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Do you pay all of your bills and then feel as if the amount of money you have left over for your financial goals is a big zero? Unfortunately, many Americans live paycheck to paycheck (78% of us according to a 2023 “Getting Paid In America” survey conducted by PayrollOrg) and economic trends such as inflation can strain even the most financially stable households.

It’s a frustrating feeling not to have cash to put towards longer-term goals like, say, buying a house or retirement. While every person’s financial circumstances differ, your budget should allow room for important goals, such as building an investment account or padding out an emergency fund.

The question is, how much extra money should you have after paying your bills? The answer will depend on your income, expenses, and financial goals. Here’s a closer look.

What Is a Good Amount of Money to Have After Paying Bills?

Everyone’s financial circumstances are different, so it’s hard to pinpoint a good amount of leftover money after bills. For example, you might have a medical bill weighing down your otherwise healthy budget. Or you could have limited income as a student or retiree.

In most cases, it’s vital to prioritize spending on your needs and stay motivated when paying off debt. You’ll also want to start stashing away cash for other goals.

With this perspective in mind, the 50/30/20 rule represents a good way to allocate money. The numbers act as a guide: 50% of your take-home income pays for necessary expenses like food, housing, and debts. Unnecessary expenses, like entertainment or dining out, are considered wants, not needs, and they account for the next 30%. Finally, 20% of your income goes toward investments and savings (as well as debt payments beyond the minimum).

Based on this framework, it’s recommended to have at least 20% of your income left after paying all of your essential and nonessential expenses, which will allow you to save for both short- and long-term goals.

Tips for Managing Your Bills

Sometimes, though, putting aside 20% of your paycheck can be a real challenge. Here are some strategies that can help you pay your bills — and still have some money leftover to put towards your goals.

Getting to the Root Cause

If you often scramble to make it to payday, there’s likely a problem lurking in how your income and expenses are aligning. Fortunately, dozens of apps and banking tools are available to help you see where each dollar goes every month. Of course, you could also keep paper receipts and bill statements the old-fashioned way. Either way, keeping tabs on your cash flow can show you if you’re spending too much at restaurants or if you should up your income through a new job or a low-cost side hustle.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your < a href = "https://www.sofi.com/banking/savings-account /" > online savings account.

Organizing Your Bills

Most of us have monthly obligations. One thing that can help you get on top of those living expenses is to take some time to organize your bills. For example, you might make a master list of all of your monthly bills, listing the amounts and when payment is due. It’s also a good idea to set up automatic bill payment — this ensures everything gets paid on time and helps you avoid late fees and interest. Just be sure you have enough funds in your checking account to cover these debits so you don’t wind up overdrafting your account (and triggering bank fees).

What Are the Bills That Are Necessary to Pay?

The following bills are essential for the average American household:

•   Rent or mortgage for housing

•   Food and toiletries

•   Utilities such as gas, water, and electricity, as well as WiFi

•   Transportation expenses, such as a car, vehicle upkeep, or bus pass

•   Minimum debt payments on student loans or credit cards

•   Premiums for health coverage, car insurance, and renters/homeowners insurance

Identifying these bills as top priority and knowing how much of your paycheck they account for can help you budget better. It can help you answer the question “How much extra money should I have after bills?” and hopefully tweak your spending to make sure you can save.

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Which Bills Are Expenses That Can Potentially Be Canceled?

Cutting back on luxuries and treats can be painful, but there’s no feeling quite as rewarding as ending the month with your bills paid and a substantial deposit to your retirement account with money to spare. If you need to make room in your budget, consider canceling the following expenses:

•   Cable television or streaming subscriptions you rarely watch

•   Smartphone upgrades and high data plans

•   Gym or workout memberships

•   Shopping memberships

•   Digital cloud services

•   Overly expensive gifts for holidays and birthdays

•   Dining out and takeout

•   Cigarettes, vapes, and alcohol

•   Items that you can buy used instead of new, such as clothing, books, and more

Budgeting All Expenses

One of the best ways to ensure that you can cover your bills and still have money leftover is to set up a simple budget. A budget will act as a spending and saving plan to help you stay on track.

To do this, you’ll need to comb through your bank and credit card statements from the last several months and list all of your monthly expenses, including both necessary and unnecessary spending. Next, you’ll want to tally up your average monthly income. Once you see how your cash inflows and outflows line up, you may find that you need to make some adjustments in your spending.

Getting Another Job or Side Hustle

If you reduce your bills to a minimum but still experience financial challenges, picking up a side hustle can help you make ends meet. Whether you find a part-time job with an employer or work independently for a company like a ride-sharing or food delivery app, an extra 10 to 15 hours weekly can make a substantial difference in your budget. On the other hand, if your day job meets all your expenses, a second job can help you beef up your retirement account or pay for an expensive hobby.

