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If you’re experiencing a temporary financial setback and have fallen behind on your credit card debt, you’re not alone. According to the Federal Reserve Bank of New York, credit card balances rose to $1.23 trillion in the third quarter of 2025, a $67 billion increase over the previous year.

Having to repay credit card bills when you’re struggling financially — whether due to an emergency expense or a job loss — can be a challenging burden. In this difficult situation, it’s worth contacting your credit card company to see if it has a credit card hardship program.

What Is a Credit Card Hardship Program?

A credit card hardship program, sometimes referred to as a credit card assistance program, is a repayment plan that’s created based on your hardship circumstances. (This type of modified repayment option was commonly offered by credit card issuers for customers who were financially affected by COVID-19, for example.)

However, credit card issuers aren’t required by law to offer hardship assistance programs, and not all card companies provide this option. Those that do might offer a variety of ways to temporarily ease your repayment burden, if you’re eligible. For instance, it might adjust your credit card payment due date, waive late fees that have accrued, lower your interest rate, or reduce your minimum payment required over a period of time.

Again, these changes are temporary and only designed to get you caught up on your outstanding credit card balance. Once you’ve completed the program, your original terms will be enforced if your account is still active.

Why Is High Credit Card Debt a Concern?

Credit cards tend to have higher interest rates than other types of loans. According to Federal Reserve data, credit card interest rates averaged 22.30% near the end of 2025. In addition, credit card interest is compounded, typically daily, which essentially means you pay interest on the accumulated interest. As a result, your debt can grow quickly over time. High interest rates in the U.S. have recently prompted some to propose a temporary 10% cap on credit card interest rates.

Opinions on the prospect of credit card caps are divided, and it’s unclear they will ever come to be. However, there may be other options available to those struggling with credit card debt, such as a credit card hardship program, if applicable, or a non-revolving loan, which typically has lower (fixed) interest rates, and a predictable end date.

💡 Quick Tip: Credit card interest rates average 20%-25%, versus 12% for a personal loan. And with loan repayment terms of 2 to 7 years, you’ll pay down your debt faster. With a SoFi personal loan for credit card debt, who needs credit card rate caps?

Who Is a Credit Card Hardship Program For?

Credit card hardship programs are for consumers who are experiencing an unexpected hardship. Generally, the hardship directly or indirectly impacts the consumer’s ability to make on-time credit card minimum payments.

For example, hardship assistance plans might be offered to those who are unexpectedly facing:

•   An income reduction

•   Job loss

•   Death of a primary earner

•   Natural disaster

•   Divorce

•   Severe illness

•   Other emergency

Eligibility for credit card hardship programs varies among credit card companies. Generally, at the very least you’ll need to provide proof of the hardship; however, credit issuers don’t publicly share much information about eligibility since it’s approved on a case-by-case basis.

How to Apply for a Credit Card Hardship Program

If your credit card company offers a hardship program, prepare for your conversation by taking a few steps.

1. Review Your Budget

For starters, evaluate where your finances stand today. Compare your non-negotiable bills, like rent or your mortgage payments, a child’s tuition, groceries, gas, etc., against your monthly income.

Determine how much you can comfortably put toward your credit card payments. Make sure the amount is realistic since you’ll want to make positive strides toward your hardship program, if it’s available to you.

Write out your budget and the amount you’ve determined that you can reasonably afford to make toward your credit card bill each month. Have this information ready for your phone call with your card issuer in the next step.

2. Call Your Issuer

Contact your credit card company by calling the phone number listed on the back of your card. Explain your hardship situation and note that it will impact your ability to repay your outstanding credit card balance. Ask them if they offer a temporary credit card assistance or hardship program.

3. Agree Only to Terms You Can Afford

If they offer this option, this next step is your opportunity to negotiate the terms of your hardship plan. Ultimately, the company would likely rather work alongside you to get repaid, rather than risk you delaying credit card payments and later defaulting on your debt.

Make sure that any terms they initially offer are what you can realistically manage financially. If it still feels too costly, tell them that those terms don’t work for you and ask for further relief. It’s important to make sure to only agree to what’s realistic, given the consequences of credit card late payment.

If you arrive at a credit card hardship plan that you can confidently complete, get all of the terms in writing and read the agreement carefully before signing.

Factors to Consider Before Agreeing to a Credit Card Hardship Plan

One significant impact that credit card assistance programs typically have is a freeze on your credit card activity — meaning using the credit card is no longer an option. Although a credit card freeze doesn’t negatively impact your credit score, that’s spending power that you’ll immediately lose. Though, given your financial hardship, it’s a practical requirement until you can regain your footing.

Some credit card companies might even require that you close your card account entirely while participating in the program. This is what can impact your credit score the most.

Further, closing your account reduces yourcredit utilization ratio, which is the percentage of credit you’ve used compared to your available credit line. According to the Consumer Financial Protection Bureau, it’s best to keep this ratio below 30%. However, if you suddenly have a reduced overall credit line due to a closed account, your credit utilization ratio will increase.

Additionally, a closed credit card can lower your score since you’re losing the benefits of a matured credit card account. ForFICO® credit scores, for example, the average age of all of your credit accounts makes up 15% of your score.

Finally, closing your account can also impact the mix of credit in your credit profile, especially if you’re losing your only revolving account, which is what a credit card is. Having a mix of installment (e.g. car loans, mortgages, etc.) and revolving credit (e.g. credit cards) comprises 10% of your FICO score.

