SoFi

If you’re working hard at your job and being reasonable with your spending, you may still find it hard to make ends meet and hit your savings goals.

One question to ask yourself is whether you’re making enough money. Can you really afford to keep plugging along at your current salary? Here, you’ll learn some helpful ways to tell if you should be making more money and, if so, how to get there.

10 Red Flags That Signal That Your Income Is Too Low

Do you frequently ask yourself whether you should be making more money, or do you feel as if you’re not making money work for you? If so, it’s possible you aren’t making enough or managing it optimally. Here are some signs that you need to be earning more in order to thrive financially.

1. Not Being Able to Pay Your Bills

As long as you aren’t renting a luxurious penthouse or leasing a fancy car you truly can’t afford, you should be making enough to pay your basic bills. Yes, it can be difficult to save money with a low income. But if you’re working full-time to cover things such as rent, car payment, health care, and utilities without any shot at saving for your future, that’s a sign you need to earn more money.

2. Using Your Credit Card for All Expenses

There’s nothing wrong with using a credit card to pay for expenses if you can afford to pay your credit card bill off in full when your monthly statement arrives. That’s a great way to earn cash back and credit card rewards.

The problem is when you need to use a credit card in order to cover expenses because you don’t earn enough to buy essentials, such as food and personal care items.

3. Not Being Able to Have an Emergency Fund

Having an emergency fund can help you be prepared for the unexpected, such as a major medical or dental bill or getting laid off. Ideally, you would have three to six months’ worth of basic living expenses covered by the money in an emergency fund. If you’re living paycheck to paycheck, however, and can’t even start building a fund with perhaps $25 per pay period, you likely need to earn more.

4. Paying Only the Minimum on Debts

As mentioned, turning to a credit card to cover essential purchases can be a sign of not making enough money. This can lead to high-interest credit card debt, which can be hard to pay down without making extra payments.

If you can’t afford to make extra payments on a credit card or another form of debt, increasing your income may help you minimize how much you owe and your interest payments.

5. Not Being Able to Cut Anything Else

If you take a cold, hard look at your budget and realize that you can’t cut any more expenses because you’re only paying for essentials, that’s a sign you need an income increase. Living on such a tight budget isn’t sustainable long term, and there should ideally be room in a budget for some small fun purchases, too.

Recommended: 7 Different Types of Budgeting Methods

6. Not Being Able to Build Savings

Even if you are motivated to save money, if you’re not able to save for retirement or other long-term goals, it could be a sign that you’re not earning enough.

7. Making the Same Wage Despite Company Growing

If your company is growing and flourishing, in part because of contributions made by you and other workers, you may deserve to earn more than you’re currently making.

8. Not Being Able to Reach Financial Goals

If you’re earning enough money and sticking to a budget, then in theory, you should be able to make slow but steady progress toward your financial goals. Failing to do so could mean you’re coming up short on salary.

9. Consistently Struggling to Make Ends Meet at the Beginning of the Month

Many people start to run out of spending money at the end of the month. That’s because they have paid all their bills and are waiting for the next cash infusion from their paycheck. If, however, you’re consistently struggling to make ends meet at the beginning of the month when payday has arrived, this indicates you aren’t making enough to pay your essential bills.

10. Worrying About Money Consistently

Everyone deserves a good night’s rest, not lying awake worrying about how to pay the bills. If you are consistently worrying about money and trying to figure out how to tackle financial anxiety and stress, that can be a major sign you aren’t earning enough money.

Tips for Negotiating a Higher Wage With Your Employer

If you feel you need and merit more money, it may be wise to have a conversation with your employer about a raise. These tips can help.

•   Research salary data. Before an employee asks for a raise, they need to get an idea of how much workers in similar roles at other companies earn. Luckily, there are tons of online resources where workers share their job titles and salaries. It can also help to look at the salaries listed on current job postings similar to your position.

•   Make a list of accomplishments. Workers should approach their boss with facts about how good they are at their jobs and why they deserve to earn more. Make a list that specifies some of your major contributions, and use that to back up your ask for higher pay.

•   Have an alternate ask. Sometimes a company truly can’t afford to give a good employee a raise. In that case, is there something they can do to make your life easier? Can they make it possible for you to work remotely and save on commuting? Can they give you more paid time off (PTO) or a flexible schedule to help you cut down on daycare costs?

