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Getting a credit card with no deposit can be easy if you have an established credit history with a good or excellent credit score. But if you’re just establishing your credit history or are trying to build your credit score, it can be much more challenging to apply for a credit card with no deposit.

For some, a secured credit card (one requiring a security deposit) might seem like the only option, but there are other paths to building your credit history. In this guide, we’ll cover how to find and apply for credit cards with no deposit — and what steps you can take to get closer to approval if you’re getting denied.

What Is a Credit Card Security Deposit?

Because of their established credit history and decent credit scores, many borrowers can open credit cards with no money down (or any other kind of collateral). This is called an unsecured credit card. However, if you don’t have any credit history or have a low credit score, you might find that credit card issuers will only offer you a secured credit card — meaning it requires a security deposit.

A credit card security deposit is refundable and often equal to the value of the credit limit on the card. Typically, the deposit amount ranges from $50 to $300.

While going this route can’t help you with unexpected expenses (as with a debit card, you are technically only able to spend money you already have), it can be a good way to build credit. However, you’ll want to ask the card issuer if they report to the credit bureaus, just to ensure they do.

Eventually, you may be able to graduate to an unsecured card if you consistently make on-time payments — one of the cardinal credit card rules.

Applying for a Credit Card With No Security Deposit

Applying for a secured credit card requiring a deposit might not be appealing to every potential borrower, especially because you need the money for the deposit upfront. These cards also typically have higher interest rates and fees. Fortunately, you have other options when shopping for a credit card.

Checking Your Approval for a Card

There’s no such thing as guaranteed credit card approval with no deposit. However, if you’re receiving emails or snail mail with credit card offers saying you’re preapproved, you might find success when you apply. You’ll still have to go through the formal application process and could ultimately get rejected, but getting a preapproved offer is a good start towards getting a credit card.

You can also proactively check your approval for a credit card online. Take a look at your credit score and then search online for offers for credit cards with no deposit that include your credit score in their target range.

Becoming an Authorized User

If you aren’t having success getting approved for a credit card on your own, ask a parent, family member, or trusted friend about being an authorized user on their credit card. As an authorized user, you’ll receive a credit card with your name on it and can use it like a traditional credit card, but you will not be the primary account holder.

The primary account holder is the one responsible for making on-time payments and monitoring credit usage. As an authorized user, you won’t have control over things like credit limit, and the primary cardholder can even set spending limits on your card.

However, if the primary cardholder uses the credit card responsibly — making regular, on-time payments and keeping credit utilization low — you will likely see a positive impact on your own credit score. Eventually, your score might improve enough for you to try applying for your own card again.

If someone makes you an authorized user on their card, however, it’s important to pay them what you owe each month. Never rack up credit card charges beyond what you’ve discussed with the cardholder. If you abuse your card privileges, it will affect your credit score and the score of the account holder — and the friend or family member will be solely liable for paying off your debts.

Getting a Student Credit Card or a Subprime Card

If the thought of affecting someone else’s credit score as an authorized user makes you uncomfortable, you aren’t out of options. You might be eligible to apply for a student card or a subprime card.

•   Student credit card: Most student cards do not require a security deposit and are designed for students who have no credit history. Some cards might even offer cash back rewards and no annual fees. However, as the name implies, you must be able to prove you are a student as part of the application process.

•   Subprime credit card: A subprime card is an unsecured card (i.e., no-deposit card) designed for borrowers with bad credit (generally a score below 580 in the FICO® score model). While subprime credit cards provide a way for bad-credit borrowers to get a credit card with no deposit, they often come with their own drawbacks. Typically, subprime cards charge an application fee; some might have annual or even monthly fees. Credit limits tend to be low.

Transitioning to an Unsecured Card

If you have no luck with a student or subprime card and can’t become an authorized user, you may need to consider applying for a secured credit with a deposit after all. Although it might not be ideal, it can be a good first step toward building your credit history.

If you make regular on-time payments, the credit card issuer might eventually transition you to an unsecured card. Alternatively, you can be proactive: After building your credit history and score over several months with a secured credit card, you can apply for a credit card with no deposit through another issuer. You might find that you’re more successful this time around.

Recommended: When Are Credit Card Payments Due

What to Know About the Effects of Your Credit Score

An unsecured credit card can potentially affect your credit score if the credit card issuer reports to the credit bureaus. Before opening a credit card with a security deposit, ask the issuer if they report to the bureaus.

If they do, regular on-time payment could build your score over time. On the flipside, late or missed payments could adversely affect your score.

Getting a No-Deposit Credit Card: What You Should Know

So, should you get a no-deposit credit card? In general, these unsecured cards offer greater flexibility at the start because you aren’t required to pay a security deposit.

However, opening a credit card of any type is a big decision — and not one to be taken lightly. It’s important to consider the potential effects of opening a credit card and to be aware of how much a credit card costs. For example, if you max out a credit card with a high interest rate, you might find yourself drowning in the fast-growing debt it creates.

Before opening a no-deposit credit card (or any credit card), think about the implications it can have on your finances. You might consider alternate ways of establishing credit, like credit-builder loans or even small personal loans.

