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At certain moments in your life, you may wonder if hiring a personal accountant would be a good move. Perhaps you started a side hustle or launched a business and are confused about taxes. Or maybe you need help sorting out an inheritance.

There are many different types of accountants offering varied services. Here’s how to determine if you need a personal accountant, and if so, how to find the best one for your specific situation.

What Type of Accountant Do I Need?

The term “accountant” is sometimes used as a catch-all phrase to refer to any professional who deals with financial transactions or taxes, but there are different types of accountants. For instance, there are bookkeepers, accountants, and Certified Public Accountants (CPAs), to name a few, and they all have different skill sets and varying limits on what they can and can’t do. Choosing the right professional could help you achieve financial security, whether you’re running a business or investing money for your future.

•   A CPA is certified to do everything a general accountant or bookkeeper can do, along with one important addition — government permission to file taxes on a client’s behalf and represent them in case of a tax audit.

Becoming a licensed CPA requires passing the Uniform CPA Exam and completing continuing education hours each year in order to maintain their certification. CPA fees can range anywhere from approximately $33 to $500 an hour, with between $150 and $275 being a likely amount.

•   An accountant without CPA certification cannot sign tax returns on behalf of a client, but they can prepare them. An accountant also can record and report detailed financial transactions and provide analysis.

Most accountants hold an undergrad degree — although it doesn’t necessarily have to be in accounting — and many pursue additional certifications such as Certified Management Accountant (CMA) and Chartered Accountant (CA) . Like CPAs, their hourly rates can vary widely depending on location and expertise.

•   A bookkeeper is someone who can help keep your books if you’re running a business. Their responsibilities can include paying bills, keeping track of account balances, recording transactions and providing reports throughout the year.

Bookkeepers aren’t required to hold an accounting degree, but some organizations and businesses do offer certification, including a Certified Public Bookkeeper (CPB) certification, which means the bookkeeper has passed an advanced skills exam and is required to take continuing education.

Bookkeepers might also handle payroll and other business taxes, although they aren’t allowed to sign tax returns or provide audit representation. Bookkeeper fees can vary widely.

What Financial Issues Can a Personal Accountant Handle?

Accountants can be experts in money-management topics across the board, including taxes and helping navigate complicated financial situations.

Beyond that, how an accountant can help depends on your individual financial needs. Here are some details on which type of accountant is best for specific needs.

For Independent Contractors and Solo Entrepreneurs

There are many benefits to being an entrepreneur. But finances can get complicated for independent contractors and solo entrepreneurs, from managing invoices to tracking inventory to keeping one eye on the big business picture. In short, an accountant can assist with most things money-related so that the business owner can focus on the business.

Although a non-certified accountant can’t file your taxes on your behalf, they can help you with business issues like tracking your deductions, including payroll deductions; calculating estimated tax payments; and ensuring that you reap the most benefit from your tax deductions (which include hiring an accountant). An accountant is also more likely to be on top of the latest changes in the tax law.

Another way an accountant could help independent contractors is by handling all the organizational factors that come with running a business. Tasks such as invoicing, tracking sales, and tracking receipts, can feel overwhelming to someone who’s never taken business classes.

For Small Businesses

For businesses with more than one employee, an accountant with small business expertise can help with everything from determining the right business structure to filing taxes.

If you’re just starting out as a small business owner, an accountant could help with the financial segments of your business plan. During day-to-day operations, a good accountant can help with everything from opening a business bank account to payroll to providing guidance regarding government regulations or any changes in tax law.

And if you hire a CPA, they can even file business taxes on your behalf.

Recommended: Savings Calculator

For Individuals

If you have a lot of financial issues to handle, a personal accountant can help you manage them.

Perhaps the biggest reason an individual might hire an accountant is to help with taxes, especially if they’re facing complicated tax situations like receiving an inheritance, filing taxes for rental property, or navigating capital gains taxes.

But even for everyday life, a personal accountant can help turn your personal finance knowledge into action. It’s one thing to understand that you need to cut spending, but it’s another thing to actually put that knowledge into practice.

The same goes for paying down debt. An accountant can help keep you on track to repay what you owe. Professional guidance can also help you, say, determine how much of your earnings to automatically shift into a high-yield savings account.

Recommended: How Many Bank Accounts Should I Have?

The Takeaway

A personal accountant may be helpful if you’re an entrepreneur or you have a lot of personal financial issues to deal with. However, if going the DIY accounting route is more your style, you could enroll in a course to learn more about money management, do research online, or use a money-management app. Whichever method you choose, make sure you feel comfortable with the decisions you’re making for your money — and your 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

Is it worth it to get a personal accountant?