Tracking Your Spending

Coffees and checkout impulse purchases at the grocery store can stealthily ding your budget. Luckily, there are more apps and tools than ever for tracking every expense. You can ditch pens, paper, and envelopes for a spending tracker on your phone or an Excel budget spreadsheet. Your bank might provide a free financial management app to help as well. Use these tools to help maximize how much money you should have leftover after bills.

Being Frugal for a Temporary Time

If you have lingering debts or want to save up a specific amount of money, being thrifty for several months can propel you into financial wellness. For example, you could make grocery shopping lists based on the coupons you clip each week. Or, if online shopping is your Achilles’ heel, you may want to unsubscribe from sales email lists for a while.

Some people enjoy monthly spending challenges. One month, you might say you are not going to spend any money on movies or music and put the savings towards your emergency fund. The next month, you might order takeout only twice and deposit the money you saved versus your usual habits into your travel fund.

Downsizing Your Possessions

Just as some monthly payments are unnecessary, you may have toys, gadgets, unused appliances, and more lying around that you don’t use regularly. You can pad your wallet by selling your stuff through Facebook Marketplace, eBay, or ThredUp. If selling online doesn’t appeal to you, a garage sale could be an option. These moves can help you have more money after bills.

Why Money Management Is Important

Life gets expensive, and making the most of your hard-earned dollars is crucial. Here are some principles to consider:

•   Failing to manage your money could cost you hundreds or thousands of dollars annually. Solid financial management can transform your spending habits, quality of life, and retirement income.

•   Money management can help you become more financially disciplined, which can be a key characteristic of successful people. The fortitude you build from sticking to a budget can help increase your overall stability in life.

•   Budgeting can help you achieve your future goals. For example, managing your money is vital for saving for your child’s education, affording a down payment for a house, or creating an emergency fund.

•   Actively managing your money can help you make more intelligent financial decisions. For example, you might have two main goals — building an emergency fund and repaying debts. However, you might only have enough income for one of the two. You can analyze your finances to understand whether it’s wiser to save or pay off debt.

•   Having your finances under control can reduce stress. Constantly worrying about money can present mental and physical health challenges. Getting a grip on your money is an excellent way to improve your life circumstances and create a bright future for you and your family.

The Takeaway

So, how much money should you have after paying bills?

Your financial situation will help determine the right amount of leftover money after bills. If you’re struggling to find leftover money at the end of the month, organizing your bills, setting up a budget, cutting back on nonessential spending, and picking up some extra income can help ensure you have money left after covering all of your bills. You can then use these funds to grow your savings, achieve your goals, and build wealth over time.

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.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do I avoid living paycheck to paycheck?

You can avoid living paycheck to paycheck by tracking your spending, following a budget, and cutting back on unnecessary expenses such as entertainment and dining out.

How do I get a second job when I do not have the time?

You might find a second job that fits into your off-hours, like walking dogs when you have free time on the weekend. Also if you can find a gig that pays well enough, you may be able to reduce how much you’ll have to work. It’s a good idea to map out a schedule to help divide work from leisure and maintain a healthy work-life balance.

Is the 50/30/20 budget the only good rule of thumb?

The 50/30/20 budget rule can be a helpful guideline. It states that you should spend up to 50% of your after-tax income on needs; 30% on wants; and 20% on saving and debt payments beyond the minimum. However, it’s fine to play with the percentages. If you live in an area with a high cost of living, for example, you may be better off with a 70/20/10 budget. The idea is that you include saving as part of your monthly spending plan.

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Photo credit: iStock/RichVintage

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

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

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

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

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

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

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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EFTs, or electronic fund transfers, allow consumers, businesses, and banks to move money quickly between accounts. These transfers can take a few minutes to a few days, depending on their size and scope.

Examples of EFTs include your paycheck arriving in your bank account every pay period without you lifting a finger or your scheduling recurring payments to a service provider (such as your utility company) without needing to write a check and mail it. These electronic transactions allow money to move between a payor and payee, often within seconds. In this article, you’ll learn more about EFTs in banking and the pros and cons of this powerful financial tool.

What Is the Meaning of EFT (Electronic Funds Transfer)?

The definition of an electronic funds transfer (EFT) is the digital movement of money between financial institutions, bank accounts, and people. Unlike paper methods, such as cash or checks, EFTs facilitate payments through an electronic network. Individuals, businesses, and banks use EFTs daily to purchase goods and services and pay workers.

Different EFT Payments

The term EFT includes many types of transactions. Here are some of the different kinds of EFTs that are possible:

Credit and Debit Card Transactions

Credit and debit cards use electronic payments to process purchases made in person or online. In addition, you can use EFTs to pay bills, such as for phones or utilities, and transfer a credit card balance to a new credit card account.

Direct Deposit

Direct deposit is how approximately 95% of employees are paid by their employers. The majority of U.S. employees receive their paychecks electronically by direct deposit instead of a paper check. This type of EFT is usually an Automated Clearing House (ACH) transfer (more on what that means below).

Electronic Checks

With electronic checks (or Echecks), you can make a payment with your checking account without paper checks. Instead, you can provide your routing and account numbers to a business and authorize a payment from your bank account.