However, these options don’t offer some of the same perks and protections that a credit card does, such as credit card chargebacks. If a credit card feels like the right step for you, begin your research process online.

Recommended: What is a Charge Card

The Takeaway

Credit cards without a security deposit, called unsecured credit cards, can be appealing because there is no money down at the start of the loan. However, borrowers without a credit history or who are struggling with bad credit may find it challenging to get approved for a no-deposit credit card. If applying for a secured credit card (i.e., one with a security deposit) is not ideal for your financial situation, you can ask to become an authorized user on someone else’s card or apply for a student or subprime credit card.

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

FAQ

Do all credit cards require a deposit?

Only secured credit cards require a security deposit. Those with no credit history or bad credit scores might only be eligible for secured credit cards. If you have a good credit score, you can apply for a credit card without a deposit.

Can I get a credit card if I have no credit history?

It is possible to get a credit card with no credit history. A secured credit card requires a security deposit but makes it easier for borrowers with no credit history to get approved. Students can also consider student credit cards, which are often issued to student borrowers without any credit history.

What credit score is required for approval?

While having a good to excellent credit score (typically 670+) is ideal for getting the best credit cards with the lowest rates, some credit card issuers do offer cards for borrowers with fair or even poor credit (meaning scores between 580 and 669). These cards might have higher fees and fewer perks and may require a security deposit.

Photo credit: iStock/Prostock-Studio

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.

SOCC-Q224-1884743-V1

There are plenty of budgets out there that promise to help you manage your money more efficiently, and some of them can get quite complicated. That’s why many people opt for the 70-20-10 budget rule. It’s a simple, percentage-based formula that can help you get and keep your personal finances in good order.

This system can help you get better acquainted with what you earn and where it goes, while tracking your daily spending (that’s the 70% of your after-tax earnings) plus debt repayment and saving (the 20% and the 10%). These aspects of the 70-20-10 budget are part of its appeal, and it can guide you to better money habits. Read on to learn how it works and can be adapted for your particular needs.

What Is the 70-20-10 Rule?

The 70-20-10 rule is a way to allocate your monthly income into three categories:

•   Living expenses

•   Debt repayment and short-term savings

•   Investing and donations.

Using these categories can help organize the way you think about your income — how it comes in, and importantly, how it goes out. It’s a simple and often very successful way to get a personal budget in place.

Note: If it sounds very familiar, it’s worth noting that there is also the 50/30/20 budget rule, a slightly different spin on budgeting that also works with easy-to-calculate percentages. To see a breakdown using this method, check out the 50/30/20 rule calculator.

Now, take a closer look at each of the three components of this budget tool.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

70% for Living Expenses

Living expenses are exactly what they sound like — expenditures you need or want to make each month. To see how much of your post-tax dollars go toward these costs every month, you’ll do a little math. You’ll add up the monthly payments that cover essentials such as housing, utilities, food, childcare, and medical expenses.

It also includes expenditures made only once or twice a year, such as auto or home insurance premiums or yearly car tune-ups. In those cases, you simply figure the total paid for the year, divide by 12, and add that number to the monthly figure.

For the purposes of the 70-20-10 rule budget, living expenses also include discretionary spending on things like shopping, entertainment, travel, gym memberships, and other non-essential items.

To get started, scan through a couple of months of your bank statements, credit card, utility, medical, housing, insurance, and cable and internet bills to see how you’re tracking. Use the common living expenses listed below as a guide.

Housing

•   Rent or mortgage and property tax

•   Utilities

•   Maintenance

•   Insurance

Transportation

•   Car payments

•   Maintenance

•   Gas and tolls

•   Parking

•   Public transportation costs

•   Taxis and ride shares

•   Auto insurance

Childcare

•   Day care

•   After-school programs

•   Tuition

•   Babysitting

•   Clothes, personal care, and related expenses

Insurance

•   Health insurance premiums (if not deducted from your paycheck)

•   Auto and home insurance premiums

•   Life insurance premiums

•   Disability income insurance premiums

Food

•   Groceries

•   Takeout and restaurants

Health

•   Deductibles, copays, and coinsurance

•   Medical and dental appointment costs not covered by insurance

•   Prescriptions and over-the-counter drugs

•   Eyeglasses and contacts

Entertainment

•   Concert, theater, and movie tickets

•   Paid streaming and podcast services

•   Books

•   Travel

Pets

•   Food, equipment and accessories, and toys

•   Flea and tick prevention/other medications

•   Vet bills

•   Pet insurance

Personal

•   Clothing/shoes/accessories

•   Hair care and other grooming

•   Toiletries/cosmetics

•   Gym membership

If your monthly number hits the 70% mark or less, congratulations. You’re living within your means. For most people, however, this first calculation will likely exceed 70%. More on what to do when that happens below. For now, keep looking at the big picture of tallying your 70-20-10 numbers.

20% for Saving and Debt Repayment

Next, you want to calculate how much it will take to hit the 20% goal of saving and debt repayment. (If you don’t have debt, hooray; you can zoom straight to saving. But many people need to use this bucket to pay off debt and save.)

If you have credit card debt, you’ll likely want to focus all or part of this 20% on paying that down so you can avoid the high interest payments. If you have college debt, the monthly repayment amount should be included here in the 20% category.

