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Series E bonds were a type of savings bond introduced by the federal government in 1941. While you can’t buy a Series E bond from the government today, you can still buy them from investors who own them.

The Series E savings bond was built on the model of its predecessors, the Series A to D bonds, which helped the U.S. government raise money during the Depression. Series E bonds were called “defense bonds,” later called “war bonds,” were designed to help raise funds to bolster national defense ahead of and after the United States’ entry into World War II.

In 1980, Series E bonds were replaced by Series EE bonds.

How much a Series E bond is worth today can depend on several factors. Keep reading to learn about the history of Series E bonds, and what they’re worth now.

What Is a Bond?

A bond is a debt instrument. Bonds are issued by corporations or governments in order to raise capital, and the bond market is huge — much larger than the equity markets. (In 2020, the market cap of the global bond market was about $160 trillion, versus $95 trillion for the stock market.) Investors provide capital to companies and governments when they buy the bonds, effectively loaning their money to that institution.

Meanwhile, the bond issuer agrees to pay investors the capital back, along with interest, after a certain period.

There are different of bonds investors can purchase, including:

•  Municipal bonds, which are issued by municipal governments and used to fund public works

•  Corporate bonds, which are issued by private and public corporations

•  High-yield bonds

•  Investment-grade bonds

•  U.S. Treasuries

A savings bond is a type of U.S. Treasury. These bonds are issued with the full faith and credit of the U.S. government, meaning there’s virtually no chance of losing money. Savings bonds allow the government to borrow money for various purposes while giving investors a reliable and predictable stream of interest income.

Recommended: How Do Bonds Work?

Series E Bond

What is an E bond? A Series E bond was a type of bond that was first issued in the 1940s as part of a national defense fundraising effort.

In the 1930s, the U.S. government had launched the savings bond program — Series A through D — to help raise funds for programs that addressed unemployment during the Depression.

As concerns over World War II grew, and the possibility of the U.S. entering the war became a reality, President Franklin D. Roosevelt introduced Series E bonds in early 1941, calling them “defense bonds.”

This nickname eventually shifted to “war bonds” after the U.S. entered the war following the attack on Pearl Harbor in December 1941. Americans were encouraged to buy Series E bonds in order to help support the war effort. In return, the holder of an E bond was able to collect interest from the government. It’s estimated that Series E bonds raised $185 billion to fund the war effort. After the war, Series E bonds were simply referred to as savings bonds.

Understanding Series E Bonds

The popularity of Series E bonds may have hinged largely on the patriotic call to purchase them as part of the war effort. Buying bonds served two purposes: It helped the government to raise money for the war and it also helped to keep inflation at bay as shortages threatened to push consumer prices up. Apart from that, there were other qualities that might have made a Series E saving bond attractive.

These bonds were issued at 75% of their face value and returned 2.9% interest, compounded semiannually if held to 10-year maturity. So investors were able to earn a decent rate of return on their investment.

Series E bonds were also affordable, with initial denominations ranging from $25 to $1,000. Larger denominations of $5,000 and $10,000 were added later, along with two smaller memorial denominations of $75 and $200 to commemorate the deaths of President Kennedy and President Roosevelt, respectively.

Series E bonds were redeemable at any time after two months following the date of issue. Bond purchasers could redeem them for the full face value, along with any interest earned.

Interest from Series E bonds was taxable at the federal level but exempt from state and local taxes, adding to their appeal. And because they were issued by the federal government, they were considered a safe investment.

Recommended: Understanding the Yield to Maturity (YTM) Formula

Series E Bond Maturity Rate

The maturity rate for E bonds depends on when they were first issued. For example, Series E savings bonds issued between May 1941 and April 1952 had an initial 10-year maturity term. All of these bonds reached final maturity 40 years from their issue date. So if your grandparents bought a Series E savings bond in 1941, they would have reached final maturity and stopped earning interest in 1981.

Here’s a table showing the maturity dates for Series E bonds over time:

Issuing Period	Original Maturity Period	Final Maturity
May 1941 – April 1952	10 years	40 years from issue
May 1952 – January 1957	9 years, 8 months	40 years from issue
February 1957 – May 1959	8 years, 11 months	40 years from issue
June 1959 – November 1965	7 years, 9 months	40 years from issue
December 1965 – May 1969	7 years	30 years from issue
June 1969 – November 1973	5 years, 10 months	30 years from issue
December 1973 – June 1980	5 years	30 years from issue

The last Series E savings bonds were issued in 1980. Those bonds stopped paying interest in 2010.

