May
27
2025
topdown two laptops

How to Pay for IVF: Financing Options and Loans Explained

By | Budgeting & Goals, Debt Payoff, Family Finances, personal_loan | No Comments

Currently, the average cost for one in vitro fertilization (IVF) cycle in the United States is $12,400, according to data from the American Society for Reproductive Medicine. That alone is a steep price tag, and many patients go through several cycles of IVF before conceiving or attempting other options. Many clinics also charge fees for add-on procedures, which can bring the total cost of a single treatment to well over $20,000.

Fortunately, there are a number of different funding options for fertility treatments. These include budgeting and saving, insurance coverage, flexible spending accounts, IVF financing, loans, and grants. Read on for a closer look at ways to make the cost of IVF more manageable.

Key Points

•   Check health insurance for IVF coverage, which can significantly reduce costs but varies by state and plan.

•   It can be possible to use HSA or FSA funds for eligible IVF expenses, providing a tax-advantaged way to save.

•   Budget and save for IVF by setting aside monthly funds and cutting discretionary spending.

•   Consider personal loans for IVF financing, which typically offer lower interest rates than credit cards and are unsecured.

•   Explore grants from nonprofits to help cover IVF costs.

IVF Financing: 9 Ways to Pay for Treatment

For many prospective parents, the cost of IVF is worth every penny, as it can provide the chance to have children. If you’re wondering how to pay for treatment, consider these option for funding IVF.

1. Tapping into Your Health Insurance

A good first step is to check whether your health insurance will cover IVF. There are currently 21 states and the District of Columbia that require insurance companies to cover infertility treatment, but only 14 include IVF in the requirement.

You can contact your insurer to find out your specific benefits. Depending on where you live, coverage can run the gamut. Some plans will cover IVF but not the accompanying injections that women may also require, while other plans will cover both. Some insurers will only cover a certain number of attempts. And some plans do not cover IVF at all.

If you have the option and if the timing works out with your enrollment period, you might consider switching your insurance plan to one that covers, or partially covers, IVF.

2. Using Your Health Savings Account or Flexible Spending Account

A health savings account (HSA) allows you to put pre-tax money aside for medical expenses. Typically, you get an HSA in tandem with a qualifying high-deductible health plan. If you have funds in your HSA, you can use them to pay for IVF and related medical expenses. As long as you paid for the expenses after you opened the HSA, you can reimburse yourself for them at any time — it doesn’t have to be in the year that you incurred the costs.

If your employer offers a flexible spending account (FSA), you can also use those funds to pay for IVF. You don’t need a qualifying health plan to have and use this account. However, you can only use the funds for medical expenses incurred during the plan year. Also, if you don’t use all of the money you set aside, you generally lose it. However, you may be able to carry over a certain amount to the following year.

Bear in mind that there are annual limits on how much money you can contribute to either kind of account. For 2025, the individual cap on HSA contributions is $4,300 and the family cap is $8,550. Health flexible spending account limits are $3,300 for 2025.

3. Budgeting and Saving

If you’re planning to pay for IVF out-of-pocket and you don’t just have that kind of cash lying around, the most basic financial move is to save up, the way you would for any major expense. You may want to open a high-yield savings account dedicated to your IVF fund, then set up an automatic recurring transfer from your checking account into that account each month.

Depending on your timeline, you may need to cut back on discretionary expenses, such as meals out, streaming services, a gym membership, and non-essential purchases, at least temporarily. Any expense you cut can now get diverted into your IVF savings fund. You may want to investigate different types of budgeting methods to find a system that works best for you in this scenario.

4. Borrowing From a Loved One

If you have a friend or relative who is financially comfortable, you might consider asking them for a loan. There may be people in your life who would be happy to support your efforts to build your family. If you go this route, however, it’s a good idea to set out the terms of the loan clearly, including whether you’ll pay interest and, if so, at what rate, and when and how you’ll repay the loan. Setting out clear terms, and honoring those terms, can help ensure that the loan doesn’t damage your relationship in any way.

5. Applying for a Fertility Loan or IVF Loan

Some fertility clinics work with lenders that specialize in IVF financing. This allows you to pay for your out-of-pocket IVF costs in installments over time. These loans can offer anywhere from $5,000 to $100,000, and interest rates can range from 0% to 35.99%. IVF lenders typically determine whether you qualify for financing, and at what rate, based on your financial qualifications and credit. With this type of loan, the money is usually paid directly to the clinic rather than you, the borrower.

In addition, there are personal loans designed to help people pay for treatment costs. These are offered by banks and other lenders, and you may see them called fertility loans, IVF loans, and family planning loans. (Learn more about personal loans below.)

