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Bank accounts are essential tools for managing your money and achieving financial goals. Whether you’re looking to streamline everyday transactions, save for future expenses, or build wealth over time, there’s a type of bank account designed for each purpose.

In fact, most Americans rely on these financial tools regularly. According to SoFi’s April 2024 Banking Survey of 500 U.S. adults, 88% of respondents reported having a checking account, while 71% said they had a savings account. These numbers reflect how foundational these accounts are to everyday life.

Understanding the differences among account types can help you choose the right combination for your needs. Below, we explore seven common types of bank accounts, their features and benefits, and how they can fit into your financial plan.

7 Types of Bank Accounts Explained

Choosing the right mix of bank accounts can make it easier to manage your money and bring you closer to your goals. Here’s a rundown of the different types of bank accounts, how they differ, and how each can support your financial journey.

1. Checking Account

A checking account is often the hub of your financial life, where your income flows in and your day-to-day spending flows out.

Key features:

•   Opening a checking account is typically quick and easy, and these accounts are widely available through traditional banks, credit unions, and online banks.

•   Checking accounts typically come with a debit card and checks for convenient spending.

•   Checking accounts are typically insured by the Federal Deposit Insurance Corporate (FDIC) or National Credit Union Administration (NCUA) for up to $250,000 per account holder, per ownership category (such as single accounts, joint accounts, or trust accounts), per insured institution.

•   Some checking accounts charge monthly fees, but offer ways to waive them, such as maintaining a certain minimum balance or setting up direct deposit.

Because checking accounts usually pay little or no interest, they geneally work best for short-term storage and daily use, rather than long-term saving.

2. Savings Account

Savings accounts are designed to help you set aside money for future use while earning interest.

Key features:

•   Savings accounts generally earn more interest than checking accounts, especially high-yield savings accounts found at online banks. In SoFi’s survey, 23% of respondents said they have a high-yield savings account.

•   Savings accounts are typically FDIC- or NCUA-insured.

•   Savings accounts are ideal for short-term money goals or emergency funds, rather than day-to-day spending.

•   Savings accounts usually don’t come with checks or debit cards, making the funds less accessible than money stored in a checking account.

•   While the federal regulation that limited withdrawals from savings accounts to six per month was suspended in 2020, some banks still have savings account withdrawal limits, and will assess fees if customers exceed those limits.

•   Some savings accounts require a minimum balance and will charge a monthly maintenance fee if your balance goes below that threshold.

A savings account can be a good place to build your emergency fund and/or save for a short-term goal, such as a vacation, a new car down payment, or a home renovation.

3. Checking and Savings Account

Some financial institutions, especially online banks, offer hybrid checking and savings accounts that combine characteristics of both types of accounts.

Key features:

•   Checking and savings accounts at online banks typically offer higher annual percentage yields (APYs) compared to traditional savings accounts.

•   These accounts allow convenient access to funds — you can spend through debit cards, checks, and mobile payments, similar to a traditional checking account.

•   Online banks often have fewer and/or lower fees compared to traditional banks.

•   Checking and savings accounts are typically FDIC- or NCUA-insured.

•   These accounts often come with conveniences like automatic savings tools and budgeting insights that can make it easier to track spending and saving.

Having checking and savings features combined within one account can help simplify managing your finances and make it easier to monitor your overall financial picture.

Alternatively, you can open both a checking and a savings account at the same financial institution or at two different banks, then link the accounts for easy transfers. Having multiple bank accounts can help you manage both daily transactions and short- to mid-term savings effectively. In SoFi’s survey:

•   31% of respondents said they had two checking or savings accounts

•   20% had three accounts or more

•   37% had just one checking or savings account

4. Certificate of Deposit

A certificate of deposit (CD) is a type of savings account that locks in your money for a set period of time in exchange for a fixed interest rate.

Key features:

•   Term length typically ranges from a few months to several years or longer. Longer terms tend to come with higher interest rates, although this isn’t always the case.

•   CDs typically have a minimum deposit, often starting at $500 and up.

•   Withdrawing funds early typically results in penalties, unless it’s a no-penalty CD. No-penalty CDs generally offer lower interest rates than traditional CDs.

•   CDs are usually FDIC- or NCUA-insured.

CDs can work well if you’re saving for specific, near-term goals. For example, If you’re saving for a down payment on a house or a car purchase within the next few years, a CD with a matching term can help you reach that goal with guaranteed earnings.

5. Money Market Account

A money market account (MMA) is a type of savings account that offers some of the conveniences of a checking account.

Key features:

•   MMAs typically offer better interest rates than traditional savings accounts.

•   MMAs usually come with a debit card and checks, making it easy to access your funds.

•   Like other types of savings accounts, MMAs may be subject to monthly withdrawal limits, and you may get hit with fees if you exceed those limits.