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

Pros and Cons of Credit Card Hardship Program

There are a handful of benefits associated with a credit card hardship program. However, you should also consider the drawbacks before moving forward.

Alternatives to Credit Card Hardship Programs

If a credit card assistance program isn’t right for you, there are a few other options for getting through financial hardship.

Balance Transfer Credit Card

If your credit is still in good standing and your account isn’t delinquent yet, consider a balance transfer card. It lets you transfer one or more credit card balances onto a low- or temporarily 0% APR card. A balance transfer fee might apply.

Debt Consolidation Loan

This option lets you combine multiple debts — installment and revolving — into a new installment loan. Ideally, the debt consolidation loan offers a much lower APR with one simple payment to help you chip away at payments. A non-revolving line of credit like a personal loan, for example, tends to have lower interest interest rates, fixed payments, and a transparent schedule. Fees might apply.

If you’re struggling with other payments as well, you could consider another type of loan — a hardship loan. While this could help you continue to make your rent or mortgage payments or stay on top of other necessary daily living expenses, be mindful before assuming additional debt.

Recommended: When Are Credit Card Payments Due?

Debt Management Plan

Debt management plans are typically offered through credit counseling organizations. A credit counselor facilitates an agreement with your creditors on a payment plan.

Generally, a debt management plan requires you to make monthly payments to the counseling service, which will then make payments to your creditors on your behalf. It’s best to work with a nonprofit organization, such as the National Foundation for Credit Counseling.

Recommended: Credit Card Debt Forgiveness: What It Is and How It Works

The Takeaway

If you anticipate falling behind on your credit card payment, a credit card hardship program may help you avoid spiraling debt and future default. Remember, you still owe the debt, but it’s worth talking to your credit card issuer to see how it can help you through this difficult period.
After successfully completing a credit card hardship program — and regaining financial stability — your card issuer might offer to unfreeze your credit card account, based on your hardship agreement.

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

Looking for a new credit card? Consider credit card options that can make your money work for you. See if you're prequalified for a SoFi Credit Card.

FAQ

Do credit card hardship programs affect your credit?

Credit card hardship programs, in and of themselves, don’t directly affect your credit. However, the requirements to participate in a hardship program, like closing the impacted account during the hardship plan, or other credit reporting might have an adverse effect on your credit score.

Does credit card debt count as a hardship?

No, credit card debt doesn’t typically qualify as a hardship. Uncontrollable factors like a major illness or injury, disability, sudden unemployment, loss of your household’s primary earner due to divorce or death, or other significant unexpected expenses typically fall under hardship.

What are my options if I can’t pay my credit card?

If you can’t pay the minimum amount due on your credit card bill, contact your card issuer to learn more about your repayment options. Based on your unique situation, it might offer a manageable path forward to repay your debt, whether that’s simply changing your monthly due date or putting you on a credit card hardship program.

Can you ask for forgiveness of credit card debt?

You might be able to secure debt forgiveness on the total outstanding credit card debt that you owe through your card issuer. Some credit card companies might be willing to settle the debt at a lower amount, which you’ll need to pay in a lump sum. The remainder of the debt is then “written off.”

Photo credit: iStock/PeopleImages

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

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

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

SoFi Credit Cards are 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.

SOCC-Q324-011
3491509-03

Yes, it’s that time again: Tax Day is approaching. When April 15th rolls around, it’s the deadline for filing returns.

This isn’t a task you want to leave for the night before. Taxes can be complex, and it can be time-consuming to complete even a fairly simple return. Preparing in advance can be an excellent idea.

Whether you plan to file on your own or use a professional tax service, you will need to gather a number of forms and documents. This checklist will help you pull together the information and paperwork you need to make the process go that much more smoothly.

The Basics of Filing Taxes

In a nutshell, filing your taxes tracks your income, taxes already deducted during the year, any credits and deductions, and other factors that impact what you may owe.

Below, you’ll learn about what documents you need to file your income taxes. The Internal Revenue Service (IRS) collects taxes from any business or individual that receives a regular monthly income. There are currently seven different tax brackets that divide individuals according to their annual earnings.

Of course, each person’s situation is unique, with different earnings, deductions, and circumstances that may impact how much they owe (or get refunded, in some cases). You can explore an in-depth guide to the 2025 tax season for more details, but now, consider the information you’ll need to collect before you can finalize your return.

Personal Information

First on your tax prep checklist is to gather some basic information about yourself and (if applicable) your spouse and children. This includes:

•   Your Social Security or tax ID number

•   Your spouse’s Social Security or tax ID number and birthdate

•   Any identity protection PINs issued to you or family members by the IRS

•   Your bank account number and routing number for the deposit of any refund you may be due or payment you owe, it you choose to pay that way

•   Any foreign residency and reporting details, if that applies to you.

Dependents’ Information

If you have dependents, you’ll want to gather similar details about them, as above. The IRS defines a dependent as a qualifying child (who is either under age 19 or under age 24 if they’re a full-time student), or could be any age if considered to be permanently disabled. A qualifying relative can be a relative (say, a sibling or parent) who, if they have income, does not provide more than half of their own annual support. (One note: A spouse cannot be claimed as a dependent.)

In addition to dates of birth and Social Security or tax ID numbers, you will need records of child care expenses (and providers’ tax ID numbers), if applicable; details of earnings of dependents; and potentially form 8332 relating to custodial agreements for children, as needed. (You’ll learn a bit more about possible family-related tax deductions and credits below.)

