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A wedding day is typically a celebration you’ve dreamed of and eagerly anticipated, but it can also be a major expense. If you’re wondering if you should finance your wedding, here is some guidance when it comes to making that decision. From payment plans to personal loans and everything in between, options abound for making your big day happen.

Understanding Wedding Costs Before Making a Plan

SoFi’s most recent survey found that the median cost of a wedding is $10,000, and when you look at average costs, you may see figures like the $36,000 price tag shared by Zola, a wedding registry site. Of course, prices can vary tremendously depending on what you plan: A destination wedding or one held in a big city with 300-plus guests will likely be a much bigger expense than having 50 of your nearest and dearest gather in your grandmother’s beautiful backyard flower garden.

Breaking Down Wedding Expenses by Category

Here’s a look at some of the key contributors to the cost of a wedding, according to The Knot, a wedding site:

•   27%: Venue and rentals

•   24%: Catering, cake, and drinks

•   10%: Photography and video

•   9%: Floral and decor

•   8%: Music

•   6%: Clothing and beauty

•   5%: Wedding rings

•   4%: Wedding planner

•   3%: Guest entertainment

•   2%: Transportation

•   1%: Stationery

•   1%: Officiant

Setting a Realistic Budget

To set a realistic budget, it’s wise to delve into some real-world prices and see what’s affordable given your financial situation. You may find that swapping out a swanky hotel ballroom for local, loft-style event space can help you save money, or limiting the guest list to 75 people instead of 175 can be a route to having an affordable wedding of your dreams.

Developing a spreadsheet that lists out your total budget and how much you will spend on each category is a helpful exercise. Also consider what you might be able to borrow or what friends and family can help with (perhaps they can handle flowers and decor).

An online wedding cost calculator can help you set a realistic budget for your wedding, too.

8 Ways to Pay for Your Wedding

There are many variables that can affect the average cost of a wedding, including the time of year you say “I do,” the day of the week, the number of guests, the reception venue, and a host of other factors (such as unexpected wedding expenses).

Whatever your budget may be, here are some ways to fund your big day.

1. Personal Savings

Perhaps you have already saved up a nice bundle of cash that you can put toward your wedding. Or maybe you have just gotten engaged and have a year or two to save up enough money for your wedding. Using this kind of money to finance your wedding helps you avoid interest charges. Keep the cash in a high-yield savings account to help it grow via the power of compound interest.

2. Wedding-Specific Savings Plan

You can also set up a wedding-specific savings plan. This means you have a dedicated amount into which you will regularly deposit a sum of money or use recurring automated transfers to stockpile cash in it. This can help you save enough money for your ceremony and celebration.

3. Family Contributions

Depending on your family situation, your parents and other relatives may be able to pay for some or all of your wedding expenses. It used to be common for the bride’s parents to pay for the wedding, but today, it’s often a matter of the family making a contribution toward the total cost, if at all.

4. Personal Loans

Personal loans are typically unsecured loans that can be used for almost any purpose. The interest rate charged can be lower than those of credit cards, and they offer a lump sum of cash (usually between $1,000 and $50,000 or even $100,000) that is then repaid in installments over a few or several years.

Some lenders specifically offer wedding loans, tailored to the needs of couples planning their big day.

5. Credit Cards

A convenient way to finance wedding costs can be breaking out your plastic. While this is a quick and easy way to pay vendors, be sure you are aware of and can afford this kind of high-interest debt. Also stay aware of your credit limit. Financial experts advise that having a balance that is more than 30% of your credit limit can negatively impact your credit score.

6. Wedding Funds or Registries

You can crowd-source money for your “I do” day by opening a wedding fund. Usually, the couple lets people know that they would prefer to receive cash vs. physical gifts from guests by directing invitees to a cash registry. This money can then be used to pay for wedding costs.

7. Side Hustles and Extra Income

Not everyone has the time or energy for a side hustle, but working a part-time gig can help you pump up your savings for your wedding. Whether that means selling your service as a pet photographer or driving a rideshare every other weekend, these pursuits can help you bring in extra cash to pay for a wedding.

You might also sell stuff you no longer want or need to bring in some additional money.

8. Vendor Payment Plans

You may find that some vendors, such as your event space or caterer, offer payment plans, allowing you to put money toward your debt over time. Check the details carefully to be sure that the interest rate and fees are fully understood and affordable.