•   Many MMAs require a minimum balance to open the account and/or to earn the advertised rate.

•   Some MMAs charge monthly maintenance fees, though you may be able to waive them by maintaining a certain minimum balance or setting up direct deposits.

•   MMAs are usually FDIC- or NCUA-insured.

An MMA can be a good option for those who want interest and some level of liquidity, yet don’t require frequent access to their funds.

6. Brokerage Accounts

A brokerage account is a type of investment account that allows you to buy and sell investments like stocks, bonds, exchange-traded funds (EFTs), and mutual funds.

Key features:

•   Brokerage accounts provide access to a wide range of investment options, allowing for diversification based on your financial goals and risk tolerance.

•   Unlike retirement accounts, which often have rules about contributions and withdrawals, you can typically contribute as much as you want to a brokerage account and withdraw funds whenever you need them without penalty.

•   While there is potential for growth in a brokerage account, it also involves market risk. The value of your investments can fluctuate, and you could potentially lose some or all of your invested principal.

•   Fees vary; full-service brokerages may charge higher fees for personal support, while DIY or automated platforms offer lower-cost options.

The flexibility of accessing your money without penalties makes a brokerage account worth considering for medium- to long-term financial goals, like a down payment on a home, a car purchase, or a wedding.

7. Retirement Accounts

Retirement accounts, such as individual retirement accounts (IRAs) and 401(k)s, are designed to help individuals save for retirement in a tax-advantaged way.

Key features:

•   The primary draw of retirement accounts is their tax benefits. Depending on the specific type of account, these benefits can include tax-deferred growth or tax-free withdrawals.

•   There are limits on how much you can contribute to retirement accounts that are set annually by the IRS and can vary depending on the type of plan and your age.

•   401(k) plans are offered by many employers, sometimes with matching contributions, which is effectively free money toward retirement.

•   IRAs (traditional or ROTH) are available to eligible individuals and may offer tax deductions or tax-free growth depending on the type.

•   Contributions are typically locked in until retirement age, early withdrawals may result in penalties and taxes.

Retirement planning involves a number of factors, including:

•   Age and desired retirement date

•   Contribution limits

•   Expected return

•   Risk tolerance

Consulting with a financial advisor can help determine the best retirement account for your situation.

Finding Accounts That Work for You

Different types of bank accounts serve different roles in a well-rounded financial strategy. It’s common — and often wise — to maintain a combination of accounts to support everyday spending, short-term savings, and long-term investing.

For example you might choose to have:

•   A checking account for bills and everyday spending

•   A savings or money market account for an emergency fund

•   A brokerage account for investing and building wealth

•   A retirement account for long-term financial security

When selecting where to open these accounts, consider factors like interest rates, fees, accessibility, customer service, and mobile tools.

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The Takeaway

Understanding the main types of bank accounts can help you create a strong foundation for your financial future. Checking accounts are designed for everyday money management, while savings accounts are primarily for storing money for short-term goals while earning interest. Accounts like CDs, brokerage accounts, and retirement plans can support longer-term strategies.

By choosing the right combination of accounts and using them strategically, you can simplify money management, earn more on your deposits, and move confidently towards your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

What are the most common types of bank accounts?

The most common types of bank accounts include checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Checking accounts are ideal for daily transactions like paying bills or making purchases. Savings accounts earn interest and are a good place to store funds for emergencies and short-term goals. Money market accounts combine features of checking and savings, often with higher interest rates. CDs lock in your money for a fixed term with a guaranteed return. Each serves different financial needs and goals.

What are the two most common types of bank accounts?

Two of the most common types of bank accounts are checking and savings. A checking account is designed for frequent use, offering easy access to your money through debit cards, checks, and online banking. A savings account, on the other hand, is intended for storing money and earning interest over time. It can help you build an emergency fund or save for specific goals while keeping your money accessible but separate from daily spending.

What is the best kind of bank account to open?

The best kind of bank account to open depends on your financial goals. If you need easy access to your money for daily expenses, a checking account can be ideal. For saving money and earning interest, a savings account can be a good choice. If you want higher interest rates and can meet balance requirements, consider a money market account. For longer-term savings with a fixed return, a certificate of deposit (CD) can be a smart option. Many people benefit from having both checking and savings accounts.

Photo credit: iStock/hemul75

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q325-064

You probably know how easily you can tap to pay for items when shopping and click to send a friend money for your share of dinner. Why can’t most of your financial transactions be that easy?

They can be. You can be freed from much of the usual day-to-day account activity by automating your finances. Doing so can eliminate your wondering whether you have paid bills on time, allocated the right amount to savings, and more.

Automating your finances can be a smart money move that saves you on late fees and reduces financial stress. It may also help you establish and stick to a budget, as well as get on a path to growing your wealth.

