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Unlike the local bank where you may keep your checking account, central banks are responsible for implementing monetary policy and regulating other banks. Some of the main activities of central banks include setting interest rates and controlling the money supply.

These are important responsibilities: Central banks aim to promote financial stability within a country or group of countries. They play an important role in the economy and within consumer banking. Without central banks, other banks couldn’t exist and operate.

While a lot of the work that central banks do happens behind the scenes, it can have far-reaching impacts on how you personally manage your money. Here’s a closer look at what central banks do and how they work.

What Is a Central Bank?

Central banks are public institutions that use monetary policy to navigate and manage economic changes. While commercial banks are largely concerned with providing banking products — such as checking accounts, savings accounts, and loans — to customers, central banks take a broader focus.

So, what do central banks do?

The specific powers a central bank has may vary from one country to another. Generally speaking, central banks are responsible for:

•   Effecting interest rate changes to manage monetary policy

•   Setting targets for inflation rates to achieve price stability within an economy

•   Adjusting the money supply, which can occur through the sale or purchase of securities on the open market

•   Regulating interbank activities

•   Loaning money to commercial banks in order to maintain solvency during a financial crisis

Most central banks operate independently of the government, which is intended to keep political influence out of decision-making processes. Understanding their function is important when establishing a working central bank definition.

What Is the Central Bank of the United States?

The Federal Reserve System or “Fed” is the central bank of the United States. The Fed operates to manage the economy and promote public interests. In terms of what the Federal Reserve does, its duties are concentrated in five distinct areas:

•   Monetary policy. The Fed uses monetary policy to promote employment, create pricing stability, and manage interest rates. For example, when the economy is in danger of overheating, the Fed may raise its target range for the federal funds rate, an interest rate for overnight borrowing by banks that impacts other interest rates (including rates on consumer/business loans and savings accounts). This can reduce borrowing and spending and, in turn, help to cool off inflation.

•   Financial system stability. Risk management is another important task the Fed carries out. This is done through active monitoring of systemic risks that may endanger the U.S. economy, both domestically and abroad.

•   Supervision and regulation. The Federal Reserve is also concerned with ensuring the safety and stability of individual financial institutions. It takes an active role in monitoring and regulating banks to minimize negative impacts on the financial system.

•   Payment systems. Payment systems allow money to move through an economy. The Fed monitors payments systems to ensure that they’re safe and efficient so financial transactions can be facilitated.

•   Consumer protection and community development. The Federal Reserve is also concerned with ensuring that consumers are protected against unfair banking processes and that attention is given to issues that may hinder consumers’ ability to get the financial services they need.

The Federal Reserve has three main parts: the Board of Governors, the Reserve Banks, and the Federal Open Market Committee (FOMC). While the Fed is independent, it works in conjunction with other agencies to manage economic policy, including the Department of the Treasury and the Federal Deposit Insurance Corporation (FDIC). There are 12 Federal Reserve banks with 24 branches that operate throughout the U.S.

Recommended: What Is a National Bank?

History of Central Banks

Historically, central banking dates back centuries. A few highlights:

•   In the 1600s, the Swedish Riksbank was founded. The bank, which was chartered in 1668, was designed to operate as a joint stock bank. Its functions included lending money to the government and acting as a clearinghouse for commercial transactions.

•   In 1694, the Bank of England was founded for a similar purpose. This joint stock bank purchased government debt. These early central banks were soon followed by other central banks in other European countries, including the Banque de France which was established by Napoleon in 1800.

•   The history of the Fed begins a little later, with its founding in 1913 through the passage of the Federal Reserve Act. The Act was passed in response to widespread instability within the banking system and the greater economy. Earlier attempts had been made to centralize banking following the end of the Revolutionary War but that goal was only fully realized with the creation of the Fed.

•   Since its initial inception, the Federal Reserve’s powers and duties have expanded and evolved. The latest change occurred in 2010 with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act expanded the Fed’s supervisory responsibilities while also making its operations more transparent.

Today, central banks operate in countries around the world. For example, the European Central Bank manages monetary policy for countries that are part of the European Union and use the euro as their currency. The Reserve Bank of Australia is the central bank that controls monetary policy for the states and territories of Australia.

Recommended: What Is a Bank Reserve?

Are Central Banks Effective?

