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Applying for a credit card as an international student in the United States can be challenging — but it’s not impossible. And if you plan to stay in the U.S. after you graduate, having an established credit history through an international student credit card can be instrumental as you start the next phase of your life, from getting a job to buying a car or a house.

Wondering how to get a credit card as an international student? Our guide will walk you through the typical requirements, and the steps for an international student to apply for a credit card.

Recommended: What is a Charge Card

Benefits of Having a Credit Card as an International Student

Getting a credit card as an international student can have a number of benefits:

•   Spending with ease: When you’re attending college in the U.S., you’ll have to pay more than tuition. Having a U.S. credit card can make it easier to pay for monthly expenses like groceries and entertainment. Even if you have a credit card issued in your home country, getting a card from a U.S.-based credit card issuer can be a good idea; cards from other countries might charge foreign transaction fees here in the States.

•   Establishing credit in the U.S.: International students in the United States likely do not yet have a U.S. credit score. Having a credit history is important for things like applying for a job, getting approved to rent a home, and buying a car. If you plan to remain in the United States after graduation, establishing credit history as a student with a credit card can be a good idea.

•   Learning how to manage credit: Whether you plan to remain in the United States after graduation or return home, learning how to use a credit card responsibly can be an important lesson. As a student with fewer bills, now might be a good time to learn how credit cards work and get used to the monthly payments and interest rates.

Recommended: Can International Students Get Student Loans in the U.S.?

Disadvantages of Having a Credit Card as an International Student

Applying for an international student credit card can also have its drawbacks:

•   Difficult requirements: Getting a credit card as an international student is usually more challenging than it is for U.S. citizens. Students who are already overwhelmed by a new place with a new culture — plus their challenging curriculum — may not have the time or energy to apply for a credit card.

•   No effect on credit score back home: Getting a credit card from a U.S. credit card issuer is a good step toward establishing a credit history in the United States. Students who plan to return to their home countries after college, however, will not see a benefit to their credit scores back home by using a U.S.-issued card.

Typical Credit Card Requirements for International Students

So can an international student get a credit card? Yes — but they may have a harder time than the average U.S. student.

Typically, you will need a Social Security number (SSN) to apply for a credit card. Some issuers may accept an Individual Taxpayer Identification number (ITIN), which can be easier for international students to obtain. While most credit cards will require a SSN or ITIN, you might be able to find a credit card issuer that only requires a passport.

Applying for a Social Security Number

Even if you are not a U.S. citizen, you may be able to apply for a Social Security number. For example, if you have an F-1 student visa (or another type of student visa), you might be eligible to apply, though you may need to have a part-time job and receive the proper authorization first.

Review the Social Security Administration’s guidelines , and don’t be afraid to ask a member of your school’s international student office for assistance. The advisors there are likely well-versed in common international student challenges, including applying for a Social Security number.

If you are having trouble getting a Social Security number, try instead to get an ITIN through the IRS. The IRS offers guidelines for obtaining an ITIN as a foreign student, but again, your international student office can likely walk through the process with you.

Applying for Credit Cards

Once you’ve gotten a Social Security number (or an ITIN), you may be wondering, how can an international student get a credit card? Start by looking for relevant credit card offers. Many credit card issuers offer cards specifically targeted at students.

Note that you will need to provide a permanent address for your application. You can use your U.S.-based school address for this field.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Tips for Avoiding Credit Card Rejections as an International Student

Because nobody likes rejection — and because multiple hard inquiries for credit card applications might eventually take a toll on your credit score — it’s important to avoid credit card rejections. Here are some tips for improving your chances of approval:

•   Open a bank account. Having a checking or savings account can improve your success rate. It also simplifies money management while you’re here in the States.

•   Get a part-time job. Having a job might be a requirement to get your Social Security number. Having a steady income is a sign to creditors that you are reliable enough to lend money to. Just check with your advisor to ensure you are allowed to seek employment as an international student.

•   Consider a secured credit card. Secured credit cards require a security deposit, often equal to the credit limit for the card in question. Because these cards are backed by collateral, they pose less risk to the credit card issuer and thus make it easier for those with bad or no credit to get approved. After you use your secured credit card responsibly for several months, you might have a strong enough credit score to apply for an unsecured card. Just make sure the card issuer reports usage of the secured card to the credit bureaus to ensure an impact to your score.

