SoFi Checking and Savings

Better banking is here. Up to 4.60% APY1
and FDIC insurance up to $2M.


Pay no account fees

No account, overdraft, or monthly fees^—just great banking.


Earn up to $300 with direct deposit

Just open your account and set up direct deposit.


Earn up to 4.60% APY1

That’s 10x the national average savings rate.2


Access additional FDIC insurance up to $2M

on deposits through a seamless network of participating banks. Learn more and opt in here.6

Upgrade your summer travel with up to
$300 on us.

And plus up next year’s travel by earning 4.60% APY on your savings


Sign up and set up direct deposit.


Wait for your direct deposit to hit your account (typically 2-4 weeks).


Collect a cash bonus of $50 to $300 depending on your direct deposit amount.

Upgrade your summer travel with up to $300 on us.

What does a better online bank account look like? This.

Open an account

No account fees^

No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.3


Up to 4.60% APY1

Members with direct deposit can earn 4.60% APY on their savings and Vaults balances, and 0.50% APY on their checking balances.


Up to 2-day-early-paycheck*

Feel the magic of payday up to two days earlier—automatically—when you set up direct deposit.


No-fee Overdraft Coverage

Overspent by accident? No problem. You’ll be covered up to $50 with no fees with direct deposit of at least $1,000.4


Do it all in one app.

Pay bills, deposit checks, send money, manage your digital wallet, and get live customer support 7 days a week, all in the SoFi app.


Additional FDIC Insurance

Access additional insurance up to $2M on deposits through a seamless network of participating banks. Learn more and opt in here.6

Awarded best online bank of 2024

Get award-winning banking.

See for yourself why SoFi won 15 banking awards from 11 industry publications last year.

Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

Awarded best online bank of 2024

Savings rates that are way above the national average.2

You make more on your money when you bank with SoFi. Get ready to earn 4.60% APY-that’s 10x the national average savings rate-on your savings and Vault balances.

Make more on your money when you bank with SoFi

Mobile banking made easy.

Securely log in to our easy-to-use app to pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee^.

Open an account


Q: What is an online bank account?

An online bank account conveniently allows you to manage your accounts from your computer or mobile device. This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch. Because SoFi does not have any physical branches, we’re able to pass those savings to our members!

Q: How easy is it to open a bank account online?

Opening an account is quick and easy. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.

Q: Can a student open an account?

Of course. Anyone over 18 can open an individual or joint online bank account. In fact, we have some special offers for students (must have an .edu email address to qualify).

Learn more about our Student Checking and Savings Offer.

Q: How do I set up direct deposit?

Nine in 10 SoFi members agree—setting up direct deposit is easy.** Simply download this pre-filled form, sign it, and submit it to your employer’s payroll department. Simple as that! Alternatively, if your employer has an HR portal that allows you to set up direct deposit by inputting your account number and routing number, you can get those here.

Learn more: How to Set Up Direct Deposit

Q: What will my APY be?

As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 4.60% APY on your savings & Vaults balances and 0.50% APY on your checking balances.* If you do not have a direct deposit or $5,000 in deposits every 30 days, you’ll earn 1.20% APY on savings & Vaults balances and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. Additional information can be found at

Q: Why do I need to sign up for direct deposit?

When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 4.60% APY (annual percentage yield)1, plus features like No-Fee Overdraft Coverage4 and up to 2-Day Early Paycheck.*

Q: Are online bank accounts safe?

All SoFi Checking and Savings accounts receive industry-standard FDIC insurance of up to $250,000 per member (joint accounts are insured up to $500,000). SoFi Checking and Savings members can earn up to $2M of FDIC insurance by enrolling in the SoFi Insured Deposit Program 6. For more information on FDIC insurance coverage, please visit

Q: How do I withdraw and deposit cash?

SoFi makes it easy to both withdraw and deposit money. To withdraw, simply visit any of the 55,000 Allpoint ATMs (more locations than Chase, Wells Fargo, and Bank of America combined!). You won’t pay any fee as long as you visit one of these ATMs. In order to deposit money, simply visit a retail location that offers GreenDot services.

Q: Do I need a minimum balance to open an account or get the highest interest rate?

There is no minimum balance required to open a SoFi Checking & Savings account. Members can unlock 4.60% APY savings balances with either direct deposit (no minimum required) or by depositing at least $5,000 every 30 days.1 For more information, please visit

Learn more: How Much Money Is Needed to Start a Bank Account?

Q: Is there a minimum age?

You must be 18 years or older to open an individual or joint bank account.

Learn more: How Old Do You Have to Be to Open a Bank Account?

Q: Can I sign up for an individual checking or savings account?

When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.

Q: If I keep my entire balance in savings, will funds automatically move to checking as needed to pay bills?

Yes. As long as you have Overdraft Protection enabled, we’ll automatically pull from your available savings balances in the event that your checking balance is insufficient. Overdraft protection covers ACH withdrawals (bill pay, loans, P2P), checks and debit card transactions. Note that overdraft protection will not pull from your Vaults. To turn on Overdraft Protection, open the SoFi app, tap More > Overdraft and toggle the feature on.

Q: Any limits on savings account withdrawals per month or transfers between accounts?

No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.

Q: To unlock the highest APY, does it matter where I direct deposit my funds (checking vs savings?)

Nope, it doesn’t matter. To unlock the highest the highest APY, you may either:

-Get paid via direct deposit (into either your checking or savings). Eligible direct deposits are the electronic deposits of your paycheck, pension or government payments (e.g., Social Security) from your employer, benefits provider, or the government.
-Add $5,000 or more to your checking or savings account every 30 days.

Q: Is there a maximum or ‘cap’ on the 4.60% APY?

There is not currently a maximum on the 4.60% APY for savings or Vaults.

Q: What about fees?

We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.^ There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.3 Check out a full list of fees and service charges: No Fees.

Get up to 4.60% APY today1
tomorrow will thank you.

Get the best of both worlds with an online checking account and an online savings account that work better together.
Simply download the SoFi app, become a member, and sign up today.