Whether central banks are effective ultimately depends on the scope of powers they have, how they approach monetary policy, and the outcomes of that approach. If a central bank’s policies produce the intended result then, yes, they can be considered effective. On the other hand, if the end result is significantly different from what was intended, that could be an argument against the bank’s effectiveness. In other words, there is much variation in making this assessment.

In the U.S., for example, economists have argued for and against the effectiveness of the Federal Reserve’s decision to raise or cut interest rates at different points in time. The Fed’s rate hikes may attempt to curb inflation and keep the economy from burning out and plunging into what is known as a recession. Rate cuts, on the other hand, are designed to encourage spending and stimulate the economy.

Consider a specific example: In March 2022, the Fed began a series of rate hikes in an attempt to put the brakes on rising inflation. At that point in time, inflation hovered around 8%. By April 2023, the inflation rate had fallen to 5%. Based on the numbers, it would seem that the Fed’s policy has been effective. In general, the greater transparency there is around central banking, the more effective it may be.

Are There Downsides to Central Banks?

Central banks are not perfect, and there are some potential disadvantages associated with a central banking system. Here’s a look at some potential downsides to central banks:

•   How a central bank uses interest rates to control monetary policy can have a direct impact on consumers and businesses. When the central bank raises rates, borrowing becomes more expensive. On one hand, that’s a good thing if the end goal is to rein in consumer spending. However, if you’re trying to get a mortgage or you need a business loan to cover expenses, you’re going to pay more in interest for the convenience of borrowing.

•   The money supply is another issue. If a central bank has the authority to print money at will and artificially inflate the money supply, that can lead to devaluation of the currency. When a central bank also has the ability to purchase assets that can lead to an increase in a country’s national debt.

•   Finally, there’s the question of regulation and accountability. If central banks are established and operated independent of government agencies, it can be difficult to draw a line on what the bank can or cannot do. That can open the door for central banks to take risks they might otherwise avoid when there’s no government oversight to keep them in check.

The Takeaway

Central banks help to keep economies balanced and stable, while providing a safe banking environment for consumers. The next time you’re swiping your debit card or logging in to online banking to pay bills, remember that central banking makes those activities possible.

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 the difference between a bank and a central bank?

A bank is a financial institution that accepts deposits and makes loans. Banks make it possible for their customers to move money from point A to B, and they can also pay interest on deposits. Central banks, however, play a larger role, overseeing monetary policy to ensure the smooth operation of a country’s economy.

What is the difference between a federal and a central bank?

A federal bank is a bank that operates under the regulation of a federal government. They receive their charter from the federal government, rather than a state government. Central banks typically operate independently of any government agency or institution.

What is a central bank and its function?

A central bank is a public institution that directs monetary policy within a country, state, or territory, or within a group of countries, states, and territories. The main function of a central bank is to promote financial and economic stability. Central banks do that by controlling the money supply and adjusting interest rates.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

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/.

SOBNK-Q225-006

If you have a retirement account or a life insurance policy, you’re probably familiar with the process of naming a beneficiary, but did you know that bank accounts can have beneficiaries as well?

The point of designating beneficiaries is to specify who will inherit your assets when you die. When you open a new bank account, you may have the option to add one or more beneficiaries. You can also typically name beneficiaries later, even years after you open the account. You can generally name a beneficiary for a checking account, savings account, certificate of deposit (CD), or money market account.

Naming beneficiaries to bank accounts is something you might consider as part of a broader estate plan. Read on to learn about the benefits of adding a beneficiary to a bank account and how to do it.

What Is a Beneficiary?

A beneficiary is someone who’s entitled to inherit assets from someone else. The types of assets that can allow you to name someone as beneficiary include:

•   Life insurance policies

•   401(k) plans and similar workplace retirement plans

•   Individual Retirement Accounts (IRAs)

•   Trusts

•   Bank accounts

Primary beneficiaries have first claim to assets. Contingent beneficiaries can be named to inherit assets should the primary beneficiary die or not be able to be located.

Beneficiaries can be a person, organization, or entity. For example, you might choose to add a non-profit organization as a beneficiary of a bank account. In that case, you would need to provide details about the organization rather than a person’s information.

Beneficiaries vs Writing a Will

A will is a legal document that allows you to specify how you’d like all the assets included in your estate to be distributed among your heirs after you pass away. You can also use a will to leave funeral or burial instructions or name a legal guardian for your minor children.

A beneficiary designation, on the other hand, assigns a person or party to receive benefits from a specific account or financial product, such as a checking account, savings account, retirement account, or life insurance policy. Beneficiary designations are unique to each asset and are managed by the institution or company that holds that asset.