Recommended: When Are Credit Card Payments Due

Using a Credit Card Responsibly

Responsible credit card usage is a good way to improve your credit score. When you get your international student credit card, be sure to follow our general credit card rules to improve your chances of raising your credit score.

In general, responsible credit card usage entails:

•   Avoiding impulse purchases.

•   Signing up for automatic payments.

•   Regularly checking your statements.

Paying your card off in full each month and maintaining a low credit utilization — meaning the amount of credit you’re currently using compared to the total credit you have available — are good ways to build a solid credit history. Following these guidelines can also help you to avoid some of the costs of credit cards, such as late payment fees and interest charges.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

International students can apply for a credit card while studying here in the United States. Doing so can allow you to establish a credit history in the U.S. and spend money more easily during your time here. Applying for an international student credit card is more complicated, however, and typically requires a Social Security number or Individual Taxpayer Identification number.

Are you looking for the right credit card during your time in the U.S.? You might consider getting a credit card through SoFi.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

What is a good credit card interest rate for international students?

Interest rates will vary by credit card, but some of the best international student credit cards offer APRs between 13% and 29%.

Do I need a Social Security number to open a credit card?

Having a Social Security number is a common requirement for opening a credit card, but many issuers will accept an Individual Taxpayer Identification number instead. Some credit card issuers may even accept only a passport for the credit card application.

Do international students have to use a secured credit card?

International students may have an easier time getting approved for a secured credit card, but it is not the only option. If a student has an established credit history in the United States, they might be able to get approved for a specific unsecured credit card designed for students. Some cards might even offer basic rewards.

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¹See Rewards Details at SoFi.com/card/rewards.

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.

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.

The SoFi Credit Card 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.

¹Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

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When financial aid like scholarships and grants comes up short, federal student loans can help bridge the gap.

Unsubsidized Direct Loans may be offered to undergraduate and graduate students in a financial aid package.

Subsidized Direct Loans may be offered to undergrads only, and have benefits in terms of who pays the interest during certain periods.

When a college sends an aid offer, the student must indicate which financial aid to accept.

What Is an Unsubsidized Student Loan?

The Department of Education provides Federal Direct Unsubsidized Student Loans as one of four options under the William D. Ford Federal Direct Loan Program. (Direct Subsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are the other types.)

The unsubsidized loans provide undergraduate and graduate-level students with a fixed-rate financing option to help fund their college education.

Unlike Direct Subsidized Loans, unsubsidized student loans are not based on financial need. This means that any student may receive unsubsidized loan funding, as long as it meets the Department of Education’s general eligibility requirements.

How Do Unsubsidized Student Loans Work?

If you’re eligible for Direct Unsubsidized Student Loans, the amount you’re offered for the academic year is determined by your school, based on its cost of attendance minus other financial aid you’ve received (such as scholarships, grants, work-study, and subsidized loans).

You will need to complete entrance counseling to ensure you understand the terms and your obligation to repay the loan. Then you’ll sign a master promissory note stating that you agree to the loan terms.

The government will send the loan funds directly to your school. Your institution will then apply the money toward any unpaid charges on your school account, including tuition, fees, room, and board.

Any remaining money will then be sent to you. For example, if you were approved for $3,800 in unsubsidized loans but only $3,000 was applied to your education costs, the school will send the remaining $800 to you.

The Education Department’s Federal Student Aid office recommends accepting grants and scholarships first, then work-study, then loans. And it advises accepting a subsidized loan before an unsubsidized loan, and an unsubsidized loan before a PLUS loan.

A Matter of Interest

As soon as any student loan is disbursed, it starts accruing interest. For federal student loans and most private student loans, you can defer payments until after your grace period, which is the first six months of leaving school or dropping below half-time status.

Here’s the kicker: With a subsidized student loan, the government pays the interest while you’re in school and during your grace period and any hardship deferment.

With an unsubsidized federal student loan or private student loan, unpaid interest that accrues will be added into your loan’s principal balance when you start repayment.

Pros and Cons of Unsubsidized Student Loans

Although unsubsidized student loans offer many benefits, there are also some downsides to know.

Unsubsidized Loan Pros	Unsubsidized Loan Cons
Eligibility is not based on financial need	Interest accrues upon disbursement
Available to undergraduate and graduate students	You’re responsible for all interest charges
Can help cover educational expenses up to an annual limit	Graduate students pay a higher rate
No credit check or cosigner required	Interest capitalizes if payments are deferred
Can choose to defer repayment
Multiple payment plans are available

Applying for Unsubsidized Student Loans

Applying for federal financial aid starts with the FAFSA® — the Free Application for Federal Student Aid. Students seeking aid complete the FAFSA each year.

