SoFi

A cash deposit of more than $10,000 into your bank account requires special handling. Your bank must report the deposit to the federal government. That’s because the IRS requires banks and businesses to file Form 8300 and a Currency Transaction Report, if they receive cash payments over $10,000. Depositing more than $10,000 will not result in immediate questioning from authorities, however. The report is done simply to help prevent fraud and money laundering. You have nothing to lose sleep over so long as you are not doing anything illegal.

Are Financial Institutions Required to Report Large Deposits?

Banks and credit unions are required to report when a customer deposits cash over $10k. Maximum deposit limits vary by bank, but in this case, anything above $10,000 (even a penny more) is the amount to know.
The Bank Secrecy Act and the Patriot Act dictate that financial institutions create a paper trail of financial activity that could be suspicious. The reasoning is that law enforcement authorities can better control money laundering activities and tax evasion by having a record of these larger deposits. Other malicious activities like terrorism, drug trading, and broad financial crimes might be prevented.

Do You Have to Report Large Deposits?

You might have to report large deposits to your bank account if you own a business. (Performing a small direct deposit typically does not need to be reported.) The IRS rules also apply to financial activities performed by a business or individual involved in the business. You must complete IRS Form 8300 to report any transaction or even a series of related transactions that total $10,000.

About that “series of related transactions” part: Transactions are considered related when they take place within 24 hours of each other or if the person or business simply suspects they are related.

What Is IRS Form 8300?

IRS Form 8300 is used to help regulators prevent financial crime. The form is separate from other banking guidelines like funds availability rules. It is sent to the IRS and the Financial Crimes Enforcement Network (FinCEN). The form is used to report cash payments over $10,000 received in a trade or business.

On IRS Form 8300 , you must identify the individual from whom the cash was received and the person on whose behalf the transaction was conducted. In addition, you need to include a description of the transaction and method of payment. Additional disclosure of information may spell out the business that received the cash and whether multiple parties were involved.

What Happens When Deposits Are Reported?

A paper trail of potentially suspicious deposits is created after Form 8300 is transmitted to the IRS. Depositing cash at an ATM or with a bank teller, so long as it is below the $10K threshold, will usually not be reported. Law enforcement agencies can use the paper trail for future investigations if conditions warrant it.

To understand this in a bit more detail, know that first, when a cash deposit of more than $10,000 is reported, you are identified through your Social Security number (SSN) and other personal information.

What Is the Bank Secrecy Act?

The Bank Secrecy Act of 1970, mentioned above, may sound somewhat intimidating. What it actually does is require that banks keep records of each customer who deposits more than $10,000 in cash at one time in a single account. The paper trail is sent to various law enforcement groups to track where the money moves to. The Bank Secrecy Act includes civil and criminal penalties for entities not complying with the requirements.

Moreover, the 2001 Patriot Act made the Bank Secrecy Act broader; it can now better detect activity related to terrorism. Again, this is nothing to be concerned about as long as you aren’t engaged in any illegal activities like bank fraud.

Reporting the Deposit

There are several steps involved in reporting a cash deposit over $10,000, whether the deposit is made to a standard or premium checking account or a savings account. There is likely nothing to be concerned about if you are just going about your daily business and not involved in illegal activity.

Banks Must Verify ID and Other Important Information

The Currency Transaction Report is used to verify a depositor’s information. The SSN, name, and address are provided to the FinCEN.

Banks Will Review All Cash Transactions

Financial institutions go through all their channels when a suspicious deposit over $10,000 is made. A series of several smaller amounts that add up to a deposit of more than $10,000 is also treated as a large deposit. Cash put into an account at a teller window or through an ATM can be linked and considered a structured deposit (more on that below). These are much more serious potential events than everyday banking activities, such as making a small cash deposit or ATM withdrawal.

Banks Will Determine If You Are Structuring Deposits

Structuring a deposit is when an individual splits up several deposits so that a single deposit of more than $10,000 cash does not happen. Someone might do this to avoid the bank having to file a Currency Transaction Report to FinCEN and resulting in a paper trail. This suspicious activity raises red flags as it suggests someone is intentionally trying to fly under the regulators’ radar. If a bank determines someone is structuring, then that activity might face additional scrutiny.