Beneficiary designations generally supersede the intentions stated in a will. So, if you’ve named your spouse as beneficiary to your 401(k), for example, you wouldn’t be able to leave that asset to someone else in your will.

Should You Add a Beneficiary to Your Bank Account?

Bank accounts, including savings and checking accounts, typically allow you to name a beneficiary, and doing so is generally a good idea.

Naming a beneficiary for a bank account allows that person to inherit those assets once you pass away without having to go through probate. Probate is a legal process in which a deceased person’s estate is divided up among their heirs. Assets can be divided according to the terms of a will. If there isn’t a will, then state inheritance laws can determine what happens to the deceased’s estate.

Probate can be time-consuming and costly. Adding a beneficiary to a bank account allows them to sidestep all of that. Your beneficiary can collect the money in the account without a lengthy wait. They may need to verify their identity and provide a death certificate, but it’s a much simpler process than probate.

You might choose to add a beneficiary if you want to make sure that they’re able to access those assets right away. Your beneficiary designations for a bank account won’t affect your designations for life insurance policies, retirement accounts, or other assets.

Steps for Adding a Beneficiary to Your Bank Account

Banks typically don’t require or perhaps even request that you add a beneficiary to an account. It’s a good idea to check with your bank first to find out if you can add a beneficiary to a checking account or savings account. If so, the bank should be able to tell you what you’ll need to do next to do so.

Typically, the process works something like this.

1. Decide Which Accounts Will Have a Beneficiary

The first thing to consider is which accounts to name beneficiaries for. You might have a checking account, savings account, and money market account at the same bank, for instance. Since the accounts are separate, you’d have to decide which ones will have beneficiaries and whether the beneficiary for each one will be the same person.

You’ll need to tell the bank which bank account number or numbers you’re referencing when adding a beneficiary. It’s a good idea to double-check the number to make sure you’re giving the right account information.

2. Choose Your Beneficiaries

Next, you’ll need to decide who will be the beneficiary for your bank accounts. If you’re married, that might be your spouse. If you’re unmarried or widowed, you might choose to name one of your children, another relative, or a close friend.

Keep in mind that you may not be able to name minor children as beneficiaries. If you’d like to ensure that your bank account goes to a minor child, you may need to choose a trusted adult as the beneficiary and ask them to act on behalf of your child and to use the money for their benefit. Alternatively, you could set up a trust or custodial account for your child.

3. Update Your Beneficiary Preferences

The actual process for naming a beneficiary to a checking or savings account will vary by bank. At some banks, it may be as simple as logging in to online banking, navigating to your account settings, and entering your beneficiary’s information. That may include their name, address, date of birth, and Social Security number.

Other banks may require you to submit a beneficiary designation form, either online or in person at a branch. Again, you’d need to provide the beneficiary’s identifying information to add them to your account.

Note that adding a beneficiary designation does not grant that person access to your account during your lifetime. They would only be able to access the money in the account upon your death.

What Is a POD Account?

A payable on death or POD account is a bank account that has a named beneficiary. That beneficiary is entitled to automatically receive the assets from the account when the original account owner passes away. They do not have access to the account during the primary account owner’s lifetime.

Adding a beneficiary to a bank account effectively turns that account into a POD account. Creating a POD account allows your beneficiaries to bypass probate. You can name one or more beneficiaries for a payable on death account. In terms of how to create a POD account, you’d need to tell your bank that you either want to open a new account for that purpose or convert an existing account.

A POD beneficiary designation will override instructions left in a will. When there are multiple beneficiaries to a payable on death account, assets in the account are split between them equally.

How Marriage Impacts POD Accounts

Marriage can add a wrinkle to your will or estate planning efforts if you’re creating a POD account. If you live in a community property state, your spouse would be entitled to half of the assets in the account, excluding ones you owned before the marriage or ones that you inherited. If the account was jointly owned by you and your spouse, a named beneficiary cannot access the funds until your spouse dies.

Keep in mind that if you named your spouse as beneficiary to a bank account and you end up getting divorced, they would still be entitled to receive assets from the account. You’d need to contact your bank to update your POD beneficiary designations to make sure those assets go where you want them to once you pass away.

Alternatives to Adding a Beneficiary to Your Bank Account

Adding one or more beneficiaries isn’t the only option for making sure your loved ones have access to your bank accounts after your passing. You might also consider setting up a joint account with someone else or specifying how you want your bank accounts to be divided in your will. Setting up a joint bank account might be easier, though there are some pros and cons.