Sources of Income

Next on the tax preparation checklist is to gather paperwork about your sources of income. Typically, this means W-2 and/or 1099 tax forms.

•   For full-time employees, this will often be a W-2 form.

•   For those who are self-employed (such as freelance and contract workers), 1099s will be needed. These are forms that document payment of funds from different entities.

•   If you received payments for goods and services from an app or online platform, you might receive a 1099-K form if your earnings cross a certain threshold.

•   If you received unemployment compensation (or any state or local income tax refunds), you’ll want to make sure you have a 1099-G reflecting these earnings.

•   If you’ve earned interest or dividends, or sold investments, you will want to collect your 1099 forms that track these amounts.

•   You will also need to pull together any 1099 forms that document Social Security or income from a pension, IRA, or annuity.

•   Other forms of income will need to be accounted for as well, including jury duty, pay, prizes, awards, gambling winnings, trust income, passive income (such as earnings on a rental property you own), and royalties, among others.

Types of Deductions

Now that you’ve covered what you earned on the tax document checklist, it’s important to track possible deductions, which can lower your tax burden. Essentially, when you take a deduction, you lower the amount of income that will be taxed.

Many of these deductions will involve 1098 documents. Here are some of the more common tax deductions possible:

•   Medical expenses: You may be able to deduct some medical expenses, so it’s wise to gather records of how much you paid. If your medical bills exceed 7.5% of your adjusted gross income, and you choose to itemize your deductions (rather than take the standard deduction), you may be able to deduct some of these expenses.

•   IRA contributions: You may be able to deduct your contributions to a traditional individual retirement account (IRA). However, the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds a certain level.

•   Mortgage and property Taxes: You may be able to deduct your property taxes and the interest you paid on your mortgage if you itemize, so be sure to gather your paperwork related to homeownership.

•   Charitable donations: If you itemize, you may be able to deduct any money or items you donated to a charity from your taxable income.

•   Car expenses: If you’re self-employed and use your car exclusively or partially for work, you may be able to write off all or some of your car expenses.

•   Educational expenses: Student loan interest (up to $2,500) is tax deductible. If you are self-employed, you may be able to deduct education expenses, provided the education improves your business or is required by law.

•   Home office costs: If you’re self-employed, you may be able to deduct expenses related to maintaining a home office.

•   State, local, and sales taxes: If you itemize, you may be able to deduct the state and local general sales tax you paid during the year, or the state and local income tax you paid during the year.

Tax Credits

Before you wrap up your tax prep checklist, you’ll want to collect any paperwork that could help you snag tax credits. As for deductions vs. tax credits, a deduction lowers your taxable income, while a credit gives you a dollar-for-dollar deduction in your tax liability. So if you can claim a $2,500 credit, that means your taxes owed are reduced by $2,500.

Here’s a look at some credits that can help you save on your taxes.

Student Credits

You may want to look into the following:

•   American opportunity tax credit: You may be able to receive up to $2,500 as a credit for qualifying educational expenses during the first four years of higher education.

•   Lifetime learning credit: You may be able to receive up to $2,000 per year as a credit for qualifying tuition and expenses.

Family and Dependent Credits

Consider whether you are eligible for the:

•   Child tax credit: This is worth up to $2,200 per qualifying child under age 17 for tax years 2025 and 2026.

•   Child and dependent care credit: If you needed child or dependent care in order to work, you may be able to get back some of your expenses with this credit.

•   Earned income tax credit (EITC): For low- to middle-income workers, the EITC could be up to $8,046 for 2025, and up to $8,231 for 2026, depending on qualifying factors.

•   Adoption credit: If an adoption was finalized in 2025, the adoptive parents may be eligible for a federal tax credit of up to $17,280. For adoptions finalized in 2026, the adoptive parents may be eligible for a federal tax credit of up to $17,670.

Homeowner Credits

•   Home energy tax credits: For tax year 2025, you might be able to take a credit of up to 30% on the costs of clean, renewable energy systems/equipment for your home, up to a limit. Most home energy tax credits will not be available for the 2026 tax year (with a few exceptions), under the One Big Beautiful Bill.

Missed Deadline Penalties

Here’s another reason to prioritize this tax preparation checklist: If you don’t have your documents gathered and your return prepared, you might file late…or not be filing at all.

There are various penalties involved if you don’t make the filing deadline and/or you don’t pay the taxes you owe on time. Here’s how they break down:

•   If you owe taxes and don’t file on time, the penalty is 5% of taxes owed for every month your return is late. The penalty won’t exceed 25% of your unpaid taxes.

•   If you file more than 60 days after the filing due date, the minimum penalty is $525 (for 2025 tax returns filed in 2026) or 100% of your unpaid tax, whichever is less.

•   If you file your taxes (or request an extension) on time but don’t pay the taxes you owe, the late payment penalty is 0.5% of taxes owed for every month the payment is late. The penalty won’t exceed 25% of your unpaid taxes.

•   For any months in which both the late-payment and late-filing penalties apply, the late-filing penalty is reduced by 0.5% to 4.5%.

Interest also accrues on unpaid taxes, adding to the cost. Since all of this can cost you money and create considerable stress, it’s a good idea to get a head start so you have your tax prep documents together and can file on time.

