SoFi Checking and Savings Summary
The savings account to help you reach your financial goals
Pros
- High APY if you set up direct deposit*
- No minimum balance
- Free access to 55,000+ ATMs
Cons
- No physical branches
- No 24/7 phone support for bank accounts
SoFi Checking and Savings Key Features
SoFi High-Yield Savings & Checking Overview
SoFi offers a combined Checking and Savings account with standout benefits—no monthly or overdraft fees, competitive interest rates, and innovative digital tools.
Interest Rates & Requirements
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Savings Account APY:
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Earn up to 3.80% APY when you qualify through direct deposits or sufficient deposit activity
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A limited-time promotion can increase this to 4.50% APY for up to six months when enrolled in SoFi Plus.
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Checking Account APY:
Earn 0.50% APY on checking balances when meeting qualification requirements; otherwise, savings still yield a solid return, though slightly lower.
To qualify for the higher rates, you can either:
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Set up Eligible Direct Deposit, or
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Maintain at least $5,000 in qualifying deposits within each 30-day evaluation period — or subscribe to SoFi Plus for the same benefits.
Perks & Added Value
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Zero Fees: No monthly, maintenance, or overdraft fees.
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FDIC Insured: Deposits are insured up to $250,000, and through SoFi’s Insured Deposit Program, that coverage can extend up to $3 million.
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Strong ATM Network: Access over 55,000 fee-free ATMs via the Allpoint network.
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Early Pay: Receive direct deposits up to two days early.
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Smart Savings Tools: Includes Vaults (goal-specific buckets) and RoundUps (auto-saving from debit card transactions).
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Promotions: New users may be eligible for a $50–$300 bonus when they set up direct deposit and meet criteria.
Recognition & Reviews
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Awarded Best Free Checking Account by Real Simple (Investopedia Smart Money Awards 2024).
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Highly rated by NerdWallet, praising its high rates, no fees, and helpful overdraft features.
Is SoFi Right for You?
Great choice if you:
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Want to maximize interest on idle cash while keeping funds accessible
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Prefer a fee-free, digital-first banking experience
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Value tools for automated savings and early payday access
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Are comfortable meeting deposit or direct deposit requirements
Consider alternatives if:
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You prefer in-person banking support (SoFi is online-only)
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You struggle to consistently meet direct deposit or deposit thresholds
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You rely on frequent cash withdrawals or need full physical branch access
Top Providers
Important Disclaimer
SoFi Checking and Savings:
*Terms Apply
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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied the Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 4/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Additional FDIC Insurance - 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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.