Where to Apply

Applying for the FAFSA can be done at studentaid.gov, or you can print out a paper FAFSA and mail it.

Based on the information you included in your FAFSA, each school that you listed will determine your financial aid offer, including whether you’re eligible for an unsubsidized loan.

Typical Application Requirements

You must have an enrollment status of at least half-time to be eligible for a Direct Loan. You must also be enrolled in a degree- or certificate-granting program at a school that participates in the Direct Loan Program.

The Department of Education has general requirements to be eligible for federal aid. Applicants must:

•   Be a U.S. citizen or eligible noncitizen

•   Have a Social Security number

•   Prove that they qualify for a college education

•   Maintain satisfactory academic progress

•   Sign a certification statement

In the certification statement, you’ll need to confirm that you aren’t currently in default on a federal student loan and don’t owe money on a federal grant, and affirm that you’ll only use aid funds toward educational costs.

How Long Will You Have to Wait?

After submitting your FAFSA, it can take the Department of Education three to five days to process your application. If you submitted your FAFSA by mail, processing can take up to 10 days.

Once you’ve told your school which financial aid you want to accept, loan disbursement timelines vary. Generally, first-time borrowers have up to a 30-day waiting period before they receive their funds. Other borrowers may receive funding up to 10 days before the start of the semester.

How Much Can You Borrow?

There are annual limits to how much in combined subsidized and unsubsidized loans you can borrow. These limits are defined based on the year you are in school and whether you’re a dependent or independent student.

Here’s an overview of combined subsidized and unsubsidized loan limits per year for undergraduate students:

Undergraduate Year	Dependent	Independent
First-year student	$5,500	$9,500
Second-year student	$6,500	$10,500
Third year and beyond	$7,500	$12,500

Graduate students are automatically considered independent and have an annual limit of $20,500 for unsubsidized loans (they cannot receive subsidized loans).

There are also student loan maximum lifetime amounts.

Subsidized vs Unsubsidized Student Loans

Another type of loan available through the Direct Loan Program is a subsidized loan. Here’s a quick comparison of subsidized vs. unsubsidized loans.

Subsidized Loans	Unsubsidized Loans
For undergraduate students	For undergraduate and graduate students
Borrowers aren’t responsible for interest that accrues during in-school deferment and grace period	Borrowers are responsible for interest that accrues at all times
Borrowers must demonstrate financial need	Financial need isn’t a requirement
Annual loan limits are typically lower	Annual loan limits are generally higher

Alternatives to Unsubsidized Student Loans

Unsubsidized student loans are just one type of financial support students can consider for their education. Here are some alternatives.

Subsidized Loans

Direct Subsidized Loans are fixed-rate loans available to undergraduate students. As discussed, borrowers are only responsible for the interest charges that accrue while the loan is actively in repayment.

Scholarships and Grants

In addition to accessing potential scholarships, grants, and loans through the FAFSA, students can seek financial aid from other entities.

Scholarships and grants for college may be found through your state or city. Businesses, nonprofits, community groups, and professional associations often sponsor scholarships or grants, too. The opportunities may be based on need or merit.

Private Student Loans

Private lenders like banks, credit unions, and other financial institutions offer private student loans. Some schools and states also have their own student loan programs.

Private student loan lenders require borrowers, or cosigners, to meet certain credit thresholds, and some offer fixed or variable interest rates. Many lenders offer pre-qualification without a hard credit inquiry.

Private student loans can be a convenient financing option for students who are either ineligible for federal aid or have maxed out their federal student loan options. One need-to-know: Private student loans are not eligible for federal programs like Public Service Loan Forgiveness and income-driven repayment.

SoFi Private Student Loan Rates

If your federal financial aid package doesn’t quite cover all the bases, or if you’re not eligible for federal aid, a private student loan from SoFi could be just the ticket.

You can borrow up to your school’s certified cost of attendance, at a low fixed or variable rate, and pay no loan fees.

Find your rate for a SoFi Private Student Loan in three minutes.

FAQ

What are unsubsidized loan eligibility requirements?

