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If you’re searching for a high-yield savings product with easy withdrawals and streamlined online management, SoFi could be a good fit.
The combination SoFi Checking and Savings account provides a streamlined way to manage and access your savings. It offers a high interest rate, zero fees and no minimum balance requirements. Set up direct deposit, and you also have the opportunity to earn a $50 or $300 sign-on bonus.
As with any financial decision, it’s important to understand exactly what you’re getting into before committing.
In this guide, we’ll lay out everything you need to know to decide if the SoFi savings account is right for you, including:
A SoFi savings account could be right for you if you plan to set up regular monthly direct deposits — they’re necessary to get the highest APY and qualify for the sign-on bonus and overdraft protection.
You should also be comfortable with online account management and email or phone-based customer service. SoFi is an online bank, so it doesn’t offer physical service locations.
You might also choose SoFi if you’re just learning how to save money or if you’ve had a hard time saving money in the past.
The account comes with two useful tools to help you build savings faster:
Keep in mind that the SoFi savings account comes with a SoFi checking account. The two are a package deal and cannot be opened separately.
To help you decide a a SoFi Checking and Savings account is the best savings account for you, consider these pros and cons.
Pros and Cons of a SoFi High-Yield Savings Account
The SoFi savings account interest rate is one of this product’s most attractive features. It has a variable annual percentage yield (APY) of up to 4.6%, which is approximately 10 times the national average for savings accounts.
To receive this rate, however, you must do one of the following within 30 days of opening the account and every 30 days thereafter:
If you meet the qualifications for the maximum SoFi interest rates, this account is considered high yield. If you don’t, the APY drops to 1.2%. That’s important to note if you’re a freelancer or independent contractor, as setting up direct deposits may be more complicated.
The savings account has a few important perks. There are no fees, and the bank doesn’t have a minimum for the opening deposit. Don’t worry if you need to withdraw money — SoFi doesn’t have minimum balance requirements.
SoFi Checking and Savings Account Overview
| APY Range | Requirement for highest APY | Monthly fee | Minimum opening deposit |
|---|---|---|---|
| 0.50% - 4.60% | Direct deposit or $5k or more in Qualifying Deposits | $0 | $0 |
When you open a SoFi savings account, you’ll automatically get a connected checking account. The checking balance also earns interest — the account has a variable APY of 0.5% for everyone, regardless of deposit status.
Your SoFi checking account includes a debit card you can use to make purchases or withdraw money. To take money out of savings, you must first transfer it into your checking account. Then, you can withdraw cash at an ATM or make an electronic transfer to an account at another financial institution.
The transfer process is quick and easy. You can do it in minutes using the SoFi app or website. SoFi allows an unlimited number of transfers or withdrawals. Use one of SoFi’s 55,000+ in-network ATMs to avoid fees.
The money in your SoFi savings account accrues interest daily. Every month, SoFi compounds the interest. This calculation happens on the last business day of the month, and the earned interest is deposited into your savings account. At the latest, SoFi makes this deposit by the fifth business day of the next month.
The amount of money you can earn with SoFi depends on your deposits. Let’s say you open a savings account with $1,000 and set up a direct deposit of $200 per month. After a year, your balance will be $3,498.23 — a $3,400 principal and $98.23 in interest.
The more you deposit — and the longer you leave the money in the account — the more you’ll earn. If you open the account with $5,000 and direct deposit $500 every month for five years, here’s what you can expect to make (assuming a flat 4.6% APY).
Interest Earned on $5,000 Initial Deposit and Additional Deposit of $500 per Month
| Year | Principal | Interest | Total Balance |
|---|---|---|---|
| Year 1 | $11,000 | $363.04 | $11,363.04 |
| Year 2 | $17,000 | $1,025.03 | $18,025.03 |
| Year 3 | $23,000 | $2,000.02 | $25,000.02 |
| Year 4 | $29,000 | $3,302.71 | $32,302.71 |
| Year 5 | $35,000 | $4,948.50 | $39,948.50 |
Try using our savings calculator to see exactly how much you could earn. Read our complete guide on savings calculator.
The national average APY for savings accounts is 0.47%, according to the FDIC. The maximum SoFi savings APY is 4.6% — nearly 10 times higher. You don’t need to maintain a minimum balance to keep this rate.
Compared to other banks, SoFi offers a competitive APY. Based on rates alone, the SoFi APY makes it one of the best high-yield savings accounts on the market.