Deciding where and when to automate personal finances need not be complicated. Here’s a guide sharing what it means to automate your finances, the different ways you can put your money management on autopilot, and tips for making the process super simple.

What Does It Mean to Automate Your Finances?

Automating your finances means you use today’s technology to preschedule and preapprove transfers of your funds. It’s a “set it and forget it” way to pay bills, move money from checking to savings, and even enrich your retirement account.

The beauty of doing so means you can avoid late fees (which many of us, no matter how responsible we are, get hit with sooner or later). You may also become more organized and free your mind to ponder better things. Worrying about when bills are due is so last decade, after all!

Check out our Money Management Guide.

This article is from SoFi’s guide on how to manage your money, where you can learn basic money management tips and strategies.

What Kind of Accounts Can You Automate?

If you’re wondering what kind of accounts you can automate, you’ll probably like this answer: Almost any kind. Here’s a list of some of the most popular:

Automating payments can spare you late fees and overdraft charges. It can also help you streamline the process of staying active and accountable on your accounts (a great way to avoid winding up with credit charge offs).

It may also help keep your credit score from being impacted by missed payments. In fact, payment history contributes 35% to your FICO® score.^[1] You want to protect those digits.

(BTW, it’s a good idea to scan for common credit report errors on an annual basis, just to make sure nothing is amiss.)

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open a bank account online.

Different Ways to Automate Your Finances

When it comes to the set-up of automating personal finances, there are a few different techniques to try. Here, you’ll learn some of the most popular options so you can decide what’s right for you, whether it’s one method or a combination.

Option 1: Sign Up for Automatic Payments With Your Creditor

Here’s how this works: Say your wifi provider or landlord of your rental apartment gives you an automatic bill payment option.

•   Through their payment portal, you’ll set up an autopay schedule, connecting the service provider to your bank account. On the agreed-upon date (say, rent is due by the 7th of every month so you select to pay on the 6th), they will automatically deduct the amount from your checking.

•   In some cases, you may be assessed a fee for this privilege; it varies with the provider.

•   When you opt into this kind of plan, you may be given the opportunity to have the payment charged to a credit card or deducted from an account other than your bank account. Look carefully, though; you may wind up paying additional fees for this.

Recommended: Guide to Automated Credit Card Payments

Option 2: Set Up Bill Pay With Your Bank

You may find that some creditors don’t offer you the kind of convenience described above, but your bank may swoop in and help you pay automatically. Many major banks will issue payments on your behalf to a creditor or service provider, which can make your life infinitely easier. No more writing checks every month and digging around for stamps. Here are the steps to take:

•   Check with your bank about what they offer. Typically, they will need the name, account number, and potentially the address of the business you are paying.

•   You’ll also need to assess how long this process will take every month; it may not be instantaneous. You’ll want to make sure the money arrives on time and you are not charged any late fees so your credit score doesn’t suffer.

•   Then you’ll sign up for the series of payments to be handled by your bank.

Option 3: Set Up Direct Deposit With Your Employer (if You Have the Option)

An excellent way to automate and fund your personal finances is to set up direct deposit of your paycheck (the vast majority of salaried workers are paid this way). You’ll know your salary is getting sent to your bank account and when it hits. Some pointers:

Option 4: Set Up Automatic Retirement Contributions

It’s all too easy to think, “I’ll get around to saving for retirement…someday.” Perhaps that’s why the American households had a median balance of only $87,000 in retirement accounts, according to the Federal Reserve’s most recent survey.^[2] That’s probably not enough if your dream is moving to Hawaii at age 65 and spending your days with your toes in the sand.

That’s why learning how to automate your finances for retirement savings can be such a helpful practice. Many experts suggest depositing at least 15% of your pretax income into your retirement plan every paycheck. Some tips:

If you’re self-employed, you may be able to automate your savings with recurring transfers into such vehicles as a solo 401(k), SEP IRA, or SIMPLE IRA as you save for your future.^[3]

Option 5: Put Your Savings on Autopilot

Your non-retirement savings are another important account to automate. Again, if your salary hits your checking account, you may feel rich and go spend more than you should. By automating your savings and funneling money from your paycheck straight into an account, you may avoid going on shopping sprees.

This can be a very effective tool. In one study by financial psychologist Brad Klontz, people who visualized their goals and set up automatic withdrawals enjoyed a 73% increase in their savings after just one month.^[4]

Into what kind of account can you direct those funds? That’s up to you. Perhaps you want to have a few separate accounts that feed different goals. You might have one account for a down payment fund, one for vacation savings, and one for your child’s educational expenses. You can direct how much and how often you want each transfer to be.