Opening a Joint Bank Account

Opening a joint bank account is something you might consider if you’d like the person you’d otherwise choose as a beneficiary to have access to the account while you’re alive. For example:

•   You might choose to set up a joint account with a spouse if you have a high level of financial trust between you.

•   If you’re unmarried, then you might choose to open a joint bank account with your adult child, a parent, or a sibling.

•   You might be asked to open a joint bank account with someone else if you’re assuming responsibility for managing their finances. For instance, an aging parent might want to set up a joint account so you can help them with managing bills.

Can you open a bank account for someone else? Yes, but only in limited situations. Generally, you can open a bank account for someone else if:

•   They’re a minor child.

•   They’ve granted you power of attorney.

Before opening a joint account, consider the relationship you have with the other person and how much control you’re comfortable allowing them to have. For instance, what if you’d like them to inherit the assets in your bank account but not be able to make withdrawals right now? You may be better off naming them as a beneficiary instead of opening up a joint account with that person.

Recommended: Joint Bank Accounts vs. Separate Bank Accounts in Marriage

The Takeaway

Do checking accounts have beneficiaries? Some of them do or can upon request. Whether you should add a beneficiary to your account will depend on your financial and personal situation.

If you want to ensure that a loved one can easily and quickly claim your checking, savings, or any other type of bank account after you die, it’s a good idea to add them as a beneficiary to the account. This ensures they will be able to claim the funds quickly and with minimal paperwork. If you want that person to be able to access your account while you’re alive, however, setting up a joint account might better suit your 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 if there is no beneficiary on a bank account?

If there is no beneficiary on a bank account and the account holder dies, the assets in the account will be combined with other assets from the estate during probate. All assets, including bank accounts, would then be distributed according to the terms of a will or, if there is no will, state inheritance laws.

How many beneficiaries can you have on one bank account?

Banks can decide whether to limit the number of beneficiaries you can have on a bank account. When naming multiple beneficiaries, keep in mind that they’ll each be entitled to an equal share of those assets. If you’d rather divide the account up differently, you may want to leave it to your heirs in your will instead.

How does a beneficiary receive their money?

A bank account beneficiary will typically need to verify their identity and the death of the account owner before receiving any money from the account. The bank may cut them an official check for the account balance or transfer the money to their bank account electronically.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

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/.

SOBNK-Q225-003

Opening a certificate of deposit (CD) account is one way to save for short- or long-term financial goals. You can deposit money, then earn interest for a set term until the CD maturity date rolls around.

At that point, you’ll have to decide whether to continue saving or withdraw the money. Your bank may renew the CD automatically if you don’t specify what you’d like to do with the account.

Understanding CD maturity options (and there are several) can help you decide what to do with your savings once the term ends.

What Can I Do When My CD Matures?

A certificate of deposit is a time deposit account. That means you make an initial deposit which earns interest over a set period of time. You’re typically not able to make additional deposits to your CD, though some banks offer what are known as add-on CDs that allow you to do so.

CDs generally require you to leave your money untouched until the CD matures, so you’re committed to keeping your cash there. That’s why CDs may pay a higher annual percentage yield (APY) than a conventional savings account.

Early withdrawal can trigger penalties, though there are some penalty-free CDs available, typically at a lower interest rate.

So what happens when a CD matures? It largely depends on your preferences, but there are three main possibilities for handling a CD once it reaches maturity.

Deposit It Into a Different Bank Account

If your financial goals have changed or you’d just like more liquidity when it comes to your savings, you could withdraw your CD funds and deposit them into a bank account. For example, savings accounts and money market accounts are two types of deposit accounts that can earn interest.

You might deposit funds at the same bank or at a different bank if you’re able to find a higher rate for savings accounts elsewhere. Or you might choose to put your CD savings into checking if you were saving for a specific purchase and the time has come to spend that money.

Deposit It Into a New CD

Another option is to withdraw your funds and put them in a new CD. You might prefer a certificate of deposit vs. savings account if you know that you won’t need the money prior to the CD maturity date. Just keep in mind that if you do end up needing the money sooner, you could end up paying a CD withdrawal penalty, as noted above. The penalty can vary from bank to bank, but it could cause you to forfeit a significant portion of the interest earned.