All Information Will Go Into a Currency Transaction Report

The personal information and deposit details mentioned earlier go into a Currency Transaction Report within 15 days of the transaction being considered. Reports are kept on file at the bank for five years, too. Once again, however, most people need not be too concerned with this, provided your banking is legal. Rather, it may be better to focus on account basics, like savings account withdrawal fees, not the ramifications of pernicious illegal activity, as long as they are following all the laws.

Penalties for Non-Compliance

You may wonder what happens if an individual tries to skirt the protocols described above. Here are details:

•   Civil penalties for not filing Form 8300 include fines of $250 per return. If this is considered to be intentional disregard, the fine can be the greater of $25,000 or the amount of cash received in the transaction up to $100,000.

•   Criminal penalties for not filing Form 8300 or filing a fraudulent form include a monetary fine of up to $100,000 for individuals and $500,000 for businesses. Prison sentences of up to five years are also a possible penalty for non-compliance.

Are There Any Exemptions to Consider?

A bank can file for an exemption if one of its business customers routinely deposits over $10k. It’s important to know that some businesses cannot get an exemption. For example, law firms, pawn dealers, accounting firms, and trade unions are some corporation types for which the IRS will not grant an exemption.

The Takeaway

You don’t have anything to worry about if you deposit more than $10,000 in cash to your checking account or your savings account, assuming you are doing nothing wrong. A large deposit is simply reported by a bank to regulators to track possible suspicious activity. Businesses must also file IRS Form 8300 within a specific time frame after a $10,000 cash payment.

Structuring deposits (breaking up funds into smaller amounts for deposit, so as to avoid filing a form 8300) is another no-no. Since there are significant penalties for attempting to skirt the law, it’s wise to not attempt such moves.

No matter how much you are (lawfully) depositing, it’s wise to make sure you have the bank account best suited to your needs and financial situation. For instance, you could look for an online high-yield savings account and/or an account that has no or low account fees. Explore the options to see what may be right.

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 much money can I deposit in the bank without being reported?

A deposit over $10,000 is the amount to consider; amounts under that threshold may not have to be reported. There’s a catch, though: If a customer makes several small cash payments or deposits within a 12-month window, filing Form 8300 might have to be done should the payments or deposits exceed $10,000. These are known as “structured” deposits and can raise red flags if not reported.

How often can you deposit $10,000?

You can deposit more than $10,000 whenever you’d like, but just be aware that the receiving financial institution is required to report those funds to the IRS. If you are a business owner and depositing over $10k in cash is a frequent practice, the bank can file an exemption after the first large deposit to avoid filling out future reports to the IRS.

How do you explain a large deposit?

Depositing over $10k only results in an IRS form being filed by the bank. You often won’t have to do anything to explain it unless you are suspected of fraud or money laundering. The money is deposited like any other amount would be.

Photo credit: iStock/TARIK KIZILKAYA

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.

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.

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.
This article is not intended to be legal advice. Please consult an attorney for advice.

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.
*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.

SOBK-Q224-1926391-V1

The basic steps of check-writing sound pretty straightforward: Fill out the date, amount, payee name, and add your signature.

There are, however, right and wrong ways to complete this process. And, despite the current age of online banking, there may still be times when you need to write checks and want to do so correctly. Make an error, and your check may not be cashed, which can lead to hassles and fees.

By learning the simple step-by-step process, you can fill out a check properly when you need to.

1. Date the Check

First things first: Write today’s date on the space provided in the upper right-hand corner of the check. Putting the date on your check will provide evidence of when you wrote the check.

You can also postdate a check and request for the recipient not to deposit the amount until on or after that future date.

2. Add the Recipient’s Name

In the line, “Pay to the order of,” write the name of the individual or company you are paying. Be sure to double check the spelling of the person’s name and the official vendor name to avoid any payment mishaps.

You can also make a check out to “cash,” but this poses a security risk. If you or the payee loses the check, anyone who finds it will be able to cash it. You can also write a check to yourself if you need to transfer funds from your checking account to another personal account.