Of course, there are options about where exactly you keep your savings. Some possibilities to consider:

Option 6: Set Up Regular Contributions to Your Emergency Fund

Your emergency fund is another type of savings that can benefit from automated infusions of money. An emergency fund is a stockpile of easily accessed cash that can tide you over when unexpected circumstances hit. Perhaps you get a major car repair or medical bill or are laid off from your job. An emergency fund can let you pay bills without accessing a high-interest line of credit (say, ringing up too much debt on your credit card).

In terms of emergency funds, keep the following in mind:

Option 7: Sign Up for Automated Investing With Your Brokerage

If you currently have an investment portfolio or are planning on starting one, that’s another task that can be made simpler by technology. Automated investing can allow you to achieve consistency with minimal effort, which can help you build your net worth over time.

Some examples:

Tips to Successfully Automate Your Finances

Now that you have a good grounding in the benefits and how-to’s of automating personal finances, consider these strategies for success:

Create a Budget Based on the Balance You Get Paid

Look at where your money stands after you deduct your retirement and savings amounts. With the remaining funds, you can plan out ways to budget. There are various techniques out there, like the 50-30-20 budget rule, among others. Do an online search and see what resonates with you.

A budget will guide your saving and spending and can reveal how you are doing in terms of setting financial goals and meeting them on other fronts, such as a vacation fund or a retirement account.

It will help you handle good vs. bad debt more effectively. All are terrific ways to avoid excessive debt and build wealth.

Be Aware of All Your Bill Due Dates

As you automate your finances, do pay careful attention to the due dates on your bills. Who wants to see their hard-earned cash get drained by late fees?

Review Your Bank Account and Bank Statements Often to Stay on Top of Your Transactions

One of the pleasures of automating your finances is that you are freed from thinking and worrying about your money and your bills on a regular basis. However, daily life involves all kinds of money blips, from treating your bestie to a fancy birthday dinner to (ugh) having fraudulent charges appear on your credit card bill.

So do review your bank account and other statements regularly to make sure everything is as it should be and that your balance isn’t too low. Check in with your accounts often. Should you check your bank account every day? Not necessarily. A couple of times a week can be a good cadence.

Increase Your Contributions When It Makes Sense

While you’re checking your finances and bank balances, don’t overlook whether it’s time to increase your contributions to help meet your savings goals. If you’ve gotten a raise or paid off a student loan, you may have funds available to save more.

Or you might find that a chunk of change has accumulated in your checking account which could do more for your finances if used elsewhere. There are times when you may want to increase your transfers to reflect your positive financial status.

The Takeaway

Automating your finances can be a great way to take control of your money and make bill paying and saving so much more convenient. That kind of organization can let you breathe easier when it comes to managing your money and be more successful in meeting your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

How often should I review and adjust my automated finances?

You should review your finances and automated transactions regularly to monitor your payments and balance, which for some people may mean a couple of times weekly; for others, it might be every other week. Also, it’s wise to check in when you have significant changes in your life, whether you’ve gotten a raise, took out a mortgage, or moved to an area with a higher cost of living. You may want to recalibrate your automated transfers.

Is it safe to automate my finances?

By and large, it is safe to automate your finances. You should, however, check in regularly to make sure you are not overdrafting or getting close to it, and also to keep in touch with your money. It’s possible that a glitch could delay a payment and, unfortunately, it’s important to be aware of any potential signs of fraud when conducting any type of financial transaction.

What are the best tools or apps to use for automating my finances?

There are an array of tools and apps for automating your finances. A good place to start may be with your very own financial institution. They may have automated savings and investing products, roundup apps, and other tools to help you make the most of your money and grow your wealth.

Can I still make manual payments even if I have automatic payments set up?

In many cases, you will still be able to make a manual payment even if you have automated payments set up. This could occur when you have an additional bill for an account that is set on autopay, or when you have a credit and want to pay a lower amount. Check with your creditor or the financial institution handling the transfer for details on how to do this smoothly.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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.

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 .

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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

*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.

SOBNK-Q225-093

It’s not uncommon to hit a moment in your financial life when you could use some cash ASAP. Whether due to an unexpected major expense or getting laid off, you may need a chunk of change to make ends meet. To help out, here’s a list of 23 ways to get some money flowing your way ASAP. Some are online methods, others are in-person, but all can help you out when you are in a pinch.

Read on to see which of these ideas may suit you, plus tips on staying safe as you go after those additional funds.

When You Need Quick Cash

Many people hit a time when they could really use some additional cash. Perhaps you moved to a new town and need to put down a security deposit on a rental as well as pay your movers. Or you are a freelancer, and one of your clients is slow to pay. Or perhaps you had to charge a big car repair, and now your credit card bill is due.