Awarded Best Online Personal Loan by NerdWallet.
Apply Online, Same Day Funding

6. Applying for a Grant

A number of nonprofit organizations offer grants and scholarships to those who cannot afford to pay for IVF. These grants are usually income-based, meaning you must demonstrate a need to qualify. Organizations that offer IVF grants include the Cade Foundation, Journey to Parenthood, Gift of Parenthood, the Baby Quest Foundation, and the Starfish Fertility Foundation.

Resolve offers a list of fertility treatment scholarships and grants on their site. It’s also a good idea to ask your fertility clinic about any local or national grant or scholarship opportunities they know of.

7. Taking Out a Home Equity Line of Credit

If you own a home, you may be able to take out a home equity loan or home equity line of credit (HELOC) and use the funds to pay for IVF. The amount you can borrow and the terms depend on the amount of equity you have in your home, as well as your credit history, debt-to-income ratio, and other factors.

The advantage of this type of IVF financing is that home equity loans and credit lines often have lower interest rates than credit cards and other types of loans. The downside is that you need to have equity in order to qualify, and you must use your home as collateral for the loan (which means that if you have trouble making payments, you could potentially lose your home).

Recommended: How to Avoid Loan Origination Fees

8. Borrowing From Your Retirement Account

You generally don’t want to tap your retirement nest egg before retirement, but if no other funding sources are available, borrowing from your retirement account, such as an 401(k), could be an option.

You may be able to borrow up to $50,000 or half of the amount vested in your 401(k) — whichever is smaller. If you take this path, you are basically lending the money to yourself at market interest rates for up to five years. Keep in mind, though, that 401(k) plan providers will typically charge fees to process and service a loan, which adds to the cost of borrowing and repayment. Also, not all employers offer these loans.

In addition, you might qualify to withdraw money from your individual retirement account (IRA) or 401(k) to pay for IVF treatment if your plan allows what’s called a hardship withdrawal. This allows you to avoid the 10% early withdrawal penalty, but you’ll still have to pay income tax on any withdrawals you make.

9. Taking Out a Personal Loan

Compared to using high-interest credit cards or tapping your IRA, a personal loan might be a better option for many people. A personal loan can be used for almost any expense, including IVF, and typically comes with a fixed interest rate that is lower than most credit cards.

Unlike a home equity loan or credit line, personal loans are typically unsecured, which means you don’t need to put your home or any other asset at risk. Also, you do not need to have any equity in your home to qualify. Instead, a lender will look at your overall financial qualifications to determine whether or not to approve you for a loan and, if so, at what rate and terms.

Recommended: Personal Loan Calculator

The Takeaway

IVF might be one of the most meaningful investments you’ll ever make, but it can be a major expense. You can look to your insurance, health savings accounts, cash savings, or a loved one for help with IVF funding. If that’s not enough, an unsecured personal loan may be a smart way to finance treatment and help make your dreams a reality.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

What is an IVF loan?

An IVF loan is typically a kind of personal loan designed to pay for fertility treatment costs. It’s an installment loan: You receive a lump sum of cash and then repay it, with interest, over time.

Can I get a personal loan for fertility treatments?

Personal loans can be used for almost any purpose, and fertility treatments are one option. You may see personal loans specially designed for this purpose. To qualify, you will need to go through the application process, have your credit reviewed, and see what terms you are offered.

Are there medical loans that cover IVF?

Yes, you can likely find loans that cover IVF in two ways. Some fertility clinics partner with lenders to offer funding, or you can apply for a personal loan to finance the expense of IVF treatments.

What is the best way to finance IVF?

Deciding how to finance IVF is a very personal decision, based on a variety of factors. Homeowners with equity might choose a HELOC; others might apply for a personal loan; and still others might seek a grant or a loan from a family member.

Does insurance cover IVF?

Some health insurance policies cover IVF. Check your policy for details; the amount of coverage and its details can vary greatly.

Can I use an HSA or FSA for IVF expenses?

Yes, you may be able to use HSA or FSA funds for IVF expenses, but it’s important to check the eligibility guidelines to see which aspects of your treatment are covered.

What are alternatives to IVF loans if I have bad credit?

If you have bad credit and are seeking IVF financing, you may find lenders, albeit with higher interest rates and less favorable terms. Other options include payment plans with your healthcare provider, a loan from a family member or close friend, and/or applying for grants.

About the author

Julia Califano

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 during a 30-day Evaluation Period (as defined below).

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 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, 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 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY 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, 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 members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOPL-Q225-040

Read more
May
27
2025
Most Popular Time Of The Year To Buy Furniture

Most Popular Time of the Year to Buy Furniture

By | Budgeting & Goals, Financial Independence, money | Comments Off on Most Popular Time of the Year to Buy Furniture

Buying new furniture can be an exciting way to personalize and update your home, whether your taste runs towards a sleek, modern look, a funky boho vibe, or anything in between. But furniture can be expensive, so you’ll likely want to shop at the right time to get the best possible deal.