Once that’s done, you’ve cleared the decks for other savings, whether for an emergency fund (aim for three to six months’ worth of expenses) or a near-term goal such as a vacation or down payment for a home.

Depending on what and why you are saving, different kinds of savings accounts may make sense. Consider these smart options to get extra benefits:

•   High-yield savings accounts make sense if you need your money liquid (accessible) but want to earn more interest than the current rate on traditional savings accounts. Online banks vs. traditional banks often offer the best rates.

•   A certificate of deposit (CD) is another option. These accounts lock up your money at a specific interest rate for a period of time, usually from six months to a few years. What’s nice is you know how much money your money will earn, but keep in mind, if you pull your money out early, you’ll typically face penalty fees.

•   Money market accounts (MMAs) combine some aspects of a savings account with features of a checking account. You’ll earn interest on your savings (possibly in the ballpark of high-yield accounts), and you may be able to access funds via debit card or checks.

Once you’ve taken a look at your savings/debt picture, you’ll determine how best to handle the 20% rule. Depending on the size of your debts and your living expenses, you may need to temporarily allocate more or less funds to this category. More on that below.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress toward your financial goals.

10% for Donation or Additional Savings

The remaining 10% can be allocated to investing in your future, usually for retirement. Contributions to an IRA, 401(k) 403(b), self-employed retirement savings vehicles, or other long-term, tax advantaged savings plan can be best for this category. This is money that you won’t need in the short term, so it can be invested more aggressively than the savings in your 20% category.

In addition, part of this allocation can go to charitable donations. Perhaps there’s a cause you want to support, from animal rescue to medical research, or you like to donate to your college; it’s your call.

Example of the 70-20-10 Budget Rule

In terms of calculations, say your monthly income after taxes is $6,000. Here’s how that money would look on the 70-20-10 budget plan.

•   For living expenses, you would multiply 6,000 x 0.70, and see that you have $4,200 of after-tax dollars for housing, utilities, food, entertainment, and all the other items listed above.

•   For savings, you would multiply 6,000 x 0.20, or $1,200 to put toward savings and debt.

•   Lastly, you would multiply 6,000 x 0.10, and see that you have another $600 to put toward additional savings and/or donations.

Here’s the math: $4,200 + $1,200 + $600 = $6,000.

How to Customize the 70-20-10 Rule to Fit Your Needs

The beauty of the 70-20-10 plan is its simplicity — and flexibility. Once you create a budget this way, you can customize the allocations within reason to meet your own needs and financial goals over time. Creating a budget can give you peace of mind, because you’ll know you are taking care of your financial health. Here, a few tips for increasing your likelihood of success in following this plan:

Include Side Hustle Earnings and Windfalls

Bonuses, tax refunds, money from side hustles and other income should be factored in later, as they are earned; don’t consider them as part of your base income. The bulk of the extra income can be designated toward the area most in need of attention, such as paying off credit card debt or boosting emergency savings. But do feel free to set aside a small percentage of those earnings as a reward for your hard work and have some fun with it.

An important note: If not already evident, this budget technique works best for those with a steady income, who are on a payroll. If you are freelance, a gig worker, or seasonal employee and your income is variable, this may not be the best technique for you.

Adjust the Percentages When Needed

After tracking your spending and making possible cuts, you may find you still can’t fit living expenses into the 70% category. Maybe you are just starting your post-grad life, earn a lower income, or live in an area with a high cost of living.

Don’t stress out over this! If you have limited funds and lots of bills, you may have to allocate a bit more to that category and put less in short-term savings until that next raise or other income spurt comes through.

Protect the 10%

A quick note for people with lots of credit card debt: Those hefty bills are a sign that you may be spending more than your income level allows. You’ll probably do better with the 70-20-10 budget if you increase the paying debt/savings percentage to higher than 20% till your debt is lower. Take steps to reduce discretionary spending, perhaps even more than you have already.

In addition, you may find you need to make more drastic cost-cutting moves too, such as finding an apartment with less expensive rent or ditching the expensive car payments and switching to mass transit. The goal is to get costly debt under control so you can start saving for your priorities and peace of mind.

Prioritize High-Interest Debt

Whenever you find the need to adjust percentages, it may be best to avoid tampering with the 10% investing for the future allocation. The sooner you start saving for retirement, the more that money will add up over time. By the same token, older people who may need to catch up on retirement savings may want to increase this 10% allocation. One of the reasons the 70-20-10 plan can be successful is that it helps you balance both short-term needs with long-term financial planning.

If you do make percentage adjustments, be sure to continue to track expenses so you can see when you can readjust allocations back to the original 70-20-10 plan.

The Takeaway

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis. You can also take steps toward achieving your financial goals in the short- and long-term.

As you establish a budget that works for you, don’t forget to 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.

Photo credit: iStock/baona

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.
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.

SOBK0124006

You may enter into marriage with shared goals and plans for the future, but what about debt? Whether your partner’s debt becomes your responsibility when wed depends on the state you reside in, the kind of debt, and other specifics.

You’ll learn more about that ahead. This guide covers the difference between common law and community law states and the different sorts of debt that may be managed in a marriage. Read on to learn the details.

How Does Debt in Marriage Work?