Recommended: Good Paying Jobs Without a College Degree

The Takeaway

If you are working hard and watching your spending but living paycheck to paycheck and unable to save, you may not be earning enough money. Asking for a raise, with documentation on why your work is worth it, is one way forward. Alternatively, you might decide to change jobs or career paths or even move somewhere more affordable.

It can also be a smart move to ensure that the funds already in your bank account are working hard for you.

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, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

How do I know if I’m being underpaid?

Do salary research online to see what workers in similar roles and industries are earning. You’ll likely find this information everywhere from the Bureau of Labor Statistics to job search sites.

How much money must I earn to feel it is enough?

Having “enough” money depends on your unique perspective. That being said, you need to be able to comfortably pay your bills and cover essential expenses without having to worry that you’re running out of money each month. Being able to save for long-term goals (such as a down payment on a house or retirement) is also important.

How can I save if I don’t make enough money?

It may be hard to save money if you don’t earn much more than you require to get by. Consumers can always scrutinize their budget to see where they could cut back spending in order to save more. Too many streaming services or pricey lunches? Try starting there.

---

Photo credit: iStock/nensuria

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-131

Read more

As a teenager, you may think you don’t have enough money to worry about coming up with or sticking to any kind of budget. But you don’t need a lot of money to benefit from budgeting. In fact, coming up with a plan for how to spend your money (which is what budgeting is) can be particularly helpful for teens who don’t have much in the way of income or savings.

While creating a teen budget might sound intimidating or complicated, it simply involves looking at what you have coming in and going out, setting aside some money for future goals (say, getting a new phone), and also allocating funds for having fun right now.

Whether all you have is your allowance and the money you made from odd jobs or whether you earn steady income from a part-time job, here’s how to do more with the money you have.

How to Build a Budget for Teens

Learning how to budget as a teen helps set the foundation for financial success later in life. It includes tracking income and expenses, setting savings goals, and making wise spending decisions. Read below to see how it’s broken down.

1. Determine How Much You Earn

The first step in creating a budget is figuring out your income. As a teenager, your income might come from various sources, such as a part-time job, an allowance from your parents, or occasional gigs like babysitting or mowing lawns. If you have a checking account, all of your deposits represent your income.

List all of your regular income sources and calculate the total amount you receive each month. If your income fluctuates, you can estimate a monthly average. Alternatively, you might find it easier to break up your budget on a weekly cycle. If you have a job for which you’re paid every two weeks, just divide that amount in half.

This step will give you a clear picture of how much money you have to work with.

2. Figure Out How Much You Usually Spend

So where does all your money go? To find out, come up with a list of spending categories and roughly estimate how much you spend weekly or monthly on each.

If you typically make purchases using a debit card or payment app, you can see your spending by looking at your transactions in the past month. If you normally spend cash, however, you may need to track your spending for a few weeks or a month. You can do this by keeping every receipt and jotting down your spending at the end of each day.

Next, you’ll want to categorize your spending into different areas, such as food, clothing, transportation, entertainment, etc. This exercise will help you understand your spending habits and identify where you might be overspending.

3. Divide Spending Into “Needs” and “Wants”

Once you have a clear idea of your spending, it’s time to split your spending categories into “needs” vs. “wants.”

Needs are required or necessary spending, such as your cell phone bill, car insurance, gas money, and any other expenses that your parents have asked you to be responsible for. Wants are nonessential items like eating out, video games, and trendy clothes.

By dividing your expenses into these two categories, you can prioritize your spending. This can help ensure that your needs are met before you start spending money on your wants.

4. Set Some Money Goals

Saving money is a crucial part of budgeting. Whether you want to save for a new pair of sneakers, a car, or college, having a goal in mind can motivate you to save consistently.

It’s helpful to set specific, achievable savings goals. For example, if you want to save $300 to make a purchase in six months, you’ll need to save $50 each month. Having clear goals helps you stay focused and disciplined. When you plan your monthly or weekly budget, you can make sure to set aside money for your short-term and long-term goals, whatever they may be.

If you don’t have a savings account, now may be a good time to open one. Even if you open an account with a very small amount, your balance will grow as you add funds over time and earn compound interest (which is when the interest you earn on your balance also earns interest). Many banks and credit unions offer teen savings accounts that are designed to help young people earn a competitive yield on their money while avoiding maintenance fees and minimum balance requirements.

5. Make Your Teen Budget

Now that you have a clear understanding of your income, expenses, and savings goals, you can create your budget. You can do this using a budgeting app, a pen and paper, or simply the Notes app on your phone.

