- After last week's Fed meeting, concerns over stagflation are beginning to rise.
- It can be smart to open checking and savings with the same bank to get special benefits.
- Bundling checking and savings can let you earn high rates, bonuses, and extra perks.
Investors are starting to be worried about stagflation, which is when inflation is high and economic growth is slow. Stagflation is hard to deal with, and it can decrease your savings if poorly performing investments can't keep up with inflation.
Stagflation can also lead to increased unemployment, which means you might be at greater risk of experiencing layoffs. This means you'll want to have more cash easily accessible in case of emergencies, and less cash tied up in investments.
Opening a high-yield savings account and a checking account at the same bank lets you start building up your emergency savings by giving you extra rates, bonuses, and perks that you might not get otherwise.
1. Relationship rates give you extra benefits for loyalty
Many banks, especially traditional brick-and-mortar banks, offer special relationship rates for people who open a savings account and a checking account with the same financial institution.
For example, if you open a Wells Fargo Platinum Savings Account, you can only earn a 0.01% annual percentage yield without a linked Wells Fargo checking account. But if you link the Wells Fargo Premier Checking account, you can earn 0.01% to 2.51% APY.
While relationship rates from brick-and-mortar banks aren't as high as what you can get from online banks and credit unions, they might still be a good option for you if you prefer to bank in person.
Some banks and credit unions offer hybrid bank accounts, sometimes called bundled checking and savings accounts. These accounts include both checking and savings accounts; you can't open just one.
These accounts might come with higher interest than the non-bundled accounts offered by the same financial institution. For example, the Axos ONE Savings and Checking Bundle offers up to 4.66% APY on the savings portion of the account, which is one of the highest rates you can currently find from a high-yield savings account and is higher than the bank's other savings accounts.
Another high-interest bundled account is the SoFi® Checking and Savings (Member FDIC), which offers up to 3.80% annual percentage yield. UFB Direct also offers a bundled version of the UFB Portfolio Savings and the UFB Direct Freedom Checking that offers a higher interest rate for both accounts.
2. Checking and savings account bonuses let you earn extra cash for bundling
Some banks offer bonuses to people who open both a checking and saving account with them. This bonus can be a nice start or boost for your emergency fund.
SoFi® Checking and Savings (Member FDIC) will give you a checking and savings account bonus up to $300 with qualifying direct deposit for eligible customers (offer expires 01/31/26, terms apply) when you open the account and make a qualifying direct deposit. The exact amount you earn will depend on how much money in direct deposits you receive within a month.
If you direct deposit at least $1,000 but less than $5,000, you'll receive a $50 bonus. If you direct deposit at least $5,000, you'll receive the full bonus.
You also won't have to worry about monthly bank maintenance fees with this account, which isn't true for many of the accounts that give bonuses.
Another checking and savings account that gives a bonus is the PNC Bank Virtual Wallet®. Your exact savings and checking account bonus will depend on what type of account you open and how much you put into the Spend account, but you can earn $100, $200, or $400. You can also earn relationship interest rates by doing this. Just keep in mind that these accounts come with waivable monthly service fees.
3. Linking same-bank checking and savings accounts can get you savings perks
If you have a specific financial institution you want to bank with, and that institution doesn't offer relationship rates or bonuses, you can still benefit from opening a checking and savings account with the same bank. Many banks offer additional perks, such as savings tools, overdraft protection, and easier money transfers, if you have both a checking and savings account with them.
One savings tool to look out for when choosing an account is debit card round-ups. By linking your checking and savings account, you can have your bank automatically round up every debit card purchase to the nearest dollar and put the remaining money into your savings account. Ally and SoFi® both offer this tool, among others.
Many banks also let you set up automatic transfers between accounts to automate your savings. Banks and credit unions might also offer a tool that analyzes your checking account balance, looking for money you can afford to transfer into savings and automatically transferring it for you. This can help you save up for savings goals, such as your emergency fund, without much effort on your part.
If you find yourself overdrafting your checking account frequently and spending unnecessary money on expensive overdraft fees, many banks let you set up overdraft transfer protection between your checking and savings accounts with that bank. In case of an overdraft, money will be automatically transferred from your savings account to your checking account to cover the difference.
Sometimes, you'll have to pay an overdraft transfer fee to use this service. But that fee is usually less than an overdraft fee would be. Just keep in mind that, if you use this feature often, you could accidentally drain your savings without realizing it. You might want to switch to one of the best banks for avoiding overdrafts that doesn't charge fees at all instead of using this feature if you're worried about losing your savings.
Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
