What to Know About SoFi’s Savings Rate
3.60%1
At SoFi Checking & Savings, we offer a rate that’s 9x2 the national average savings rate—helping you reach your financial goals faster, whether it’s saving for vacation, retirement, or something else on your list.
What Affects Savings Rates at Banks:
• Changes in the Federal Funds Rate
• Predictions about future Federal Funds Rate Changes
• Broader market rate dynamics
Understanding a Lower Rate Environment
Over the past four years, the Federal Funds Rate has continued to increase. That’s made lending more expensive, but allowed you to earn more interest from high-yield savings accounts.
Recently, the Federal Reserve (a.k.a. the Fed) has begun lowering this rate, making borrowing less expensive, in order to boost economic activity. While this is great news for borrowers, it can also lead to lower interest rates on savings accounts, including ours.
Although the Federal Funds Rate isn’t the only factor influencing savings rates, it plays a role in determining what banks like SoFi can offer. Looking ahead, economists are predicting additional rate cuts, which would likely spur further savings rate drops across the industry. Note that banks consider various factors when adjusting rates, so you may see changes before or after a Fed rate announcement.
The Good News
Even as the rate environment changes, SoFi is committed to supporting your financial goals. Our priority is to offer competitive rates that help you reach your ambitions–no matter what you’re saving for. When you have your direct deposit with SoFi, you can earn more in six weeks than you would in a whole year at a traditional big bank.
Beyond a competitive APY, we’re committed to offering banking with no account fees3, access to additional FDIC insurance up to $3M4, and helpful tools and features like round-ups and Vaults.
Want to dive deeper? Check out these helpful resources:
• Interest Rates FAQ: How the Federal Funds Rate Impacts Your Savings
• How Much Should I Keep In Savings?
Thank you for being a SoFi member.
Photo credit: iStockPhoto/Drazen_
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at http://www.sofi.com/legal/banking-rate-sheet
2 9x based on FDIC monthly savings account rate as of October 20, 2025.
3
No Account Fee
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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4 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.
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