Start by putting your income at the top. Next, list your fixed expenses (needs), variable expenses (wants), and savings goals and what you will spend on each.

Once you have a list of all your spending categories, it’s time to figure out how much money to allocate to each one. You’ll want to make sure that your total expenses and savings do not exceed your income. If they do, you’ll need to adjust your spending habits by cutting down on spending in the “wants” categories or finding ways to increase your income.

6. Start Using Your Budget

Creating a budget is only the first step — sticking to it is where the real challenge lies. It helps if you start tracking your spending. You can do this by collecting receipts and writing down what you spend at the end of each day. Or, if you use a debit card or payment app, you can just look at your bank account or app transaction history to see how much you’re spending in a given day or week.

Recording your expenses daily or weekly can help you stay within your budget and prevent you from overspending. If you’re not able to meet your savings goals, you may need to make some adjustments to your spending.

7. Revisit Your Budget

Your financial situation and priorities can change, so it’s important to reevaluate your budget regularly. You may want to review your income and expenses at least once every few months to ensure your budget still aligns with your goals.

If you find there are certain areas where you are consistently overspending or underspending, you can adjust your budget accordingly. If you no longer ride the bus or have a new source of income, for example, you may be able to spend more on “wants” or put more toward saving (aka future wants).

Regularly updating your budget helps you stay in control of your finances and work toward your goals.

Recommended: 50/30/20 Budget Rule: What It Is and Tips on Using It

Why Getting Started Young Is Important

Budgeting is a key financial literacy skill, and starting to budget as a teenager can set you up for lifelong financial success. Here are some reasons why it’s crucial to develop good money habits early on.

•   Builds discipline: Learning to manage money requires discipline and a sense of responsibility. These traits are beneficial not just for financial management but for all aspects of life.

•   Prepares you for future financial independence: The skills you develop now will help you manage larger sums of money in the future. Whether it’s paying for college, buying a car, or renting an apartment, budgeting will always be essential.

•   Helps you achieve long-term goals: Starting early allows you to develop a habit of saving, which can help you achieve long-term financial goals such as buying a house or starting a business.

•   Builds an appreciation for money: When you budget, you become more aware of the value of money and the effort it takes to earn it. This awareness can lead to more mindful spending and better financial decisions.

The Takeaway

Budgeting for teens might sound intimidating or even pointless if you don’t have much money to work with. But following the simple steps listed above can help you take control of your finances and build better money habits.

By determining your income, tracking your expenses, setting savings goals, and regularly reevaluating your budget, you may be able to make your money go farther and be well on your way to financial success.

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, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

What should I spend money on at 15?

At 15, you’ll want to focus on spending money wisely, balancing things you need to spend money on, things you want to spend money on, and saving up for things you want to buy or do in the future. Common teen expenses include:

•   Transportation (bus/train fare, gas)

•   School supplies

•   Extracurricular/sports supplies or equipment

•   Clothing

•   Takeout

•   Entertainment

•   Saving for a car

•   Saving for college

What is a good budget for kids?

A good budget for kids is one that’s simple and easy to manage, ensuring a balance between spending, saving, and sharing/giving. Here’s one framework to consider:

•   Income: Allowance, gifts, and earnings from small jobs

•   Expenses: Essentials (school supplies, clothing), savings, and spending on fun things

•   Breakdown: 50% for essentials, 20% for savings, 20% for fun, and 10% for giving/charity

This budget helps teach kids to manage money wisely, save for future needs, and understand the importance of generosity.

What is the savings rule for kids?

You can apply the general guideline for adults — which is to save around 20% of your income/paycheck — to kids. Whether a child/teen earns money through an allowance, doing chores, or a part-time job, they can start putting 20% of their weekly income toward saving. This gives them money for the unexpected, as well as things they want to buy or do in the future, while helping them build a great habit that can serve them well throughout their lives.

---

Photo credit: iStock/SDI Productions

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-106

Read more

Because check writing is a less popular form of payment these days, it’s easy to get confused about how the whole process works. When someone writes a paper check, there may be a carbon copy attached to the back of each check. These are known as duplicate checks.

But what exactly are duplicate checks? How do you use them? And when do you need them? Keep reading for more insight.

What Are Duplicate Checks?