The Takeaway

Filing taxes can be complicated and require gathering various forms and figures. It’s wise to start early and collect information related to your income, dependents, and possible deductions and credits.

Additionally, being prepared in advance to receive any refunds or make any potential subsequent tax payments is important. It can be wise to have a checking and savings account that earns you interest while making it simple to track your cash.

​​

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

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

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

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

SOBNK-Q125-004
CN-Q425-3236452-142

Filing taxes as a beginner can be intimidating, but once you’ve done it a couple of times, it can get easier. You’ll know the process and just which documents and numbers you’ll need to complete your forms. That applies whether you file on your own or work with a tax preparer.

So, here’s a great starting point for learning how to file taxes when you aren’t so familiar with the procedure.

What Do You Need to File Your Taxes?

If this is your first time filing, it’s a good idea to gather everything you need before you sit down at a computer or with an accountant. Here’s what you’ll need:

•   Social Security number: If you aren’t sure, ask your parents or legal guardians. Once you start filing taxes, it’s a good idea for you to keep your Social Security card and other important documents, like your birth certificate, instead of leaving them at your parents’ house.

•   Wage and income information: For most first-time filers, this will simply be a W-2 form from your employer.

◦   If you did any freelance or contacted work, you should receive 1099 forms from each entity that paid you.

◦   If you have a bank account or investments that earned interest, and you will have received forms for those, typically a 1099-INT or 1099-DIV.

•   Documentation for tax credits and deductions: When doing your taxes at a young age, it is unlikely that you will qualify for many tax credits and deductions, if any at all. And because the standard deduction has increased significantly over the years, you will likely take the standard deduction (instead of itemized), for which you won’t need any documentation.

◦   If you’re a student, also look for the form 1098-T from your school, which details tuition payments you have made and funds received (such as grants), to help you identify whether you are eligible for any deductions. In addition, be aware that some college scholarships or grants may be considered taxable income.

•   Bank account info: If you expect to receive a refund and want the money electronically deposited into your bank account, you need to have your account number and routing number at the ready. If you owe money, you can pay from your bank account, a credit or debit card, or a paper check or money order.

The IRS also advises checking with parents before filing to see if they are claiming you as a dependent.

Where Can You Fill Out Your Taxes?

When learning how to do taxes for the first time, one big question is exactly where to get this done. The IRS allows you to fill out your taxes in several ways, either on paper or electronically.

Filing Online

You can file online directly through the IRS website with a tool called IRS Free File. And if your adjusted gross income (AGI) is $84,000 or less, the IRS currently offers free guided tax preparation software. Even if you brought in more than $84,000, the IRS makes its tax forms available for e-file free of charge. Check the IRS website for updates regarding this program for each calendar year.

However, navigating tax forms can be overwhelming. Purchased tax software comes with educational resources and interactive platforms that prompt you for the correct information. Using tax software could help filers avoid math errors and find deductions and tax credits they may not have otherwise known about.

As a filer, it’s up to you to research popular tax software solutions (such as TurboTax, H&R Block, TaxSlayer, and TaxAct) and find the option that suits you best. Prices can range from about $40 to $125 or more and up.

Filing Manually

The old method of filing by hand with pen and paper is still possible, though these returns may take longer to process.

Because pen and paper can potentially lead to errors, it is a good idea for first-time and veteran filers to utilize free or purchased online software or even a tax professional.

Recommended: How Long Does It Take for the IRS to Mail Tax Refund Checks?

Filing With a Professional

Tax professionals can file manually and online, but the IRS encourages all accountants to utilize the online option. For a speedy return and fewer errors, most tax professionals will likely file electronically for you.

As a first-time filer, your tax situation will not likely be complex enough to warrant a tax professional. But as your finances become more complicated — with investments, real estate, small business ownership, and more — a tax accountant may make sense.

Another benefit of working with an accountant can be their training and knowledge. A professional may be able to help you find (legal) ways to pay less taxes.

How Do You Pay Your Taxes?

When filing taxes for the first time, there’s a good chance you will not owe anything. In the event that you do owe the government money, however, you have multiple options for paying your taxes:

•   IRS Direct Pay: The amount owed will be debited from a checking or savings account.

•   Credit or debit card: You can pay your outstanding tax balance with a debit or credit card online. This is a nice option if you have cash back rewards, but you will typically be paying a high interest rate if you carry a balance.

•   Check or money order: The IRS still accepts checks in the mail, as well as money orders.

•   Installment agreement: If you cannot afford your tax bill all at once, you can use the IRS Online Payment Agreement tool to apply for an installment plan.

Filing Tips for First-Timers

Feeling nervous about doing taxes for the first time? Here are some tips for making the experience easier; consider them steps for how beginners can file taxes.

1. Watch Your Income

To determine if you need to file, you can watch your income throughout the year. Once you pass a certain threshold, you will be required to file. This filing threshold can vary depending on your situation, so you’ll need to check out the IRS filing requirements .

If you know that you will make enough money to pay taxes, it’s a good idea to ensure your employer is withholding the proper amount of money from each paycheck for federal, state, city, and even school district taxes. If you believe your employer is not withholding enough (or is withholding too much), the IRS recommends filling out a Form W-4 to change your withholding.

Recommended: What Tax Bracket Am I In?