The Pros of Financing a Wedding

Here are some of the upsides of financing a wedding:

•   You get your day with all the bells and whistles that you’ve dreamed of. You have the wiggle room to have more guests, a highly sought-after DJ or band, and food that will still be talked about on your anniversary. Mission accomplished in having a special day that will last a lifetime of memories, even if you don’t have all the cash waiting in the bank.

•   You might be able to borrow enough money to have a relaxing honeymoon, too, which might be nice after the stress of wedding planning.

•   You won’t deplete your savings to pay for your wedding. Starting your life together without an emergency savings account can be stressful.

The Cons of Financing a Wedding

Next, here are the downsides of financing a wedding:

•   When the wedding is long over, that monthly loan payment is still owed. Depending on the amount and term of the loan, that can be a big commitment.

•   Interest rates for loans and lines of credit typically vary based on the borrower’s credit rating and other factors. If you don’t qualify for favorable interest rates, you could end up paying a decent amount in interest over the life of the loan.

•   Taking out a loan also increases your debt-to-income (DTI) ratio. If you are planning on near-future large purchases that will require another loan, like a mortgage, having a high DTI ratio might make it more difficult to qualify for future loans, or might affect the rates you qualify for.

Creating Your Wedding Payment Strategy

Paying for wedding expenses can require a significant amount of cash, so it can be wise to be strategic about how you’ll pay your bills. Here are a couple of ideas:

Mixing Different Payment Methods

You don’t have to go all in on just one payment plan. For instance, if your caterer offers a super-low interest rate on their payment plan, you might want to sign up for that, and then use a personal loan to pay for other expenses, such as the wedding dress, rings, music, and photography.

As with any kind of loan or line of credit, but sure you understand the fees and interest rate (and whether, say, prepayment penalties are applicable). Either a lower interest rate or a shorter term may save money in the long run. A personal loan calculator or amortization table can help with this analysis, so you know exactly how much you are spending.

Timeline Considerations

Another important consideration when deciding on financing is how long of a run-up you have to the wedding itself. If you are planning on getting married in, say, two years, you could have a good amount of time to budget and save.

If, however, you are planning on a short engagement, then financing your wedding or asking for cash gifts might better suit your timeline.

Recommended: A Guide to Unsecured Personal Loans

Tips for Reducing Wedding Costs

If you’re having second thoughts about the cost of your wedding and how to afford it, know that with wedding planning, there’s usually a way to reduce expenses.

Off-Season and Weekday Discounts

The high season for weddings is usually late spring through fall. That’s when demand and prices are highest. You may be able to save big by booking a winter wedding or early spring one.

Similarly, you’ll find that costs tend to peak for weekend weddings. If you can swing, say, a Thursday night instead of a Saturday, you could save a significant amount.

DIY Elements

Think about how you could save money by DIY-ing some aspects of your wedding vs. paying a professional. Also, you might tap friends and family to contribute. For instance, if you have a friend who loves to bake, perhaps they would make your cake. Or if you have a friend with a flair for photography, they could shoot your pictures as a gift to you and your partner. If you have a cousin who’s in a band, they might play at your wedding for free or a reduced rate. Perhaps your family members would be happy to create centerpieces and bouquets from affordably sourced flowers. Think freely, and call in those favors!

Any of these ideas will help you save money and avoid financing your wedding’s full cost.

Prioritizing What Matters Most

There’s no law that you have to have a traditional wedding. If what matters most to you is having a wedding that involves dancing till dawn, or having 200 friends and family members with you as you say your vows, go ahead, but then perhaps do a potluck meal so you don’t have to shell out for a huge catering bill, too.

If you’re a foodie, maybe your wedding celebration could be a small dinner in a private room at your favorite restaurant after the ceremony. By prioritizing what matters most to you on your special day, you can have a wonderful wedding without landing in deep debt.

How to Avoid Wedding Debt Altogether

If you are looking for some inspo on how to avoid wedding debt, consider these possibilities:

•   Postpone the wedding. You might be able to avoid borrowing altogether by postponing the wedding to give yourself time to save the money to pay for it. Cutting unnecessary expenses might free up some money in your budget. Or earning extra money by taking on a side hustle might be a good way to add to your savings.

•   Use a zero-interest credit card. Using a credit card to pay for wedding expenses might be another option. While a personal loan might offer a lower rate than a credit card, you might find credit card offers with low introductory rates — perhaps even 0% — for a limited time. If you’re confident that you can pay the card off in full before the introductory rate ends, this could be an attractive option.