Duplicate checks are a type of checkbook you can get from your bank that makes it easier to keep track of the checks you write. Behind each check is a thin sheet of paper that records what you write. This check is known as a carbon copy or “duplicate.”

When you write on a check to fill it out, your writing transfers over to the duplicate check. In this way, the duplicate that’s created can serve as a record of the payment made, including information such as the check number, how much was spent, the day the check was written, and to whom the check was addressed.

The same information found on the duplicate check can also be found by logging into your account online, but it can be helpful to have duplicate checks on hand for quick reference.

How Do Duplicate Checks Work?

A duplicate check is attached to the back of a normal check in the form of a thin piece of paper. This acts as a carbon copy of the original check. All duplicate checks have the same check number printed on them as the original. The pressure from the check writer’s pen transfers what’s written on the original check to the duplicate check.

Once you are done writing a check, you just need to tear the original check out of your checkbook and leave the duplicate check in the checkbook so you can reference it when and if you need to. (The original check goes to the person or business you’re paying). All of the information included in the payee, amount, date, and memo sections transfers over. The only area of the original check that doesn’t copy over is the signature. This is to protect you, the account holder, from identity theft in the event that someone steals your checkbook. Basically, a duplicate check mirrors the information and can help you verify the check you just wrote. You can see all the details right there, on the carbon copy.

Are Duplicate Checks Legal?

Yes, duplicate checks are legal and simply serve as a record of a check that the account holder already wrote. Legal issues arise if someone were to steal a checkbook and try to cash it or use the information on the check to commit bank fraud.

Where Can I Get Duplicate Checks?

If you have a checkbook, you may already have duplicate checks on hand. If not, you can order this style of checkbook from the bank or credit union where you have a checking account. It may also be possible to order duplicate checks from select reputable online check printers, which may charge less than a bank does for checks.

Single vs Duplicate Checks: What’s the Difference?

Single checks are the type of check you typically receive in a standard checkbook. The checkbook contains a series of individual checks that are ready to be written out and used for payment. Duplicate checks come in a special checkbook that is preassembled with carbon paper and two copies of every check.

Pros of Duplicate Checks

Once you understand the principle of duplicate checks, you may wonder whether these are right for you. Here are a few advantages of using duplicate checks.

Safer Than Carrying Cash

While someone can easily steal cash out of a wallet, checks are not as simple to steal. This is especially true if you take steps to manage your checkbook well and keep it in a secure place.

Ease of Use

You don’t have to do anything to create the duplicate check thanks to the carbon copy feature of the checkbooks. There’s no need to write the check number, date, payee, and amount in your check register.

Convenience

The whole point of a duplicate check is to make staying organized and tracking former check payments easier. While most check information is available through online bank accounts, having a paper copy can act as a helpful backup.

Checks Can Be Canceled If Stolen

If you have reason to suspect a check was stolen, you can stop payment on the check before it’s cashed. Again, that’s a big advantage over cash — once bills are stolen, they’re gone for good.

Cons of Duplicate Checks

Of course, there are also some disadvantages associated with duplicate checks that are worth keeping in mind.

Security and Privacy Risk

Because duplicate checks have important information on them about your bank and your spending habits, it’s important not to lose a check and to minimize the possibility of your checkbook getting stolen.

Cost More Than Regular Checks

Some banks or check providers charge more for duplicate checks than they do for single checks.

Not All Check Printers Provide Them

Not all check vendors can create duplicate checks, so they may not be available from the company where you normally order checks.

Checks Usage Is on the Decline

Checks (including travelers checks) are becoming a less popular form of payment as people shift to online payments, electronic checks, and other options. In many cases, it may not be worth the fuss of ordering and managing a checkbook for the occasional payment.

Alternatives to Duplicate Checks

If you want to keep good records of checks you have written but don’t want to hold onto duplicate checks, you have a few options.

•   Log in to your account online. Most banks and credit unions give customers an online bank account where they can access information about their transaction history, including the information that’s found on a duplicate check. However, be aware that this is not a reliable way to keep track of every check you’ve ever written, as banks eventually stop sharing old transactions. But it’s possible to download your statements and save them electronically.

•   Make a digital copy. You can take a picture of or scan each check you write and store it digitally.

•   Use a check register. To keep all information about written checks in one place, it’s possible to use a check register. These registers can be on paper or digital. They capture the check number, the name of the payee, the date when the check was written, and the amount it was written for. This process can make it simpler to balance, say, your high-yield checking account by copying down check payment information and subtracting the amounts from your balance.