Here’s a quick course in marital property and marriage guidelines:

•   Marital property refers to assets acquired as a couple, such as real estate, bank accounts, and investments. Debt can also be a facet of marital property.

•   The state in which you live (meaning where your permanent address is) determines whether you are in a community or common law state and governed by its rules.

•   Most states are common law states. If property is acquired during a marriage by one partner and in only that partner’s name, it’s their sole property. So if you were married and bought a Tesla in your name, the car is yours.

•   In a community property state, however, assets and debts acquired by one spouse in a marriage are considered to be the property of both partners.

In Which States Are You Responsible for Your Spouse’s Debt?

You are probably curious about which states have community property law. Here’s the list or the nine that do:

•   Arizona

•   California

•   Idaho

•   Louisiana

•   Nevada

•   New Mexico

•   Texas

•   Washington

•   Wisconsin

What’s more, Alaska, the Commonwealth of Puerto Rico, South Dakota, and Tennessee have enacted elective community property laws. These are “opt-in” if a couple chooses to do so.

There are exceptions to these rules, such as if one partner receives an inheritance or if one owned property prior to marriage.

Am I Responsible for My Spouse’s Credit Card Debt?

Whether or not you are responsible for your spouse’s credit card debt can depend on which state you reside in.

In a common law state:

•   In a common law state, your partner’s credit card belongs only to them. The law provides that one spouse owns a particular asset unless you both put your names on it. That includes property like houses, automobiles, and even credit cards. If your spouse has a credit card with their name on it, it’s theirs alone. Therefore, the credit card debt liability also falls entirely on their shoulders.

•   You would need to become a joint account holder in order to own any part of that debt. However, you could also be on the hook for that debt if you co-signed on the account.

•   If your spouse made you an authorized user, though, that still leaves the credit card entirely in their name and not yours, meaning you hold no responsibility for paying any associated debts.

In a community property state:

•   In a community property state, if they get a credit card while you’re married, that debt now belongs to both of you. Both partners are liable, regardless of who might have opened the account or accrued the debt.

•   There is an exception: If you and your spouse are separated before they begin racking up the debt in question, you may not be held responsible. Each situation is different, however, and the state could hold you responsible for the debt in question should it be proved the debt was incurred for the benefit of the marriage.

•   It’s good to keep in mind that if you have debts from before the marriage, such as a car loan, those will belong only to you. However, if you get another car loan after getting married, that is now a communal debt that you and your partner share.

Am I Responsible for My Spouse’s Medical Debt?

As you might guess, in community property states, a spouse is likely to be held responsible for a spouse’s debts, though the specifics may vary state by state. This includes medical debt.

In a common law state, you typically would not be responsible for debts your spouse alone incurred, but again, there are exceptions to this rule. (For instance, if you cosign when a partner is admitted for medical treatment.) You’ll learn more about these scenarios below.

Recommended: What Is Financial Minimalism?

Situations Where You May Be Responsible for Your Spouse’s Debt

When it comes to debt and marriage, there are some scenarios worth considering. If you are the kind of person to wonder, “How can I protect myself from my husband’s debt?” or “wife’s debt,” then read on.

When You Are a Joint Account Holder

Even if you live in a community property state, if your spouse racks up debt on a credit card you jointly hold, you may indeed be liable.

When You Live in a Community Property State

As you read above, if you live in a community property state, your spouse’s debts acquired during marriage will become yours as well.

When You “Opt in” into Community Property

As noted above, Alaska, the Commonwealth of Puerto Rico, South Dakota, and Tennessee have laws that can allow you to opt into community property arrangements although the states may default to common law guidelines. If you do so, you will become liable for debt that your partner incurs.

When You Cosign for Medical Payments

In a situation where you live in a common law state, if your spouse were to enter medical care or a medical facility, and you agree to cosign, you will become liable for the expenses related to this treatment.

Possibly When Your Spouse Dies

Much as no one wants to think about death, there are situations in which you could be liable for a deceased partner’s debts. These include if you live in a community property state, if you cosigned on a loan or for medical care, or if you had a joint account, among other scenarios.

Will My Partner’s Debt Affect My Credit Score?

Regardless of whether you live in a community property or common law state, your credit score is yours alone. Being married doesn’t mean that you and your spouse now have the same score or that your scores get merged.

However, if you and your spouse both sign up for a joint credit card or take out a loan together, that information will show up on each of your credit reports.

What Happens to Debt If We Separate Or Divorce?

When couples decide to separate, one of the first questions may be “How much will a divorce cost me?” That is typically very quickly followed by, “What happens to our debt?” The answer to the latter will likely be: It depends.

•   Debt responsibility in a divorce isn’t as simple as dividing things in half. For example, if you have a credit card that is only in your name, that debt remains entirely with you in a common law state. However, if you have a joint credit card, most states will see that as joint debt if you separate or divorce, meaning you’ll both be responsible for that debt. It doesn’t matter who was making payments or running up bills; the law will see it as a shared burden.

•   If, however, you live in a community property state and your spouse rings up a considerable amount of credit card debt, that could be seen as a shared burden. A creditor might be able to seek repayment from both of you. There are various factors to consider, so working with a legal professional with expertise in this realm can be a smart move.