Whatever the reason, if you need to get money fast and don’t want to break out your high-interest plastic to see you through, don’t panic. There can be an array of ways to bring in cash quickly. Some are online (taking marketing surveys), some are in person (dog walking), but there is likely to be at least a couple that suit your preferences and your situation.

Online vs Offline Money-Making Opportunities

As you look into ideas for how to get money fast, one key consideration is whether you want to do so online or offline. Perhaps both ways suit you, but many people have a preference.

If you have a job, are caring for dependents, or otherwise are under time constraints, you may prefer to squeeze in your money-making activities here and there. Online opportunities may suit you well, since some are available 24/7 and can be a convenient way to get cash into your bank account. For example, you could upload items you want to sell on eBay at any hour.

For others, offline work is more suitable. If, say, you are a brilliant guitar player and have a knack for sharing your skills, music lessons could be a good path, and you might find doing these in person more rewarding than via Zoom. Or holding a yard sale and selling off unwanted stuff could bring in a good amount of cash quickly.

Fast Ways to Make Money Online

To help you scope out opportunities, consider this list of online ways to make quick cash.

1. Take Online Surveys and Market Research

From the privacy of your home, at your convenience, you could be earning small amounts of money (which can add up) by taking online surveys, watching videos, or even sharing your search history. These typically help marketers gain insight into consumer behavior and opinions Some places to sign up: Branded Surveys, Inbox Dollars, and Survey Junkie sites.

2. Sign Up for Freelancing Platforms

Do you have a skill to share…and sell? You might be able to offer your writing, social media, web design, translation, or other talents on a platform like Upwork, and get paid for freelance gigs. This can be an especially good way to make money even with no job.

3. Sell Products on E-Commerce Websites

If you are artsy or craftsy, you might try posting your work for sale online. Whether you make necklaces, take great nature photos, or knit beautiful baby sweaters, Etsy is a popular option. Just keep in mind that e-commerce websites typically have posting fees and then take a cut of your sales.

4. Offer Online Tutoring and Courses

You might be able to make quick cash by teaching online. Did you score in the top percentile on a standardized test? Are you pretty much fluent in French, or can you make bake-off-worthy cakes? You might be able to do remote tutoring or offer a class online. The key to bringing in quick cash here will be marketing your services well, so do online research upfront about how to bring an audience your way.

5. Try Affiliate Marketing

Do you love social media and have a strong presence, whether as a gamer, sharer of clothing hauls, or a guide to neighborhood businesses? If so, you could make quick cash via affiliate marketing. This means that you earn a commission on every visit, sale, or sign-up that you generate for a brand or merchant. You can learn more at affiliate marketing sites such as SemRush.

6. Find Unclaimed Money

Did you know that unclaimed funds, whether from forgotten-about bank accounts or insurance benefit checks that were never cashed, can wind up with the state government and sit, waiting to be claimed? It may be a bit of a longshot, but it can’t hurt to check out this unclaimed funds website and see if there is any cash in your name that you might collect.

If so, you might put that money in a high-yield savings account to earn some interest as you figure out the best use for it.

7. Claim App Referrals

You may be used to those “Refer a friend and get $25!” offers online. If the shoe fits, as they say, wear it! For instance, if a buddy signs up for a PayPal account at your recommendation, you could benefit with a small chunk of change heading your way as a thank you.

8. Open a Bank Account

The personal finance business can be competitive these days, and some banks will offer you a tidy sum to open a checking account with them. This is among the more common bank bonuses, and while amounts will vary, you could earn a quick $300 this way. These offers are often at online vs. traditional banks. Just be sure to read the fine print before you sign up to make sure that there aren’t fees or minimum balances that would be challenging for you.

9. Sell Unused Gift Cards

Here’s a slightly weird way to make money. Do you have a gift card or two, maybe sent by a well-intentioned relative, sitting unused? Perhaps you never go to the coffee chain the card is for, or you don’t have a branch of the store nearby. You might recoup some of the card’s value by selling it on a site like CardCash or GiftCash.

10. Get Paid Sooner

Need more ideas for how to make quick cash? This one doesn’t exactly bring in more money but can give you access to your earnings sooner. Some financial institutions will make your paycheck available up to 48 hours early when you sign up with direct deposit. Again, this isn’t a sum beyond what you earn, but it can let you, for instance, pay bills on time when you otherwise couldn’t.

11. Work as a Virtual Assistant

In this age of automation, many jobs can be done remotely as long as you have computer and wifi access. That includes being someone’s assistant and helping with tasks like scheduling, correspondence, and travel arrangements. Look for listings on sites like FlexJobs and LinkedIn.

Fast Ways to Make Money Offline

Need more inspiration on how to make quick cash? There are plenty of ways to do so in the real world instead of online. Here is an assortment of ideas for getting some money into your bank account, where it’s needed most.