3. Write the Payment Amount in Numbers

Write the dollar and cents amount in the rectangular box, located to the right of the payee line. (Example: $156.99.) It’s essential to write the payment amount clearly for the ATM or bank worker.

4. Write the Payment Amount in Words

To help prevent error or fraud, write the check amount out in words on the line provided.

How to Write a Check with Cents

To write a check with cents, you’ll express the cents amount as a fraction. For example, $156.99 would read as “One hundred and fifty-six and 99/100.”

How to Write a Check with No Cents

If the dollar amount is whole ($156.00), it should read “one hundred and fifty-six and 00/100.” A banker or ATM will check that your numerical amount matches the spelled-out amount.

Recommended: What Is an Outstanding Check?

5. Sign the Check

One of the biggest mistakes check writers make is forgetting to sign the check. Neglecting to do so makes the check invalid and uncashable. Be sure and write your signature on the bottom right-hand line of the check.

6. Add a Memo

Adding a note in the memo line on a check is optional, but it’s a good idea. Doing so will help you remember why you wrote the check in the first place: “July 1st rent” or “Beyoncé tix reimbursement.”

Some payees may require additional information which you can put on the memo line on the bottom-left corner. The IRS, for example, will ask you to write your Social Security number on your check.

Example of Writing a Check

Now that you’ve read about writing a check, here’s what a properly filled out one looks like:

Tips for Filling Out Checks

The steps on how to write a check are pretty clear. But there are additional tips that can help protect your account and ensure a successful transaction.

Use a Pen

Protect your money. Always fill out a check in ink — preferably blue or black ink for easier readability. Using a pencil is a recipe for theft. You don’t want your payee and dollar amounts being erased and rewritten (aka an altered check).

Don’t Sign a Blank Check

Don’t sign your name on the bottom of the check until it is completely filled out. If a check has your signature, but no payee name or dollar amount, you are leaving yourself wide open for any thief with a pen to fill in the blanks.

Keep Your Signature Consistent

Maintaining a consistent signature can help a bank teller or ATM detect signs of identity fraud. You’ll be better able to prove someone other than you signed your check if you have clear signature samples.

Save a Copy of Your Check

Having a copy of your check can act as proof of payment. You can take a picture of it with your cell phone. Some banks will issue checkbooks with carbon copies—a duplicate check attached to the back of a paper one. If you press down hard enough, your writing will transfer onto the duplicate check.

Recommended: Overdraft vs Non-Sufficient Funds Fees: What’s the Difference?

How to Protect Your Accounts When Writing Paper Checks

After mailing or handing over a check, it’s wise to keep tabs on its path and your bank account. Here are some smart moves that can help keep your records straight.

Record the Payment

Most checkbooks come with a check register — a place to record your check usage and current bank balance. It’s important to dot down:

•   The check number

•   The date you wrote the check

•   The payee information

•   The dollar amount

Doing so will help you balance your checkbook and avoid ending up with a negative balance.

Monitor for Fraud or Lost Checks

Having a record of your checks will help you avoid overdraft fees and keep track of any outstanding checks that payees have yet to cash. When you receive your monthly statement, compare it against your check register to catch any suspicious activity.

This can reveal a check that might have been cashed for a different amount than what you filled it out for. This could indicate a kind of fraud called “check washing,” in which a criminal gets a hold of your check, erases information, and fills it out to themselves.

Or you might spot that a check hasn’t been cashed in a timely manner, indicating that it’s a lost check, worth following up on.

Check Your Available Balance

You don’t want to write a check for more money than you currently have, so keep an eye on your bank balance to avoid bouncing a check. Whether you have a traditional or online checking account, you should be able to easily monitor this on your financial institution’s website or app.

Consider Automated Payments

While checks can still have their time and place in your financial life, online and mobile banking can make it easy to pay bills and otherwise send funds to other accounts. This can be accomplished quickly, easily, and securely by automating your finances.

For example, instead of writing paper checks, you could set up recurring transfers to pay bills online every month or make one-off payments as needed. These actions can be done safely and simply, and they eliminate the need for envelopes and postage stamps, too.