•   If you have a house, you may want to consider selling it off and splitting the money. Trying to untangle a mortgage (a form of consumer debt) if one of you will be moving out can get dicey. The partner who’s staying in the home may need to buy out the partner who’s leaving, for instance.

•   If you did any investing as a couple during your marriage, that property will need sorting out. Investments come with legal and tax obligations, on top of the financial complexity. If you invested together, you may want to split the shares or account. Or you might think about selling off those investments and dividing the proceeds during a divorce. However, a lot of investments like that come with tax burdens, so keep that in mind if you have to go this route.

Of course, the courts might answer this and other questions for you. Divorces play out in different ways, including whether they are contested or uncontested. Working with a divorce attorney can help you understand the options and possible outcomes as your marriage ends.

Recommended: 10 Personal Finance Basics

The Takeaway

Even if you decide to merge your financial lives completely, finances can become complicated in a marriage. In terms of debt and whose is whose, there is the question of whether you live in a community property or common law state. There will also be the matter if debt was held before marriage or after the wedding. And then there are such concerns as whether you and your spouse cosign or become joint holders on loans and/or accounts or keep things separated. All of these factors (and more) can impact whether or not you are liable for your spouse’s debt.

When you marry, your personal banking will be impacted as well as your lines of credit and debt. You could completely merge your banking, keep things separate, or have both a joint and separate account. SoFi can offer you options to suit your particular needs.

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

FAQ

Will my partner’s debt affect my credit score?

Credit scores are specific to each individual. However, if you cosign a loan or open a joint credit card, the specifics of that account will turn up on each partner’s credit reports and could impact each spouse’s score.

Am I responsible for my spouse’s debt after death?

Whether or not you are liable for your deceased spouse’s debt will depend on various factors, such as whether you live in a community property or common law state, whether the debt was incurred before or during the marriage, and whether the debt is in a joint or cosigned form.

Are married couple’s responsible for each other’s debt?

Married couples can be responsible for each other’s debt in certain circumstances, such as if the debt was incurred during the marriage in a community property state or if the debt was cosigned for or accrued with a joint credit card, among others.

Can I be forced to pay my spouse’s debt?

There are a couple of situations in which you could be forced to pay your spouse’s debts, such as if you live in a community property state or if you are a joint account holder.

Photo credit: iStock/AleksandarNakic

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

This article is not intended to be legal advice. Please consult an attorney for 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.

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There are times when you may need to get money to someone quickly and meeting in person isn’t possible. Or you may want to surprise someone with a monetary gift and have it show up as a deposit in their bank account.

Fortunately, there are a myriad of ways you can directly deposit money into another person’s account. The method you choose can depend on how fast you need to send the money; whether you want to deposit cash, a check, or a money order, or transfer funds electronically; and how much you’re willing to shell out for fees.

Read on to learn about how to deposit money into someone else’s account and more.

How to Deposit Money into Someone Else’s Bank Account

1. Money Transfer App

A mobile money transfer app falls under the category of P2P transfers, aka peer-to-peer payments. There are many money transfer apps out there including Venmo, Apple Cash, Google Pay, PayPal, and Facebook’s Meta Pay. Here’s how they work:

•   These apps allow you to electronically send money instantly (or close to it) to someone else via your mobile device. Using one can be an easy and speedy way to transfer money into someone else’s account. It’s also extremely popular. A 2022 survey by Consumer Reports found nearly two-thirds of Americans use a P2P app to send people money.

•   To use a money transfer app, you first need to download it to your mobile device and then create an account. Once you do this, you’ll enter the payment source you want to use to fund the deposit. The choices include linking to your bank account, debit card, or credit card. After you do this step, you’re ready to send someone funds through the mobile money transfer app.

•   Typically, recipients also need to have an account with the same money transfer app in order for the funds to go directly to them. If you’re sending someone money through a money transfer app, you don’t need to know the payee’s personal or bank account information in order to make the transaction but rather their phone number or email address. This is how the person you’re sending money to will instantly know they’ve received the funds, based on their preference.

•   The recipient can have the money sent directly to their bank account, if they’ve chosen that option, or they may decide to have the money received on a prepaid debit card.

2. Bank-to-Bank Transfers

A bank-to-bank transfer, also referred to as an external transfer, is exactly what it sounds like. By visiting your bank, calling their customer service number, or through your bank’s website or mobile app, you can efficiently transfer money from one bank to another. Here are details on how they typically work:

•   Many banks offer customers an external transfer feature on their websites to click on in order to send money to an account at another financial institution. Your bank may have you verify your identity before completing the transaction. To do an external transfer to another person’s account at a different bank, you’ll need the recipient’s bank account number and their bank’s routing number.

•   One option for a bank-to-bank transfer is using a widespread online service called Zelle, which is used by more than 1,700 financial institutions in the U.S. With Zelle, you can send money to someone, regardless of where they bank. If your bank offers Zelle, all you have to do is log on to your account, enter the recipient’s email address or mobile phone number, and send the desired amount of money.

A payee already enrolled in Zelle will get the money directly deposited into their bank account, typically in minutes. When it arrives, they can then manage the checking account and move the funds if they like. If they’re not signed up, Zelle sends a notification alert anyway, explaining how they can register to receive their money easily and quickly.