That will depend on your personal situation. If you have very straightforward finances and taxes and are well–versed in money management, you may not need one. But if you are self-employed, have your own business, have a complex tax situation, or would like financial management advice, getting a personal accountant could be a wise move.

How much should tax preparation cost?

The cost of tax preparation will vary with location and the complexity of your tax filing. In terms of averages, the cost typically ranges from $170 to $250 for basic services.

Do I need a personal accountant?

Whether you need a personal accountant depends on your personal and financial situation. Working with a personal accountant can be valuable if you could use support filing your taxes, taking care of small business finances, and better managing your money.

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.

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/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

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-Q425-010

Buy now, pay later (or BNPL) programs offer a kind of installment payment plan. It can give consumers the option of making a big purchase today and spreading out payments over subsequent weeks or months, possibly interest-free. You may find these services offered under such names as Afterpay, Affirm, or Klarna.

Many of the country’s largest retailers — including Saks Fifth Avenue, Target, Walmart, and Amazon — offer buy now, pay later services. This kind of short-term financing can be helpful for shoppers hoping to buy an item over time, but there are pros and cons to purchasing this way.

Here, take a closer look at BNPL, its benefits and drawbacks, and whether it’s a good option for you.

What Is a Buy Now, Pay Later Plan?

Buy now, pay later is a way of purchasing an item in which you pay it off over time. It’s similar to layaway, but you get to take possession of the item right away rather than wait until it’s fully paid off.

For instance, if you are buying a new refrigerator with all the bells and whistles, using BNPL means you can get the fridge delivered ASAP and pay it off over time. With layaway, you’d have to wait until your series of payments were made and then, and only then, would you get the appliance.

A couple of other important points to note:

•   BNPL can come with fees and interest, depending upon the particular program you use. In this way, it may be similar to using a credit card and not paying the full balance off at the end of the month.

•   Most buy now, pay later services run a soft credit check (which won’t affect your score) or no credit check at all. Since they don’t require strong credit, these plans can be an appealing option for consumers with a poor credit rating or no credit history.

•   Buy now, pay later services make money by charging interest and fees on delinquent payments. These lenders also typically charge the merchants fees. Retailers are often okay with this because these financing programs allow customers to spend more at their store, either in person or online.

The Rise of BNPL Services

You may wonder how popular buy now, pay later services are? Currently, estimates of how many Americans used buy now, pay later services in the past year range from 15% to 60%. Whichever number may be close to the actual figure, the Federal Reserve has found that the segment of people utilizing BNPL is rising.

How Buy Now, Pay Later Works

If you are wondering how BNPL works, here’s an example. Say you want to buy a $300 Vitamix Blender, but you hesitate to fork over the entire purchase price upfront. You just don’t have that much spare cash sitting in your online bank account. But if you click on a buy now, pay later app or sign up at checkout, you can purchase and receive the item right away. You are usually able to break up the $300 into several (often four) equal, interest-free payments. Typically, the first payment is due at checkout, and the remaining three are each due two weeks apart.

Process of BNPL

When opting for BNPL (a form of a short-term loan), you’ll likely be asked for some credentials, such as name, address, phone number, birthdate, and Social Security number. A soft credit check, which does not impact your credit check, is typically conducted to approve or reject your request to use these installment payments. If you get the green light, payments are typically deducted via your credit card, debit card, or bank account.

You will see this kind of BNPL option offered in various ways, whether you’re shopping for handmade jewelry on Etsy or booking a vacation.

BNPL and Fees

Short-term BNPL programs often don’t involve the consumer paying any interest or fees over, say, four payments. However, with longer-term BNPLs, interest may be charged, potentially at a high rate. In addition, if you don’t make payments on time, you can be hit with fees.

Common BNPL Providers

If you’re curious about buy now, pay later providers, here are some of the names you may see:

•   Affirm

•   Afterpay

•   Klarna

•   PayPal

•   Sezzle

•   Splitit

•   Sunbit

•   Zip

Advantages of Buy Now, Pay Later

Now that you know what is buy now, pay later purchasing, here’s a closer look at the pros of this kind of payment service.

Enhancing Purchasing Power

Buy now, pay later can allow you to buy something pricey without paying for it upfront. You get to take the item home and have the subsequent payments paid via credit card, debit card, or bank account. Unlike layaway plans, you don’t have to wait until the item is fully paid for before taking possession.

Saving Money

Some BNPL programs may offer consumers the opportunity to save on a major purchase. For instance, if you were to buy a new couch with BNPL and pay it off over four months, drawing funds directly from your bank account, you might fare better financially than if you bought it with your credit card and didn’t pay your balance in full. In this scenario, BNPL could help you avoid paying interest on your credit card.

