit, printer, or document hunt.
The app asked for information I already knew or had in my wallet: Social Security number (SSN), address, a driver's license photo, and a linked account or debit card to fund it.
The signup itself was the easy part. The real decision was which bank, at what rate. That took longer than opening the account.
At the national average savings rate of 0.38% (as of 06/15/26), $20,000 earns $76 a year. The same balance could earn up to ten times more with a SoFi Checking and Savings account. See SoFi®'s current rate.

I opened my high-yield savings account while I was idly watching YouTube on my couch. I'd meant to do it for a while, but every time I thought about it, I imagined sitting at my computer with a pile of documents in front of me. What if I had to visit a branch? Yikes! So I kept putting it off.

Then, one Saturday morning, instead of doom-scrolling, I opened the app. Eight minutes later, I had an account number, my first funding transfer in motion, and a 3.75% APY (my old rate had been a laughable 0.01%). All this without leaving my couch or turning on my computer.

What the app asked for

I'd been dreading a document hunt, but I didn't need one.

The app asked for identification: SSN, legal name, address, date of birth. I could type all these things from memory. It also asked for pictures of the front and back of my driver's license, which it scanned to fill a few other fields and spare me the typing. There was one employment question: whether I was employed, self-employed, retired, or other. That was it.

I then linked my debit card as the funding source. A routing and account number would have worked, too.

It's worth mentioning what the app didn't ask for: a Social Security card, a utility bill, proof of address, any notarized documents, or a signature on paper.

We did the research for you. Having your checking and savings accounts with the same financial institution can make money management a lot simpler. SoFi® was our 2026 award winner for Best Checking and Savings Combo because it delivers on interest and additional features.

For example, you could earn up to 4.40% APY on your savings balance with direct deposit. (3.30% APY¹ with +1.10% APY Boost) for up to 6 months on new accounts.²

SoFi also offers more special features than any other account combo we looked at: No account fees: No overdraft fees.³ No minimum balance fees. No monthly fees.⁴ Get paid up to two days early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.⁵ Access additional FDIC insurance up to $3M: Typically, single-member deposit accounts are federally insured up to $250,000. With SoFi, FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁶

Open an account with SoFi here.

The 8 minutes, step by step

Here's the actual sequence:

0:00-1:00: Tapped "Open an account" in the app and selected the high-yield savings option.
1:00-2:30: Entered my name, address, date of birth, and SSN.
2:30-4:00: Photographed my license (front, then back); the app confirmed my identity and pre-filled a couple of fields from the scan.
4:00-5:00: Answered the employment question and agreed to the account disclosures.
5:00-6:30: Linked my debit card as the funding source and entered an opening deposit amount.
6:30-7:30: Reviewed the summary screen: account type, APY, no monthly fee, no minimum balance requirement.
7:30-8:00: Hit submit. Confirmation screen. Done.

Your money is already saved. Now see how it could be earning you hundreds per year.

What I decided before I opened the app

Before I downloaded the app, I did my research. That took days longer than the eight minutes I needed to open the account. It started with comparing banks and APYs.

I compared three online-only banks and my own bank's high-yield account. Minimum amounts that triggered a maintenance fee once the balance fell below a threshold ruled two out. My own bank's APY was below 3%.

I ended up with a competitive 3.75% rate and no minimum balance at a bank I had heard of. For some reason, that mattered more to me than I had expected. I didn't want a "no-name" bank.

If you're stuck on the "which bank" question, that's normal. That's the actual decision, not the signup itself.

If you have	One year at 0.38% APY (national average)	One year at 3.80% APY (example)	You are leaving behind
$10,000	$38	$380	$342
$25,000	$95	$950	$855
$40,000	$152	$1,520	$1,368
$50,000	$190	$1,900	$1,710
$100,000	$380	$3,800	$3,420

What happened after I hit submit

The account was approved instantly, without any "we'll email you in 3-5 business days" messages. The first funding transfer from my debit card cleared in two business days, which was the only part of the process that dragged somewhat.

There was no hold on the account. I could see the routing and account numbers immediately and could set up direct deposit or an external transfer the same day.

Interest started accruing from the day the funds arrived. I didn't receive a physical card or welcome package. The bank is entirely online, so I check statements in the app on my phone.

Bottom line

The whole signup took 8 minutes, and most of that was typing information from memory. The real decision came before I ever opened the app: picking the rate and the bank.

Right now, that account is earning 3.75% APY on a $25,000 balance that used to earn almost nothing.

FAQs

Can you open a savings account entirely on your phone?

You can open a savings account on your phone at most online banks and many traditional banks' apps. You can typically complete the full process without a computer, a branch visit, or a paper form.

What do you need to open a high-yield savings account?

You typically need your Social Security number, a government-issued photo ID, your address and date of birth, and a way to fund the account (a linked debit card or the routing and account number of an external bank).

Does opening a savings account affect your credit score?

Generally, no. Banks typically run a soft inquiry or a check with a service like ChexSystems to open a deposit account, not a hard credit pull, so it typically doesn't affect your credit score.

Would You Spend Ten Minutes for $1,465?

That's roughly the year's difference on $40,000 between the national average and the up-to-4.00% rates available now. And ten minutes isn't a figure of speech. You just provide some information, like your name, address, Social Security number, and the account your deposit money's coming from. But rates are variable and follow the market, which is why the only number worth acting on is today's. Compare the current top accounts here.

Limited-Time Offer

2026 AWARD WINNER Best Checking and Savings Combo

SoFi Checking and Savings

5.0

Open Account on SoFi's secure website, Member FDIC

APY

4.40%

Minimum Balance for APY

Bonus Offer

Up to $400

Why We Like It

Limited-Time Offer: Earn a $50 or $400 cash bonus¹ 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/2026. 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. SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. plus a boosted up to 4.40% APY² Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC. on Savings (3.30% APY¹ 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/2026. 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. SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. with +1.10% APY Boost) for up to 6 months when you open a new account and set up eligible direct deposits. Terms apply.
No account, overdraft, or monthly fees.⁴ We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.
Get your paycheck up to two days early with direct deposit.⁵ 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.
Access additional FDIC insurance up to $3 million.⁶ 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. 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 <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>.
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