The Takeaway

What is a duplicate check? In short, a duplicate check is a carbon copy of a regular check. Though it can’t be used to make a payment, a duplicate check makes record-keeping easier. When you write a check, the attached duplicate check creates an automatic copy of it that you can easily reference. While checks aren’t as widely used as they once were, a duplicate check system can be a bonus if you like writing checks, as it can help you keep tabs on your checking account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

What is a single check?

A single check is a type of check you get in a standard checkbook. This checkbook contains a series of numbered individual checks that you can write out and use for payment.

What is the difference between a single and duplicate check?

Single checks are the kind of checks you receive in a standard checkbook. Duplicate checks come in a special checkbook that’s preassembled with carbon paper and two copies of every check. This makes it easier to keep track of all the checks you’ve written.

Can you cash a duplicate check?

No. A duplicate check is simply a copy of a check you’ve written that stays in your checkbook and cannot be cashed. Only the original check can be cashed.

---

Photo credit: iStock/FG Trade

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-122

Read more

Everyone likes to win big. So what if saving money could offer the potential to win more money? Such a scenario is possible thanks to prize-linked savings accounts that combine a normal savings account with an opportunity to win prize money.

What Is a Prize-Linked Savings Account?

A prized-linked savings account is essentially a savings account that gives account holders the opportunity to win prizes.

The way that prize-linked savings accounts work is that they allow account holders to enter raffles to earn cash prizes. If you have one of these prize accounts, how would you enter? By making deposits into a savings account. Currently, these types of accounts are offered by financial institutions such as credit unions in 34 different states.

These savings accounts earn a nominal amount of interest and aren’t a solid replacement for a traditional savings account or a high-yield savings account in the long run.

However, prize-linked savings accounts may be good for short-term savings. They’re designed to encourage people with low- or moderate-income levels to save more.

Recommended: Checking Accounts vs. Savings Accounts: Key Differences to Know

Types of Prize-Linked Savings Accounts

To make it easier to understand how prize-linked savings accounts work, here are a few real-life examples of these savings accounts that are available domestically.

Save to Win

Save to Win allows participating credit unions to hold savings promotion raffles. Every qualifying $25 an account holder deposits into a Save to Win account earns them an entry into a drawing for cash prizes. Save to Win claims that it awards more than $200,000 in prizes every year.

Lucky Savers

Lucky Savers is designed to motivate New Yorkers to save by rewarding smart savings habits. This program is exclusive to credit unions and is formatted as a 12-month share certificate with unlimited deposit capabilities. Opening this account requires a $25 initial deposit. Then, for every $25 in month-over-month balance increase, account holders earn one entry into monthly and quarterly prize drawings.

WINcentive

WINcentive® Savings is another credit union-exclusive program. This program in Minnesota offers prize drawing entries for every $25 an account holder saves for up to four entries each month. Prize drawings occur monthly, quarterly, and annually. In 2025, $100,000 in cash prizes were awarded to account holders.

Are Prize-Linked Savings Accounts (PLSAs) Legal?

Prize-linked savings accounts are legal in approximately 34 states that have enacted legislation to allow these types of accounts. In response to concerns surrounding prize-linked savings programs, Congress passed the American Savings Promotion Act which authorizes banks and thrifts (a financial institution specializing in savings accounts and mortgages) to conduct savings promotion raffles. It also excludes these raffles from the prohibition against financial institutions dealing in lotteries.

Pros of Opening a Prize-Linked Savings Account

Depending on your circumstances and financial goals, a prize account can offer a number of advantages. The pros of these savings accounts are:

•   Prize-linked savings accounts can incentivize individuals to save more money. Programs have found the amount of savers and savings amounts increase when there is a prize incentive.

•   It’s possible to win money that can help offset monthly expenses or may be large enough to be the equivalent of a small lottery prize.

•   It’s possible to win prize money without any of the typical risks that come with gambling or buying lottery tickets. These accounts are designed so that the account holder gets to keep their savings whether they win a prize or not.

Cons of Opening a Prize-Linked Savings Account

Along with the benefits, there are disadvantages to prize-linked savings accounts. These include:

•   Prize-linked savings accounts earn little to no interest. The chance of winning money may not be worth forgoing a bank account with a higher yield.

•   Winning any prize money at all is not guaranteed and not predictable, unlike a steady stream of interest earnings.