To be eligible for a Direct Unsubsidized Loan, undergraduate and graduate students must be enrolled at least half-time at a qualifying school. They must also meet the basic eligibility requirements for federal aid, including being a U.S. citizen or eligible noncitizen, have a Social Security number, and complete the FAFSA.

How long does it take to receive a Direct Unsubsidized Loan?

Loan disbursement for first-time borrowers can take up to 30 days after the first day of enrollment. For others, disbursement takes place within 10 days before classes start.

What is the maximum amount of unsubsidized loans you can borrow?

Dependent students can borrow a maximum of $5,500 and $6,500 per year during their first and second academic years, respectively. Students in their third year of school and beyond can borrow an annual maximum of $7,500. The aggregate loan limit for dependent students is $31,000 in combined subsidized and unsubsidized loans.

Graduate or professional students may receive up to $20,500 per year in unsubsidized loans. Their aggregate loan limit is $138,500 (which includes all federal student loans received for undergraduate study).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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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The answer to the question, “How much should I spend on rent?” is a highly variable one, but, as a guideline, the number is typically 30% of your income.

Figuring out your “magic number” will require a little thought…and math. Individual situations certainly differ. Maybe you have a heavy monthly student-loan payment while your best friend has none. In other words, they have more disposable income than you and could likely pay a higher rent. Or perhaps you have a trust fund which gives you a degree of financial security but your best friend doesn’t: In this case, you might be comfortable putting more towards rent than your pal.

While 30% is a guideline, most Americans are paying more than that right now. The latest figures say that the typical citizen is paying closer to 32% of their income, or about $1,792 per month. Rents have been climbing, increasing by double digits year over year, so it’s not always possible to stick below that 30% guideline.

Here, we’ll take a look at how to budget for your rent, what a reasonable rent is for your income, and how to figure out different angles on what you can afford to pay for rent.

Budgeting: What Should You Spend on Rent?

Whether you rent or own, housing is typically the largest expense the average U.S. consumer must pay for every month.

Determining how much you pay is really a matter of better monthly budgeting. The question isn’t “How much can I spend on rent?” it’s “How much should I spend on rent?” It’s best not to max out your take-home money on rent and leave some wiggle room in your budget. You can take a look at your income after taxes and other deductions are taken out. Then you might look at what you’re spending now on rent, food, entertainment, transportation, clothes, and other costs. What can you afford to pay in rent that will allow you to live comfortably, do what you like (whether that means eating out often or affording vacations), pay your bills, get rid of any debt, and save some money, too?

No matter which rent formula you choose, it all comes back to your budget.

It’s a lot to figure out (and then to stay on top of) once you set your budget and determine how much to spend on rent.

And if you can reduce your rent payment, you’ll likely have a bit more flexibility in choosing where to allocate your money — whether that’s spending it, paying down debt, or saving for a future goal. Along with reducing small indulgences, sticking to a reasonable rent can be an effective way to free up more cash in your budget.

That’s a tall order in today’s hot housing market, for sure. But it can make a huge difference in terms of your overall financial health and your stress level. Wondering how to make rent every month can be a real source of anxiety. It may be better to, say, ward off “lifestyle creep” and rent a home with one or two fewer perks or amenities to keep the price down.

Recommended: Smart Debt Payoff Strategies

Strategies for Figuring Out How Much to Spend

Next, let’s dig into how to figure out the amount you can spend on rent every month. We mentioned a ballpark figure, but remember: There’s no single magic formula, and everyone’s situation is different.

That said, there are several formulas out there that you can use as a guide. Here are three:

The 30% Rule

We’ve already mentioned this rule of thumb — one that’s been around for decades — which puts the ideal housing costs at 30% of your after-tax income, no matter how much you earn.

That rather broad guideline dates back to the Brooke Amendment, which capped public housing rents at 25% of an individual’s income in 1969. Congress raised the cap to 30% in 1981, and eventually it became the go-to guide for determining “cost burden” — the amount of income a family could spend and still have enough left for other expenses — even those who aren’t in low-income households.

Critics of this model advise using it as a starting point rather than a rule when determining a spending limit. Depending on how much you earn, 30% of your income could be more — or less — than you actually can afford to pay in rent.

Your location could also influence whether or not the 30% rule is realistic for you, since depending on where you live, accessibility may be a factor. Can a person who makes $40,000 even find a rental for $1,000 a month in most cities? It would likely be a challenge.