•   Keep in mind that some banks charge a fee to do a bank-to-bank transfer and may impose limits on how much money you send at a time and how often you can do an external transfer.

Recommended: What Happens if a Direct Deposit Goes to a Closed Account?

3. Electronic Deposit Using a Website

Money transfer websites allow you to electronically move money into someone else’s bank account. PayPal, MoneyGram, and Western Union permit you to transfer money from your account to another person’s through their websites. (Worth noting: Walmart stores may offer the opportunity to send an electronic payment onsite, by MoneyGram, Western Union, or Ria.)

A perk of using these sites is it enables you to send funds without having to sign in to your bank’s app or website. The funds draw from your checking account, debit card, or credit card.

4. Making a Cash Deposit at a Bank

One of the most straightforward ways to deposit funds into someone else’s bank account is with cash. All you have to do is walk into the bank where the payee has an account and let the teller know you want to deposit cash into their account. You’ll need to provide the recipient’s name and bank account number.

However, whether or not you’re able to deposit cash into another person’s account will depend on the bank. Some large banks — including JPMorgan Chase, Bank of America, and Wells Fargo — have banned cash deposits from non-customers. Why? Handling cash, especially in large amounts, can signal fraud or other types of criminal activity, including money laundering. Before visiting the bank in person with cash in hand, check that the bank will allow you to do so.

5. Using a Money Order

A money order is another form of currency that can be used to deposit funds into someone else’s bank account. Money orders are a guaranteed payment because you prepay so it works a lot like cash.There’s no chance a money order will bounce and it will clear in someone’s account almost immediately. Here’s how it works:

•   You can purchase a money order with cash or a debit card at a bank, credit union, U.S. Post Office, check cashing outlets, some supermarkets, or national retailers, such as Walmart , 7-Eleven, and CVS.

•   On the money order, you’ll fill in the recipient’s legal or business name plus the dollar amount of the money order. Then, you’ll fill in your name, address, and sign the front of the money order on the line where it indicates Purchaser/Signer for Drawer.

•   Every money order comes with a receipt and a tracking number so you have proof you sent the money, in case there’s any dispute with the payee.

•   Generally, you can get a money order for up to $1,000, but the maximum can be lower depending on where you purchase it.

•   Be aware that you’ll likely pay a fee for obtaining a money order. Fees can range from under $1 to $10, depending where you go. Post offices and retailers charge less than if you go to a bank, though if you get the money order at the bank where you have an account, the bank may waive the fee. Cash and debit cards are the norm when buying a money order. While paying with a credit card may be possible, it may cost more.

6. Writing a Personal Check

You can likely deposit a check into someone else’s account. Unlike a cash deposit, which is harder to trace, a check comes from another account, so the bank knows from whom and where it came from.

As you would with a cash deposit, you’ll need to know the person’s account number in order to fulfill the transaction. Since a check can take a few days to clear, if you want the person to receive your money faster, it’s better to stick with some faster options, such as sending the money electronically or depositing cash.

Quick Money Tip: Want a new checking account that offers more access to your money? With 55,000+ ATMs in the Allpoint network, you can get cash when and where you choose.

7. Sending a Wire Transfer

Wire transfers are another way you can move money from one bank account to another. Here’s the scoop:

•   This method of sending payment can be done at banks, credit unions, or through such companies such as Western Union, MoneyGram, or Wise.

•   People tend to send money through a wire transfer when they want a fast deposit, the sum is large, or the funds need to go to a different bank than the sender’s.

•   Wire transfers are also often used for sending money internationally. To send a wire transfer, you’ll need the name of the recipient, their bank account number, and their bank’s routing number.

•   Wire transfer fees can range from $10 to $50, depending on whether you’re shifting money into a U.S. bank account or one in another country. Before you transmit money this way, make sure both your bank account and the payee’s account are both set up for wire transfers.

8. Getting a Cashier’s Check

Another option for directly depositing money into someone else’s account is with a cashier’s check. This type of check is an official bank check you obtain from the bank itself. It’s usually used for larger sums of money and is a guaranteed payment, since it’s paid from the bank’s own funds.

•   The process for obtaining a cashier’s check is easy. If you want to use a cashier’s check to make a deposit in another person’s account, you pay the bank the amount you want to send to the recipient and a teller or cashier will issue an official bank check for that amount. The payee’s name will be on the check in the ‘payable to’ section, so it can be deposited into their account.

•   Using a cashier’s check speeds up the time the receiver gets their deposit. Where a personal check can take a few days to clear, funds from a cashier’s check deposit are typically available in the third party’s account the next business day.

•   One caveat: You’ll most likely have to pay a fee for a cashier’s check, usually around $10 to $15. Some banks, though, may forgo charging the fee for account holders who meet certain balance requirements.

Recommended: Where to Cash a Check Without Paying a Fee

Direct Deposit into Savings vs. Checking

In general, you can make a direct deposit into someone’s savings account, just as you would their checking account. Someone may prefer you put money into their savings vs. their checking account so they’re less apt to spend it right away.