2. Gather All Necessary Documents

Tax documents will start arriving in the mail or digitally early in the new year, typically near the end of January or in early February. As these documents come in, it’s wise to store them in a safe place, like a manila folder in a fire safe or an encrypted folder on your computer. When it’s time to file, you’ll be able to access all your tax forms quickly and easily, rather than hunting all over for them. Being organized this way can also help you be aware of any missing tax documents.

If your tax situation is more complex — for instance, if you are self-employed, receive student loans, or make charitable donations — it’s a good idea to hold on to relevant forms throughout the year. Self-employed individuals, for example, may want to save receipts for business expenses incurred throughout the year. These can help you claim tax deductions for freelancers.

3. Learn About Potential Credits

When filing taxes for the first time, you may not be eligible for many tax credits. Tax preparation software, a tax professional, or even the IRS’s guided filing tool may be able to help you find out which credits you qualify for.

Before filing on your own, it could be wise to review the IRS list of tax credits for individuals to see if any apply to you.

4. Understand Potential Deductions

Similarly, most first-time filers will want to take the standard deduction instead of itemizing because it may offer the larger discount. However, the IRS does offer itemized deductions for student loan interest and for work expenses, if you are self-employed.

You can familiarize yourself with IRS deductions, including tax deductions for college students (if that applies) before filing to determine if itemizing deductions is right for you.

5. Hit Your Deadlines

Tax Day in the United States is traditionally April 15, but if that date falls on a Saturday, Sunday, or legal holiday, the tax deadline moves out to the next business day.

If you owe estimated taxes each quarter (say, if you are self-employed), you will need to pay taxes four times a year. Working with a tax accountant may be in your best interest. Members of the Armed Forces may have special rules governing the due date of their taxes.

Individuals can also apply for a tax extension; this extends the due date of filing, but not the due date of payment. That means you might get a six-month extension to file the paperwork, but if you have not paid what you owe by April 15, you could be subject to late penalties.

Do You Need to File Taxes Every Year?

Not everyone is required to file tax returns every year. It all comes down to your unique tax situation and how much you earned. However, if you earn income throughout the year, there is a good chance you will need to file. It’s a good idea to review the IRS filing requirements or speak with an accountant if you are not sure.

Tax Filing Mistakes to Avoid

Working with tax preparation software or an accountant can help avoid some common mistakes when filing taxes, but familiarizing yourself with some of the most common errors can be helpful, no matter how you’re filing:

•   Forgetting about state and city. We often think about federal income taxes, but your city and state (and maybe even school district) could also have their own taxes that you are required to pay.

•   Not filing. Income thresholds can change each year. It’s always a good idea to check whether you are required to file taxes for a given year even if you didn’t have to for the previous year.

•   Not checking with parents. If you are filing taxes for the first time, your parents are likely used to claiming you as a dependent. Talking with them about dependent status before filing could be a smart move.

•   Filing without all your forms. Getting taxes over with early can relieve a lot of stress (and means you can get your tax refund early), but if you have any tax form stragglers, like a 1099, that appear in the mail after you’ve completed your taxes, you might land in trouble with the IRS.

•   Entering in the wrong info. Tax preparation is not something to speed through. Even though e-filing helps avoid simple pen-and-paper mistakes, it’s still possible to incorrectly enter things like your birth date or Social Security number. Slow and steady — with lots of double- and triple-checking — wins the race.

The Takeaway

Filing taxes as a beginner can be intimidating, but if you put some time and organizational effort into the process, it can go smoothly. You’ll also be better prepared for next year’s Tax Day once you’ve filed. Whether you do your own taxes or work with a tax professional, it’s wise to gather the necessary paperwork, understand your potential credits and deductions, and file on time and precisely.

The fastest way to get a tax refund, if you’re due one, is a direct deposit into your bank account. If you’re a first-time filer, it’s wise to have an account ready to receive any funds heading your way.

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

FAQ

What happens if you make an error on your taxes?

As soon as you realize you have made a mistake on your taxes, you can amend it with Form 1040-X or by calling the IRS at 800-829-1040. In general, the IRS does not consider mistakes to be tax fraud, though you may end up paying late penalties. If you have intentionally made errors and the IRS catches you, you could be charged with a tax crime.

How much income do I need to make in order to pay taxes?

The amount of income that you need to make to pay taxes can fluctuate each year and depends on your filing status (single; head of household; married, filing jointly; married, filing separately; qualifying widow/widower). For the 2025 tax year, a single filer under 65 needed to make $15,750 or more to file. For the 2026 tax year, a single filer under age 65 needs to make $16,100 or more to file.

What is the deadline for filing taxes?

In general, the tax deadline in the U.S. is April 15. If this date falls on a weekend or legal holiday, the deadline shifts to the next business day. Members of the military may have special rules affecting their deadline, and self-employed individuals typically must pay quarterly estimated taxes throughout the year.

How can I avoid tax scams?

The best way to avoid tax scams is to educate yourself on what they look like. The most common tax scams are email phishing scams and phone scams. Remember that the IRS will never email you requesting personal or financial information nor will the IRS call you and threaten legal action or leave pre-recorded, urgent messages.

Photo credit: iStock/PeopleImages

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

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

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

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

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

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

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

SOBNK-Q425-021
CN-Q425-3236452-147

A cardless ATM allows you to withdraw cash from your bank account without using a debit card. While these ATMs may look like regular ATMs and still have a slot to insert a debit card, they have the technology to identify an account holder without a debit card. To get cash without a debit card, you generally need a smartphone, the bank’s app, and a checking account that supports cardless cash.