ATM Transactions

ATMs use EFTs to enable cash withdrawals and transfer funds between your bank accounts. Every time you turn up at a terminal to take out some $20s, that’s an electronic funds transfer at work, fueling the transaction.

Pay by Phone

As with an electronic check, you can make a purchase by providing a business with your bank account and routing numbers over the phone. Then, the business can communicate with your financial institution to obtain payment.

How Do EFTs Work?

EFTs work by digitally transferring funds between parties, such as a payor and a payee. The payor provides the information necessary for payment, such as a card number or account information. Then, the relevant financial institution performs an EFT, sending the designated amount of funds to the payee’s account at their financial institution.

For example, say you make a purchase online using your credit card. The merchant will use your card information, including the number, expiration date, and security code, to obtain payment from your credit card company. Then, the merchant receives payment through an EFT.

P2P vs EFT

A peer-to-peer payment system (P2P) like PayPal or Venmo also uses EFTs to move money between users and their financial accounts. Specifically, you can connect your credit card, bank account, or debit card to your P2P account. Then, to send money to another user, the P2P company will initiate an ETF from your financial institution to pull the money needed. In addition, you can also deposit funds from your P2P account into your bank account.

You can also usually leave funds in your P2P account to eliminate the ETF needed to move funds to and from your bank account. Instead, money can sit in your P2P account until you want to pay another user.

What Is ACH vs EFT?

Automatic Clearing House (ACH) indicates a specific type of EFT and the network in which it occurs. For example, your direct deposit from your job is through an ACH payment. Likewise, bank transfers are performed by ACH.

What sets the ACH network apart is that it facilitates payments in batches three times daily. As a result, transactions can usually take one to three days to process. Conversely, an EFT from a credit card, which is not an ACH transaction, typically happens instantaneously.

Pros and Cons of EFT

EFTs revolutionized how money is transferred. However, they have advantages and disadvantages to consider.

Pros

First, the upsides of EFTs:

Convenience

Firstly, EFTs are typically very convenient. They save consumers trips to the bank and eliminate the need to carry around cash and paper checks. Likewise, they facilitate a multitude of transactions without effort from the sender or recipient.

Speed

EFTs can also allow you to send and receive payments over long distances within a span of hours or a few days at most, depending on the type of transaction. In fact, some EFTs may occur within seconds.

Consumer Protection and Security

The Electronic Fund Transfer Act (EFTA) provides a layer of protection for EFTs. This legislation empowers consumers to dispute unauthorized transfers and seek repayment for fraudulent activity or bank negligence.

In addition, the EFTA spells out guidelines and recourse if your debit card is lost or stolen and used without authorization. Depending on how quickly you report the issue, you could be liable for nothing, $50, $500, or (if you fail to report the issue for more than 60 days) the full amountaccessed by a thief or scammer.

Also, while no financial transaction can claim to be 100% secure, EFTs do use multiple layers of encryption to protect transactions, which means sensitive data is encoded several times so it cannot be read by others. Identity verification procedures also play an important role in transactions to keep them as safe as possible.

Cons

Next, consider the potential downsides of EFTs:

Limited Reach

Certain EFTs aren’t compatible with foreign accounts. For example, sometimes debit cards aren’t accepted overseas. Instead, you might need the country’s currency, a card with specific international capabilities, traveler’s checks, or a wire transfer to pay for things. In addition, your international EFTs may incur extra fees.

Fees

EFTs aren’t always free. For example, paying your utilities by credit card might require a fee (say, 1% of the total amount or a flat fee) on all charges. As a result, you might pay for the convenience of an EFT.

Potential Hacks and Scams

EFTs use digital networks to transfer your financial information. Most of these are constantly updating their security protocols, but there is the chance, however slight, of losing money to hackers or fraudsters. Although the EFTA provides your transactions with a level of protection, you might become a victim of a scam or have your banking information fall into the wrong hands.

For a quick comparison, here’s a table of the potential upsides and downsides of EFTs:

EFT Pros	EFT Cons
Your permission is not required	Your permission is required
Convenience	Limited reach
Speed	Fees
Consumer protection and security	Potential hacks and scams

The Takeaway

EFTs, or electronic funds transfers, are speedy, convenient monetary transactions that can make everyday financial activity possible. For example, EFTs power credit and debit card payments and direct deposits. These transactions are often free and save time for all parties involved. Though you may not realize it, EFTs conduct many of the transactions that typically occur in personal banking.

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.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

How do EFT payments work?

EFT payments work by moving money electronically between financial institutions and people. Specifically, financial institutions work with the sender’s and the receiver’s account information to move funds to process bill payments, direct deposits, account transfers, credit card transactions, and more.

What is the main difference between an ACH and EFT?

An ACH (Automatic Clearing House) transfer is a specific type of EFT activity. For example, your direct deposits, payment app transfers, and online bill payments usually use the ACH network to conduct transactions.

How long do EFT transfers take?