•   These prize-linked savings accounts are often cheaper for financial institutions to offer than traditional savings accounts. For this reason, they might not promote the better savings options an account holder might have.

Opening a Prize-Linked Savings Account

If you want to open a prize-linked savings account, these are the steps you’ll generally take.

1.    Find a credit union that offers prize-linked savings accounts. These accounts aren’t available in all states and are more commonly found at credit unions.

2.    Apply to open a prize-linked savings account. The applicant will usually need to provide two forms of identification during the application process.

3.    Make a deposit. Most prize-linked savings accounts have small initial minimum-deposit requirements.

Are There Taxes on PLSAs?

There are tax requirements surrounding prize-linked savings account winnings. Sure, you can go and spend money from your savings account that’s been plumped up thanks to a cash prize. However, anyone who wins money from one of these accounts should be prepared to pay taxes on their winnings according to state and federal laws.

Alternatives to a Prize-Linked Savings Account

Because there’s no guarantee that you will win any money with a prize-linked savings account, you may want to consider these other savings options that can offer a more guaranteed return.

•   High-yield savings accounts: High-yield savings accounts are savings accounts with high interest rates and are often found at online banks. Because online banks don’t have to spend a lot of money on brick-and-mortar banking locations, they may be able to offer higher interest rates, lower fees, or other bank account bonuses. High-yield savings accounts also allow consumers to take advantage of compound interest.

•   Money market account: Money market accounts are savings accounts that tend to have a higher annual percentage yield (APY) than traditional savings accounts do, but they may have withdrawal limits. Check with your financial institution to see if there is a cap on the number of withdrawals you can make per month.

•   Certificate of deposit: A certificate of deposit (CD) generally has a minimum deposit requirement. It also has a set timeframe during which you can’t withdraw your money from the CD without having to pay a penalty fee. CDs may have higher interest rates than both savings accounts and money market accounts.

The Takeaway

The potential to win prize money through a prize-linked savings account can make saving more appealing for some consumers. That being said, these accounts tend to have much lower interest rates than traditional savings accounts, and there is no guarantee the account holder will ever win any money. Before opening one, carefully consider if a prize-linked savings account can meet your needs or if you would be better off with a different financial vehicle, such as a high-yield savings account instead.

FAQ

Are prize-linked savings accounts legal?

Yes, prize-linked savings accounts are legal in about 34 states. Congress passed the American Savings Promotion Act in 2014, which authorizes banks and thrift banks to conduct savings promotion raffles.

Is a lottery account safe?

Lottery accounts are generally a safe way to save money. There is no actual gambling involved with a prize-linked savings account. These accounts are designed so that account holders get to keep all of their savings whether or not they win prize money.

How do I open a lottery account?

The process of opening a prize-linked savings account is the same as opening a normal savings account. Once you find a credit union that offers this type of savings account, you provide all of the information and identifying documentation required during the application process. You can then make an initial deposit.

---

Photo credit: iStock/Tevarak

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
This article is not intended to be legal advice. Please consult an attorney for advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-119

Read more

A tradeline is the term used by the three major credit reporting bureaus, Equifax®, Experian®, and TransUnion®, to describe any one of the accounts listed on your credit report. Each account has its own tradeline, and each tradeline contains information about the creditor, your account, and your debt.

Tradelines make up a good portion of your credit report, which means the information within them plays a big role in determining your credit score. And, as you probably know, your credit score is an important number that can prove your creditworthiness and help you snag lower rates on loans, among other benefits.

The more you understand about what a tradeline is and what creditors see when they read your credit report, the better equipped you’ll be to use that information to maintain a good credit score.

What Is a Credit Tradeline?

A tradeline in a credit report is a record for each of the credit accounts that you have. This includes revolving credit accounts, such as credit cards, and installment loans, such as student loans, auto loans, mortgages, and personal loans.

Each tradeline may contain a host of information reported by the creditor about themselves and your debt.

Recommended: Tips for Using a Credit Card Responsibly

What Information Is Reported by a Creditor?

When it comes to knowing what a tradeline is on a credit report, you may be surprised by just how much intel is shared. Quite a lot of information is reported about a creditor and your debt. The list includes:

•   Creditor’s name and address

•   Type of account

•   Partial account number

•   Date the account was opened

•   The account’s current status

•   Date of latest activity

•   Original loan amount

•   Credit limit

•   Current or recent balance

•   Monthly payment

•   Payment history

•   Date the account was closed, if this situation applies

By looking at a tradeline, you can view all of the most recent information reported by your creditors to the three credit reporting bureaus, all in one place. This is the information that will have an impact on your credit score.