This, in turn, can leave you with more cash in your checking account.

Quick Approval

If you apply for BNPL, you typically don’t need to wait more than a few seconds to be approved. This can be considerably quicker than seeking a line of credit via other means.

Potential to Build Credit Score

Some but not all lenders are reporting activity on BNPL programs to the credit bureaus. If this is the case and you pay on time, a BNPL purchase could positively impact your score.

Recommended: Can You Build Credit With a Debit Card?

Considerations Before Using BNPL

Now that you know about the upsides of BNPL services, dig into the potential drawbacks.

Potential for Overspending

This type of payment plan can be so appealing, it may entice people who are already struggling to pay their bills to splurge. It can be quick to apply and be approved, and consumers may overlook the possibility of being charged interest and fees (or even being put in for collection) if payments are late.

Paying Interest and Fees

If a BNPL plan is paid off as planned, the shopper may not incur any interest or fees. But if funds aren’t paid on time or a longer-term plan is chosen, an interest rate of up to 36% may be assessed. Late fees can run anywhere from one dollar to a double-digit percentage of the purchase price. As you see, it can wind up being a very expensive proposition if you cannot stick to the original schedule of paying for your item.

BNPL and Your Credit Score

The other factor to consider is that BNPL may mean that you miss the opportunity to build your credit score. If you choose a BNPL lender that doesn’t report your payments to the credit bureaus, you miss out on the positive value of on-time payments. Also, if you are late with your payments and your account is put in for collection, that could negatively impact your score.

Possible Loss of Rewards

You can earn credit card rewards and cash back if you use your plastic to pay for a purchase. When you pay via a BNPL service, you miss out on that opportunity.

Recommended: Ways to Manage Your Money

Comparing BNPL With Other Payment Options

If you’re contemplating using BNPL on a major purchase, take a moment to compare options.

Credit Cards vs BNPL

As noted above, BNPL plans may be able to help you avoid credit card interest fees if you pay the amount due on time and don’t wind up adding it to the balance on your plastic.

However, these plans could encourage you to overspend and possibly add to your credit card debt. In addition, if you pay your BNPL bills on time but this isn’t reported to the credit bureaus, you may be missing out on the opportunity to build your credit score. You may also not receive the cash back or other rewards that could be coming your way when you use your credit card.

Personal Loans vs BNPL

If you are making a single big purchase and feel confident you can stick with the terms of paying off a buy now, pay later plan, that may be a fine option.

However, if you are, say, redoing a kitchen and need to replace every major appliance, you may not want to wade into that many BNPL payments. If you can’t wait to save the money from your salary either, you might want to look into a personal loan, which can offer a more affordable interest rate vs. credit cards, and help you pay for what you need.

Worth noting that you will likely have a hard credit check vs. a soft pull if you go the personal loan route.

Is BNPL Right for You?

To decide if a BNPL is right for you, consider the following:

•   Is a buy now, pay later offer encouraging you to buy something you really cannot afford and don’t really need right now?

•   Do you feel confident you can fulfill the schedule of BNPL payments, avoiding interest and fees?

•   Do you really want or need to take the item home now vs. later via layaway?

•   Is it a concern that you may miss out on the opportunity to build your credit by paying with a credit card?

•   Are you comfortable with using BNPL vs. a credit card and thereby not reaping any of the rewards you might get via using plastic?

The Takeaway

Buy now, pay later plans can allow people to make purchases that they might not be able to easily afford otherwise. If you purchase an item this way, you will be spreading your payments out over a number of weeks or even months. Most of the time, there will be no interest. However, if you miss payments, you’ll likely be stuck with fees and may damage your credit score.

Another way to afford a major purchase is to simply set money aside each month in your bank account until you have enough to pay in full.

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 does buy now, pay later work?

Buy now, pay later is a form of financing that lets you buy an item and then pay for it over time, typically via no-interest installment payments. But if you miss a payment, late fees and possibly interest are incurred.

What’s the point of buy now, pay later?

Buy now, pay later can help you to buy an item, like a new smartphone, and then pay over time without any interest or fees.

Is buy now pay later bad for credit?

It depends. New scoring models can factor in buy now, pay later purchases, and if you make payments in a timely manner, this could help build your score. However, if you are late with payments or miss them entirely and those actions are reported to the credit bureaus, it could negatively impact your score.

Photo credit: iStock/Mikolette

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.

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/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

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-Q425-012

If you’ve ever sat down to pay bills only to discover you’ve run out of checks, you may be relieved to know you can use counter checks. Counter checks are temporary checks printed at your bank that can help you make payments in a pinch.