When precisely that is will vary based on what you are hunting for. Indoor furniture may be on sale in the late winter and summer, but outdoor pieces may be marked down at the end of summer and in the fall.

To help you save a bundle on your new furnishings, no matter what you may be looking for, read on for smart intel and advice.

Key Points

•   The best time to buy indoor furniture is typically the end of winter and during the summer.

•   Late summer to early fall is generally the best time of year to buy outdoor furniture.

•   Holiday weekends, such as Black Friday, offer significant discounts.

•   Patience is key; waiting for the right piece can save money.

•   Online shopping can provide more options and competitive pricing.

When Is the Best Time to Buy Furniture?

The best time of year to buy furniture depends on which kind of furniture you’re talking about. Here are some rules of thumb to keep in mind as you redesign your living space.

Indoor Furniture

Like many other manufactured goods, sales on indoor furniture are generally dependent on the release of new pieces: When a showroom needs to make room for next season’s stock, they typically put the older stuff on sale. New furniture designs tend to be released in spring and fall, which means the best sales generally happen at the end of the winter and during the summer.

So for indoor furnishings like beds and couches, shopping at your local furniture stores in January/February and July/August and paying special attention to any seasonal or holiday sales like Black Friday may offer decent savings on the cost.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

Outdoor Furniture

Outdoor furniture, on the other hand, tends to be released in the late winter and spring between February and April. That may seem like the best time of year to buy furniture for outdoor spaces, since there’s plenty of new stock and plenty of time before the long, sunny days of summer.

However, furniture shops also generally want to have that stock off their floor by August, which means there are usually some great outdoor furniture sales to shop over the summer and particularly in August and towards early fall.

Recommended: Savings Calculator

Custom Furniture

Having a piece (or three) hand-built to your specifications can bring your interior design dreams to life. However, on-demand, custom-built furniture typically costs more and is less likely to go on sale the way ready-made furniture does.

That said, buying custom furniture can be better for your budget in the long run if it means you won’t be itching to change your furniture again in a couple of years — or if it means your furnishings are of higher quality and, hopefully, have a long lifespan. Plus, buying custom designs from a small business, or even an individual crafter, can feel more rewarding than purchasing something from a big box store.

Recommended: Tips to Managing Your Money Better

Furniture Shopping on Holiday Weekends

As is true of many major purchases, holiday weekends and annual sales can offer excellent opportunities to buy furniture on the (relatively) cheap. Some holidays that routinely bring furniture sales include:

•   Presidents Day

•   Memorial Day

•   Fourth of July

•   Labor Day

•   Black Friday and other winter holiday sales events.

Many retailers offer regular sales in addition to these events, so it’s always a good idea to watch for promotions. Signing up for the store’s email newsletter can help keep you apprised of their ongoing sales events, and many dealers also offer clearance stock year-round that could be worth perusing.

Recommended: 25+ Tips for Buying Furniture on a Budget

Increase your savings
with a limited-time
APY boost.*

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

General Furniture Buying Tips

No matter what time of year you shop for your furnishings, the following tips can help you find a good deal and get the most for the money you do spend.

You can also benefit from them if you’re budgeting to buy a house and putting in offers; you want to get the best possible price if you’ll be filling a home with new furniture.

Being Patient

Furniture — especially furniture you want to keep around for a decade or longer — is a big purchase. It’s worth waiting to find the right piece rather than dropping a bunch of money on one that’s only okay.

If you’re furnishing your new home for the first time and need something fast, consider visiting a local thrift shop or surfing Facebook Marketplace. You might be able to find an inexpensive, pre-owned piece that’s only temporary, but still workable — and won’t eat too much into your budget.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Shopping Around

With so many design aesthetics and price points to choose from, furniture shopping is not a time for brand loyalty. You likely shop around for the best deals on groceries or when looking to switch bank accounts, so apply the same principle here. Shopping around at different retailers can not only help you find the best deals, but also give you more ideas and inspiration when it comes to creating a cohesive look for your home.

Recommended: Passive Income Ideas to Build Wealth

Consider Shopping Online

Online shopping for furniture can open a whole new world of color and design options. But some discount furniture retailers don’t offer physical storefronts, which can make virtual shopping a little tricky. Choosing certain pieces of furniture, like couches and armchairs, for example, may be easier if you try them before you buy them.

Many online furniture retailers do offer return policies. That can help make your purchase less stressful, since you know you won’t be stuck with the product if it doesn’t work out. And at online stores that do have brick-and-mortar locations, you could visit in person, try out certain models, and then order online later, which may give you a better opportunity to compare the pieces you’re considering side-by-side.