Automatically Renew the CD

Banks can renew CDs automatically if the account owner doesn’t specify that they’d like to make a withdrawal at maturity. In that case, your initial deposit and the interest you’ve earned would be moved into a new CD that would begin a new maturity term of similar length. The interest rate might be different, however, if rates have increased or decreased since you initially opened the account.

Continuing to save in CDs (or a savings account) can keep your money safe. When accounts are held at an FDIC-member bank, they’re protected up to $250,000 per depositor, per account ownership type, per financial institution by the Federal Deposit Insurance Corporation. If you choose to have a CD at an insured credit union, NCUA (the National Credit Union Administration) will provide similar insurance. As a result, you generally can’t lose money on a CD, even if the institution were to go out of business (at least up to federally insured amounts).

A point worth noting: When you invest in CDs, their low-risk profile can make them a good way to balance out your holdings. They can be a wise move if you have some funds in the stock market or other more volatile uninsured investments.

Withdraw CD Savings In Cash

A fourth option is to withdraw your CD savings in cash. That might make sense if you need the money to pay for a large purchase. For example, if you were using a CD to save money so you could buy a car, you might use the proceeds to cover the cost.

How Long Do I Have to Withdraw My CD?

Banks typically offer a grace period for CDs which allows you time to decide what you’d like to do with the money at maturity. The CD grace period is usually around 10 days, and the clock starts ticking on the day the CD matures.

Your bank should notify you in advance that your CD maturity date is approaching so you have time to weigh your options. You may also be able to find your CD maturity date by logging in to your account or reviewing your account agreement.

It’s important to keep track of CD maturity dates, especially if you have multiple CDs with varying terms. For example, you might build a CD ladder that features five CDs with maturity terms spaced three, six, nine, 12, and 18 months apart. Being aware of the dates and grace periods can help you plan in advance which of the maturity options mentioned earlier you’d like to choose.

What Happens If I Miss the Grace Period to Withdraw?

Once the CD grace period window closes, your CD will typically auto-renew. If that happens, you’ll typically have to wait until the renewed CD’s term ends before you can access your money without paying a penalty.

The penalty for withdrawing funds early from a CD may be a flat fee, but it’s more common for the fee to be assessed as a certain number of days of interest. The longer the maturity term, generally the steeper the penalty. For example, you might have to pay three months’ worth of interest for withdrawing money early from a one-year CD and six months’ of interest for withdrawing money early from a 5-year CD.

There is one way to get around that. If your bank offers a no-penalty CD, you’d be able to withdraw money at any time during the maturity term without paying an early withdrawal fee. There is something of a trade-off, however, since no-penalty CDs typically offer lower interest rates than regular CDs.

Things to Think About When Your CD Matures

If you have one or more CDs that are approaching maturity, it’s important to have a game plan for what to do with them. Otherwise, you could end up locked in to a new CD, which may not be what you want or need.

Here are a few things to consider when weighing your CD maturity options:

•   Do I need the money right now?

•   Could I get a better rate by moving the money to a new CD or savings account elsewhere?

•   If I let the CD renew automatically, how much of a penalty would I pay if I decide to withdraw the money early later on?

•   Would it make more sense to keep the money in a savings account so that it’s more accessible if I end up needing it?

•   If I have multiple CDs in a CD ladder, does it make sense to roll the money into a new CD “rung” or use the funds for something else?

Thinking about your financial goals and your current needs can help you figure out which option might work best for your situation.

What Are the Tax Implications Once a CD Matures?

Here’s one more question you might have about CD maturity: Are CDs taxable? The short answer is yes.

Interest earned from CDs is considered taxable interest income by the IRS if the amount exceeds $10. That rule applies whether the bank renews the CD, you deposit the money into a new CD or savings account yourself, or withdraw the money in cash. If you have a CD and it accrues more than $10 in interest, those earnings are taxable in the year that you earned the interest. In other words, interest earned on CDs with terms longer than one year must be reported and taxed every year, even if you can’t withdraw the money until maturity.

Your bank should send you a Form 1099-INT in January showing all the interest income earned from CDs (or other deposit accounts) for the previous year. You’ll need to hang onto this form since you’ll need it to file taxes. And if you’re tempted to just “forget” about reporting CD interest, remember that the bank sends a copy of your 1099-INT to the IRS, too.

The Takeaway

CDs can help you grow your money until you need to spend it. Assuming your goals line up with your CD maturity dates, that shouldn’t be an issue.