12. Do Local Odd Jobs and Gigs

Are there any services, whether one-off or ongoing, that you could offer? You might be able to help a senior with shopping, do yard work, assist someone with cleaning out their basement before they move, or set up for a party. Take a look at sites like Fiverr, Craigslist, or Nextdoor, as well as locations like community bulletin boards at cafes and other locations.

13. Sell Unused or Unwanted Items

Your junk could be someone else’s treasure that they might be willing to pay for. You could have a yard sale or visit one of the many places to sell your stuff. Items that could be sale-worthy include good condition electronics, cookware, clothing, sports equipment, housewares, home decor, your vinyl collection, and more.

14. Pet-sit or Walk Dogs

Here’s another idea for how to make quick cash, and it’s perfect for animal lovers: Do some pet sitting or dog walking. Using a well-known social networking site or a pet sitting site could help get attention and build the business; you might also try posting flyers in your neighborhood offering dog-walking services. Cash payments can make this a good gig for those who don’t want to wait for their money.

15. Tutor or Share Skills

As mentioned above, if you have a skill or talent (from speaking great Spanish to coding), you could tutor or offer instruction. Local schools and community centers could be a good place to market your skills; think about what credentials you can tout to show prospective students that you have the know-how.

16. Recycle for Cash

In this era of eco-consciousness, there are plenty of opportunities to recycle for cash. This can be as simple as gathering your own and your neighbors’ unwanted cans and bottles and redeeming them, or you might get scrap metal via Craigslist or Freecycle and then sell it to a scrap yard. And who knew? You might even earn quick cash via recycling cardboard at BoxCycle.

17. Take Care of Children or Elders

Could you do some babysitting, childcare, or eldercare to bring in cash? You’re likely to have some warm and fuzzy feelings too after doing gigs like these and helping others. Caregivers may have to go through an in-depth vetting process to sign up with an agency like Care.com, so be prepared to answer lots of questions (Do you have experience? What would you do in an emergency? Will you cook and clean?) and provide background information and ID.

Recommended: Emergency Fund Calculator

18. Pawn Items of Value

Say you have an urgent car repair bill and unfortunately haven’t got enough saved in an emergency fund. You could get cash quick by pawning an item (think jewelry, wristwatches, electronics, and musical instruments). This means you take it to a pawn shop, get cash, and if you come back and repay the loan in a certain time frame, you retake possession of the item. If you don’t, the pawn shop can sell it. This practice could benefit you when you need money fast.

19. Rent Out Extra Space

You’ve probably heard about the sharing economy, which can allow people to monetize their unused space. For instance, if you live in a popular area and have an extra bedroom, you might rent it out on Airbnb to people visiting your town for a few nights. You may even be able to rent out your unused parking space on Spacer. You might even make enough money to pad out your emergency fund a bit.

20. Deliver Food

It’s a sign of the times: Food delivery, from groceries to restaurant meals to bubble teas, is on the rise. You might be able to make some fast money by doing this kind of delivery via a service like DoorDash, UberEats, InstaCart, and GrubHub, among others. This can be a good way to use your free time to bring in some cash when you need it quickly.

21. Drive Rideshare

Similarly, if you have access to a car, you could drive a rideshare for a company like Uber or Lyft. Whether ferrying people to the airport, work, or out to dinner, it can be a good way to monetize your free time.

22. Flip Free Items

Are you handy? Here’s a way to get some money flowing your way: You could snag items from Freecycle, Craigslist, Nextdoor, or even the curb, and refurbish and sell them as a low-cost side hustle. Maybe someone is getting rid of an old coffee table or nightstand that’s in rough shape. You could refinish or paint it and sell it at a profit. Yes, it takes a bit of time to do this work, but the opportunity to bring in perhaps a couple of hundred dollars for your effort is real.

23. Cash In Your Coins

Here’s an easy idea for making quick cash: Look around your house for that coin jar that many people have shoved in a closet or on a windowsill. If you have a stash of quarters somewhere, you might be surprised by how much it can add up to. Getting it to the bank or a retailer that offers coin counting and redemption services could bring you a good infusion of cash.

Combining Online and Offline Opportunities

Now that you’ve read this list, you can begin to think about which ideas spark the most interest or best suit your situation. When you want to make quick cash, you don’t have to try just one method.

Feel free to mix up online and offline techniques to make money fast. You might drive a rideshare on Sundays and tutor via Zoom twice a week. It’s all about what works best for you.

Balancing Your Time

One thing to remember as you work to bring in extra cash is that it is possible to overdo it. Whether you have a job and/or a family or are unemployed and single (or anything in between), remember that you do need downtime and rest. Don’t overschedule yourself with odd jobs and other money-making tasks. You need to balance your time. And if you are sleep-deprived and exhausted, you can’t do a good job making money anyway!