Asking About the Warranty

Since furniture does tend to be a major expense, you want to make sure it’s built to last and has some guarantee to go with that. Many furniture sellers do offer warranties, and the fine print will specify what’s covered and how long you have to get your money back if something goes wrong. In short, it’s worth getting familiar with these details.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

The Takeaway

Shopping for furniture during certain times of the year can help you save money on a potentially expensive project like furnishing your home. When budgeting to buy a house, keep in mind that furniture is one of the costs of homeownership you’ll want to save up for in advance, on top of the down payment and closing costs.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is the cheapest month to buy furniture?

The cheapest month to buy furniture is often January, following the holiday season. Retailers tend to clear out old inventory to make room for new arrivals, offering significant discounts. If you’re looking for outdoor furniture, consider shopping in late August to find the best deals. That’s when stores are typically looking to get rid of summer inventory to make space for incoming merchandise.

What month are most furniture sales?

Most furniture sales occur in January and July. January sees post-holiday clearance sales, while July benefits from mid-year sales and Independence Day promotions. These months can be ideal for finding deals on a wide range of furniture items, from sofas to dining tables.

What time of year is it cheapest to buy a sofa?

The cheapest time to buy a sofa is typically in January, during post-holiday sales, and July, with mid-year clearance events. Retailers often offer significant discounts to clear old stock and make room for new models. Black Friday and Cyber Monday in November are also good times to find deals.

What month is the best time to buy bedroom furniture?

The best time to buy bedroom furniture tends to be January and July. January features post-holiday clearance sales, and July has mid-year sales and promotions. These months often offer substantial discounts on items like beds, dressers, and nightstands. Also consider shopping during Black Friday and Cyber Monday to find deals on bedroom furniture.

Photo credit: iStock/fizkes

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 during a 30-day Evaluation Period (as defined below).

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 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, 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 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY 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, 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 members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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 sofi.com/legal/banking-fees/.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q225-064

Read more
May
27
2025
father and young daughter reviewing finances

How Often Should You Review Your Personal Finances?

By | Budgeting & Goals, Financial Independence, money | Comments Off on How Often Should You Review Your Personal Finances?

If the money in your bank account always seems to be low, you may need to review your personal finances on a more regular basis.

Keeping a close eye on your spending, saving, and investing can provide a more accurate picture of where your money is going. It could help you understand what you’re doing right and what you might want to change, and keep you on track with short- and long-term financial goals.

That doesn’t mean a full-on personal financial review every day. And some categories (spending vs. saving, for example) might require more attention than others. Here’s a breakdown of how often a review might make sense.

Key Points

•   Regularly tracking your spending helps you understand your financial habits and set up a realistic budget.

•   Monthly budget reviews ensure adherence to your financial plan and allow you to make any needed adjustments.

•   Quarterly savings checks help you maintain motivation and progress towards financial goals.

•   Annual comprehensive financial reviews allow you to assess your overall strategy and set goals for the coming year.

•   Annual tax planning, ideally in November, can help you identify any beneficial end-of-year tax moves.

Ways to Review Your Personal Finances

1. Tracking Spending

If the money from your paycheck seems to magically disappear soon after it lands in your checking account, it’s likely because you don’t have any type of budget in place. That means you haven’t set any priorities for where the money should go or any guidelines to follow.

Before putting together a budget, it can help to track what you spend money on. That includes everything from rent to groceries to prescriptions and subscriptions. To simplify the process, you might use a budgeting app that syncs with your accounts and automatically tracks and categorizes your spending.

Once you see how much you spend and on what, you can use that information to set up a basic budget. During this time, you may want to keep checking your spending at least weekly, to see if your expectations were realistic and if you’re staying on target.

2. Reviewing Your Budget

When you’re trying to get your finances under control, you might decide to review your budget monthly to be sure you’re following through on the plan or if it needs adjusting. This can also help you avoid budgeting mistakes. But there may come a time when you feel as though you’ve got a solid, doable strategy, and you can cut back on how often you check your stats.

Some people do an annual budget review using information from the past year to adjust for the year ahead. This might be part of a larger financial evaluation that includes checking their credit report.

Others are more comfortable with quarterly or semi-annual checkups so they can nimbly make changes as new expenses and life changes come up. Decide what time frame works best for you.

Recommended: How to Manage Your Money

3. Monitoring Savings

It can be tough to stay motivated to reach a savings goal, whether it’s putting aside money for a vacation, building an emergency fund, investing for the future in a retirement fund, or all of the above.