On the other hand, you might prefer to keep some of your money in a savings account so you have flexible access. Savings accounts can work particularly well for emergency funds, since they offer easy access to cash should you get hit with an unexpected expense. To get the most out of savings, consider putting your money in a high-yield savings account. Commonly offered by online banks and credit unions, these accounts tend to pay 9x times the national average interest rate for savings accounts.

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 should you do when your CD matures?

When a certificate of deposit (CD) matures, you can roll it into a new CD, deposit the funds into a savings account, allow the CD to renew, or withdraw the money in cash. The option that makes the most sense for you can depend on your financial goals and whether you have an immediate need for the money.

Do you have to pay taxes when your CD matures?

Interest earned on certificates of deposit (CDs) is taxable, even if the CD has not yet matured. Your bank will issue you a Form 1099-INT in January showing the interest earned for the previous year. You’ll need to keep that form so you can report the interest earnings when you file your annual income tax return.

Are there penalties if you withdraw a CD early?

Banks can charge an early withdrawal penalty for taking money out of a certificate of deposit (CD) before maturity. You may pay a flat fee or forfeit some of the interest earned. The amount of the penalty can vary by bank and CD maturity term. Generally, the longer the maturity term, the higher the penalty for early withdrawal.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

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

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

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBNK-Q225-002

With so many credit card options out there, it may be hard to choose a new one. There are many options available. One person may want rewards (cash back, points, or miles), while another could be motivated by a 0% introductory interest rate or an offer of no annual fee.

When deciding on a new credit card that is best for you, it boils down to two basic questions: What do you want from a card? And how strong is your financial history?

Here’s a glance at the credit card options available and provisos to consider.

Rewards Credit Cards

If you are good about paying off your credit card every month and never incur interest, you might consider a rewards card. These cards may offer sign-up bonuses and give consumers rewards in the form of miles, cash back, or loyalty points.

There are variations on a theme, such as:

•  Bonus offer + 0% period for purchases

•  A set dollar amount in travel or bonus miles if you meet the initial spending requirements

•  Flat-rate cash back

•  Customizable rewards

A few cards offer an eye-opening 5% cash back in rotating categories, up to a limit (such as 5% back on the first $2,000 spent, after which all other purchases earn a lower rate of cash back), and you’ll usually have to manually activate the offer each quarter.

But you can often lessen the work involved and earn more in total cashback rewards with a flat-rate cashback credit card, when all purchases earn the same amount.

Frequent travelers lured by premium travel rewards cards will want to weigh the perks against an annual fee of several hundred dollars.

New reward offerings have bubbled up, such as allowing cardholders to put cash back toward loan or rent payments.

When choosing a rewards card, think about your spending habits and redemption preferences, be aware of your credit score (these cards usually require a good score), and pay off your balance each month — rewards cards typically have higher APRs (or annual percentage rates) than balance transfer cards.

If you fall behind on payments or carry over balances, all the perks and rewards are unlikely to be worth it.

Recommended: What Is a Charge Card?

Cards for Those With Limited or Damaged Credit

For college students with little or no credit history, there are student credit cards.

If you don’t have great credit, there are also secured credit cards. Generally, they require a deposit from the user. A secured credit card functions like a normal credit card except that it has a backstop: The user puts up an amount of money that the issuer will then use if the cardholder defaults.

The lender offers a certain amount of credit based on the promise that the user will pay off the balance in full every month.

If your account is upgraded to an unsecured account, thanks to good habits, or is closed in good standing, your deposit is returned.

Both of these options can help someone build credit and could lead to a card with more perks if the holder is diligent about paying off the balance every month.

Prepaid Debit Cards

A secured credit card is primarily intended for building credit, whereas a prepaid debit card is good for budgeting and convenience but does not affect your credit.

A prepaid debit card is preloaded with your own money, typically through direct deposit, cash or check deposits, or online transfers from a checking account.

The card is used for transactions until the money runs out. Since there is no line of credit, you cannot run up debt on the card.

This is a great option for a young person who needs to learn how money works or for adults with a bad credit history, though it will not positively impact their credit scores.

Credit Cards That Save You Money on Interest

If you’re prone to carry a balance month to month, you might want to consider a low-interest card. While these types of credit cards don’t come with bells and whistles like airport lounge access, it is the financially prudent option if you have an irregular income or you carry a balance each month.

It might be best to look for a card that offers an initial APR of 0% and then an ongoing low interest rate.