Recommended: When Are Credit Card Payments Due?

What Other Information Is Gathered by the Credit Bureaus?

In addition to the information listed above, the credit reporting bureaus will also gather:

•   Personal information, including your name, date of birth, Social Security number, home address, phone number, and employer

•   Information from the public record, including bankruptcies

•   Details of who has made recent inquiries about your credit and when (for example, if you’ve applied for new credit and a hard inquiry has been made)

The credit bureaus don’t know everything about you, however. They don’t have access to information such as your income, bank account balances, or marital status, though the report could include a spouse’s name if a creditor reports it.

How a Credit Tradeline Works

Tradelines are like the heartbeat of your credit report. Without them, you can’t have a score. If you’re keeping your credit utilization low (that is, keeping your balance low vs. your limit on credit cards), paying your bills on time, and showing that you’re a dependable borrower, your tradelines will be positive. Your three-digit credit score should be in good shape.

If, on the other hand, you pay your bills late, skip payments, and rack up loads of debt, your tradelines will reveal negative information. Your score is likely to be low or decline.

What Are Tradelines for Credit Used For?

Creditors use your score to help them determine whether or not to extend credit to you and what terms and interest rates they’re willing to offer. Good credit is important. For example, if you have a good credit score, your lender may see you as less of a risk and offer a lower interest rate on a loan.

Higher-risk loan applicants with lower scores may be offered much higher rates. In other words, buying a car or home will be that much more expensive if your score is low.

While your credit score gives lenders an overall sense of the shape of your personal finances and credit history, it doesn’t give them any details. For those, they may look at individual tradelines contained within your credit report.

How Tradelines May Affect Your Credit and Banking

Your tradelines have a direct impact on your credit since activity within the account is used to calculate your credit score.

Here’s a closer look at the five factors used to generate your FICO® Score and the weightings used for each.

•   Payment history: 35%

•   Amounts owed: 30%

•   Length of credit history: 15%

•   New credit: 10%

•   Credit mix: 10%

Any credit activity that pertains to one of those categories can have an impact on your score when reported in your tradeline. For example, delinquent payments could damage your credit history. Or closing an account may have an impact on your length of credit history.

When Are Credit Tradelines Removed?

From time to time, a tradeline can be removed from your credit report. For example, if you’re an authorized user of a credit card and you’re removed from the account, the tradeline will be dropped from your credit report.

When you close an account, the tradeline isn’t removed immediately. In fact, if that account has a positive impact on your credit score, the tradeline may stay on your report for as long as 10 years. Nice!

Worth noting: If a tradeline was opened fraudulently, if someone opened a credit line or took on a loan in your name without your knowledge, for example, you may ask to have the tradeline removed. In fact, it can be a very good idea to do so. It can help build your credit score since many fraudulent accounts contain negative credit information.

What Happens to Your Banking When a Tradeline Is Removed?

Removing a tradeline can be a positive or negative thing for your credit. If the tradeline was associated with positive information, removing it can hurt your credit. Luckily, a positive closed account stays on your report for a decade.

Closing an account with negative information can be a plus for your credit score. If an account is delinquent when it’s closed, the entire account will be removed after seven years.

How Is This Information Collected?

Creditors report the information collected in the tradelines to the credit reporting bureaus. They do so voluntarily, at their discretion, and on their own timeline, though the credit bureaus prefer that credit information is updated every month.

Each credit bureau may use different sources for the information they gather. What’s more, while some creditors will report to all three bureaus, some may only report to two, one, or even none of them.

Why You Should Check for Errors

As mentioned above, your tradelines are the source of information that determines your credit score. So it’s important to check your credit report regularly to make sure that there are no errors negatively impacting your score. Inaccurate information could also be a sign of identity theft.

You can request one complimentary credit report from each of the three major credit reporting bureaus each year, according to the Fair Credit Reporting Act. Since you can get three reports each year, you could even request one report every four months to help ensure your finances are as up-to-date as possible. A popular site to check your credit report is Annualcreditreport.com.

You may also consider signing up for a credit score monitoring service.

Can You Buy New Tradelines?

Some companies will offer the opportunity to buy tradelines to help build your score. It’s not necessarily advisable to purchase from these third-party services.