Just as reviewing your spending regularly may help you stay on track, checking our savings monthly or quarterly can reinforce the effort. It can be satisfying and rewarding to watch your bank balance increase. You might also want to look into opening a high-yield savings account so that your savings can grow and earn even more for you.

Increase your savings
with a limited-time
APY boost.*

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

4. Following Investments

How often you check your investments depends on your personal preferences and what you’re comfortable with.

If your money is in an IRA or 401(k), it’s meant for the long haul — a retirement that could be decades away. A semi-annual or annual check-in could be enough to spot any concerning trends.

If you have money invested for mid-term goals (say five to seven years away), you may want to check in more frequently, say quarterly. This gives you the opportunity to rebalance your portfolio, either by selling investments or redirecting future investments, if necessary to stay on target for your goals.

5. Attending to Taxes

It’s easy to put off thinking about income taxes until it’s time to file, but this is another slice of financial planning that can benefit from a little more evaluation. And if you wait until you’re filling out tax forms, you may miss out on some savings.

Taxpayers usually have until the April 15 filing deadline to make tax-deductible contributions to a traditional IRA or 401(k) for the prior tax year.

But many tax strategies must be implemented by the end of the calendar year to have an impact on federal taxes, so November can be a good time to take a look at charitable contributions, converting money from a traditional IRA to a Roth account, making health savings account contributions, and using the money left in health savings and flexible savings accounts.

6. Evaluating Goals

When it comes to goal-setting, it may help to think in terms of big goals and little goals.

Big goals might be things like sending your kids to college, buying a home, or retiring to a beach house. Smaller goals might include paying down credit card debt or taking a special vacation.

Both types of goals may require regular evaluations and financial checkups — to see if you’re on track and determine if it’s still something you want. After all, circumstances and personal priorities can change.

But the check-in schedule might be different for big goals (once or twice a year could be enough) and small goals (monthly, combined with your budget once-over, may be more appropriate).

Life events — a new job or job loss, a baby, a move — also may trigger the need to reevaluate some goals, big and small. And you might want to do a review of all your goals whenever you achieve something on your list. Rejoice and then refocus!

Wrapping It All Up

If you’re doing lots of small check-ins throughout the year, it might not seem necessary to do one big annual personal finance review.

But a yearly evaluation offers the opportunity to pull everything together — all those separate slices — to see what’s working and what isn’t. It also may be a good time to make any necessary updates to insurance policies and other documents and to gather up the paperwork you’ll need to file your taxes.

And if you do your review in November or December, you can make some financial resolutions to keep you motivated through the new year.

The Takeaway

The frequency of financial reviews depends on your individual circumstances and financial goals, but there are some general guidelines to keep in mind.

Once you set up a budget, consider reviewing it monthly (at least at the beginning) to track spending, ensure you’re sticking to your plan, and identify any areas for adjustment. If you’re trying to get your finances under control, however, a weekly review can be beneficial.

To make sure your savings and investments are on target, you might check in on your savings accounts and non-retirement investments quarterly, and retirement accounts at least annually.
It’s also wise to conduct an annual comprehensive review of your financial plan. This gives you a chance to examine if the way you’re managing your money suits your needs and goals, or if it’s time to make some changes and perhaps update, consolidate, and automate some facets of your finances, or open new investment or bank accounts.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How do you evaluate your personal finances?

Evaluating personal finances involves assessing your income, expenses, debts, and savings. Start by tracking your monthly spending to identify areas of improvement. Next, calculate your net worth by subtracting liability (debts) from assets. You’ll also want to review your credit score and ensure you’re meeting financial goals like saving for emergencies or retirement. Regular financial check-ups can help you stay on track, make informed decisions, and adjust plans based on life changes or financial goals.

What is the 70/20/10 rule in personal finance?

The 70/20/10 rule suggests dividing your income into three parts: 70% for living expenses (both necessary and discretionary), 20% for savings and investments, and 10% for debt repayment and charitable donations. This rule helps ensure you cover essentials, build wealth, and manage debts while also giving back.

What Are the Four Pillars of Personal Finance?

The four pillars of personal finance are budgeting, saving, investing, and protection. Budgeting involves managing your income and expenses to live within your means. Saving is setting aside money for short- and long-term goals. Investing grows your wealth over time through stocks, bonds, and other assets. Protection includes insurance and emergency funds to safeguard against financial setbacks. Together, these pillars form a solid foundation for financial stability and security.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 during a 30-day Evaluation Period (as defined below).

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 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, 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 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY 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, 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 members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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 sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBNK-Q225-088

Read more
May
27
2025

How to Create a Budget Binder

By | Budgeting & Goals | Comments Off on How to Create a Budget Binder

If you’re looking for a simple, effective way to stay on top of your finances, a budget binder might be just what you’re looking for.