EFT transfers take varying amounts of time depending on the transaction. For example, credit and debit card payments are usually instantaneous. On the other hand, your bill payments may take one to three days to clear.

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About the author

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Photo credit: iStock/dragana991

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

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

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

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

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

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

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

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

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ROTC, short for Reserve Officers’ Training Corps, offers college scholarships to students who commit to serving in the U.S. Armed Forces after graduation. ROTC college scholarships can cover significant college costs, including tuition and other fees. While in college, you get to experience campus life just like any other student; however, once you graduate, you step into a role in the U.S. Armed Forces.

Keep reading to learn about ROTC eligibility requirements, service commitments, and how to apply.

What Are ROTC College Scholarships?

Back in 1916, Congress passed the National Defense Act to strengthen the military reserve and National Guard. This led to the creation of ROTC scholarships, encouraging more students to join and introducing many young people to military opportunities.

Today, the ROTC program stands as a unique educational path, blending military science courses with your regular college classes and preparing students to become officers of the U.S. military post-graduation: Army, Navy, or Air Force. Scholarships through ROTC can cover college costs like room and board, fees, and tuition, but they aren’t guaranteed upon joining. Like other scholarships, they’re competitive and require students to earn them.

If you get an ROTC college scholarship, you’re committing to serve in the military after college — for at least three to 10 years, depending on the program. Some candidates might even have the chance to serve part-time in the U.S. Army Reserve or Army National Guard while kick-starting their civilian careers.

Recommended: What Types of Scholarships Are There?

How Much Does ROTC Pay for College?

ROTC offers scholarships lasting two to four years, depending on your remaining time until graduation. Eligible students can receive up to full coverage for tuition, room and board, and fees.

Types of ROTC Scholarships

Here’s a breakdown of the scholarship options and the qualifications you need to meet.

Army ROTC Scholarships

The Army ROTC Scholarship program offers financial support for students who want to become US Army, Army Reserve, or Army National Guard officers after earning their bachelor’s degree. Scholarships are available for two, three, or four years, depending on how much time you have left in school.

These scholarships cover full tuition and provide additional financial support. You’ll receive up to $420 monthly during the school year to help with living expenses and $1,200 annually for books.

You’re not required to commit to serving as an Army Officer until your junior year. When you sign a contract, you can serve part-time in the Reserves for eight years or full-time in active duty for three or four years, depending on whether you had an ROTC scholarship.

Army ROTC also offers a nursing program for candidates considering a nursing degree.

Navy and Marine Corps Scholarships

The Navy ROTC college scholarship program is designed to help you become a strong leader and successful Navy or Marine Corps officer. With this program, you’ll have the chance to participate in three summer training cruises with Navy surface ships, aviation squadrons, and submarines. You can use your scholarship money to cover tuition and fees or room and board, and you’ll receive a monthly stipend starting at $250, which increases each year.

The program also lets you explore a variety of career paths, including nursing, aviation, surface warfare, submarine warfare, and special warfare, all while enjoying a traditional college experience.

For those on a Navy ROTC scholarship, the service obligations are pretty straightforward. Navy midshipmen must serve at least five years of active duty, with additional requirements for certain roles. The Marine Corps and Navy Nurse Corps must serve at least four years on active duty.

Air Force ROTC Scholarships

The Air Force ROTC program can cover full college tuition and authorized fees at any qualifying institution, setting you up to become a U.S. Air Force or Space Force leader. Depending on your scholarship, you may also receive a monthly stipend for living expenses and a $900 annual book stipend. The monthly stipend increases yearly: $300 for first-year students, $350 for sophomores, $450 for juniors, and $500 for seniors.

If you’re a high school scholarship recipient, your travel expenses from home to college are covered, with reimbursement typically arriving about 30 days after school starts. However, the scholarship doesn’t cover room and board.

After completing the Air Force ROTC program and earning your degree, you’ll be commissioned as a second lieutenant in the Air Force or Space Force. Service commitments vary by career — most officers serve four years, pilots serve 10, and Combat System Officers and Air Battle Managers serve six years.

JROTC Scholarships

If you’re interested in starting a military career early, consider joining the Junior Reserve Officers’ Training Corps (JROTC) while still in high school. Eligible cadets can begin earning school-specific scholarships as early as 9th grade.

Some schools offer up to $6,000 per year for JROTC participants, with additional funds of up to $3,375 annually for cadets in leadership roles. It’s a great way to kick-start your path toward a military education and leadership experience.

Many cadets may use the JROTC program as a springboard to qualifying for the ROTC scholarship. However, it’s not a requirement.

Eligibility Requirements and Service Commitment

To qualify for an ROTC college scholarship, you need to:

•   Be a U.S. citizen

•   Be at least 17 years old

•   Have a high school diploma or equivalent

Each ROTC program has specific qualifications, requirements, and service commitments. Here’s an overview of what each scholarship program requires.