What Are Cardless and Contactless Withdrawals?

Thanks to technology, you can often withdraw money from an ATM without a debit card and instead use your cell phone. This is good news for those who don’t like to carry around cards or would rather not have to search through their wallets to find the right card when they get to an ATM.

Cardless withdrawal allows you to use an app (an important part of traditional and online banking these days) to get your cash. Cardless ATMs use different types of technology (such as QR codes, NFC, and biometrics) to securely identify an account holder and dispense their cash without the presence of a debit card. Below, take a closer look at how exactly this works.

Recommended: 12 Mobile Banking Features

2 Ways to Get Cash From a How a Cardless ATM

How to do a cardless withdrawal? First, you’ll need an ATM that has cardless access and a bank account that allows cardless cash. Then, you’ll follow these steps.

Method 1: Using Your Banking App and a QR Code

With your phone, you initiate a withdrawal using your bank’s mobile app. There’s variation in how these apps work: The bank may send you a code to plug into the ATM or one that you can scan at the ATM. Either way, you need to press the cardless ATM acceptance mark. You’ll then be prompted to enter a code or scan the QR code on the ATM screen.

Next, you’ll see if any ATM fees are associated with the transaction. Then, you can accept and authenticate the transaction (which may involve using your phone’s biometrics, which are typically, fingerprints, voice recognition, iris scanning, or face recognition). You can also choose to decline and cancel the transaction. If you move ahead, the ATM receives authorization of the transaction and issues the cash you requested — no card needed.

Method 2: Using Your Mobile Wallet (Tap to Pay)

Another option is to use a contactless payment or digital wallet option like Google Pay or Apple Pay. If you opt for this kind of payment, it will likely use near-field communication (NFC) to connect to the terminal. In this situation, you’ll hold your phone close to the ATM so your phone and the ATM can “talk” to each other. You’ll then be able to access the bank account linked to the app.

Recommended: Savings Account Withdrawal Limits

How to Find a Cardless ATM Near You

You can usually find an ATM that’s cardless near you by using the ATM locator via your bank’s app or website. This will typically indicate which are contactless by displaying the contactless/NFC symbol. Another option is to use basic mapping tools and look for an ATM that is identified as contactless.

What Are the Benefits of Using a Cardless ATM?

For sure, there are some upsides to being able to get cash without your debit card. Here are some to consider.

You Don’t Need to Carry Your Wallet

It’s handy to be able to get your cash and conduct other transactions without your debit card. As long as you have your phone, you’re good to go. No need to make a trip back home if you discover when you get to the bank that you left your card at home. Cardless cash also allows you to carry around fewer cards. That can be helpful should you lose your wallet or it gets stolen.

It’s a More Hygienic Way to Bank

Given the concerns about germs that can be transmitted surface to surface, contactless payments (meaning those in which you do not have to insert your card into an ATM ) can be a plus. Less touching of surfaces that have seen a lot of potentially germy fingertips can be a good way to go.

There’s a Lower Risk of Skimming Fraud

You may feel reassured because there’s no chance of card skimming since you’re not swiping your card. What’s more, you may be able to avoid entering your PIN. That’s a plus since you don’t have to worry about hidden cameras or lurkers getting your digits. It can be a good way to add a layer of bank account protection.

Are There Any Downsides to Cardless Withdrawals?

Cardless cash withdrawals also have some downsides. Here’s a closer look.

Not All ATMs Are Equipped With This Technology

Not every ATM has cardless capabilities, and your bank may not have cardless ATMs that are convenient to where you live or work. Before you decide to go the cardless route, you’ll want to investigate what your financial institution offers in terms of cardless ATM access. Also, if you travel frequently, you may not always be able to find a cardless ATM when you need one. While cardless ATMs aren’t rare, they also aren’t everywhere.

Potential for Scams

Your phone will contain additional sensitive information if you go the cardless route. If you lose your phone or it is stolen, that information could be at risk. While there are plenty of safeguards and security measures, like biometric security and two-factor authentication, you’ll want to report a lost or stolen phone to your bank immediately.

Your Smartphone Must Be Compatible

Are you one of those people who stand in long lines for the latest, greatest smartphone release? If you regularly upgrade your phone to the latest model, you’re probably going to do fine with cardless withdrawals. But if you tend to hold onto your phone for a long time, you may need an upgrade that can handle your bank’s app and NFC, when required. Otherwise, your device may not be capable of cardless transactions.

The Takeaway

Cardless withdrawals are another way technology can help simplify your finances. All you need to access the cash in your checking or savings account is a smartphone, your bank’s app, and an ATM — no debit card required. Decide if it’s an important option you’d like to use.

FAQ

Does SoFi offer cardless withdrawals?

At the current time, SoFi does not offer cardless ATM withdrawals. Members need their physical debit card and PIN number to withdraw cash from an ATM.

Can I use Apple Pay or Google Pay at an ATM?

You can typically use Apple Pay and Google Pay at ATMs for cardless cash withdrawals, provided that the terminal is a contactless-enabled ATM. Scan for the contactless symbol, and you can then tap your phone vs. inserting a card, and then enter your PIN.

What if I lost my debit card but need cash?

If you lost your debit card but need cash, first call your bank to report that the card is missing to secure your account and get a replacement. Once you’ve done that, you can use such options as a cardless ATM withdrawal, visiting a bank teller, writing a check to yourself, getting cash back when making a purchase with a digital payment method, or using a service like Western Union to send cash to yourself and then pick it up.