A budget binder is essentially a three-ring notebook customized to organize your bills, receipts, financial statements, and more — all in one place. It can also serve as a powerful tool to track your income, expenses, and savings goals, giving you a clearer picture of where your money is going.

Better yet: Creating a budget binder is a low-cost and relatively low-effort project. In fact, you may already have everything you need to create a budget binder at home. Once set up, your binder becomes a practical system to help you stay focused, organized, and in control of your financial journey.

Ready to get started? Let’s dive in.

Key Points

•   A budget binder is a physical notebook (usually a 3-ring binder) used to organize and track financial information.

•   It provides a way to store bills, receipts, financial statements, and other important documents in one centralized location.

•   Once set up, a budget binder can help you track income, expenses, and savings goals.

•   This approach is especially beneficial for visual learners and those who prefer paper-based organization.

•   Regular updates, ideally weekly, help ensure you are living within your means, paying down debt, and saving towards financial goals.

Benefits of Creating a Budget Binder

If you’ve got receipts bursting out of your wallet, bills stored hither and thither (maybe some paper, some online), and you’re just keeping mental tabs on your spending, your financial life might benefit from a little more organization.

One key benefit of a budget binder is that it can help you keep all the important documents regarding your spending, debt, and savings in one place.

While there are plenty of higher tech financial organization tools (such as spreadsheets and budgeting apps), if you’re more of a visual person, you may prefer to use an old-school, pen-and-paper way to stay on track with your money.

Another benefit of the binder system is that it’s completely customizable. You get to choose what you do and don’t want to include in your binder, and can set up the system in a way that works best for your situation and financial goals.

A budget binder can also help you:

•   Create and stick to a budget

•   Keep track of paychecks

•   Track monthly spending

•   Stick to your savings goals

•   Avoid missing payment due dates for bills and loans

•   Save time searching for financial documents

•   Help ensure that a spouse or partner has the same understanding about joint finances.



💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

What You’ll Need to Make a Budget Binder

You can buy premade budget binders, but It doesn’t take a lot of time or effort to create your own. A DIY binder can be as simple or fancy as you like. Some items you may need include:

•   A three-ring binder (at least 2”)

•   A three-hole punch

•   Paper

•   Paper clips

•   Binder dividers

•   Three-hole binder pockets or folders with pockets.

You may also want to create or print out some budgeting worksheets that can help you set up and keep up your money management system. You can find tons of free printable budget sheets by searching for “free budget printables.” Here are some you may find useful:

•   Budget worksheet (this is where you can record monthly income and expenses and see where you are netting out each month)

•   Payments due calendar (to help you keep track of bill due dates)

•   Income tracker (to record when and how much you get paid, including any income from side hustles)

•   Expense tracker (to log each time money leaves your wallet or bank account)

•   Debt tracker (to note who you owe, how much you owe, minimum payment amount, and due date)

•   Savings tracker (to record the money you’ve set aside for future expenses and goals)

•   Net worth tracker (to show your assets, such as how much you have in retirement and investment accounts, minus your liabilities)

•   Financial goals (to record what you want to achieve and steps you need to take to get there).

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Increase your savings
with a limited-time
APY boost.*

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

How to Set up a Budget Binder

You can customize your budget binder to include whatever sections, pockets, folders and money management tools you like. Below are some sections you may want to consider including:

Below are some sections you may want to consider including:

Monthly Budget

You may want to make the front section of your budget binder a place for monthly budget worksheets, one for each month of the year. These are sheets that have a space to log your total monthly income, as well as your monthly spending, broken down into budget categories.

These worksheets can help you see whether you’re making more than you spend or spending more than you make. The Federal Trade Commission offers a free budget template that can be useful for tracking monthly income and expenses.

You can go to Consumer.gov and download their free “Make a Budget” worksheet.

Expenses

Here you can keep track of and record everyday expenses, collect receipts, and also keep and track all your monthly bills. You may also want to keep a calendar here so you can mark due dates in one easy-to-see place.

Recommended: Budgeting for Basic Living Expenses

Debt

If you have debt, even if it’s just a car payment or mortgage payment, this is a section to keep track of your debt repayment. You may want to set up a paper for each debt and include what your interest rate is and monthly payments.

You can also use this sheet to record each payment, as well as how much is left to pay on the debt. You can even put your papers in order of which debt you are working to pay off first, second, and so on.

Savings

Here you may want to keep a paper for each savings goal, such as saving for an emergency fund, retirement, college savings, a new car, a home, or any other item or event you are saving for.

On each sheet, you can put the name of the goal, goal amount, and when you hope to achieve that goal amount. You can then record every time you add money.