Even in our era of autopay and P2P apps, checks are still a popular way for many to transfer funds.

What Is a Counter Check?

Counter checks, also called temporary or starter checks, are a set of plain, printed checks from your bank that include your account information and the bank’s routing number. They can be used like personal checks. (In terms of how long a check is good for, these are typically valid for six months, like standard checks.)

Counter checks may not have the personalization that a set of pre-printed checks would have. You may need to fill out your personal information normally found at the top left of a check (such as your address) on a set of lines instead.

Typically, you can get counter checks while waiting for your pre-printed checkbook to arrive in the mail. This might occur when you open a new bank account or simply run out of your usual checks. Counter checks can be useful for paying merchants who don’t accept electronic payments, mobile app payments, or debit cards.

How Do Counter Checks Work?

You may get some counter checks when you first open your account; otherwise, you must request them from your bank. Here’s what you’ll do:

1.    Request counter checks from your bank (typically).

2.    Bring and show your ID.

3.    Wait a short time as the bank prints them.

4.    Pay a small fee, usually around $3 for a sheet of three checks.

5.    Use them just as you would a personal check. Just be sure to ask the recipient if they’re willing to accept a counter check before you fill it out. Some merchants are not comfortable accepting these non-standard checks.

When Would Someone Use a Counter Check?

Counter checks are useful in a few situations. If you need to pay someone with a check ASAP and you’re out of personal checks, then a bank counter check may be your best option. Or, if you recently opened a new checking account but haven’t yet received your printed checks in the mail, a counter check can enable you to pay a bill that’s due. Compared with a cashier’s check or a money order (learn more about these options below), they’re usually less expensive, too.

However, there’s an issue to note: Not all merchants, individuals, and organizations will accept a counter check in place of a standard check. Because a counter check does not have as much information printed on it as a typical check, some may reject it, skeptical that it is valid. It’s important to note this when planning to write a counter check. You may want to check first with the intended recipient to make sure it won’t be returned.

How Does a Counter Check Differ From a Cashier’s Check?

A counter check shouldn’t be confused with a cashier’s check. They’re both issued by your bank, but they work very differently. A cashier’s check is a special check that is actually drawn on the bank’s funds vs. your account’s funds.

Here’s a quick comparison of a certified check vs. cashier’s check.

Tips for Getting a Counter Check

If you know how to order checks, you are probably aware that the process can take a couple of weeks to get personal checks. Getting some temporary counter checks can be faster, but you’ll need to get them from your bank. If you feel you need them urgently, it may be wise to visit a branch in person. Be sure to bring your ID with you. They may be printed on the spot for you.

Writing a Counter Check

Writing a counter check is nearly the same as writing a personal check. The only difference is you may need to fill out some personal information if your bank hasn’t printed it on the check. This generally includes your name and address, though a merchant may also request your driver’s license number when you pay with a counter check.

To write the check, you’ll want to:

1.    Write the date in the upper right hand corner.

2.    In the “Pay to the order of” line, write the name of the recipient of the check.

3.    Write the amount of the transaction in numerical form in the box to the right.

4.    Write out the amount in words (say, “two hundred dollars”) on the line below it.

5.    Include a memo in the bottom left corner, if you like, noting what the check is paying for.

6.    Sign the check in the bottom right corner.

All of these elements are necessary in order for a check to be valid.

Recommended: How to Make Money Fast

Pros and Cons of Counter Checks

While counter checks can serve as a temporary solution while you wait for your checks to arrive, it’s not a perfect solution. There are some advantages, as well as drawbacks to consider.

Recommended: How to Determine If a Check Is Real

Alternatives to Counter Checks

You have other options for paying bills if you’re out of checks. Here are a few of the methods available to transfer funds.

•   Online bill pay. A quick and easy way to send payment is to set up online bill pay through your bank. It’s usually free and incredibly convenient. You can add vendors to pay and then automate monthly payments for things like car payments, mortgages, student loans, and more.

   Typically, your bank can pay merchants and organizations electronically, but if there’s a company that doesn’t accept electronic payments, you may have to do online payments manually or mail a check. In some situations, an online bill pay service may be able to write and mail the check for you.

•   Money order. A money order is like a pre-paid check. You’ll pay the amount that you’re sending, plus a fee (typically just a couple or a few dollars), and you get a check issued by a third-party provider. You can often get money orders at a variety of locations, such as the post office, your bank, your grocery store and your favorite retail stores.

•   Cashier’s check. A cashier’s check is a check you can buy from the bank where they guarantee the funds. The bank writes a check to any third party; you, in turn, pay the financial institution the amount of the payment, plus the fee for the cashier’s check (which may be in the range of $10-$20). It’s considered a safe way to make a large payment.