Many institutions offer a 4.35% APY, which is slightly lower than SoFi. However, most of those banks offer that rate to all customers, without restrictions regarding direct deposit or minimum monthly deposits. If you can’t set up direct deposit or afford a $5,000 monthly contribution, you can likely earn more in interest with a different high-yield account.
Here’s a comparison of the current APY offerings for popular U.S. banks.
| Bank | APY |
|---|---|
| Ally Bank | 4.25% |
| American Express | 4.25% |
| Barclays | 4.35% |
| Capital One | 4.25% |
| Chase | 0.1% to 0.2% |
| Discover | 4.25% |
| Marcus | 4.5% |
| SoFi Bank | 4.6%, 1.2% without direct deposit or $5,000 in deposits every 30 days |
| Synchrony | 4.75% |
| U.S. Bank | 0.1% |
| UFB Direct | 5.25% |
| Western Alliance | 5.24% |
| USAA | 0.01% to 1.60% |
Rates are accurate as of April 2024.
Opening a SoFi savings account is a fast, hassle-free process. Everything happens online, so you’ll need a phone, tablet or computer.
Before you start the application process, make sure you meet the basic requirements. As with most accounts, you must be at least 18 years old and able to provide a valid Social Security number and an address in the United States. P.O. boxes do not qualify.
To open an account, follow these steps:
SoFi typically makes an approval decision quickly — you might even be able to open the account right away. For some people, the process takes a few hours or days. You should receive an email once the application is processed.
As soon as your savings account is up and running, you can start making deposits. SoFi supports a variety of methods, including direct deposit, ACH transfers and wire transfers. The money begins accruing interest as soon as it arrives in the account.
If you want access to SoFi’s best benefits, set up direct deposit as soon as possible.
The bank offers three options:
How soon should you make a deposit? That depends on your situation. It’s important to note that SoFi only sends your debit card when you’ve put money in the account. Once you get the debit card, you can make cash deposits at participating retailers for a $4.95 fee. When the account balance reaches $500, you’ll be able to use the Mobile Check Deposit feature in the SoFi app.
SoFi is currently offering a sign-up bonus for account holders who set up direct deposit. If your direct deposits total $1,000 to $4,999.99, you’ll earn a $50 bonus. Direct deposits of $5,000 or more earn a $300 bonus. The bonus period starts the day your first direct deposit arrives and ends 25 days later, as long as that timeframe is within the promotional period.
The checking and savings accounts are SoFi’s only traditional banking products. The bank doesn’t currently offer other savings options such as certificate of deposit accounts or separate checking accounts. You can, however, use SoFi to open a range of other financial products.
These other financial products include:
With an APY of 4.6%, the SoFi savings account is considered a high-yield product. Keep in mind that this rate is only available to people who make a direct deposit or add $5,000 to the account every 30 days. People who don’t meet these criteria earn an APY of just 1.2% — higher than the national average but not quite high yield.
Yes — SoFi Bank is FDIC and offers the standard $250,000 in FDIC insurance for your account. The bank also offers the SoFi Insured Deposit Program, which provides up to $2 million in additional insurance. You must enroll in this program to qualify.
You do not have to pay any fees with the SoFi savings account.
SoFi does not have a minimum balance requirement. Your balance has no impact on your APY or account standing.
The SoFi savings account can be worth opening but only for people who can arrange monthly direct deposits. As long as the account receives at least one direct deposit every month — no matter the amount — you’ll get the highest APY, qualify for the sign-on bonus and have the option to earn overdraft protection for the connected checking account.
If you can’t set up direct deposits, the SoFi account is probably not your best option. You’re better off opening a high-yield savings account with a bank that doesn’t tie the maximum APY to direct deposits.
SoFi’s Insured Deposit Program, which provides extra insurance on top of FDIC protection, is backed by a variety of banks. They include the Banc of California, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell bank, Enterprise Bank & Trust, Luther Burbank Savings, Third Coast Bank, SSB, Centennial Bank, First Western Trust Bank, Metropolitan Commercial Bank and Wintrust Bank.
To get a 4.6% APY with SoFi savings account, you’ll need to set up regular direct deposits or deposit $5,000 per month.
Imogen Sharma is a freelance writer with an extensive portfolio, covering topics such as finance, business management, investing, and startups. Before becoming a full-time writer, Imogen managed high-volume fine dining restaurants in London with a knack for pricing and P&L management that contributed to sustained growth.
Imogen has contributed bylined and ghostwritten content for thought-leading publications in business, finance and technology. Topics covered include business loans, personal loans, startup funding and real estate investments.