Keep in mind that low-interest credit cards usually require a good credit score to qualify. Generally, the better your credit score, the lower your interest rate. The lowest advertised APR isn’t always what an applicant gets.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

Balance Transfer Credit Cards

If you are in credit card debt, a balance transfer credit card could help you pay off your debt at a lower interest rate.

Interest rates and terms vary widely with balance transfer credit cards. A balance transfer card will often come with a 0% APR introductory period, but once that ends, the interest rate shoots up.

It’s important to pay attention to the fine print if this is an option you’re considering.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

Choosing the most rewarding and suitable new credit card can become a research project. To narrow down your options, it’s best to think about your spending habits, needs, credit history, APR, any annual fee, and perks. Then you can find the right fit for your needs.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What are the different types of credit cards?

There are many different kinds of credit cards available. These can include secured and unsecured cards; premium, travel rewards, and cash back cards; and balance transfer options. It’s wise to think about what benefits are most important to you and which cards your credit history will qualify you for.

What is a platinum credit card?

A platinum credit card is a premium product, generally considered a step up from a standard or gold card. It usually offers higher credit limits and more perks, but there may be higher annual fees and interest rates as well.

What are the 4 major credit card networks?

The most common credit card networks are Visa, Mastercard, American Express, and Discover. Note that these can be different from your card issuer, which might include such banks as Citi, Bank of America, Capital One, and Chase.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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

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®

SOCC-Q225-015

A national bank is a large commercial bank that is supervised by the Office of the Comptroller of the Currency (OCC), which is an independent bureau of the U.S. Treasury. National banks, which include some of the best-known banks, can operate in any state, making them distinct from state-chartered banks. They play a pivotal role in the U.S. economy by offering a wide range of services — including savings and checking accounts, credit cards, and loans — on a national scale. Here’s a closer look at what national banks are and how they work.

Understanding National Banks

To understand national banks, it helps to know how they are officially defined, how our current system of banking came to be, and how national banks are regulated today.

Definition of a National Bank

In the U.S., a national bank is defined as a financial institution chartered and regulated by the federal government. National banks operate under a charter granted by the Office of the Comptroller of the Currency (OCC), an agency within the U.S. Department of the Treasury. They can legally operate in any state.

National banks are members of the Federal Reserve System and authorized to provide a wide spectrum of banking services, including lending, taking deposits, and managing financial transactions. National banks typically serve a national clientele, offering services across multiple states, making them key players in interstate commerce.

National banks include both online banks and traditional banks (the latter also being known as brick-and-mortar banks), and typically have “National” in their names or “N.A.” (for National Association) listed after their names.

The OOC maintains a current list of all active national banks in the U.S. If you don’t see your bank on the list, it is likely a state-chartered bank vs. a national one.

History and Origins

Now that you know the national bank definition, consider how it came to be. The national banking system as it’s recognized today was shaped by the National Banking Acts of 1863 and 1864, which were enacted to create a system of national banks, establish a national currency, and offer greater financial stability during the Civil War. Here is some detail on how this unfolded:

•   In the decades prior to the Civil War, regulation of banks was in the hands of the individual states, and each bank issued its own currency. Banks were required to get a charter from their state government. But increasing demand for banks led to corruption, with petitioners often bribing state legislators to obtain a charter.

•   To reduce corruption and to make the process of opening a bank easier, many states enacted free banking laws. This meant that virtually anyone could open a bank, provided they met certain basic criteria, like having a certain minimum amount of capital and depositing bonds (or another type of security) with the state government to back the notes issued by the bank.

•   To create a more organized system, Congress passed the National Banking Act in 1863 (originally known as the National Currency Act). Under this system, banks could only issue a new kind of paper money —- national currency —- backed by government bonds. The Act also established the OCC to regulate national banks.

While the National Bank Act has evolved over the years, it continues to provide the basic governing framework for the operation and regulation of national banks in the U.S. today.

Regulatory Framework

Here are some important points about how national banks are regulated:

•   National banks in the U.S. are regulated by the OCC, which oversees their operations and ensures compliance with federal banking laws. As of 2024, the OCC oversees 1,040 national banks.

•   National banks are also members of the Federal Reserve System, which enables them to borrow from the central banking system to meet reserve requirements or to address a temporary funding problem.

•   In addition, national banks must belong to (and pay premiums to) the Federal Deposit Insurance Corporation (FDIC). This FDIC offers protection to account holders by insuring bank accounts up to $250,000 per depositor, per account category, per insured financial institution. (Co-owners of joint accounts at the same bank are each insured up to $250,000.)

