Most people plan a trip and then figure out the money part. I did it the other way around.
A couple months before spring break, I opened a High Yield Savings Account with SoFi and set a loose savings goal—roughly three times my monthly expenses. Not because I had a specific trip in mind. Just because I knew that if I had that kind of cushion sitting somewhere separate from my checking account, I’d have the flexibility to say yes when something came up.
And that’s exactly what happened. The trip didn’t require any scrambling, any pulling from money I shouldn’t have touched, or any post-trip guilt about what I spent. The money was already there—I just used it.
What a HYSA Actually Is
A High Yield Savings Account works the same way as a regular savings account with one key difference: the interest rate is significantly higher. Traditional savings accounts at big banks pay next to nothing—often 0.01% APY. A HYSA typically pays somewhere in the range of 4-5%, which means your money is actually working while it sits there.
It’s not going to make you rich. But it’s a straightforward upgrade from letting cash collect dust in a checking account.
I use SoFi’s HYSA specifically. No fees, easy to set up, and the interest compounds daily. SoFi bundles its checking and savings accounts together, which actually makes it easier if you want to transfer funds between the two (the checking account also earns interest!). If you want to open one, you can use my link below—you’ll get a bonus when you sign up, and it costs nothing to open.
Why Keeping It Separate Matters
The practical reason I use a HYSA for savings goals instead of just leaving money in my checking account is simple: out of sight, out of mind.
When savings and spending money sit in the same account, the line between them can get blurry. You tell yourself you’re saving, but the balance looks fine, so you’re willing to spend a little more. Then a little more. And quietly the “savings” disappears into everyday spending without you ever making a deliberate decision to touch it.
A separate account removes that temptation. The money has a job. It sits there, earns a little interest, and waits until you actually need it.
How to Set One Up
It takes about 15 minutes. Here’s the short version:
Step 1 — Open a SoFi Checking & Savings account. You can do it entirely through the app.
Step 2 — Set a savings goal. It doesn’t need to be exact. A rough target—whether that’s one month of expenses, three months, or a set dollar amount for something you’re working toward—gives the account a purpose.
Step 3 — Move a fixed amount over each week or each payday. Automate it if you want. The less you have to think about it, the better.
Then leave it alone until you need it.
The Bigger Picture
A HYSA isn’t a complicated financial tool. It’s just a better place to keep money you’re not spending right now.
Summer’s coming. If there’s a trip in your group chat that hasn’t quite come together yet, this is a simple way to make sure the money isn’t the reason it doesn’t happen.
Sign up for SoFi and get $25 when you open a Checking & Savings account →