Is it safe to use a contactless ATM?

Using a contactless ATM is typically very safe. The data that is transmitted via near-field communication (NFC) is encrypted, protecting your details. Also, you avoid the risk of unwittingly inserting your card into a skimmer and having your credentials stolen. That said, do stay alert whenever you use an ATM to keep yourself and your finances secure.

Are there withdrawal limits for cardless transactions?

Yes, as with traditional transactions, there are typically withdrawal limits. They are often but not always identical to your standard daily ATM limits, but it’s best to check with your bank to find out. Withdrawal limits can vary by bank, by your account type, and by ATM terminals.

Photo credit: iStock/hsyncoban

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

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

SOBNK-Q425-046

Mobile deposit is a fast, easy, and convenient way to deposit a check without going to the bank. You just snap a photo of your check with your smartphone and upload it to your bank’s app.

But you may have questions about this feature, even if you are already using it. For instance, how do you endorse a check for mobile deposit? How long will the check take to clear? Keep reading to find out the answer to these questions and more.

What Is Mobile Deposit and What Do You Need to Use It?

Here’s the meaning of a mobile deposit: It is a process that allows you to deposit a check into your account using your phone’s or your tablet’s camera. Typically, you open your bank’s mobile app and type in the amount of the check and take a photo of both the front and the back of the check. Before you do this, be sure to endorse the check.

Some details about mobile deposit you may want to note:

•   Banks generally let you use this feature 24 hours a day, although some banks may only make a same-day deposit up until a certain hour.

•   How long do mobile deposits take to clear? Typically, within a few days. Sometimes, a portion of the total deposited may be available initially before the remainder is fully available, depending on the rules of your bank. (Note that for most mobile check deposits with SoFi, a portion of the amount deposited will be available the business day following the business day of the deposit.)

For example, say you make a mobile deposit worth $1,000. Your bank may make $250 available initially and the remaining $750 available in a couple more business days. Each bank may have its own funds availability policy, though there are some federal regulations on how long a bank can place a hold on a deposited check. Ask your financial institution about their policies.

•   Some banks may have one-day or monthly dollar limits on mobile deposits. Others may have limits on the size of checks that they are willing to cash over mobile deposit. It can be a good idea to check with your financial institution about maximum deposit limits and other details.

How to Use Mobile Deposit in 5 Simple Steps

In terms of how mobile deposit works, it can be quite simple for the customer. Here’s a closer look.

1. Verify If Your Bank Offers Mobile Depositing

Many banks offer mobile depositing. But if you’re new to this feature or have a new bank account, make sure mobile deposit is available.

2. Check Your Daily and Monthly Deposit Limits

Some banks will have limits about mobile deposit. Perhaps your bank only allows up to $2,000 or $5,000 a day or a certain amount per month via mobile deposit. You want to know that before you attempt to deposit a check that’s over the limit. (SoFi’s daily and monthly mobile check deposit limits vary by member.)

3. Properly Endorse the Back of Your Check

How do you endorse a check for mobile deposit? That depends on your bank. Some may be fine with you signing your name on the back. Others may request that you add language such as “For Electronic Deposit at [bank name].” Familiarize yourself with your financial institution’s guidelines so you avoid any delays with your mobile deposit.

4. Take Clear Photos of the Front and Back of Your Check

Next, you’ll follow the instructions to deposit the check. They typically go something like this:

•   Log into your bank’s mobile banking app and navigate to the mobile deposit feature.

•   Select the account (say, your checking account) you want to deposit the check into.

•   Enter the amount of the check.

•   Take a photo of the endorsed check, front and back.

•   Review the details (your bank’s app may show the details, such as the check amount and account it’s heading towards and ask if everything looks correct).

•   Submit your check.

Recommended: Guide to Signing Over a Check

5. Submit the Deposit and Get a Confirmation

Just as with a check deposited at a bank’s ATM or branch, the money may not be immediately available for use. Checks typically take a bit of time to clear. Here’s how mobile deposit works:

•   When you snap that photo, a financial institution will generally produce a copy of the check as a stand-in for the physical copy. Using this facsimile, a bank will work to collect the money from the check writer’s account.

•   Even before the bank is able to retrieve the money from the check’s source, the money may show as deposited into your checking or savings account and pending. Though the technology is incredibly swift, the money itself isn’t actually moving that fast.

•   Money often becomes available in one day, but it could typically take up to several business days, depending on the bank’s policies, the bank the funds are drawn from, and other variables.

This lag time can create problems — you might spend or transfer the funds before the money has fully cleared.

What Should You Do With a Check After Making a Mobile Deposit?

It’s wise to hold onto the physical copy of your check for a few days or until you receive notification that it’s been accepted. If you need to, mark it so you know that you’ve already deposited the check. Once you know it’s cleared, shred or destroy the check so that no one can obtain the information.

Understanding Mobile Deposit Limits

Mobile deposit limits can vary by bank and by customer. For instance, at some banks, limits depend on the customer’s tier, such as one limit for standard accounts and often a higher one for premium or private client accounts. In many cases, the limits for a standard account can be between a couple and several thousand dollars.

It’s wise to check with your financial institution about your particular limits to be sure you manage this aspect of your banking well.

How Secure Is Mobile Check Deposit?