ROTC Program	Army ROTC	Navy and Marine Corps ROTC	Air Force ROTC
Eligibility Requirements	Pass the Army Combat Fitness Test (ACFT) Complete one Army ROTC elective and lab each semester	Pass Navy ROTC Applicant Fitness Assessment (AFA)	Pass the Physical Fitness Assessment Complete Physical Fitness Test within your first semester of college
Service Commitment	Complete 3-8 years depending on program	Complete 4-5 years depending on program	Complete 4-10 years depending on the program
Academic requirements	GPA of at least 2.50 Must take the SAT or ACT	GPA of at least 2.75 and a GPA of at least 2.0 in Algebra II SAT scores of 550 for Critical Reading, 540 for Math (1100 combined), and the minimum ACT scores of 21 Math, 22 English (44 combined)	GPA of at least 3.0 SAT score of 1240 or ACT score of 26 or higher

How to Apply for ROTC

Once you confirm your eligibility, you can begin the application process with a few straightforward steps:

•   Create an account to get started with your application.

•   Complete the online application.

•   Submit required materials and documentation such as your work history, extracurricular activities or achievements, planned college major, and a few scholarship application essays.

If you receive a scholarship, you might have to undergo a medical exam and meet ROTC physical standards.

For all the details and to ensure you’ve got everything you need, it’s best to visit the official websites of the Army ROTC , Air Force ROTC , and Navy ROTC programs . That’s also where you’ll find the online application process.

Pros of ROTC

Here are some of the benefits of qualifying for an ROTC scholarship and completing the program.

•   Leadership Development: As an ROTC cadet, you’ll learn essential leadership skills, such as setting examples, counseling, strategizing, and motivating others. These leadership skills are valuable in many career paths, including corporate management roles.

•   Military Training: ROTC gives you hands-on training in leadership, military skills, and exciting activities. You’ll learn in classrooms and out in the field while managing your college life.

•   Financial Aid: Whether you’re getting ready for college or already there, ROTC scholarships provide financial help. This support lets you pursue your education and career goals without taking on a lot of student debt.

Cons of ROTC

Here are some drawbacks worth considering before you apply for an ROTC program.

•   Scholarship Commitment: When you accept an ROTC scholarship, you’re committing to serve in the Armed Forces for several years after graduation. If you can’t fulfill this commitment, you might have to repay the scholarship funds you received, which could put a strain on your finances.

•   Service Obligation: ROTC prepares you to become an officer in the Armed Forces, so you’ll have a service commitment of four to 10 years, depending on your scholarship. This could affect your plans after college and limit your flexibility in choosing career paths.

•   Extra Academic Requirements: In addition to regular classes, ROTC programs often include extra coursework, labs, and leadership training. These can be demanding and require good time management to balance your studies and personal life.

Alternative Options

If you don’t qualify for an ROTC scholarship, there are other options available.

GI Bill

The GI Bill provides educational perks for military members, veterans, and their families. Eligible individuals can receive financial support covering college tuition, fees, housing, books, supplies, and relocation costs for rural residents.

To find out the benefits you may qualify for, you can use the GI Bill Comparison Tool from the U.S. Department of Veterans Affairs. It helps you estimate what you qualify for based on your military background, the type of school you plan to attend, and whether you’ll be studying in-person or online. It’s a helpful resource for understanding the range of support available to you.

Student Loans

The U.S. Department of Education administers the Federal Direct Loan Program, offering various student loan options. For undergraduates, subsidized loans are based on financial need, with the Department covering interest during school and certain periods afterward. Unsubsidized loans are also available, where interest accrues from the beginning.

If federal loans don’t cover your needs, look into private student loans from banks, credit unions, or online lenders. These loans aren’t need-based and may require a credit check or cosigner. Compare rates and terms carefully before deciding.

Recommended: Guide to Military Student Loan Forgiveness

Out-of Pocket

If you’ve been saving for college, now’s the time to make those savings count. You might have a 529 savings plan in your name, which is a special account designed for college expenses and comes with tax benefits. When you contribute money to this plan, it gets invested, and you can withdraw it later without paying taxes as long as it’s used for education-related costs. It’s a smart way to make your college savings work for you.

The Takeaway

Qualifying for an ROTC Scholarship can help with college costs, tuition, and more. Just keep in mind that it also means you’re signing up for military service after college, which could be three to 10 years, depending on which program you choose. It’s a significant commitment, but it comes with valuable leadership training and sets you up for a career as a military officer.

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

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can I join ROTC after starting college?

Yes, undergraduate students with at least three years remaining in their studies can typically join the ROTC program. This includes second-semester freshmen, sophomores, and other eligible students.

What GPA is required for an ROTC college scholarship?

High school students need at least a 2.5 GPA for Army ROTC, 2.75 for Navy ROTC, and 3.0 for Air Force ROTC scholarships.

How many years of service are required after ROTC?

The service requirements depend on the ROTC program you join, usually ranging from three to 10 years.