Recommended: ACH vs Checks: Key Differences

The Takeaway

It’s possible that check payments could eventually become a thing of the past. Until then, it’s important to know how to write a check and avoid making little errors that could result in big headaches.

Most bank accounts come with checks, but that’s not the only feature to consider when shopping for a new account.

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 makes a check invalid?

Banks can refuse to cash a check due to a missing signature, insufficient account funds, invalid or illegible account numbers, or if too much time has passed since the check was dated (typically six months).

Can someone steal your identity with a check?

It is possible for criminals to use the information on your check — your name, your address, your routing number — to steal your identity. They might be able to apply for loans in your name or open bank accounts.

Where is the bank routing number on a check?

The bank routing number is at the bottom of the check, to the left. Just to the right of it is your account number, and then at the far right, the check number.

Who signs the back of a check?

The payee endorses the back of the check in order to make a deposit or cash it.

Photo credit: iStock/payphoto

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.
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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOBK-Q224-1878350-V1

Getting more from your money doesn’t have to be a long-term project. Making some simple and strategic money moves over the next 30 days can help you reduce spending and increase savings, and take some of the stress out of dealing with finances.

The methods below can put you on track to achieving your financial goals.

Steps to Manage Your Personal Finances

As you put these personal finance moves into practice, remember that you’re aiming for progress, not perfection. Rather than try to tackle all the tips listed below in the next 30 days, you might simply choose a few to focus on.

1. Set Financial Goals

If you haven’t done so already, set some important long-term goals, like saving for retirement or your child’s child’s education. This can help you figure out how much money you need to dedicate to these milestones.

Setting short-term goals can be helpful, too. Maybe you’re saving for a special vacation next year. Or perhaps you’re planning to buy a new car in five years. Mapping out your game plan could help get you there.

2. Create a Budget

Start by adding up your necessary expenses, such as housing costs, utilities, insurance, car payments, and groceries, and subtract that amount from your monthly take-home income. Put what’s left toward paying down debt, and then make deposits into a high-yield bank account where your money can grow.

3. Set Up Direct Deposit

Are you still trekking to the bank to deposit your paycheck? Sign up for direct deposit so your money can go directly to your bank account.

While you’re at it, set up an automatic transfer so that a portion of your paycheck goes into savings every month.

Recommended: How to Manage Money

4. Increase Retirement Contributions

If you’re eligible to participate in your company’s 401(k) plan, make sure your contributions are enough to take advantage of your employer’s matching funds, if they offer a matching contribution.

Each matching contribution varies by company. Many companies match 50 cents for every dollar you contribute, up to 6%.

5. Make $10 or $25 in Spending Cuts

Look for small expenses you can cut, and then direct the extra cash to savings or paying down debt, such as credit card debt. For instance, bring lunch to work a couple of days a week instead of eating out.

6. Look for Helpful Apps

A good app can help you monitor your spending and savings, keep you on budget, and set financial goals. Research your options and also see what your bank has to offer. Many institutions provide free budgeting apps that integrate directly with your online banking account, create budgets, and help track your money in one place.

7. Negotiate Your Bills

Call your Internet and cell phone providers to ask about lowering your monthly bills. There may be discounts or cheaper plans you can take advantage of.

When you call, be firm but courteous. Check out competitors’ rates, and if they’re lower, use those prices as a bargaining chip in your conversation.

8. Review Insurance Policies

Do you have enough car and home insurance to cover your needs? Do you have too much? Review your policies and add or subtract coverage as necessary. And shop around for providers that offer good coverage for less money.

9. Check Your Credit Score

Your credit score is a number that represents your creditworthiness. Lenders use it to determine whether to let you borrow money and at what interest rate. Check your credit score. If it needs some work, focus on ways to improve your credit profile, such as reducing debt and paying your bills on time.

10. Review Your Credit Report for Potential Mistakes

You can request a free credit report from the major credit reporting bureaus — Experian®, Transunion®, and Equifax® — at Annual CreditReport.com. Review your report for mistakes that could be negatively affecting your credit score, and contact the credit bureaus about any errors you find.