And, again, when you’re looking at renting a home, you’ll likely want to weigh what you’ll get vs. what you’ll give up. This isn’t just in money, but in time, safety, and happiness. Is the cool place downtown worth it if you can’t afford to go out and enjoy the nightlife? Is a longer commute or a roommate out of the question, or could those options open doors to your dream home?

Recommended: Price to Rent Ratio in the Top 50 Cities

The 50/30/20 Approach

If you’re a disciplined budgeter, you may already be familiar with this model, which was made popular by Sen. Elizabeth Warren’s book All Your Worth: The Ultimate Lifetime Money Plan.

The 50/30/20 budgeting method suggests dividing your after-tax income into three main categories, putting 50% toward needs (essential costs like housing, transportation, groceries, utilities, etc.), 30% toward wants, and 20% toward savings.

Following those guidelines, your rent would qualify as a need. But it remains up to you to decide how much of that 50% you want to — or feel you have to — spend on housing.

If your home is your castle, and your castle is in a major city or tech hub, it could be a lot. Which means you may have to make adjustments to other “essentials” in your budget or perhaps borrow from other categories (so …maybe fewer massages and dinners out).

The Budget Backwards Formula

Another way to budget is to look at your take-home pay and work backwards, deducting your expenses to see how much of a range you have for rent. Maybe you take home $4,000 a month. From that figure, deduct things like student loans and credit card debt you are paying down. Do you have a high-yield savings account where you are stashing some cash — say, are you putting money towards a vacation or new car fund? Subtract those too.

Then look at your typical monthlies in terms of food, utilities, transportation, gym memberships and subscription services, and the like. Take those off the remaining monthly amount and take a look at what is left. Of that sum, how much can you put towards rent, keeping aside some cash for discretionary spending? Once you know what number suits your finances, you can go hunting for a rental.

The Takeaway

Figuring out how much you can spend on rent involves some basic math. For instance, one common guideline says that 30% of your income (before taxes) can be allotted to rent. But everyone’s financial profile is different. Some people live in cities that are pricey; other people have student and car loans taking a big bite out of their money. Use the guidelines here to figure out the right number for you, and recognize where you may need to compromise. For instance, if you are paying off debts for the next couple of years, maybe it’s a good moment to consider having a roommate. There’s no one-size-fits-all answer.

Flexibility also matters when it comes to your personal banking, and SoFi understands that its clients have different needs. If you’re planning on opening a bank account online, consider our Checking and Savings. You can spend, save, and earn all in one place — complete with mobile transfers, photo check deposit, and customer service. Plus, when you sign up with direct deposit, you will earn a terrific APY and pay zero account fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

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Can you deposit cash at an ATM? The answer depends on your bank, the ATM you’re using, and a variety of other factors — but generally speaking, yes, you can make cash or check deposits at many ATM terminals.

For most customers, though, depositing money at an ATM isn’t the only option — or even necessarily the most convenient. Still, it’s a good system to understand if you’re someone who regularly deals with cash payments and you’d like to use those monies to pay for things like utility bills, where cash may not be accepted or can be inconvenient.

In this article, we’ll walk you through:

•   How to deposit cash an ATM

•   Potential problems with depositing money at an ATM

•   Whether you pay fees when you deposit cash at an ATM

•   Alternative payments to ATM deposits that may work better for some customers

Depositing Cash at an ATM

In order to deposit cash via ATM, the first thing you need to do is ensure that the ATM you’re visiting is capable of taking cash deposits — and that your bank takes deposits through that particular type of ATM. For example, if you have an account with Bank of America, you’ll likely be able to make a cash deposit at an ATM located at or inside a physical Bank of America location — but you may not be able to make a cash deposit at the third-party ATM at your local grocery store or concert venue.

In order to avoid wasting time at an ATM that won’t do the trick, it’s a good idea to do some research ahead of time. Log onto your bank’s website and look for an ATM locator, which will show you all nearby locations and may also specifically mention which services those ATMs can perform (including whether or not they accept cash or check deposits).

Now, here’s the nitty-gritty of how to deposit cash at an ATM: When you arrive at the ATM, you’ll most likely need to use your bank card and personal identification number (PIN) to confirm your identity and pull up the ATM’s service options, though some banks may allow you to access an ATM using cardless withdrawal technology through your phone. Either way, once you’ve got the ATM’s options screen pulled up, you’ll follow the instructions to make a cash deposit, and then select the account you want the deposit to go into (if you have multiple accounts, such as a checking and savings account, for example).