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

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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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Direct deposits and paper checks are both ways to move money from one bank account to another, typically for payroll purposes, but there’s a difference: A direct deposit automatically transfers wages from an employer to an employee’s bank account. While a paycheck is also a money transfer, it involves the employer cutting a check from their bank account. The payee or recipient can then deposit the funds into their bank account or cash the check at a local business.

Although both payment methods help employers pay their employees and conduct other fund transfers, each has its own advantages and disadvantages. It can be helpful to understand the pros and cons so you can decide the best way to receive your salary or move money around.

Read on to learn the details, including:

•   What is direct deposit?

•   What are the benefits and downsides of direct deposit?

•   What are the pros and cons of paper checks?

•   When should you use direct deposit vs. a paper check?

What Is Direct Deposit?

Direct deposit is an electronic transfer of funds to a bank account. By using direct deposit, a payee can automatically send money to another party’s bank account without handling paper checks or cash. It’s quick and convenient for both an employer and employee, whisking funds from one account to another. This method can also help employers cut costs since they don’t have to print and mail checks every pay period.

For these reasons, direct deposit has become very popular. In fact, according to the 2022 “Getting Paid In America” survey, almost 94% of workers receive their paycheck via direct deposit.

That said, receiving a direct deposit from your employer isn’t the only way to use the technique for transferring funds. You can use it for other transactions including:

•   Getting a tax refund

•   Receiving child support

•   Getting Social Security benefits

•   Paying bills like garbage, electric, and water bills (this may be set up through your bank’s “bill pay” option).

Pros and Cons of Direct Deposit

Using direct deposit has its upsides and downsides. First, here are some of this the significant advantages of this financial process:

•   Convenient. Technological advancements have made direct deposits a fast and easy way to receive and send money. The payee and payer don’t need to travel to the bank to write or deposit checks since the funds transfer electronically from one account to the other.

•   Safe. When you exchange cash or a check, there is a possibility that funds can be lost or stolen. Since all direct deposits happen electronically, you don’t have to worry about a thief swiping your money.

•   Efficient. Many employers offer direct deposit because it helps expedite the payroll process. Funds are automatically transferred from their bank account to those of the recipients. There’s no need for an employee to pick up a check, deposit it, and wait for it to clear. The time it takes for direct deposit to go through can be hard to beat.

•   Avoid maintenance fees. Some banks will do away with maintenance fees if you set up direct deposit, which can be a nice financial perk.

•   Boost savings. Sometimes, you can identify a percentage of your paycheck and direct it to be deposited into your savings when you get paid. This way, you can automate your savings and pad that account without thinking about it.

While direct deposit is convenient, safe, and efficient, there are also some downsides you should consider.

•   Risk of cyber crimes. Yes, there are hackers and other sorts of criminals out there. Direct deposits are vulnerable to cyber crimes since all transactions occur electronically. While banks and financial institutions take precautions to keep bank accounts safe online, direct deposits may still be somewhat susceptible to cyber theft.

•   Requires a bank account. Direct deposits usually require the payee and payer to have a bank account. That’s not possible for folks who lack traditional bank accounts. They may need to find an alternative solution to send or receive payments.

•   Fees. Depending on your bank, you may have to pay a set-up fee to initiate direct deposits. Check with your bank to verify any potential costs before you get started.

•   Errors are easily missed. Because payments are 100% electronic, you may not have the opportunity or inclination to review the pay stub as you would with, say, a paper check. Not looking over your paystub regularly can make it easier to miss errors such as an incorrect paycheck amount.

Now, here’s how the pros and cons of direct deposit stack up in chart form:

Pros	Cons
No risk of losing cash or a check	Risk of cyber crimes
Convenient	Requires a bank account
May avoid account fees	May have to pay a fee to set up direct deposit
Can set up auto-transfers to savings	Errors can be easily missed

Recommended: What Is an Electronic Check?

Pros and Cons of Paper Checks

Now, let’s consider the benefits and disadvantages of using time-honored paper checks. First, the upsides:

•   Protects privacy. When you decide to use paper checks, you can keep your banking information private from your employer. For some people, it may provide peace of mind to know that your employer doesn’t have access to your bank account.

•   Save money on banking fees. Some banks charge fees for setting up direct deposit. If you prefer not to pay these fees, you can likely cash your paper checks for free.

•   May include an informative paystub. For some people, looking at their paystub is more convenient with a paper check. They can assess the deductions and other aspects of their wages without going hunting for the information online.

Drawbacks to using paper checks include:

•   Risk of theft. When you carry a physical check, it’s easier to misplace it or have it stolen. If this happens, your employer will likely be able to replace it. However, you may have to wait for the new check to process and pay a fee.

•   Time-consuming. When you receive a paper check, you must deposit it at the bank via a bank branch or online. Either way, it can eat up time that you could spend doing other things.

•   Waiting period. Even if you deposit a paper check right away, it could take several days to clear and hit your bank account, especially if it’s the weekend or a holiday.