11. Look for Credit Cards that Offer the Best Rewards

Earn on your spending with credit cards that offer rewards. Look for those that match your interests. For instance, if you love to travel, find a card that offers travel rewards. But watch out for cards with high interest rates. If you’re not someone who pays their card off every month, it may be worth steering clear of these.

12. Use Credit Card Points

Your credit card rewards aren’t doing you any good if you don’t redeem them. So have some fun and plan a trip or a new purchase with the rewards you’ve accumulated.

13. Consider Refinancing Your Loans

If you have outstanding loans, such as a mortgage or student loan debt, explore refinancing at a lower interest rate.

A lower rate could help you save money in the long run. You may even be able to accelerate your repayment, depending on the terms you select when you refinance.

14. Sell Some Stuff to Make Money

If you’ve done some decluttering of the extra items around your house, think about selling the things you no longer need. They’ll go to a new home, and you’ll get some extra cash in your pocket.

15. Consider Cutting Costly Habits

The cost of certain habits can really add up. If you’ve been meaning to quit smoking or stop impulse shopping, for instance, use financial planning as an incentive to do so. You’ll save money and potentially get on the road to a happier, even healthier, you.

16. Talk about Money with Your Partner

Set aside some time to discuss finances with your significant other. Discuss goals for your money, spending habits, repaying debts, and so on. Conversations like this help make sure you’re both on the same page, and can help prevent money conflicts in the future.

17. Figure Out Your Market Value

Has it been a while since you’ve had a pay raise? Do some research to determine what you’re worth and how much you should be making. Then, use that information to ask your boss for a salary increase, or to find a job that pays you more.

18. Negotiate Credit Card APR

If your credit cards carry a high-interest rate, ask the credit card company to lower your APR to help you manage your debt. If you have a low credit score, they may say no. But you won’t know unless you ask.

Even if they turn you down, speaking to the credit card company may be helpful. For instance, they should be able to tell you what you can do to make lowering your interest rate more likely.

19. Use Your FSA Funds

If flexible spending accounts (FSAs) are part of your employee benefits package, be sure to use them for doctors appointments or qualified purchases. Money in these accounts may not carry over year to year, so if you don’t use it, you lose it.

20. Cancel Unused Subscriptions and Memberships

Did you subscribe to a music or other monthly service you rarely use? Score extra savings by canceling unused subscriptions. The Federal Trade Commission (FTC) recently announced “Click to Cancel,” a rule that requires companies that sell subscriptions to make canceling a service as easy as it was to sign up. Companies have until July 14, 2025 to comply.

21. Talk to a Financial Planner

When it comes to making money moves, you don’t have to go it alone. A financial planner can help you develop your goals and suggest strategies to help you reach them. You can look for a qualified planner with an hourly fee you can afford. It may be worth it if it can help you save more overall.

22. Consider a New Bank Account

As you take steps to improve your financial health, it makes sense to evaluate your bank account. There may be options that offer you more, such as a lower (or no) minimum balance, lower (or no) fees, and/or higher interest. Explore what’s out there to see what’s most beneficial for you.

The Takeaway

Smart money moves you can make this month include setting goals, reviewing and adjusting your budget, checking for unnecessary subscriptions, spending your FSA funds, using your credit card points, checking your credit score, and re-evaluating your bank account to make sure you’re earning a competitive rate and not getting dinked by monthly fees.

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

Where is the best place to put money right now?

The best place to put money right now depends on your financial goals and risk tolerance. For short-term savings, a high-yield savings account or money market account is safe and accessible. For longer-term growth, consider low-cost index funds or diversified mutual funds. If you’re risk-averse, certificates of deposit (CDs) or bonds offer stability. High-growth potential can be found in stocks or real estate, but these come with higher risk.

What is the 15-65-20 rule for money?

The 15-65-20 rule is a budgeting guideline that suggests dividing your income into three categories: 15% for savings and investments, 65% for essential living expenses (like housing, food, and utilities), and 20% for discretionary spending (like entertainment and hobbies). This rule helps ensure you save for the future, cover your necessities, and still enjoy life. It represents a balanced approach to financial management.

How to grow your money in a month?

