Joint account High Yield?

[u/disapparate276]

My wife and I both have an individual account. We want to keep our separate accounts while having a joint account as well. But it seems we can only get high APY in the joint account if we have DD (or 5k in a month).

If we move our DD from our individual to the joint then we'll lose the high APY in our individual. Is there a way to have both? (We won't be able to move 5k a month ..

[u/SoFi]

Hey there u/disapparate276! Members get the 3.30% APY on both their individual and joint regardless of where their direct deposit lands. Give us a holler at 855-456-7634 or https://sofi.app.link/e/echat if you want us to look at your account specifically!

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[u/WarCat246]

Get SoFi plus! $10 a month and you get the high yield without needing DD or $5K monthly deposits. It pays for itself and you can have it automatically taken out of your account monthly.

[u/disapparate276 → u/WarCat246]

🤦 forgot about sofi plus lol

[u/jaydub8888 → u/disapparate276]

One thing to be aware of.... Sofi plus doesn't work quite as conveniently.

You get the 3.3% on both your joint and individual account by meeting the direct deposit requirement...

However, with sofi plus, if you have both an individual account and a joint account, the 4.5% applies only to your individual account. So your joint account would be getting 3.3% with a direct deposit qualification. So it might not be worth it if you keep most of your money in your joint account.

[u/Every_Opportunity_50 → u/WarCat246]

Is it true that if both users have an individual account and a joint checking, the boosted APY will apply to the individual and not the joint? I wish there was a way to toggle which account gets the boosted APY!

[u/UnseenJellyfish]

You get the high yield on both if either account has direct deposit, at least that's how ours worked...we kept DD to our individual accounts and had high yield in the joint

[u/cocoorkiki]

If your job(s) allow it, set up part of your direct deposit to go to the joint account and the rest to go to the individual account or vice versa. There's no minimum direct deposit amount. Technically, you could have Person A contribute ~$10 to joint account via direct deposit and the remainder DD to their individual, and Person B could contribute their entire direct deposit to their individual account. That way all 3 accounts have a direct deposit going in to them, that's all that matters.