•   Certified check. A certified check is a check you get from your bank that guarantees the funds from your personal account. This kind of check signals to the recipient that the cash has been earmarked from the payer’s personal account. It can add a level of security and comfort for the payee.

•   Mobile app payment services. There are a host of peer-to-peer or P2P payment options that make paying someone very convenient. Some of the most popular apps include Venmo, Cash App, PayPal, Google Pay, and others.

•   Pay over the phone. Some merchants will take a payment over the phone. You can provide your bank’s routing number and your account number, and they may be able to process a payment over the phone. You may also be able to use a debit card for payment.

The Takeaway

Counter checks are a useful tool if you run out of your standard checks or have recently opened a new checking account. These checks are quickly available, but they are usually not printed with all of the standard information, and not all merchants and organizations will accept them. Still, they may allow you to pay some pressing bills when other means are not available.

FAQ

Is a counter check the same as a personal check?

A counter check can be equivalent to a personal check, and it may be presented as legal tender like a personal check. The main difference is that a counter check is likely to lack the more detailed identifying information that’s pre-printed on a personal check.

Can I pay someone with a counter check?

Not all merchants take counter checks. Because they look temporary and are typically not numbered, businesses may not accept payment via counter check. If you need to pay bills with a counter check, make sure the recipient is willing to accept it before you fill it out and send it.

How long is a counter check good for?

Like a personal check, a counter check is typically good for around six months.

Photo credit: iStock/RyanJLane

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.

SOBNK-Q425-011

You may have noticed the nine-digit code at the bottom left of most checks. Called the ABA routing number (also known as a bank routing number), it identifies which financial institution is responsible for paying the check. You might also think of it as your bank’s numerical address or ID number.

It’s no big deal if you don’t know your bank’s ABA number by heart, but nevertheless, those nine digits are an important facet of many daily financial transactions, such as online bill-pay and signing up for direct deposit.

Here, you’ll learn what this number is, how it’s used, how to find it, and more information to keep your financial life running smoothly.

What Is an ABA Number?

Developed by the American Bankers Association (that’s where the ABA comes from), the main purpose of an ABA routing number is to make sure money gets where it needs to go.

In other words, routing numbers help identify which bank is responsible for paying money or giving credit to another bank. The routing number can also be used to identify which bank will receive payment or credit for a check or electronic transaction.

Rather than reading the name of a bank off a check (and potentially making a mistake), these numbers help enable bank employees and the machines that process checks do that job quickly and accurately.

Both the receiving and paying banks can use the routing number to improve the efficiency of their payment process operations.

ABA numbers also give consumers and businesses a reason to trust the banking system. Sellers can feel confident they will in fact get paid with funds from a legitimate bank and the buyers can rest easy knowing that they can prove their money is accessible and they can make a purchase or pay a bill.

What Do ABA Digits Stand for?

Here’s a closer look at what those routing number digits actually stand for (which you can also see in the image below):

The first four digits at the left indicate the Federal Reserve Bank that oversees the financial institutions in a particular location.

The next four digits identify your financial institution, or its ABA identification number.

The last digit is what’s known as a check digit number. It verifies the authenticity of the routing number.

ABA Number vs. Bank Account Number

Two crucial pieces of banking information are an account’s ABA number and the account number.

•  The ABA number identifies the financial institution where the account is held.

•  The bank account number reflects a particular, specific bank account, whether it’s checking, savings, or another kind of account.

What Is an ABA Number Used for?

The ABA number, as mentioned above, reflects the bank where an account is held. This is a critical piece of information when financial transactions take place. It allows these to be processed correctly and swiftly.

The History of the ABA Number

These routing numbers were first developed in 1910 by the American Bankers Association (ABA). At that time, it was just helpful in check processing, but it has continued to keep pace with banking innovation, including automated clearinghouses as ACH vs. checks become more popular, online banking protocols, and electronic funds transfer. It continues to play a vital role in so many basic banking matters.

Who Can Use ABA Numbers?

For a bank to be issued an ABA number, they must be a federal or state chartered financial institution and they must be eligible to have an account at a Federal Reserve Bank.

To obtain a routing number, the financial institution will work with Accuity, which is the official registrar of ABA Routing Numbers. Any newly formed financial institutions will have to submit an application to Accuity if they want to be assigned an ABA routing number.

Recommended: How to Write a Check to Yourself

Where Is the ABA Number on a Check?

When looking for the ABA routing number, look at the row of numbers at the bottom of a check.

There are a lot of numbers there, but the ABA number is the nine-digit, leftmost number. It will be the first set of nine numbers that you’ll see and begins with a 0, 1, 2, or 3.