Here’s how these advantages and disadvantages compare in chart format:

Pros	Cons
Protects bank information from employer	Risk of theft or losing the check
Saves money on banking fees	Time-consuming to get and deposit check
Makes payroll details easily accessible	Must wait for funds to clear

Recommended: Business Check vs. Personal Check: What’s the Difference?

When to Use Paper Checks Over Direct Deposit

When deciding to use checks vs. direct deposit, here are a few situations where it makes sense to opt for paper checks:

•   You don’t want to share your banking information with your employer. Using checks may make sense for folks who are worried about sharing banking information or who prefer not to put money into a bank account.

•   You distrust banks or don’t want to pay their fees. One of the top reasons millions of Americans choose not to have bank accounts is that they don’t trust banks and don’t want to pay banking fees. If you fall into this category, you may feel more comfortable opting for paper checks you can cash.

•   Don’t qualify for a bank account. Maybe you don’t have enough money or don’t meet the requirements to open an account. Whatever the situation, if you don’t have a bank account, it’s going to be hard to accept a direct deposit. Paper checks might be the only solution to receiving your paycheck.

Recommended: How Do You Write a Check to Yourself?

When to Use Direct Deposit Over Paper Checks

Now consider the flip side: situations in which direct deposit may make more sense than paper checks.

•   You want a quick, easy way to get paid. If direct deposit is a payment option, it could help you receive your wages or salary more quickly than with a paper check. Since funds are transferred electronically, your paycheck will be in your bank account on payday, ready to be used.

•   You struggle to save money. If you have difficulty setting aside savings, a direct deposit may help. Some direct deposit programs let you distribute a portion of your paycheck into your savings, allowing you to boost your emergency fund or another account without lifting a finger.

•   Your bank waives maintenance fees. Some banks waive maintenance fees when you meet specific requirements like setting up direct deposit.

The Takeaway

Paper checks and direct deposits are two payment options that allow your employer to transfer money so you can get paid. When comparing paper checks vs. direct deposit, know that direct deposit is usually the most convenient way for employees to receive their pay. However, employees who don’t have bank accounts or don’t like sharing their banking information may prefer paper checks instead. It’s all about what best suits your banking needs.

If you’re ready to open an online bank account, take a look at what SoFi has to offer. Our Checking and Savings account lets you avoid account fees (like those for direct deposit) and earn a competitive APY Qualifying accounts can get their paycheck up to two days early with direct deposit, too.

Are you ready to bank better? See how SoFi Checking and Savings puts you in control of your money.

FAQ

Do more people use direct deposit or paper checks?

Direct deposit is usually the deposit method of choice. In fact, about 94% of employees prefer to receive wage or salary payments via direct deposit.

Can you change from paper checks to direct deposit?

In many cases, yes. Whether you want to set up direct deposit with the IRS, your employer, or your utility company, you can follow a process to switch from checks to direct deposit.

Can you change from direct deposit to paper checks?

Yes, you can usually ask your employer to switch back to checks. Verify with your employer what the process is so you know what to expect.

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

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

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

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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Every debit card comes with its own unique number imprinted on the front or back of the card. This number, typically 16-digits long, is used by a merchant or card processor to identify your specific account, ensuring that your transactions are approved and processed correctly.

Understanding the numbers on your debit card can be crucial for managing your finances effectively. Here’s a closer look at what your debit card number means, how to find it (even if you don’t have your debit card on you), plus how to keep your debit card numbers from falling into the wrong hands.

What Do the Numbers On a Debit Card Mean?

When you open a checking account, you typically receive a debit card that features a long number — referred to as a primary account number, or PAN — often spaced into four groups of four digits. While these numbers may seem random, they actually contain critical information in a specific format that identifies your bank, as well as your specific account. Below, we decode the typical 16-digit debit card number, though keep in mind the length of this number and its parts may vary.

Digit 1

The very first number in your debit card number is called the major industry identifier (MII). It indicates the category of the card issuer, such as bank, card network, airline, or the government.

Recommended: How to Use a Debit Card

Digits 2 to 6

The next five digits (typically) represent the financial institution that issued the debit card. Together with the MII, the first six digits of the debit card number make up the bank identification number (BIN), also referred to as the issuer identification number (IIN). This number helps the merchant identify the financial institution that issued the card and tells them how the transaction should be processed.

Digits 7 to 15

lose your debit card or it gets stolen, but often stays the same if the card is replaced due to expiration or damage.

Last Digit

The very last digit of your debit card number is known as the check digit. This number has a mathematical relationship to the previous numbers on the card. Using a specific equation (called the Luhn algorithm), this last digit can immediately detect whether or not a card number is valid. It is used to catch user typing errors as well as certain types of fraud.

Recommended: Different Types of Bank Account Fraud to Look Out For

Where to Find Your Debit Card Number

You can usually find your debit card number, or PAN, embossed on the front of the card, commonly around the center. In some cases, the number may be featured on the back of the card.

If you don’t have your debit card on you and want to make a transaction, you may also be able to find your debit card number by logging into your account online or using your bank’s mobile app. Look for an option such as “View Account Information.”