To grow your money in a month, focus on short-term, low-risk strategies. Start by cutting unnecessary expenses and redirecting that money into a high-yield savings account or money market account. Consider selling unused items online for quick cash. You can also take on a side hustle like freelancing or gig work to boost your income. While investing in stocks can offer returns, it carries risk — so stick to safe, more liquid options if you need to access the money soon.

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/.
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 .

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-Q225-067

Just like having your home in order can make life easier and less stressful, having your financial house in order can save you time and worry. It can also help you spend less, save more, and work more effectively towards your financial goals.

Your “financial house” refers to all the aspects that go into your financial wellness, including the information found on your financial statements, any debt you have, your budget, and your retirement planning and accounts.

Getting your financial house in order typically involves taking stock of what you have, getting rid of things (or accounts) you don’t need, creating a budget, and setting up a few systems to make it easy to achieve your financial goals.

Below is a simple step-by-step for doing a financial clean-up.

1. Taking Stock

You can’t organize what you have if you don’t fully know what you have, so a good first step is to track down all of your financial statements and accounts, or access them online. If the password or log-in is long forgotten, you can reset your accounts or call customer service lines to get access.

You can then make a master list organized by category. This might include:

•   Assets: This includes traditional bank accounts, online bank accounts, retirement savings, and any brokerage accounts.

•   Liabilities: These are loans, such as mortgages, credit card debt, student loans, or other forms of personal debt.

•   Income: This would include all sources of income, such as salary, investments, and alimony.

•   Fixed expenses: expenses These are bills you pay every month, such as rent, mortgage, and utilities.

This step can help you discover any unpaid bills, as well as savings accounts or retirement accounts you may have forgotten about.

Recommended: How to Find Lost Bank Accounts

2. Clearing Out Clutter

Electing to go paperless on bills and bank statements is not only good for the planet, but can help you keep organized by creating less physical mess. Getting bills in the mail and seeing them pile up can also evoke a sense of dread. In addition, some banks offer benefits to customers who sign up for paperless billing.

When you go paperless, you can designate a day for tackling monthly expenses. Then, on that day only, you can open those emails and review/pay them. If you prefer a paper trail, you can print out your statements and payment receipts and file them away.

3. Consolidating Accounts

Having abandoned 401(k) accounts or multiple saving accounts across different banks can be confusing and hard to keep track of. If this is the case, it might be time to consolidate and simplify.

You can move old savings into more frequently used accounts by transferring money from one account or bank to another. You may also be able to roll over your 401(k) from a former employer into a new employer’s retirement plan.

While this step isn’t necessary, tidying up accounts can save you the hassle of dealing with statements and notifications from several different financial institutions.

4. Tackling Debt

Once you’ve taken stock of your overall financial picture, you will likely have a better sense of how much money you owe. This can feel overwhelming, but also empowering. Once you know the numbers, you can deal with them head on, and come up with a debt reduction plan.

You may want to first determine “good” debt, such as student loans and mortgages vs. “bad” debt, like high-interest credit card debt and personal loans. When paying off debt, it can be a good idea to prioritize bad debt first.

There are a number of different ways to make paying off debt feel manageable, such as the snowball method or avalanche method. The key is to find an approach you feel you can stick with and to simply get started.

As you knock off debts, you’ll have fewer minimum payments to juggle. What’s more, you’ll be able to funnel the money you once spent on interest towards your financial goals.

5. Creating a Budget

After you’ve taken stock of all of your accounts and bills, you may want to go one step further and make a monthly budget.

To do this, it can be helpful to pull out the last three months or so of your bank statements. You can then use them to figure out how much is coming in each month (your average monthly income after taxes are taken out) and how much is going out each month (your average monthly spending).

If the numbers are tight (meaning there’s little or nothing left over to put into savings), or you see you are actually going backwards, you may next want to create a plan to cut your spending.

This might include getting rid of certain monthly bills, such as streaming services you no longer really care about or quitting the gym and working out at home.

You may also want to set monthly spending targets, such as how much you will spend on non-essential categories, such as clothing, eating out, and entertainment, each month.

6. Setting Goals

Setting some financial goals can help motivate you to stick to your budget and put money into savings each month.