Just like mobile banking in general, mobile deposit is typically very safe. However, there are a few steps you can take to enhance that security.

•   Verify that you are using your bank’s app; fraudulent apps do exist and are a way that scammers try to commit bank fraud.

•   Avoid doing any banking via a public wifi connection.

•   When making a mobile check deposit, double-check that you have entered the check amount properly. Otherwise, there might be issues processing the deposit.

•   Be sure you’ve endorsed the check for mobile deposit properly.

•   Follow best practices for the security of your banking app. Never share passwords or other login information.

•   Keep checks secure and private, and make sure to shred them when they’ve been deposited and the funds have cleared.

Benefits of Mobile Deposit

Now that you know how the mobile deposit process works, here’s a guide to the benefits of mobile deposits.

Save Yourself a Trip to the ATM

This is a major benefit of mobile banking. Having to take a trip to a bank branch or find an ATM to deposit a check can be a real hassle. With this kind of deposit (and online banking in general), you don’t need to budge from wherever you are to get that check into your bank account.

Deposit Money Later in the Day

For lots of working people, getting to the bank before it closes at 5:00 pm on a weekday is difficult to do. With mobile banking, checks can be deposited at any time of day, any day of the week. You can be at your laptop working or in your pjs, watching a streaming series, and quickly get that money deposited.

Deposits Are Credited Quickly

Because of the extended hours offered by mobile deposits, it may be possible to deposit a check and see the money available in your account faster than if you had to wait until you make it to a branch location. If you deposit the check during mobile deposit hours and the amount is, say, $275 or under, it is possible to see your funds soon after. But, as mentioned above, it’s always wise to make sure the check has fully cleared before transferring or spending it. Remember, it’s not the same as depositing cash into your account.

Deposit a Check From Anywhere

Sometimes, you’re simply not anywhere near a branch or appropriate ATM but need to deposit a check. One of mobile banking’s biggest benefits is being able to deposit a check from anywhere in the world, whether you’re on vacation, attending a business meeting out of town, or otherwise not at your home base.

Deposits Are Secure

In terms of security, typically mobile banking is very safe. Depositing your checks through your mobile app can be as secure as any other digital banking process. Most banks and credit unions use enhanced security processes and encryption to protect their customers.

Also, if you are worried that your phone might be stolen and the image of your check could potentially fall into the wrong hands, don’t be. The image of a check that is deposited via mobile banking isn’t stored on your phone.

A Few Downsides to Mobile Deposit

Now that you’ve heard about the benefits of mobile banking when it comes to depositing checks, let’s acknowledge that there are also a few downsides. A couple to consider:

•   If you want to cash your check and get those physical bills in hand, you will not be able to do so via mobile deposit. The funds must go into your account.

•   Your mobile deposit might wind up bouncing, just as a check can bounce when deposited via other means. Don’t assume that just because it’s deposited, you can go and spend it.

•   There are mobile deposit frauds that occur, often in which a person or organization you don’t know well sends you a check and asks for you to deposit it and then send a portion back to them. Consider verifying a check before you deposit it, and keep your guard up!

Recommended: How Mobile Wallets Work

The Takeaway

Mobile deposit is a feature that allows you to deposit a check from virtually anywhere and at any time, using an app on your smartphone. There are many advantages to mobile banking, such as saving you time and energy vs. taking the check to a bricks-and-mortar branch or an ATM. It’s one of the ways that mobile banking can help make managing your personal finances more convenient.

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

FAQ

Can someone mobile deposit money into my account?

In order to make a mobile deposit to your account, you need to be logged into your account on your device. For this reason, it is unlikely someone could make a mobile deposit to your account.

Can I mobile deposit a check that’s not in my name?

There are some financial institutions that will permit a mobile deposit of someone else’s check (which you may hear referred to as a third-party check or a check that’s been signed over to you), but others prohibit this.

How long does it take for a mobile deposit to go through?

Mobile deposits typically become available within one or a couple of business days, but a portion can be available sooner. Factors that can impact availability include whether the deposit is made prior to the bank’s cutoff time or on a weekday vs. a weekend or holiday.

Are mobile deposits instant?

Mobile deposits are not instantaneous. The check may take from one day to several days to clear, although the fact that you deposited the check may pop up on your banking app very quickly. Also, it’s important to pay attention to cutoff times. If you use mobile deposit at, say, 11pm, that may be after the bank’s cutoff time, and the check won’t start processing until the next business day.

What is the average mobile deposit limit for most banks?

The average mobile deposit limit is commonly around $2,000 to $5,000 per day, but that can vary by bank and by banking customer. It’s wise to check with your financial institution for details.

What should I write on my check after a mobile deposit?

You don’t necessarily have to write anything on a check after making a mobile deposit, but some banks suggest that you write “mobile deposit” and the date on the check to help you keep track of and reconcile your finances.

Why would a mobile check deposit be rejected?

Mobile check deposits may be rejected for such reasons as a blurry image, improper endorsement, and the amount entered in the app not matching what’s on the check. In addition, if the check is a third-party check, money order, in a foreign currency, or in an amount exceeding the limit, it may not be accepted.

Can you deposit any type of check with mobile deposit?

Not all kinds of checks can be accepted with mobile deposit. For instance, money orders, third-party checks, and checks in a foreign currency may not be accepted.

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

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

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

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

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

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

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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

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

SOBNK-Q425-034