Typically, to the right of that is the consumer’s account number, then, to the right of the account number, is the number of the check.

It’s important not to get these numbers confused, since it could lead to a delay or an error in the processing of a check, as well as any online payments you authorize.

How to Find Your ABA Numbers Without a Check

Every check in a consumer’s checkbook should include their ABA number, but if a check isn’t available, there are other ways for consumers to find out the routing number they’ll need to transfer money.

Bank Statements

Recent bank statements should list the bank’s ABA routing number alongside account information. Some bank statements come by mail or as paperless electronic statements.

Bank Website

A lot of banks prominently feature their ABA numbers on their website since so many customers want to know this information. You may want to keep in mind that some larger, national banks may have different routing numbers for different states, as well as different routing numbers for wire transfers or ACH (Automated Clearing House).

Asking Your Local Bank

Customers can always call their bank to ask what the correct ABA routing number to use is. Or if you have your account at a traditional vs. online bank, you could stop by a local branch.

ABA Online Lookup Tool

The ABA actually offers a free ABA Routing Number Lookup tool that can make it simple to find routing numbers for banks. Please note that users can only utilize this tool to look up two ABA numbers per day, and can’t look up more than ten numbers in the course of a month. Also keep in mind that some banks have different numbers for different states, as well as for different transactions.

When to Use an ABA Number

While you probably won’t need to use your ABA routing number every single day, you will likely need to enter this number for a number of common transactions, such as:

•  Direct (or ACH) deposits. When someone starts a new job and wants to set up direct deposits via ACH, they will most likely have to provide their ABA number and their bank account number.

•  Wire transfers. This involves sending or receiving money via a wire transfer, which is especially common for international transactions.

•  IRS direct deposits. To receive a tax refund, the IRS gives an option to have that money refunded via direct deposit. Allowing a direct deposit can speed up the refund process.

•  Paying bills or friends. You will likely need your routing number to sign up to pay bills online or to use mobile payment apps.

•  Making a deposit to your retirement account or transferring money to another bank. When you invest money for retirement or move money between banks, you might need to set up the transactions via ACH transfer, and that requires your bank routing number.

Recommended: Passive Income Ideas

What’s the Difference Between ABA and ACH Numbers?

The terms ABA and ACH (Automated Clearing House) are easy to mix up. ABA numbers are sometimes referred to as ACH numbers, although this is not technically correct.

ACH refers to an electronic fund transfer made between banks that is processed through the Automated Clearing House network.

The ACH is the main system that financial institutions utilize for electronic fund transfers. When using ACH, the funds are electronically deposited in the designated financial institutions, allowing payments to be made online.
Unlike wire transfers, ACH transfers are typically used for relatively small, and often regular, payments.

Consumers can utilize ACH for many types of transactions that put money in someone’s account and often do so without realizing it.

For example, through ACH someone could have their paychecks directly deposited into their checking and savings account or can make monthly debits for any routine bill payments, such as a student loan payment.

Many merchants allow their customers to pay their bills via ACH. The payer typically has to provide an account number and bank routing number to do so.

Online services transactions can also be conducted with ACH and most banks and credit unions use ACH for online bill payment services.

The Takeaway

The ABA routing number is a sequence of nine digits used by banks to identify specific financial institutions within the U.S. Found on the lower left of a check (as well as online and on your bank statements), you need to know your routing number for many basic financial transactions, such as paying bills online, signing up for direct deposits at work, using a mobile payment app, as well as transferring money from one financial institution to another.

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

Are ABA numbers and routing numbers the same thing?

Yes, an ABA number and a bank routing number are the same thing. Those nine digits at the bottom of a check and to the left can be referred to by either term.

Is an ABA number always 9 digits?

Yes, the ABA or bank routing number is always nine digits long.

Does a debit card have an ABA number?

Debit cards do not have routing numbers; those nine digits are only found on checks to identify the financial institution that issued the check. Instead, debit cards have an account number as well as a PIN.

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.

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/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

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SOBNK-Q425-008

The definition of a U.S. Savings Bond is an investment in the federal government that helps to increase your money. By purchasing a savings bond, you are essentially lending money to the government which you will get back in the future, when the bond matures, with interest. Because these financial products are backed by the federal government, they are considered to be extremely low-risk. And, in certain situations, there can be tax advantages.

Savings Bond Definition

A savings bond is basically a loan made to the U.S. government, in exchange for which the government agrees to repay the loan at a later time, along with interest that is earned over the life of the bond.