If you’re saving up for something fun (like, say, a vacation), you might be more inclined to cook at home instead of ordering in. Money goals can function like a compass that guides the direction of spending.

Not sure of a goal? Here are some common financial goals you may want to consider working toward:

•   Creating an emergency fund.

•   Paying down debt.

•   Increasing retirement savings.

•   Saving for a downpayment on a home.

•   Putting money towards something fun, like a vacation or new wardrobe.

Goals won’t always look the same person to person, but having one (or two) can help guide your financial plan, making it easier to spend and save with confidence.

7. Automating

Saving, spending, and paying bills doesn’t have to mean reinventing the wheel every month. You can significantly reduce the amount of work involved in money management simply by relying more on automation.

One of the benefits of automating your finances is always paying your bills on time. This can save you money by avoiding late fees. Having a history of on-time payments can also have a positive impact on your credit.

In addition to setting up autopay for your regular bills, you may also want to automate savings. This means having a portion of your paycheck (and it’s fine to start small) automatically transferred from your checking account into your savings account after you get paid.

This ensures that saving will happen each and every month, since the money will be taken out before you have a chance to see it — or spend it.

Automation won’t take all the work out of keeping your financial house in order, but it can eliminate many of the chores — and many of the choices — you have to deal with each month.

The Takeaway

Getting your financial house in order isn’t as complicated or time-consuming as many people assume. And you don’t have to do it all at once. You may want to set aside an hour or so one day a week to focus on financial house-cleaning, and just take it one step at a time.

You also don’t have to go it alone. The right banking partner can be a valuable asset in organizing your finances and achieving 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 does it mean to get your finances in order?

Getting your finances in order means organizing your money and creating a plan to manage it wisely. This includes creating a budget, tracking expenses, paying off debt, building an emergency fund, and planning for the future. It ensures you have a clear understanding of your financial situation and can make informed decisions to improve your financial health.

Who can help me get my finances in order?

A financial advisor, accountant, or credit counselor can help you get your finances in order. They offer professional guidance on budgeting, debt management, and investment strategies. Friends or family members who are financially savvy can also provide valuable advice. In addition, there are online resources and budgeting apps that can assist with tracking expenses and setting goals.

What is the 50-30-20 rule in your financial plan?

The 50-30-20 rule is a budgeting guideline that suggests dividing your income into three categories: 50% for essential expenses (like housing and groceries), 30% for discretionary spending (like entertainment and hobbies), and 20% for savings and debt repayment. This rule helps ensure you cover your basic needs, enjoy life, and build financial security. It’s also a flexible guideline that can be adjusted to fit different needs, expenses, and goals.

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

SOBNK-Q225-079

Paying for medical school can be a significant financial challenge, with tuition, fees, and living expenses adding up quickly. Fortunately, there are several options available to help future doctors finance their education.

Keep reading for more insight into how to pay for medical school.

What Is Medical School?

Medical school is typically a four-year educational program that leads to graduating students receiving an M.D., D.O., or N.D. degree. After medical school, graduates will generally continue onto a medical residency in the specialty of their choice.

Different Types of Medical School

There are three main types of medical school: allopathic, osteopathic, and naturopathic. All of these programs prepare students for careers as doctors, but they have different academic credentials. Let’s take a closer look at each of these programs.

Allopathic Medical School

Allopathic medicine is also known as conventional or traditional medicine. Allopathic medical schools provide students with a traditional curriculum and approach to medicine. Allopathic doctors rely on traditional methods such as x-rays, prescription medications, and surgery to treat and diagnose an illness or medical issue. If a student graduates from an allopathic program, they’ll receive a Doctor of Medicine (M.D.) degree.

Osteopathic Medical School

Osteopathic schools also cover standard medical sciences and practices but supplement those lessons with training on providing touch-based diagnosis and treatment of different health problems. Osteopathic doctors often take a more holistic approach to patient wellness and treatment. Students who attend an osteopathic medical school will end up with a Doctor of Osteopathic Medicine (D.O.) degree.