•   Ask your family to contribute. Asking parents for money might not be the most appealing option, but it might be a worthwhile consideration. Even though the average age of newlywed couples is rising, which might mean more couples are established financially before they marry, it’s still common for the couple to have help paying for the wedding.

•   Elope. If your priorities are saving for a down payment on a house or paying off college debt, maybe you are the kind of person who would be comfortable eloping or having a city hall ceremony and Champagne with just a few of your nearest and dearest. That can definitely be a way to avoid debt from financing a wedding.

The Takeaway

Your wedding is a special day, but it can be a very expensive one. Think carefully about how to budget for and finance your wedding, which can often cost five figures. Some ideas are saving the money, asking loved ones to contribute, using vendor payment plans, and taking out a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What’s the best way to pay for a wedding?

There is no one best way to pay for a wedding. Your personal finances and the kind of wedding you are having will play a role in deciding what works best. By saving up for a wedding or asking for help financing it, however, you may be able to avoid some or all of the interest charges you’ll encounter if you take out a loan or use a credit card.

How far in advance should we start saving for our wedding?

A wise way to figure out when to start saving is to calculate how much your wedding will cost, subtract how much relatives might contribute, and then divide that sum by how much you can save every month. So if you want to raise $10,000 and you and your partner can put aside $500 a month, then it would take 20 months to accumulate the funds needed.

Is it common for parents to pay for weddings today?

It is less common than in the past, but many parents do pay for weddings or at least make a contribution to the cost. Since the age at which people marry is rising, it’s become more common for the couple to have the financial means to pay their own way.

How can we ask for money instead of gifts?

You can put the word out tactfully among friends and family, or use a wedding website that clearly shows your registry preference is cash vs. gifts. Zola, Honeyfund, The Knot, and Joy are among the options you may find. Compare fees and features to find the best fit.

Where should I keep a wedding fund?

If you’re saving money towards a wedding, it’s wise to keep it in a high-yield savings account, where it’s safe, accessible, and earning interest.

Photo credit: iStock/PeopleImages

SOPL-Q225-031

Sure, there are lots of ways to get rid of your unwanted but still usable stuff. You could sell it online, haul it to a consignment shop…or maybe you’d just rather hold a garage or stoop sale and let people pay on the spot and walk away with their purchases.

No shipping, no schlepping, just a good old-fashioned transaction. You pick what you want to sell, you spruce it up, price it, publicize it, and then set up for your sale and staff it.

Whether you call it a “garage sale,” “yard sale,” “tag sale,” or “stoop sale,” you can boost the odds of success at an outdoor sale by following these tips and tactics.

1. Planning Your Garage Sale In Advance

Is it possible to pull together everything you need in a couple of days and hold a decent garage sale? Maybe. But your chances of success are likely to improve substantially if you put in some time planning your event.

Here are some things to consider ahead of time:

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Knowing Your Goals

You’re probably hoping to make some quick cash while also clearing out some clutter. But knowing your top priority could help as you choose which items in your home you’re willing to part with and how you’ll price those goods.

Researching the Rules

Before you organize a sale, it’s a wise idea to check out how they’re handled in your community.

Some cities and counties require residents who want to hold a garage sale to obtain a permit online or in person. There may or may not be a fee involved, but, either way, you could face a fine if a permit is required and you fail to get one.

There also may be limits on how early the sale can start, how late it can go, how many days it can last, the number of signs you can post, as well as the type of merchandise you can sell.

If you belong to a homeowners association (HOA), you might have to seek permission there as well. Some HOAs may allow only one or two neighborhood-wide sales a year (especially if you live in a community with a gate that would have to remain open all day).

2. Setting Your Garage Sale Date

Once you know you’re able to have a sale, you can set a date and get the necessary permits.

Even if your schedule is pretty flexible, you may want to keep a few things in mind when you’re looking at your calendar:

•   Consider choosing a day that falls just after a common payday (the first or the 15th of the month).

•   You may want to avoid holding a sale on a holiday weekend, when many people will be away or have other plans.

•   The most popular sale days are Fridays, Saturdays, and Sundays because most people are off from work. Keep in mind, though, that many families have activities or church on those days, so you may want to start early and end in the late afternoon to attract the most shoppers. Or you could choose a weekday to avoid the weekend competition.

•   You may want to hold a two-day sale and use the second day as an “everything must go” event.

•   Mother Nature might not cooperate no matter when you hold your sale. Still, you can improve your chances of having better weather if you consider the season (not too hot, not too cold, not too rainy, not too windy) in your planning.