Tips for Staying Safe While Making Quick Cash

A word or two of warning as you look for ways to make quick cash: There are occasionally scams and dangerous situations out there. Be savvy as you move ahead.

Avoiding Scams

If an opportunity to make money sounds too good to be true, it probably is. There are quite a number of employment scams out there, so be vigilant. Work-from-home scams and overpayment scams are common; check out Fraud.org’s site
to learn more and protect yourself.

When selling items, also proceed with caution. There are also fraudsters using overpayment and money order trickery to get something for nothing.

Managing Personal Information

If you are applying for gig work, be cautious about to whom you send your personal information (such as your Social Security number and banking details). Do your research and vet the recipient of this info; otherwise, you might be dealing with a scammer who is trying to commit identity theft.

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The Takeaway

Many people encounter a moment when they could really use some cash quickly. Happily, there are many ways to get money flowing your way, both online and offline. From dog walking to selling your unwanted stuff, from tutoring to taking surveys on your laptop, there are likely several options that can suit your needs.

And once you make that extra moolah, make sure it’s working hard for you and earning you some interest, thanks to a good banking partner.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

How to make $1,000 immediately?

Some ways to make quick cash include selling unneeded items you own, driving a rideshare or doing food delivery, taking a part-time job, and renting out unused space, whether a room in your home or a parking spot.

How can you make $100 in a day?

Among the ways to make $100 in a day are selling items you don’t need (a stereo or tablet that’s just taking up space), doing rideshare or food delivery, tutoring online in a subject you’re very knowledgeable about or skilled in, and being a virtual assistant.

Can you earn $100 a day on Swagbucks?

Swagbucks is a platform on which you can earn cash for doing online activities, such as taking surveys, shopping online, and playing games. While it may be possible to earn that much depending on current offers, it may be a higher amount than you can achieve in a single day.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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.

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.

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Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

You are probably used to tapping and swiping your debit card as you go through your day, whether to grab a salad for lunch or pay for a new bottle of shampoo. Debit cards are welcome at most of the places where you can use a credit card, and that includes online retailers as well. This can be a welcome payment option when you’re shopping online, as it can help with budgeting (you can only spend what’s in your bank account) and allow you to avoid those credit card interest charges.

However, paying online by debit card isn’t exactly the same as using a credit card, and it’s important to understand the impact, both positive (avoiding a hefty credit card interest rate) and negative (you may not earn rewards nor have robust fraud protection).

Here, you’ll learn how to use your debit card safely and wisely when purchasing online.

Can You Use A Debit Card Online?

Generally, if a website accepts a credit card for online purchases, it also will accept a debit card.

You may not see debit cards listed specifically as a payment option on a merchant’s website. But if the front of your debit card has a credit network logo (such as Visa or Mastercard) and the business accepts credit cards from that network, you should be able to use it.

To use a debit card for an online purchase, you’ll want to click “debit/credit card” (if available) or “credit card” as the payment method and then enter your debit card’s account number, expiration date, and three-digit security code (CCV) to make the purchase.

Unlike debit purchases you make in-person, you generally won’t need to provide your PIN when purchasing something online. The reason is that the transaction will be treated as a “credit” transaction, which means that the transaction is pending (i.e., waiting to be authorized, cleared, and settled).

That said, you won’t be borrowing money to make the purchase. The money will be deducted from your checking account around two to four days later.

Before an online debit transaction clears, you may see a difference between your checking account’s “current” balance, which includes only deposits and deductions that have actually cleared, and your “available” balance, which includes authorized transactions that haven’t yet cleared.

What Are Some Pros to Using a Debit Card Online?

There are a few advantages to using a debit card as opposed to a credit card for online purchases that consumers may want to consider. These include:

Reducing Credit Card Debt

Using a debit card to make online purchases may help reduce credit card use (and debt).

When you shop with a credit card vs. a debit card, you’re borrowing money you’ll have to pay back later. If you don’t pay the debt back within a designated period of time, the lender is going to charge interest. And, if you only pay only the minimum required to carry your balance each month, that debt could grow into a hard-to-get-rid-of burden.

Sign-up bonuses, discounts, unlimited cash-back offers, and travel points can make it tempting to use a credit card for every purchase. But you need to be careful about paying off those purchases on time, or you could end up spending more on interest payments than you receive in rewards.

When you use a debit card, you can’t spend more than you have in your bank account at the moment. And because there’s no debt, there’s no interest to worry about.

Some Debit Cards Come with Rewards

While rewards and perks for spending are mostly associated with credit cards, many debit cards are now offering rewards programs as well, including cash back, points, or miles every time you swipe your card.

Recommended: Different Types of Debit Cards

Lower Fees

Debit cards typically don’t have any associated fees unless you opt into overdraft protection, spend more than you have in your account, and incur an overdraft charge.