Some ATMs may have limits as to how many paper bills they can take at once, and ATMs typically don’t take coin deposits. As with any situation where you’re feeding bills into a machine (like when you’re trying to get a vending machine snack in your office lobby), you may end up with one or more bills fed back to you if the machine reads them as damaged or potentially counterfeit.

In general, though, how to deposit cash at an ATM is that simple: just feed the money in, confirm the amount of the deposit, and be sure to verify that you’re signed out of the ATM before you get on your way!

Recommended: Don’t Let Your Bank Rob You: How To Avoid ATM Fees

When Is the Money Available with ATM Deposits?

Once again, the answer to this common question is, “it depends.” At some ATMs, cash deposits are made available immediately, while with other ATMs you may experience some lag between the moment you feed the money into the machine and the moment the money shows up in your account balance.

The FDIC does have regulations that require banks to make cash deposits available within a certain amount of time — but in the case of a proprietary ATM, availability is not required until the second business day after the deposit. And at a third-party ATM, funds don’t have to be made available until the fifth business day, so be sure to plan ahead if possible!

Again, your bank may have more specific information available on their website as to their specific policies.

Recommended: Understanding Funds Availability Rules

Potential Problems With ATM Deposits

You’ve now learned the answer to the question, “Can I deposit cash at an ATM?” Next, let’s address, “What can go wrong with ATM deposits?”

Well, for starters, the length of time a deposit may be held can be problematic for some customers if they need access to the funds as soon as possible. And the automated reader on some ATMs may refuse to accept legitimate bills, at least on the first try, which can be frustrating.

For another thing, your bank or financial institution may simply not allow it. Certain online-only banking services, such as Chime, don’t offer ATM cash deposit capabilities. Instead, you must deposit cash at local retail partners (like Walgreens) through an at-the-counter transaction.

The good news is, most ATMs have a phone number printed on the machine itself that you can call if you experience any technical errors or other problems. And, as always when interacting with ATMs, be sure to look out for your personal safety. Make the deposit during the day and ideally with the company of someone you trust. Never give out your PIN.

Recommended: How Old Do You Have to Be to Open a Bank Account?

Are There Any Fees for Depositing Cash at an ATM?

Yet again, the answer to this question is, “It depends.” If you’re using an in-network ATM that’s directly linked to your bank, you’re unlikely to encounter any fees. But if you’re using an out-of-network ATM, there are a couple of fees you might need to be on the lookout for.

•   ATM fees are sometimes charged by the third-party owner of the ATM itself, and may be as little as $1.50 or as much as $10 per transaction.

•   Out-of-network ATM fees may also be charged by your bank, which could add an additional charge of $2 to $3.50 to the transaction.

•   Finally, keep in mind that foreign transaction fees can rack up quickly if you’re using an ATM overseas.

As always, we recommend checking with your bank ahead of time to get a better grasp of their specific policies and avoid these unnecessary fees if possible.

Why Make an ATM Cash Deposit?

You may be wondering why this topic even needs to be addressed. So many of us rarely use cash these days (or even use it), now that cards are nearly universally accepted. That’s one alternative to using cash. Digital money transfer apps like Venmo and CashApp also make it easy to split the bill and pay back friends and family without touching paper money. Plus, the COVID-19 pandemic caused some businesses to at least temporarily suspend the use of cash altogether to avoid further what were feared to be potential routes for contamination.

But many workers still get paid at least partially in cash, particularly those whose income includes cash tips, such as waiters and baristas. If you are among their ranks, you’ll definitely want to know, “Can you deposit money at an ATM?”

And as digital-first, online bank accounts become more common, some people don’t have the option of walking into a brick-and-mortar bank to make their deposits.

Making ATM cash deposits is sometimes the best way to get that money into an account where it can be more readily used to pay bills — or transferred to a savings or investment account, where it may earn more interest.

The Takeaway

Can you deposit cash at an ATM? Yes, you often can. And if you need to make your cash available for paying bills or other non-cash financial transactions, depositing it at an ATM can be a quick and potentially cost-free way to do so. While it may not be the most common financial transaction these days, it’s definitely a possibility that can help you easily manage your money.

At SoFi, we’re all about making banking simple. And profitable for you. When you sign up for our Checking and Savings with direct deposit, you’ll earn an amazing APY and you won’t pay any of the usual fees (not monthly, minimum-balance, or overdraft).