First, a little background info: When you’re trying to build credit, one common strategy is to become an authorized user on an already existing account. For example, your parents might make you a user on their credit card. Good credit history and maintaining a low balance on this account could help you build credit.

When you purchase a tradeline, you enter into a similar agreement with a stranger. You’ll pay a third-party service to set up the transaction. You won’t know the person whose account you’re joining, and you won’t be able to use the account. The account will usually remain open to you for a short period of time only.

You’re paying for the privilege of being on this account, which will supposedly help positively impact your credit rating.

Is Buying Tradelines Legal?

Technically speaking, buying tradelines through a reliable tradeline service is legal. The Equal Credit Opportunity Act protects authorized users from discrimination in credit decisions.

That said, there are times when working with a tradeline service can lead to serious issues:

•   A company may say you can hide bad credit or a bankruptcy using a credit privacy number. In reality, this might be someone else’s Social Security number, landing you in the middle of an identity theft scam.

•   You might also find yourself buying into an account that’s gone into default. You could end up as the primary owner of the account, which could hurt your credit.

•   Also, watch out for companies that misrepresent personal information to credit bureaus. This is fraudulent, and it indicates that you’re not working with a reliable company.

Risks of Buying Credit Tradelines

Whenever you give out your personal information, including to a tradeline supplier, you’re putting yourself at risk of identity theft.

By attempting to take a shortcut to build credit, you also won’t be doing yourself any favors. Beyond the risk of identity theft and other entanglements, you’ll be robbing yourself of the chance to build good financial habits. And this could come back to bite you in the end if you never learn to manage debt responsibly on your own.

How Banking Can Improve Your Credit Report

If you’re looking to positively impact your credit score, there are a number of alternatives to buying tradelines that you can pursue.

•   Always pay your bills on time. Your payment history makes up the bulk of your credit score. Pay close attention to your checking account and bills, and make sure you can and do make regular debt payments on time and in full. Consider automated bill pay to help ensure you never miss a payment.

•   Pay down debts. Your available credit plays a large role in the calculation of your credit score. Your credit card utilization ratio, as mentioned above, shows how much of your available credit you’re using. You can calculate your ratio by dividing the credit card balance by the loan limit. If your utilization rate is over 30%, build your credit score by paying down your balance. If possible, aim to keep your score under 10%.

•   Check your credit reports regularly. Learn to read your credit report. Alert the credit bureaus to any inaccuracies. Your credit score should change for the better shortly after a mistake is corrected.

Alternatives to Credit Tradelines

If you’re trying to build credit over time, there are also alternatives to tradelines.

•   Become an authorized user. You may wonder, “Isn’t this what purchasing a tradeline is?” The answer is yes, but it’s far better to become an authorized user on the account of someone you know well or are related to. You’ll have the opportunity to use the account and learn healthy credit habits. Just don’t abuse this privilege.

•   Apply for a secured credit card. Secured credit cards require you to make a security deposit to receive a line of credit. This deposit often becomes your credit limit. These cards are easier for people with no credit history to qualify for, and they help you build credit.

•   Get credit for paying bills. You might look into services that allow you to get credit for on-time payment of bills that usually don’t count towards your credit score This may include bills for everything from your utilities to your streaming service.

The Takeaway

The tradeline for each of your revolving credit or installment accounts contains all the information necessary to generate your credit score. Understanding your tradelines can help you understand the ways in which you can build your score. Manage those tradelines well, and you may unlock lower interest rates on loans and other elements of financial health.

Here’s another way to boost your financial health: Find the right banking partner.

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, named the #1 Bank in the U.S. for the fourth year in a row by Forbes (2026).* Enjoy up to 3.10% APY on SoFi Checking and Savings.

FAQ

Are tradelines good for credit?

The information contained in your tradelines is used to generate your credit score. It reflects how well you manage credit and can therefore be either good or bad, depending on such factors as whether you have been paying back debt on time and how much debt you’re carrying.

How much will a tradeline build my credit?

Adding a tradeline can actually lower your credit in the short-term. For example, it will lower the average age of your accounts, which can have a negative impact on your length of credit history. However, if you can maintain the account over the long term and keep up with payments, the new account may help build your credit score.

How do I get tradelines on my credit?

Tradelines are added to your credit report when you open new lines of credit or take out new loans. A tradeline is also added when you become an authorized user on another person’s account.

---

Photo credit: iStock/miniseries

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/. ^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-082

Read more