By contrast, using a credit card often involves fees. Credit cards may come with an annual fee, over-limit fees (if a purchase pushes their account balance over their credit limit), and late payment fees, in addition to monthly interest on the card’s outstanding balance.

There is also typically no fee for withdrawing cash using your debit card at your bank’s ATM. If you use a credit card to get cash, on the other hand, you may incur a significant cash advance fee. You may also have to pay interest on the advance amount, which often starts accruing the day of the advance, not at the end of the statement period as with regular charges.

Is There a Downside to Using a Debit Card Online?

There are some advantages to using a credit card over a debit card. Here are a couple of things to consider when making the choice to use a debit card online.

Using a Debit Card Online Won’t Build Your Credit History

Have you ever heard someone complain that they couldn’t get a loan or credit card because they’ve never borrowed money? They thought they were being financially responsible, but the bank didn’t want to risk lending money to someone who didn’t have a history of making payments on a loan or line of credit.

That catch-22 extends to purchases made with a debit card. Even though your goal may be to stay fiscally responsible by making only debit (i.e., cash) purchases to avoid debt, you’re not helping your FICO® score, which represents how responsible you are with borrowed money.

And even though you may have marked the “credit” payment option when paying online, the money is still coming directly from your account, so it won’t directly impact your score.

Less Fraud Protection

You may have heard that it isn’t as safe to use a debit card online because federal laws don’t offer the same consumer protections that credit cards get.

It’s true that there is a difference.

Credit card use is covered by the Fair Credit Billing Act which provides a set procedure for settling “billing errors,” including unauthorized charges. If someone uses your stolen credit card account number to make online purchases, you generally aren’t responsible for those charges and can dispute them.

Debit card use is protected by the Electronic Fund Transfer Act, which also gives consumers the right to challenge fraudulent debit card charges. Your liability depends on how quickly you report the problem, though, so you need to act relatively fast to get that federal protection.^[1]

If someone makes unauthorized charges with your debit card number and you didn’t lose your card, you aren’t liable for those transactions as long as you report the charges within 60 days of receiving your statement.

You also could have zero liability if your card was lost or stolen and you report it before any unauthorized charges occur. If you report the lost or stolen card after it’s been used, the amount you owe will be determined by how quickly you report the loss. Within two days, your liability will be no more than $50; within 60 days, no more than $500.

However, if you wait more than 60 calendar days after you receive your statement to make a report, and the thief goes on a shopping spree, you could be liable for all the unauthorized transactions made after the 60-day period.

Some debit card issuers now offer “zero liability” protections that go beyond what federal laws provide. If your debit card is backed by Visa or Mastercard, for example, you may find you have the same protections they offer their credit card users. (You may want to check with your financial institution to verify this coverage.)

Less Purchase Protection

Many credit cards offer purchase or damage protection, which means that if the item you buy is damaged or stolen within a specified period of time, you can get your money refunded. Credit cards may also offer extended warranties on electronic purchases, as well as travel perks, such as rental car insurance.

Debit cards are less likely to offer these perks.

How to Use Your Debit Card Safely Online

To protect your banking information while shopping online with your debit card, you may want to follow these simple precautions.

The Takeaway

Debit cards can be used online for most purchases and can be a great way to manage your spending.

Debit cards generally don’t come with the annual fee and other fees found with some credit cards. Plus, they don’t allow you to rack up debt because you aren’t offered a credit limit that’s higher than your checking account balance.

However, credit cards often come with more perks and purchase protections than debit cards. And, responsible use of a credit card can be a good way to build your credit profile, which can help open up financial opportunities in the future.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

Can I purchase online using a debit card?

Yes, you can purchase online using a debit card. Most online retailers accept debit cards for transactions, just like credit cards. You’ll need to enter your debit card number, expiration date, and security code, just like with a credit card. Make sure that your card is activated and linked to a bank account with sufficient funds to complete the transaction.

Why can’t I use my debit card for online purchases?

While debit cards are generally accepted for online purchases, there are a few reasons why your transaction might be declined. These include: insufficient funds (not having enough money in your checking account to cover the cost of the purchase), incorrect information (e.g., a mistake entering your card details), suspicious activity (your bank may flag a transaction that seems unusual), an expired or inactive card, and exceeding your daily purchase limit.

Is it okay to use a debit card online?

Using a debit card online is generally okay, but it comes with some risks. Debit cards are linked directly to your bank account, so unauthorized transactions can quickly deplete your funds. And debit cards generally offer fewer consumer protections compared to credit cards. To use your debit card safely online, ensure the website is secure (look for HTTPS and a padlock icon) and always use a secure, private network.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://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 Bank 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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q225-085