You may also be able to find your debit card number by looking at your electronic or paper bank statements. Your debit card may be included in the details of any debit card transactions you made during the statement period.

Keep in mind, however, that many banks do not display the full card number online or in print for security reasons.

Other Parts of a Debit Card

In addition to the debit card number, there are some other key pieces of information on your debit card. Here’s a closer look.

Bank Logo

The logo of your bank is typically displayed on the front of the card and identifies the issuing bank. This logo helps cardholders and merchants quickly recognize which financial institution issued the card.

Your Name

Debit cards typically feature the cardholder’s name on the front of the card below the debit card number. This identifies you as the authorized user of the card.

Smart Chip or Magnetic Stripe

Debit cards feature a magnetic stripe (on the back of the card) or, more commonly, a smart chip (on the front) that encrypts your account information. This enhances the security of in-person transactions, making it more difficult for fraudsters to clone the card.

Security Code (CVV)

The security code, also known as the CVV (card verification value) is a three-digit number found on the back of the card. It’s also sometimes referred to as the card verification code (CVC) or the card security code (CSC). This code is used to verify that you have physical possession of the card when making online or over-the-phone transactions.

Bank’s Contact Information

Information about how to contact your bank, such as its mailing address, website, and phone number, is typically printed on the back of your debit card.

Payment Network Logo/Hologram

If your debit card allows you to process transactions through a credit card network, the credit card’s logo and, often, hologram, will be printed on the card, usually in the corner.

Keep in mind, however, that choosing “credit” rather than “debit” during a transaction doesn’t turn your debit card into a credit card. The money will still be withdrawn from your checking account. The key difference is that a transaction processed as “credit” could take several days to authorize and complete, while a “debit” transaction is deducted from your account almost immediately. With a “credit” transaction, you’ll also sign versus typing in a personal identification number (PIN).

Recommended: Guide to Using a Credit Card Like a Debit Card

A Signature Strip

The back of your debit card may contain a box for you to sign. A merchant may look at this if a debit transaction is processed through a credit card network and requires you to sign.

Expiration Date

The expiration date, typically printed on the front of the card, indicates the month and year when the card will expire. After this date, the card will no longer be valid for transactions.

Tips for Protecting Your Debit Card Number

Debit card numbers contain critical information about your financial account, so you generally don’t want anyone but you to have access to them. Here are six ways to protect your card information and help prevent debit card fraud.

1.    Only make secure online transactions: Before using your debit card for an online transaction, you’ll want to make sure the website uses “https” not “http” in the URL. The “s” means that the website uses a secure sockets layer (SSL) that creates an encrypted link between a web server and a web browser.

2.    Use a digital wallet: Consider linking your debit card to the digital wallet app on your smartphone. When you pay with your digital wallet instead of a physical card, your debit card numbers are encrypted and not visible to the merchant (or any nearby customers).

3.    Only use ATMs at banks: ATMs located in gas stations, convenience stores, subway stations, and elsewhere generally run a higher risk of having a “skimming” device attached by a criminal that could steal your debit card data. While this can happen at a bank ATM as well, it tends to be less likely due to surveillance cameras.

4.    Be wary of phishing scams: You’ll want to be cautious of any emails, texts, or calls requesting your debit card information. Banks will never ask for your card number or PIN via these methods.

5.    Monitor your account: Time is of the essence when it comes to recouping any funds lost to debit card fraud. So be sure to regularly check your bank statements and transaction history for any unauthorized charges. If you spot any suspicious activity, report it to your bank immediately.

6.    Report lost or stolen cards right away: If your debit card gets lost or stolen, it’s a good idea to contact your bank as soon as possible and have the card blocked.

Recommended: Pros & Cons of Using a Debit Card Online

The Takeaway

Your debit card number is a unique identifier linked to your bank account. You can use your card number, along with your CVV and PIN, to process a transaction even without a physical card. Understanding the numbers on your debit can help you safeguard your information and enjoy all the benefits that come with your card.

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.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Should you write down your PIN number to remember it?

It’s generally not a good idea to write down your personal identification number (PIN), as this can compromise your account’s security should it get lost or stolen. You’re better off memorizing your PIN. If you have difficulty remembering it, consider using a number that has personal significance but isn’t easily guessed by others. If you must write your PIN down, be sure to store it in a secure, locked location separate from your debit card.

Can a scammer use your debit card without a PIN number?

A scammer may be able to use your debit card without a PIN number for fraudulent online or phone transactions, where only the card number, expiration date, and CVV (Card Verification Value) are required. It’s also possible to use a debit card without providing a PIN by choosing the “credit” rather than “debit” option during an in-person transaction.

What is the most important debit card number?

The most important debit card number is the 16-digit card number typically printed on the front of your card. This number is essential for identifying your account and processing transactions. It includes the bank identification number (BIN), which identifies the issuing bank, and the personal account number (PAN), which is unique to your account. Protecting this number is crucial to prevent unauthorized use and debit card fraud.

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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.

*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.

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

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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