Recommended: Ways to Make Money From Home

3. Stockpiling Garage Sale Items

A good strategy is to move through each room of your house (the attic, basement, garage, and sheds, too), and start boxing up items you might want to sell. You might make a list of larger items you don’t want to move until you’re closer to the actual sale date, such as old furniture, artwork, or exercise equipment.

Kids who are reluctant to part with old toys, bikes, or sports equipment might be more willing if you offer to cut them in on the action. Consider negotiating a percentage of the profits, or offering to replace all the gently used toys they sell with one new one.

If you aren’t sure you have enough to grab shoppers’ interest on your own, you can ask friends and neighbors if they want to join in, or offer to sell their items on consignment.

4. Going All-In With Publicity

It’s probably not the best idea to count on word of mouth to bring bargain hunters to your door. Consider advertising your garage sale at least a week in advance — and tempting shoppers with a list of desirable items.

Some places to consider publicizing your sale:

Newspapers

You may want to list your garage sale in your local newspaper. You could see if the paper charges a reasonable rate (and get a digital ad while you’re at it). For a print ad, consider keeping the wording tight — you’ll likely pay more if you go over a pre-set maximum word count.

Online

You can typically advertise your sale for free on a growing number of websites, such as Facebook Marketplace , Garage Sale Finder, or Yard Sale Search. Many of these sites allow you to post a photo or photos with your ad, so it can help to have that ready, along with the wording you want to use.

Community Bulletin Boards

Some grocery stores, gyms, community centers, and schools have bulletin boards where you can post a flyer. Consider making yours stand out with bold lettering; be sure to include the sale date, hours, and address.

Signs for the Neighborhood

If signs are allowed in your area, consider putting out at least five or six on the day before the sale. Make them easy to read from the road, with the address in bold print and an arrow pointing the way.

Also consider tying balloons and a big sign to your mailbox on sale day to make your home more visible.


💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

5. Preparing What You’ll Need for the Sale

A week before the sale, it’s a good idea to start considering, and gathering, everything you’ll need. This may include:

Sale Day Supplies

You’ll want to make sure you have as many folding tables as you’ll need to properly display your sale items, and enough chairs so you and your “staff” can sit comfortably. (It could be a long day.)

A Payment Station

Consider setting up a main payment station that’s easy for shoppers to get to when they’re ready to buy. You could make or buy a box to hold the money you collect and for change. (It’s wise to start out with plenty of ones, fives, and quarters in case early shoppers show up with bigger bills.)

Or you can wear a vendor apron with pockets for the money. You also may want to give family, friends, and neighbors you know the option of using a payment app to make their purchases.

Keeping some old boxes and plastic grocery store bags near the checkout table can be useful for customers who have a lot to carry home.

6. Setting Your Prices

One option is to set up a color-coded sticker system, with items grouped by cost. If you go that route, keep in mind that you’ll want to let those who are assisting at the sale know the code, as well as put up a sign for customers.

A simpler option is to just tag most of the items individually with a roll of painter’s tape (which is typically easier to remove than masking tape). Larger signs can point out bundled prices, such as “5 CDs for $2” or “3 paperbacks for $1.”

Remember your main goal when setting prices — if you want to get rid of everything, you may want to keep prices reasonably low.

To avoid cheating yourself, however, you might do some research ahead of time so you can get the best price for special items (such as antiques, collectibles, or anything that might be in high demand with garage sale regulars).

If possible, it’s wise to keep sentimentality from getting in the way of a solid sale.

Also, if several people will be working the sale, you may want to set ground rules for how low prices on certain items should go — and on haggling in general.

If someone offers a low price at the start of the day, and you think you can do better, you may want to exchange contact info, and agree to connect again later when the sale is over.


💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

7. Making Your Garage Sale Appealing to Shoppers

You’ll likely want to give some thought to the presentation of your items. Organization can make the day go better for you and your customers. And a little extra effort could make a difference in how much you can get for your goods. Some ideas:

Cleaning Old Items

You can start washing, dusting, and polishing things as soon as you decide they’ll be included in your sale. This might include inflating balls and bicycle tires, putting light bulbs in lamps, and trying to have batteries and a power source available for customers who want to test an item before purchasing. (If something doesn’t work, it’s a good idea to mark it clearly.)

Arranging Things in a Way that Makes Sense

Consider making it as easy as possible for customers to find things using signs and a system. For example, books, CDs, DVDs, and videogames could be grouped together. Toys, board games, and puzzles might be another section.