Before you go ahead and transfer funds into their savings, check that it’s okay with them. They may be restricted to a certain number of savings account withdrawals and transfers their bank allows per month. This could put them at risk of incurring extra fees if they exceed the permitted amount when using the money you put there.

Alternatives to Direct Deposit

There are other ways to give someone money without making a direct deposit into their account. Here’s some substitutes to consider:

•   Gift cards. Who doesn’t love a gift card? After all, gift cards are currency, and if it’s a Visa, Mastercard, or American Express gift card, they can be used virtually anywhere these cards are accepted. You can also purchase a specific gift card for a certain store if you know the recipient is a frequent customer. You might give gift cards usable at popular retailers such as Target, Whole Foods, Starbucks, Dunkin’, and Amazon.com.

•   Prepaid debit cards. These types of cards are purchased with a specific amount of money already loaded on it. Many of these cards come with a Mastercard or Visa logo printed on the front and look like credit cards. Similar to a gift card with these logos, you can use these cards at a myriad of places and even towards paying bills. Be aware that many prepaid cards can come with very high fees when activating the card, adding money, or using it at an ATM.

•   Hand them cash or a check in person. There’s nothing like giving cash or a personal check to someone in the flesh. Not only do you ensure they receive it, but if it’s an unexpected gesture, the look of joy and gratitude on their face can be extremely rewarding.

•   Pay it forward. Gift the gift of generosity by paying a loved one’s utility or credit card bill, or if you’re flush, a larger expense. You can make the payment to the bill payer directly as long as you know the person’s account number. You can pay by mailing a check, paying by phone, or through online billpay. If sending a paper check or paying with an electronic check, be sure to put the person’s name and account number for whom you’re paying in the memo section.

The Takeaway

If you want to make a direct deposit into someone else’s bank account, there’s no shortage of ways to go about it. Some of these various choices include sending a wire transfer, making a cash deposit at the bank, or using a mobile money transfer app. You can also go with some creative alternatives such as a prepaid debit card or surprising them by taking care of a bill they may have trouble paying.

If you’d like a bank account that makes transferring funds easy, consider opening and online account with SoFi. With our high yield bank account, you can manage your finances all in one convenient place, including sending money and making mobile deposits. Plus, you’ll earn a competitive annual percentage yield (APY) and pay no account fees, which can help your money grow faster.

FAQ

Does my name have to match the person I’m sending a direct deposit to?

No. When you deposit funds into someone else’s account, it’s their name and account number you’ll need.

Can you make an anonymous deposit into someone else’s account?

Yes, you can, though it depends on the method you choose. Making a cash deposit is especially easy to do without revealing your identity. Other methods though, such as a personal check or external bank transfer, can make it more difficult to stay anonymous since the source of where and from whom the funds come from will show up in the person’s transaction history. You may be able to pull off a secret deposit with a prepaid gift or debit card or using some mobile money transfer systems such as CashApp, PayPal, and Western Union, all of which may also allow the payer to remain a mystery donor.

Can you deposit money into someone else’s account at an ATM?

Typically, yes, an ATM or debit card permits you to move funds into someone else’s account as long as their bank account is linked to yours. It’s important to know even if the two bank accounts are linked, you’ll need to perform the transaction at one of your bank’s ATMs, not one that is out of the network. There may be some ATMs where you can’t do a money transfer, so check with your bank or on their website to find out which ATMs offer this function.

Photo credit: iStock/AlexSecret

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

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

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

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

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

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

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you’ve ever returned from a trip and wondered if it’s possible to deposit foreign currency into your U.S. bank account, the answer is yes — but not directly. Typically, you need to convert the money back to U.S. dollars first, then make the deposit. And there may be a few steps — and costs — involved in that process.

Let’s take a look at the five steps involved in depositing foreign currency to a bank account, as well as your alternatives.

How to Deposit Foreign Currency into a Bank Account

If your pockets are jingling with foreign currency and you want to deposit it into your bank, you’ll have to exchange it into U.S. dollars first. If you live in a major city or have an account at a larger bank, you may not have too much trouble accomplishing this. If not, you might have to shop around a bit for another bank or business that can help. Let’s take a closer look at how this works.

1. Check With Your Bank First

It may save time if you contact your own bank or credit union (or look on its website) to see if it offers foreign currency exchange services. Many financial institutions require that you have a checking or savings account with them in order to do an exchange. This could wind up being a win-win for you.

If they do offer to exchange foreign currency, you may want to schedule an appointment to make the exchange instead of just going in and heading to the nearest teller. That way, you can be sure the bank staff is ready for the transaction, that it can take the currency you’re carrying, and that a knowledgeable person will be on hand to assist you and answer your questions. You can call your branch, or you may be able to make the appointment online or on the bank’s mobile app.

2. Find a Bank to Convert Foreign Currency to U.S. Dollars

If your bank can’t do the exchange, another financial institution may be willing to work with you. It’s a good idea to reach out in advance and be clear about the type of currency you have, how much you have, and whether you have to have an account with that financial institution. This will save you time and energy versus just strolling into local brick-and-mortar banks.