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How do I deposit cash at an ATM?

To deposit cash at an ATM, you’ll likely need your bank card and PIN, and then you simply follow the directions on the machine’s screen. However, it’s good to research first where ATMs in your network are or else what the fee will be to deposit cash at an out-of-network ATM.

Can I deposit checks at an ATM?

Yes, you can usually deposit a check into an ATM, though some machines may not accept them. It often takes a couple of days for the check to clear and for you to be able to access the funds.

Are there ATM deposit fees?

Whether or not you will pay to use an ATM varies. Typically, you will not be assessed a fee to use an ATM that belongs to your bank. However, if you use an out-of-network machine, you will likely pay a couple or a few dollars for a transaction.

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SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found 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.

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.

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Online and mobile banking is now woven into many people’s daily lives. It’s fast, easy, and so convenient. But with its benefits come some downsides. One of the biggest negatives is the rising ranks of fraudsters and hackers, who put your money at risk. It’s up to each of us to manage our bank accounts responsibly and use the tools at our disposal to keep our accounts secure.

This guide explains why it’s so important to keep your bank account safe, how to log in to your account safely, which tools that are available to ensure secure banking, and how to recognize fraud. Follow these tips, and you’ll likely reduce the odds of getting hacked or scammed.

Importance of Keeping Your Bank Account Safe

Research shows that almost two out of three Americans are banking online. Much as you may enjoy the convenience of online and mobile banking, you may also be concerned with how to keep your bank accounts safe from criminals and fraudsters.

If your personal and financial information is stolen, the thief could open credit cards using your name. Money can be swiped from your account via fraudulent wire transfers, and you could be inconvenienced for weeks as you close accounts, open new ones, and replace compromised credit and debit cards. Who wants to deal with that kind of stress? No one. So here’s how to help keep your bank accounts safe online.

Tips for Keeping Your Bank Account Safe

Want to do what you can to stymie criminals? We thought so. Here are some ways to keep your bank account safe from fraudulent activity.

Not Accessing Financial Information on Public Wi-Fi

Public WiFi networks offer free access to the internet when you are not at home. It can seem like a gift while you’re on the go, but the connections at coffee shops, restaurants, airports, and hotels are simply not secure.

According to the Federal Trade Commission, public WiFi connections usually involve unencrypted sites, so other users on the network can see what you are doing. It’s easy for hackers to hijack your session and then login with your credentials. Stay safe if you are using public WiFi : Only visit encrypted sites that say “https:” at the start of the URL and show the lock symbol. Also consider setting up a personal virtual private network (VPN) service on your device to add a layer of protection.

Monitoring Auto Payments and Limit Withdrawals

Auto withdrawals occur when you give permission to a service provider to withdraw payments from your bank account on a recurring basis. This requires you to give the company your checking account or debit card information and permission to electronically withdraw money from your account. If you have signed up for automatic bill pay for, say, your utilities or streaming services, then you are familiar with this process.

These auto payments should be closely monitored. Some companies may fail to stop an automatic withdrawal when you request that they do so.

Before you give a company permission to make automatic withdrawals, check that they’re legitimate and trustworthy, ask for written terms of agreement for the automatic payment, watch for overdraft and insufficient funds (NSF) fees, and make sure you know how to stop payments.

Watching Out for Phishing Scams

Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.

For example, you could receive an email, supposedly from your bank, saying there’s been a problem with your account and sharing a link where you are asked to login and update your information. The website you are led to could look just like your bank’s website. If you input your details, hackers now have your login information. A couple of ways to avoid these scams:

•   If you get communication that says it’s from your bank and asks you to click a link, don’t. Log into your banking website or app, and check messages there to see what’s going on. Or call your bank to ask if the message is legitimate.

•   Hover over the email sender’s address. You may be surprised to see the message is coming from a different identity than the one it’s pretending to be. If that’s the case, don’t click on anything; mark the email as spam.

Safeguarding Your Checkbook, Debit Cards, and Credit Cards

Checkbooks, debit cards, and credit cards still have a place in our increasingly digital and contactless world of banking. They are, however, vulnerable to robbery and other criminal activity. Here are moves that help protect these items and your bank account safe.