This regulatory framework ensures that national banks remain financially sound, protect consumer interests, and follow guidelines for safe and effective banking practices.

Advantages of National Banks

National banks provide a number of benefits that make them attractive to customers. These include:

•   Stability. National banks must meet stringent regulatory requirements, including maintaining sufficient capital reserves, which reduces the risk of bank failure.

•   Oversight: Because they are supervised by the OCC and are members of the Federal Reserve System, national banks are held to high operational and ethical standards. This oversight reduces the risk of fraud and mismanagement.

•   Broad accessibility. If you have an account at a national bank, you can likely find branches and/or in-network ATMs throughout the U.S. and, in some cases, overseas.

•   Wide range of services. National banks often offer multiple checking and savings accounts as well as a variety of loan products. Some also offer investment services. A national bank can be a good fit for those who prefer to do all of their banking in one place.

These are the key features that set national banks apart from others.

National Banks vs State-Chartered Banks

The key difference between national banks and state-chartered banks is whether their charter was granted by the state government or the federal government. The OCC charters national banks; the state banking departments charter state banks.

National banks typically operate across state lines, providing a broader range of services on a national level. State-chartered banks, on the other hand, often serve local or regional markets, focusing on the needs of their specific communities.

Regardless of whether a bank is national or state-chartered, the way banking regulations work is quite similar. In addition, both national and state-chartered banks offer FDIC-insured deposits.

Becoming a National Bank

Becoming a national bank requires a financial institution to meet specific criteria and undergo a rigorous approval process. Here’s a look at the steps involved.

1.    Application for a federal charter: Institutions that want to operate as national banks must apply for a charter from the OCC. The application process involves submitting detailed information about the bank’s business plan, management structure, and financial health.

2.    Meeting capital requirements: National banks must meet minimum capital requirements, which ensure they have enough reserves to provide a safety net for their operations.

3.    Applying for FDIC insurance: Final approval for an application to establish a national bank is not issued until the OCC receives written confirmation by the FDIC that the accounts of the bank will be insured by the FDIC.

These steps are necessary to make sure that a bank is qualified as a national entity.

The Role of National Banks

National banks play three critical roles in the U.S. economy:

•   Providing financial services. National banks provide a wide range of essential financial services to individuals and businesses, including checking and savings accounts, loans, mortgages, and credit cards, investment products, and wealth management services.

•   Facilitating interstate commerce. With their federal charters, national banks provide banking services to businesses and consumers throughout the U.S., facilitating transactions that drive economic activity on a national scale.

•   Promoting economic growth. Without access to credit, many businesses would not be able to launch and grow. In addition, individuals would be unable to finance their education, cars, and homes. As a result, national banks play a crucial role in providing the credit necessary for economic growth.

In these ways, national banks play a crucial role in the U.S. economy and daily life.

Recommended: Guide to Commercial Banking

The Takeaway

Chartered under federal law, national banks play a vital role in the national economy. They offer a range of financial services to their customers, provide capital to support economic growth, and facilitate commerce across state lines.

National banks generally have more resources and a wider reach than state-chartered banks, which tend to offer more personalized, community-focused services. Which type of bank is the right fit for you will depend on your needs and personal preferences.

If you think a national bank would suit your needs, see what SoFi offers.

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 national banks safer than state-chartered banks?

Whether a bank is national or state-chartered, it must adhere to strict regulations. National banks are chartered, regulated, and supervised by the OCC to ensure they conform to national laws. State banks are chartered and regulated under state laws and are supervised by a state agency. Both types of banks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects deposits up to $250,000 per depositor, per account category, per insured institution.

What are the major national banks in the United States?

The four largest banks in the U.S — each with over $1 trillion in assets — are:

•   JPMorganChase

•   Bank of America

•   Wells Fargo

•   Citibank

As national banks, these institutions are able to operate across state lines and offer a wide range of services, including checking and savings accounts, credit cards, mortgages, and investment options. National banks are chartered and regulated by the federal government, which allows them to provide banking services on a national scale.

How are national banks regulated differently than state banks?

National banks must adhere to a uniform set of federal regulations, including membership in the Federal Reserve System. State banks, on the other hand, follow state-specific regulations, which can vary by jurisdiction. Both types of banks are insured by the Federal Deposit Insurance Corporation (FDIC).

About the author

Julia Califano

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

SoFi 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.

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

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

SOBNK-Q324-113