There are two types of savings bonds available through the U.S. Treasury, the Series EE savings bond and the Series I savings bond. The Series EE bond offers a fixed-interest rate, while the Series I bond offers a combination of a fixed rate and a variable inflation rate. Both bonds are low-risk and provide interest for up to 30 years, though you may withdraw funds without penalty as long as the bond has been held for at least five years.

Investors may also invest in state or local municipal bonds that fund public projects and may be available in different term lengths.

How Do Savings Bonds Work?

Savings bonds are issued by the U.S. Treasury. You can buy one for yourself, or for someone else, even if that person is under age 18. (That’s why, when you clean out your closets, you may find a U.S. Savings Bond that was a birthday present from Grandma a long time ago.)

Basically, these savings bonds function the same way that other types of bonds work. You buy a savings bond for face value, or the principal, and the bond will then pay interest over a specific period of time.

•   You can buy savings bonds electronically from the U.S. Treasury’s website, TreasuryDirect.gov . For the most part, it’s not possible to buy paper bonds anymore but should you run across one, you can still redeem them. (See below). Unlike many other types of bonds, like some high-yield bonds, you can’t sell savings bonds or hold them in brokerage accounts.

How Much Are Your Savings Bonds Worth?

If you have a savings bond that has been tucked away for a while and you are wondering what it’s worth, here are your options:

•   If it’s a paper bond, log onto the Treasury Department’s website and use the calculator there to find out the value.

•   If it’s an electronic bond, you will need to create (if you don’t already have one) and log onto your TreasuryDirect account.

Savings Bonds Interest Payments

For U.S. Savings Bonds, interest is earned monthly. The interest is compounded semiannually. This means that every six months, the government will apply the bond’s interest rate to grow the principal. That new, larger principal then earns interest for the next six months, when the interest is again added to the principal, and so on.

3 Different Types of Savings Bonds

There are two types of U.S. Savings Bonds available for purchase — Series EE and Series I savings bonds. Here are the differences between the two.

1. Series EE Bonds

Introduced in 1980, Series EE Bonds earn interest plus a guaranteed return of double their value when held for 20 years. These bonds continue to pay interest for 30 years.

Series EE Bonds issued after May 2005 earn a fixed rate. The current Series EE interest rate for bonds issued as of November 1, 2025 is 2.50%.

2. Series I Bonds

Series I Bonds pay a combination of two rates. The first is the original fixed interest rate. The second is an inflation-adjusted interest rate, which is calculated twice a year using the consumer price index for urban consumers (CPI-U). This adjusted rate is designed to protect bond buyers from inflation eating into the value of the investment.

When you redeem a Series I Bond, you get back the face value plus the accumulated interest. You know the fixed rate when you buy the bond. But the inflation-adjusted rate will vary depending on the CPI-U during times of adjustment.

The current composite rate for Series I Savings Bonds issued as of November 1, 2025 is 4.03%.

3. Municipal Bonds

Municipal bonds are a somewhat different savings vehicle than Series I and Series EE Bonds. Municipal Bonds are issued by a state, municipality, or country to fund capital expenditures. By offering these bonds, projects like highway or school construction can be funded.

These bonds (sometimes called “munis”) are exempt from federal taxes and the majority of local taxes. The market price of bonds will vary with the market, and they typically require a larger investment of, say, $5,000. Municipal bonds are available in different terms, ranging from relatively short (about two to five years) to longer (the typical 30-year length).

How To Buy Bonds

You can buy Series EE and I Savings Bonds directly through the United States Treasury Department online account system called TreasuryDirect, as noted above. This is a little bit different than the way you might buy other types of bonds. You can open an account at TreasuryDirect just as you would a checking or savings account at your local bank.

You can buy either an EE or I Savings Bond in any amount ranging from a $25 minimum in penny increments per year. So, if the spirit moves you, go ahead and buy a bond for $49.99. The flexible increments allow investors to dollar cost average and make other types of calculated purchases.

That said, there are annual maximums on how much you may purchase in savings bonds. The electronic bond maximum is $10,000 for each type. You can buy up to $5,000 in paper Series I Bonds using a tax refund you are eligible for. Paper EE Series bonds are no longer issued.

If you are due a refund and you want to buy I Bonds, be sure to file IRS form 8888 when you file your federal tax return. On that form you’ll specify how much of your refund you want to use to buy paper Series I bonds, keeping in mind the minimum purchase amount for a paper bond is $50. The IRS will then process your return and send you the bond that you indicate you want to buy.

The Pros & Cons of Investing in Savings Bonds

Here’s a look at the possible benefits and downsides of investing in savings bonds. This will help you decide if buying these bonds is the right path for you, or if you might prefer to otherwise invest your money or stash it in a high-yield bank account.