You might place the biggest sale items out in front of the yard, if you can — both to attract attention, and so customers can get them to their cars without disturbing others.

If possible, hang clothing on a garment rack near hats, shoes, and purses, and set up a mirror close by.

If your sale goes well, you may have to rearrange your display several times during the day.

8. Being a Good Host

One way to keep garage sale shoppers from walking away without really looking is to make it fun to stick around. Consider playing some energetic music and greeting customers as they arrive. You might also sell water, lemonade, and maybe even baked goods. (It can be nice to have snacks and beverages ready for helpers, too.)

You might also want to have some bottles of hand sanitizer available for customers to use.

If you know your neighbors, they may pop by for a chat. While you may want to be polite and chat, it’s important to remind them that you need to pay attention to your customers — and the money box.

9. Remembering Sale Day Safety

Early birds sometimes show up long before a garage sale is scheduled to start. The more you have ready ahead of time, the more you’ll be able to stay focused on keeping everything and everyone (people, pets, breakables, and the money you make) safe.

Here are some security tips:

Locking Your Doors

It’s wise to keep the doors to your home and your car locked, and to avoid letting strangers use your bathroom.

Getting a Sitter

A sitter can keep an eye on young children and pets so you don’t have to.

Stashing Excess Cash

As profits start to pile up, it’s a good idea to have a method for how you’ll transfer excess cash to a safe spot in your home. It’s also wise to avoid talking about how much you’ve made.

10. Having a Plan for Unsold Items

When your sale ends, you’ll likely have at least a few unsold items to deal with.

If your primary goal was to clear the clutter, you may want to donate those leftovers to Goodwill, the Salvation Army, or some other nonprofit group that takes used goods. (If you itemize deductions, you may be able to include your donation on your tax return. Just be sure to keep a list of everything you gave and an estimate of the value.)

If the charitable organization you choose offers a pickup service, you may want to schedule the truck for the first available day after your sale. If not, you can arrange to drop off your items as soon as possible. (It’s a good idea to understand beforehand what the charity will and won’t accept.)

If you want to try to squeeze a little more money out of what’s left over — or there are some high-ticket items you aren’t willing to give away — you might post them on an online marketplace like OfferUp, Facebook Marketplace, VarageSale, or Poshmark.

Consider taking the time to include a photo with anything you list online. At the very least, it could save you from having to answer a lot of questions about your item.

11. Making the Most of Your Garage Sale Profits

One of the perks of holding a garage sale vs. a virtual sale is that you’ll be holding your profits in your hands (mostly in cash) when you’re finished. That also could be a problem, though, because it might be tempting to spend it. (And maybe even buy more stuff!)

Instead, consider what you’d like to do with your profits seven before you make your first sale. This may also help keep you motivated while you’re putting in the work to plan and host your sale. If you don’t have something specific you’re saving for, you might put the money you earn towards an emergency fund.

The Takeaway

Hosting a garage sale can be a great way to clear the clutter in your home and sell a large number of unwanted items all in one fell swoop.

A successful sale, however, requires some upfront work, as well a day (or two) or working the sale.

The process typically requires gathering and preparing your items, getting a permit, picking up sale supplies, advertising your event, and then setting everything up in an organized and appealing way early on the day of the sale.

While a profitable garage sale takes some time and effort to pull off, the rewards can be well worth it: You’ll not only free up space in your home but also earn some extra income you put towards your current savings goal.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with 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 Sells Best at a Garage Sale?

Items that typically sell well at garage sales include small appliances, tools, children’s toys, books, and seasonal decor. Clean, functional items in good condition generally attract more buyers. Electronics (especially if they work), as well as gently used kids’ and adult clothing, are also popular at garage sales. Pricing items reasonably and clearly labeling them helps boost sales.

What is the 50/30/10 Rule for Selling?

The 50/30/10 rule for garage sales suggests pricing almost-new items at 50% of retail price, slightly used items at around 30% of their retail cost, and well-used items at 10% of retail. This strategy helps move items quickly.

How Do You Succeed in a Garage Sale?

To succeed in a garage sale, you’ll want to organize items neatly and clearly label prices. Other tips for having a successful garage sale include: advertising locally and online (to attract more buyers), starting early and ending late (to maximize foot traffic), being friendly and willing to negotiate, offering bundles for multiple items, and having change ready as soon as you open.

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SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

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