1.    Keep your checkbook locked away at home; you don’t want to risk anyone getting your bank account and routing number, which is printed on each check. Also don’t leave your wallet, checkbook, or bank cards in your vehicle. It’s bad enough if your car is broken into, but even worse if the thieves find your wallet and credit cards.

2.    Report a lost or stolen debit card to your bank immediately to avoid fraudulent charges.

3.    Keep an eye on your mail. Thieves may steal your credit card bills and then apply for a new one in your name. Or if you’ve ordered checks, they could steal those. Alert your bank if they don’t arrive on time and report the checks as lost; if they are stolen and get used, report identity theft.

4.    Never make a check payable as cash until you are ready to cash the check. If you fill it out and then lose it, whoever finds it gets the cash.

5.    Watch for skimming devices that steal information from your debit or credit card. These devices are most commonly placed in ATMs or the card slots at gas pumps; you can learn to identify skimmers because they appear raised and bulkier than normal. Put your card in, and your card number and PIN code can be stolen, giving the criminal access to your account.

Not Pre-signing Blank Instruments or Documents

It may seem temptingly convenient to sign some checks for future use, without putting the name of the payee, just so you’re better prepared. Or, you might write the name of the payee but not the amount if someone is delivering the check for you. If the check is lost, whoever finds it can add in their name and pay the check into their account. Never pre-sign a blank check or a one that’s lacking a payee and dollar amount.

Verifying Transactions

Don’t assume that your banking is happening like clockwork. Instead, check your balance regularly and make sure there aren’t unexpected transactions. Digital banking makes this process much easier because you can access your bank account at any time by a website or app and see what’s going on. The idea here is to be vigilant about suspicious activity and catch any issues early.

Not Sharing Bank Details

Once in a blue moon, it may be necessary to share bank details with a close family member, perhaps in an emergency. But otherwise, simply don’t let anyone know the login details for your bank account. The same holds true for your credit card; don’t share your account number, expiration date, or CVV code. If these numbers fall into the wrong hands, they can allow fraudsters to hack your finances.

Choosing Unique and Strong Passwords

Criminals love nothing more than a password that’s super simple to figure out, like your birthdate or, say, “password123.” To help secure your online banking life, follow the following advice:

•   Don’t use personal information, such as your name, your pet’s name, or your address. It’s too obvious for hackers.

•   Use a combination of upper- and lower-case letters, numbers, and special characters in your password.

•   Don’t use the same password for multiple logins.

•   Change your passwords regularly.

Enabling Two-Factor Authentication

Financial institutions increasingly use two-factor authentication, which adds an additional layer to protection and security. With two-factor authentication, you typically log in in the usual way but then need to pass a second level of security. You may be asked to enter a special code to verify your identity using a free authenticator app that you downloaded when you set up your account. If your bank offers this technology, opt in. It can help deter hacking.

Signing Up for Banking Alerts

Go ahead and turn on banking alerts. Notifications such as email, app, or text alerts can help you protect your bank account. These alerts are sent in the event of new credit and debit transactions, failed logins, password changes, and outgoing wire transfers. If there is fraudulent activity on your account, you’ll be notified right away and can take action.

The Takeaway

Online banking is convenient, but it can have risks, such as getting hacked or scammed. You can fight back by managing your digital and physical banking assets to help protect your finances. From storing your checkbook safely to knowing how to avoid phishing and skimming, there are steps you can take to minimize your risk.

Keeping your money safe is a priority at SoFi, and so is growing it. Sign up for our Checking and Savings with direct deposit, and you’ll earn a competitive APY, pay no account fees, and get access to your paycheck up to two days early.

Are you ready to bank better with SoFi?

FAQ

What is the best way to keep my bank account safe?

Keep your bank account safe by protecting your bank cards, checks, and your digital and mobile accounts. Use strong passwords for logins, two-factor authentication, and avoid accessing your bank account over public WiFi. Sign up for text and email alerts, and if you lose a debit or credit card or suspect fraudulent activity, contact your bank immediately.

How can I protect the money in my bank account?

The money in your bank account is vulnerable to hackers and fraudsters. To protect it, manage your passwords well, never give your banking details to anyone, and take the time to verify all your transactions. If you don’t recognize a withdrawal, contact your bank.

Where is the safest place to keep your money?

Bank accounts are safe and FDIC-insured, but there are other options. For instance, U.S. Treasury bonds are considered one of the safest places to invest and to keep your money because they are low risk and provide an annual return.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

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.

Photo credit: iStock/insjoy
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