Naturopathic Medicine School

Naturopathic medicine school is a graduate-level program that trains students to become naturopathic doctors (NDs). These schools focus on natural and holistic approaches to health and healing, combining traditional medical sciences with therapies such as herbal medicine, nutrition, acupuncture, homeopathy, and lifestyle counseling. The curriculum typically includes both classroom instruction and clinical training, and it usually takes four years to complete after earning a bachelor’s degree.

Recommended: Average Cost of Medical School

Financing Medical School

The cost of medical school is on the rise and finding a way to finance medical school can be a daunting task. There are quite a few options for medical students to get help doing so. From taking out student loans for medical school to gift aid, students have options.

Scholarships & Grants

Scholarships and grants are considered a form of gift aid because they typically do not need to be repaid. Students can apply for need-based grants and merit scholarships through their medical school or outside sources. Their school’s financial aid office can walk them through their options.

Medical associations and nonprofit organizations also tend to have financial aid, grants, and scholarships that medical students can apply for. Again, a school’s financial aid office can help point medical students in the right direction, but they won’t know of every gift aid opportunity available outside of their school, so students may want to do their own research.

The following associations generally offer scholarships and grants for medical students.

•   American Medical Association. This professional group provides financial support through scholarship opportunities, as well as general support for medical students looking to learn more about how to pay for medical school and to prepare for residency.

•   American Medical Women’s Association. Medical students can peruse this association’s list of more than a dozen different scholarships, awards, and grants that they may be eligible to apply to.

•   American Podiatric Medical Association. Every year, the American Podiatric Medical Association gives out more than $200,000 worth of grants and scholarships.

Federal Student Loans

Medical students can apply for federal financial aid, including federal student loans, by completing the Free Application for Federal Student Aid (FAFSA®). Medical students may qualify for three types of federal loans after they complete the FAFSA. The FAFSA may also qualify students for financial aid such as scholarships and grants from their state or school (if available).

•   Federal Direct Unsubsidized Loans. Also known as Stafford Loans, Federal Direct Unsubsidized Loans allow students to borrow money unsubsidized. When a loan is unsubsidized, this means that the borrower is responsible for paying all of the interest on the loan.

•   Federal Direct Graduate PLUS Loans. If a student still needs help financing medical school after taking out a Federal Direct Unsubsidized Loan, they can take out a Federal Direct Graduate PLUS Loan, which is also unsubsidized. These loans tend to have a higher interest rate than Federal Direct Unsubsidized Loans do and are credit-based.

•   Health Resources and Services Administration (HRSA) Primary Care Loan. Medical students with financial need, and who can demonstrate it, may qualify for this school-based program that offers a few different types of loans for medical students. Not all medical schools participate in this program, but students can check with their school’s financial aid office to see if their school does take part in it.

Recommended: Types of Federal Student Loans

Private Student Loans

After applying for federal student loans, students may be interested in supplementing their federal support with private medical school loans. Generally, private student loans for medical school are available through banks or credit unions. How much a student will pay in interest for a private student loan will depend on what their credit history is, amongst other factors. There are private student loans available at fixed and variable interest rates.

While private student loans can be a helpful option for borrowers, they don’t always offer the same borrower protections as federal student loans — such as income-driven repayment plans or the opportunity to pursue Public Service Loan Forgiveness. Because of this, students generally resort to private student loans only after depleting all other financing resources.

Recommended: Private Students Loans vs Federal Student Loans 

The Takeaway

Between scholarships, grants, and medical school student loans, medical students have some decent options at their disposal for financing medical school. While there’s no denying that medical school can be a stressful time in a person’s life, hopefully all of the hard work and sacrifices will lead to a fulfilling and rewarding career.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is the best way to pay for medical school?

If a student can secure scholarships and grants, that’s the best way to pay for medical school. Unlike student loans which must be paid back, gift aid is free money that medical students won’t have to pay back after graduation.

How do you get medical school paid for?

Medical students can apply for scholarships and grants to help cover the cost of medical school. After applying gift aid, students can take out federal or private student loans to cover the remaining costs of attending medical school. Paying in cash is also an option, but one that is understandably not within reach for many people.

Is it hard to get loans for medical school?

There are both federal and private student loans available to medical students, so they generally have plenty of options that make it possible to get a loan for medical school.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.

SOISL-Q225-039