Recommended: How to Deposit Cash at Local and Online Banks

3. Sell Foreign Currency to Buyer of Choice

Whether it’s your local branch bank, your bank’s larger main office, or a different bank than you usually use, you’ll likely have to do the transaction in person. It’s a good idea to come prepared with a current photo ID and some understanding of what will happen when you get there. Here are a few things to be aware of:

•   The bank may have a required minimum value — $20 in U.S. dollars, for example — for the currency you hope to exchange. If you don’t have that much leftover currency to exchange, you might decide to just keep what you have as a souvenir, save it for another trip, or give it to a friend or family member who plans to travel abroad.

•   The bank may only be able to exchange commonly requested foreign currencies. If you have Canadian dollars, Euros, or Mexican pesos, for example, things should go smoothly. But if you come in with paper money you picked up a bit off the tourist-beaten path, you may be out of luck. Checking in advance about services offered can be a very good idea before you head to a location.

4. Learn the Official Exchange Rate

Before you went on your trip, you probably had to figure out how much of the country’s currency you needed and how much getting that money would cost you in U.S. dollars. (Or perhaps your banker or travel agent did the math for you.)

That amount was calculated using the current exchange rate (the basic cost to exchange one country’s currency for another), plus whatever the bank charged you to convert your dollars prior to your trip.

The process is the same when you return and want to convert back to U.S. dollars. The amount of money you’ll get when you hand over your leftover currency (Euros, yen, rupees, pesos, etc.) will be based on the current rate of exchange for that currency, plus the bank’s markup.

It’s important to note that exchange rates fluctuate frequently, based on what’s happening in foreign currency markets. It’s probable that the exchange rate when you get home from your trip may not be the same as when you were preparing to travel.

You can check the exchange rate online at sites like Google Finance, Xe, and Oanda. Just keep in mind that wherever you end up exchanging your currency, a fee will likely be added.

The bank also may charge a transaction fee that’s based on how much currency you’re converting. This could be on top of the fee that’s already figured into the exchange rate.

5. Deposit the Money in Your Bank Account

Can you deposit foreign currency directly into your account? No. But once you’ve exchanged your foreign currency to U.S. dollars, go right ahead! You can deposit the money into your bank account — or do anything with it you like.

What Banks Will Not Accept

While you may want to exchange and deposit all of your foreign currency after you travel, be prepared to hear a couple of “sorry, but no” responses. Specifically, banks generally won’t accept any foreign coins. They also won’t exchange old foreign currency that isn’t in use anymore (so if you were hoarding some French francs or Italian lira, you are out of luck unfortunately). And if the bills you have are in bad condition, you may have trouble exchanging them.

Other Places to Exchange Foreign Currency

If you can’t find a bank that can exchange your leftover foreign currency, you may have a few other options, depending on where you live. It can take a bit of research and/or legwork, but if you have more than a few dollars left from your travels, it can be well worth it.

Some possibilities include:

•   You can try a large hotel. If you live near a hotel that’s popular with international visitors, you may be able to sell your currency there. There could be an exchange desk or the front desk could prove helpful.

•   Your travel agency may be able to help. If you worked with a travel agent, see if they might be willing to exchange your foreign currency back to U.S. dollars. Or your agency may have suggestions for where you can go to have the currency converted.

•   You can exchange money at an airport kiosk. If you’re flying into an international airport, you can convert your remaining foreign currency at a booth that sells this service. But customers typically pay a higher markup for this easy access, so you might want to weigh the cost vs. the convenience.

•   You can look for a nearby currency exchange storefront. One way to find local businesses that might exchange your foreign currency is to simply do an online search of the term “currency exchanges near me.” Once you get a list and/or map of local exchanges, you can check out their websites or contact them to see if they will convert your money, what they’re charging, and if they’re licensed. Remember, the markup will be higher at some locations than others, so you may be able to save money by doing a little research.

In the future, if you want to avoid the inconvenience and cost of coming home with foreign currency, you could go old-school with traveler’s checks. But they can be more difficult to get and use than in the past — and they also may come with a cost.

Recommended: What Is a Foreign Currency Bank Account?

The Takeaway

If you come home from a trip (welcome back, btw) with leftover foreign currency, don’t expect to deposit that money directly into your bank account. You’ll likely have to exchange those foreign funds to U.S. dollars first, then make the deposit.

A local bank or credit union may be willing to convert your foreign currency if you have an account there. But if not, you’ll likely have to do some research to find the most convenient and affordable alternative for making the exchange.

FAQ

Can you deposit foreign currency into an ATM?

Probably not. ATMs generally accept only one type of currency. Instead of using an ATM, you likely will have to go in person to your local branch bank to exchange foreign currency, then deposit it into your checking, savings, or money market account. Or, you may need to seek out another location to complete your currency exchange.

Can I receive money from abroad into my bank account?

Yes, you can use an international money transfer service to send money from abroad directly into your bank account. The process may differ depending on the service provider you choose to send the funds, but you should be prepared with some key bits of information.

You typically need to provide your full bank account number, your full name (as it appears on your account), the bank’s address for incoming wire transfers, and a Swift Code that identifies your bank. The fees involved will vary. And the current exchange rate will apply, as your foreign currency will be converted into U.S. dollars before the funds are credited to your account.

Photo credit: iStock/Agustin Vai

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

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

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.

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/.

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