Other Sections

Depending on your needs, you may want to include other sections (such as insurance or net worth) and also tweak things as you go. The best thing about a binder is that it’s flexible: You can add to it as you need to because every month is different.

Using Your Budget Binder

It can be a good idea to keep your budget binder in a place where you can access it easily and often.

The main difference between a budget binder that works and one that doesn’t is actually sitting down on a regular (ideally weekly) basis to add receipts and bills and log spending.

Regularly checking in with your binder also enables you to see how you are doing with your spending so far that month. This also allows you to make any tweaks so that you are able to pay all your bills and also put money away into saving for your goals.

The Takeaway

A budget binder is a place (typically a 3-ring binder) where you can store all of your most important financial information, including your monthly budget, bills, debt, and savings goals.

Having all your key money-related information and papers in one place means you don’t have to scramble to figure out when the utility bill is due or how many car payments you have left.

A budget binder can also help you get a sense of the bigger picture, including how much is coming in and going each month, and where you may need to adjust your spending in order to live within your means and also save for your goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How does the budget binder work?

A budget binder organizes your financial documents and plans in one place. It typically includes sections for income, expenses, savings, debt repayment, and financial goals. Each section contains worksheets, trackers, or envelopes to help manage specific categories. By writing down and reviewing your financial details regularly, a budget binder promotes accountability and helps you stick to your financial plan. It’s especially useful for visual learners or anyone who prefers paper-based organization over digital tools.

What is the 70-10-10-10 budget rule?

The 70-10-10-10 budget rule is a simple financial guideline that divides your income into four categories: 70% for living expenses, 10% for savings, 10% for debt repayment, and 10% for charitable giving. This balanced approach ensures you cover essentials, save, pay debts, and regularly contribute to causes you care about.

How to make a budget binder?

To make a budget binder, start with a sturdy three-ring binder and divide it into sections like “Income,” “Expenses,” “Savings,” “Debt,” and “Goals.” Use tab dividers and print budgeting worksheets, calendars, and trackers for each section. Once you create your budget binders, make it a routine to update it weekly or monthly. A well-organized binder keeps your finances clear, structured, and easy to manage.

What are the first 5 things you should list in a budget?

The first five things you should list in a budget are: 1) Income (all sources of money coming in), 2). Fixed Expenses (regular monthly costs like rent or mortgage, utilities, and insurance). 3) Variable Expenses (fluctuating costs such as groceries, gas, and entertainment), 4) Savings (how much you aim to set aside monthly for short- and long-term goals), and 5) Debt Payments (credit card bills, student loans, or other repayments).

These provide a clear foundation for effective budgeting.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 during a 30-day Evaluation Period (as defined below).

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 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, 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 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY 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, 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 members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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 sofi.com/legal/banking-fees/.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBNK-Q225-061

Read more
May
27
2025
What Does It Take to Be in the Top 1%_780x440

What Does It Take to Be in the Top 1%?

By | Budgeting & Goals, Financial Independence, money | Comments Off on What Does It Take to Be in the Top 1%?

You’ve likely heard about the “one percenters” — those people whose net worth is among the top 1% in the nation. Just how wealthy are these individuals? To be part of the top 1% in the U.S., your net worth needs to be at least $11.6 million. If you’re looking strictly at income percentile, the threshold for joining the top 1% of earners in the U.S. stands at $787,712.

If you are curious about what it takes to be among the 1% or have your sights firmly set on joining their ranks, read on. Here’s a closer look at how the wealthiest people in America got there, plus some of their most effective strategies for financial success.

Key Points

•   A significant majority (79%) of the top 1% are self-made, leveraging both skill and luck.

•   Key traits for wealth accumulation include living below one’s means, prioritizing financial independence, and seizing economic opportunities.

•   Early savings and consistent income growth are essential for boosting wealth over time.

•   Frugality, exemplified by figures like Warren Buffett, significantly aids in wealth accumulation.

•   The top 1% save 38% of their income, compared to the national average of 4%.

What Does it Mean to be in the Top 1%?

Many people might think “top 1%” and immediately imagine a CEO whose salary is in the tens of millions. But the term “top 1%” is often used to refer to net worth, rather than income, which means one percenters aren’t necessarily the people who earn the most.

Net worth refers to the value of the assets a person owns (which includes balances in bank accounts, the value of securities such as stocks or bonds, real property value, the market value of automobiles, etc), minus their liabilities (or debt, like mortgages, loans, credit card balances, they owe).

A deeper view of the top 1% indicates that this wealth accumulation is spurred by more than one source and includes income, investments, tax breaks that can help the wealthiest keep more of their money, property, and more. All of these help make up the resources a household or individual has socked away as net worth.

Recommended: What Is Discretionary Income?