The Pros of Investing in Savings Bonds

Here are some of the upsides of investing in savings bonds:

•   Low risk. U.S. Savings Bonds are one of the lower risk investments you could make. You are guaranteed to get back the entire amount you invested, known as principal. You will also receive interest if you keep the bonds until maturity.

•   Tax advantages. Savings bond holders don’t pay state or local taxes on interest at any time. You don’t have to pay federal income tax on the interest until you cash in the bond.

•   Education exception. Eligible taxpayers may qualify for a tax break when they use U.S. Savings Bonds to pay for qualified education expenses.

•   No fees. Unlike just about every other type of security, you won’t pay a fee, markup or commission when you buy savings bonds. They’re sold at face value, directly from the Treasury, so what you pay for is what you get. If you buy a $50 bond, for example, you’ll pay $50.

•   Great gift. Unlike most securities, people under age 18 may hold U.S. Savings bonds in their own names. That’s what makes them a popular birthday and graduation gift.

•   Patriotic gesture. Buying a U.S. Savings Bond helps support the U.S. government. That’s something that was important and appealed to investors when these savings bonds were first introduced in 1935.

The Cons of Investing in Savings Bonds

Next, consider these potential downsides of investing in savings bonds:

•   Low return. The biggest disadvantage of savings bonds is their low rate of return, as noted above. A low risk investment like this often pays low returns. You may find you can invest your money elsewhere for a higher return with only slightly higher risk.

•   Purchase limit. For U.S. Savings Bonds, there’s a purchase limit per year of $10,000 in bonds for each series (meaning you can invest a total of $20,000 per year), plus a $5,000 limit for paper I bonds via tax refunds. For some individuals, this might not align with their investing goals.

•   Tax liability. It’s likely you’ll have to pay federal income tax when you cash in your savings bond, unless you’ve used the proceeds for higher education payments.

•   Penalty for early withdrawal. If you cash in your savings bond before five years have elapsed, you will have to pay the previous three months of interest as a fee. You are typically not allowed to cash in a bond before the one-year mark.

Here, a summary of the pros and cons of investing in savings bonds:

When Do Savings Bonds Mature?

You may wonder how long it takes for a savings bond to mature. The EE and I savings bonds earn interest for 30 years, until they reach their maturity date.

Recommended: Bonds or CDs: Which Is Smarter for Your Money?

How to Cash in Savings Bonds

You’ll also need to know how and when to redeem a savings bond. These bonds earn interest for 30 years, but you can cash them in penalty-free after five years.

•   If you have a paper bond, you can cash it in at your bank or credit union. Bring the bond and your ID. Or go to the Treasury’s TreasuryDirect site for details on how to cash it in.

•   For electronic bonds, log into your TreasuryDirect account, click on “confirm redemption,” and follow the instructions to deposit the amount to a linked checking or savings account. You will likely get the money within a few business days.

•   If you inherited or found an old U.S. Savings Bond, you may be able to redeem savings bonds through the TreasuryDirect portal or via Treasury Retail Securities Services.

Early Redemption of Bonds

If you cash in a U.S. Savings Bond after one year but before five years, you’ll pay a penalty that is the equivalent of the previous three months of interest. Keep in mind that for EE bonds, if you cash in before holding for 20 years, you lose the opportunity to receive the doubled value of the bond that accrues after 20 years.

The History of US Savings Bonds

America’s savings bond program began under President Franklin Delano Roosevelt in 1935, during the Great Depression, with what were known as “baby bonds.” This started the tradition of citizens participating in government financing.

The Series E Saving Bond contributed billions of dollars to financing the World War II effort, and in the post-war years, they became a popular savings vehicle. The fact that they are guaranteed by the U.S. government generally makes them a safe place to stash cash and earn interest.

The Takeaway

U.S. Savings Bonds can be one of the safest ways to invest for the future and show your patriotism. While the interest rates are typically low, for some investors, knowing that the money is being securely held for a couple of decades can really enhance their peace of mind.

Another way to help increase your peace of mind and financial well-being is finding the right banking partner for your deposit product needs.

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 is a $50 savings bond worth?

The value of a $50 savings bond will depend on how long it has been held. You can log onto the TreasuryDirect site and use the calculator there to find out the value. As an example, a $50 Series I bond issued in 2000 would be worth more than $211 today.

How long does it take for a $50 savings bond to mature?

The full maturation date of U.S. savings bonds is 30 years.

What is a savings bond?

A savings bond is a secure way of investing in the U.S. government and earning interest. Basically, when you buy a U.S. Savings Bond, you are loaning the government money, which, upon maturity, they pay back with interest.

Photo credit: iStock/AlexSecret

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

3.30% APY
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.

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