The Income and Savings of the 1%

Having a high net worth isn’t just a matter of earning more. It can also mean saving more. While the average savings rate in the U.S. was just 4% of income in 2024, the average saving rate for the top 1% was a whopping 38%.

Of course, those who are earning more can afford to save more, since less of their income is taken up by housing, transportation, food, and other necessities. However, the savings rate of the top 1% shows that savings habits — and not just income — have a big impact on wealth. A high savings rate is one reason why the rich are so rich.

To build wealth over time, financial advisors generally recommend saving at least 20% of your income. This includes putting 15% of pretax income into retirement savings (including any employer match) and 5% into a shorter-term savings vehicle like a high-yield savings account.

Increase your savings
with a limited-time
APY boost.*

*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Is There a Formula for Becoming Part of the 1%?

There’s no one formula for joining the 1%, but several factors appear to play a role in the rise of many one-percenters. These include:

•   Saving. As mentioned above, savings rates are a key difference between the one percenters and everyone else. If you aren’t contributing the max amount to your 401(k), consider gradually increasing your contributions. You also want to be sure you take full advantage of any employer matching contributions — this is essentially “free money” and can help you build your net worth faster.

•   Starting early. “The sooner you can start investing, the quicker you can take advantage of compound returns,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi. “Compounding helps you to earn returns on your returns, which can help your earnings grow exponentially over time.”

•   Income consistency and growth. The more you earn and the more that grows over time, the more likely your household will be to enter the top 1% of wage earnings. There are some in-demand careers that pay huge salaries. But regardless of your particular job, staying consistently employed and saving is a path to building wealth, versus leaving the work force or deciding to forego savings for a few years to, say, travel more.

•   Frugality. You may have heard that Warren Buffett wears outdated suits and lives in a house he paid $31,500 for in 1958. He’s worth approximately $158.4 billion. He also buys reduced-price cars, doesn’t spend big on expensive hobbies and he even clips coupons. Not all 1% are spending lavishly on yachts and third and fourth homes. If you want to be a part of the 1% and you didn’t invent the best thing since sliced bread, it may be helpful to stay motivated to save money vs. overspending.

•   Family history/luck. Having a head start can certainly help. However, research indicates that 79% of 1%-ers are self-made. Finding the right solution for a big problem at the right moment can lead to a big windfall in a new company. In other words, starting the next Facebook or Amazon takes a combination of skill and luck.

Recommended: How to Stop Overspending

Moving Towards the 1%

Thomas Stanley, author of The Millionaire Next Door, identified the seven characteristics of people who become big accumulators of wealth — and thus have a chance to build the wealth it takes to be in the top 1%. These common traits include:

1.    They live below their means.

2.    They allocate their money, energy, and time in ways that contribute to building wealth.

3.    They believe that financial independence itself is more important than appearing to have a high social status.

4.    Their parents did not provide money for their basics in adulthood.

5.    Their adult children are self-sufficient economically.

6.    They understand how to target economic opportunities.

7.    They choose the right occupation.

Not all of these are factors one can fully control — and not everyone has a knack for targeting economic opportunities. In addition, many people choose an occupation around a passion, not around wealth-building. But that doesn’t mean you can’t get there — or get close.

The Takeaway

Being part of the 1% appears to take a combination of luck, talent, hard work, and determination. Being diligent about saving is also a key way to grow your net worth over time. The more you can sock away, the better off you will likely be in the future.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is top 5% net worth?

Based on the most recent government statistics, the top 5% of households have a net worth of around $3.8 million or more. Being in this percentile means you have a significantly higher net worth than most people, often including substantial assets like real estate, investments, and savings.

What qualifies you as a 1 percenter?

To qualify as a 1 percenter, you typically need to be in the top 1% of wealth or income in your country. In the U.S., being in the top 1% requires a net worth of $11.6 million to $13.7 million or an annual income of $787,712 or more. This elite status signifies significant financial resources, including assets like real estate, investments, and savings. Being a 1 percenter also often comes with unique financial opportunities and challenges.

What salary is top 5%?

The income threshold to join the top 5% earners in the U.S. is $290,185. This income is about one-third of the income needed to be a one-percenter but represents a high level of income compared to the general population. Top 5% earners often include professionals in fields like finance, technology, and medicine, as well as successful business owners and executives.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 during a 30-day Evaluation Period (as defined below).

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 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, 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 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY 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, 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 members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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 sofi.com/legal/banking-fees/.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBNK-Q225-078

Read more
Close modal

See what SoFi can do for you and your finances.

Select a product below and get your rate in just minutes.

Student Loan
Refinancing

Personal
Loans

Online
Investments

Other

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2025 Social Finance, LLC All rights reserved.
TLS 1.2 Encrypted
Equal Housing Lender