Are Series E Bonds Right for Me?

Series E bonds are no longer issued, so you can’t purchase them. But it’s possible that you may own some Series E bonds that were purchased by your grandparents or parents, then passed down to you. The value of a Series E saving bond today depends on the original face value of the bond, the interest rate the bond earned, and how long they were earning interest.

If you have some of these bonds, you may be wondering whether to keep them or redeem them. Since they’re no longer earning interest, it could make sense to redeem them for cash. You can check the value of Series E bonds online with the Treasury Direct.

The Treasury regularly publishes a table of redemption values and interest earned for all savings bonds issued, including Series E bonds, along with a guide on how to cash in E bonds. For a time, you could exchange E Series bonds for H/HH Series, but that’s no longer an option. Today, mature Series E bondholders can redeem their bonds at an accrual value determined by the U.S. Treasury on a semi-annual basis. Series E Bonds stopped earning interest in 2010.

If you’re interested in other types of bonds, the Treasury still issues Series EE bonds and I Bonds. Both Series EE bonds and Series I bonds pay interest for 30 years or until you redeem them.

Series EE bonds are designed to be used to pay for higher education expenses and between the two, I bonds earn a higher interest rate. Both can be purchased online through TreasuryDirect.gov.

Other Investment Options

The bond market can offer a safe place to invest and earn interest. But they’re only one way to put your money to work. Depending on how much risk you’re comfortable taking on, what type of return you’re after and how much flexibility you need in accessing your money, you may consider one of these alternatives instead.

Savings Accounts

A savings account is a deposit account that’s designed to hold the money you don’t plan to spend right away. You can find various types of savings accounts at traditional banks, credit unions, and online banks. Savings accounts can pay interest, though not all at the same rate. High-yield savings accounts at online banks, for example, tend to pay much higher rates than basic savings accounts at brick-and-mortar banks.

A savings account can offer convenience since you can link it to a checking account and make transfers or withdrawals as needed. Keep in mind that your bank may limit the number of withdrawals you’re allowed to make each month. Your bank may also charge excess withdrawal fees and/or monthly maintenance fees for a savings account.

Stocks

If you’re unclear about how stocks work, they effectively represent an ownership share in a company. When you buy shares of stock, you’re buying an ownership stake in a publicly-traded company. The way you make money with stock investing is by buying low and selling high. In other words, you want to purchase stocks at one price then sell them for a higher price.

Stock trading can be a more powerful way to build wealth over time versus keeping money in a savings account or buying bonds. But there’s a tradeoff since stocks tend to be much riskier than bonds or savings accounts. Buying shares of mutual funds or exchange-traded funds (ETFs) which hold a collection of different stocks as well as bonds is one strategy for managing that risk.

Cash Equivalents

Cash equivalents are assets that are similar to cash in terms of liquidity and value. Cash equivalents include savings accounts, money market accounts, certificates of deposit (CDs), and cash management accounts.
Holding money in cash equivalents can allow you to earn interest, though typically not at the same level as money that’s invested in stocks. But cash equivalents can provide a safe haven for funds that you’d like to keep liquid and accessible either for the short or long term.

Recommended: Bonds vs. CDs: What’s Smart for Your Money?

Banking With SoFi

The Series E savings bonds, originally issued as war bonds to raise money during World War II, are like a living piece of history. While the bonds still exist, and you may have inherited E bonds (or you can purchase them through other bondholders), they’re not available through the usual government bond channels. Still, savings bonds are important to understand, as holding these long-term instruments to maturity can be quite profitable. And while the government may not issue Series E anymore, investors can still buy Series EE or Series I bonds, among others. These U.S. savings bonds offer a steady rate of return and low risk.

If you’re committed to saving, bonds are not your only option. SoFi offers a number of ways to grow your money while minimizing risk — including SoFi’s new all-in-one Checking and Savings. You can sign up for an account right from your phone and pay zero account fees — and if you qualify, and sign up with direct deposit, you can earn a competitive APY.

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

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Photo credit: iStock/loveguli

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

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

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

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

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

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

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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There’s no doubt about it, prices seem to be heading ever higher. That means your money doesn’t go as far and it’s harder to save…but you probably knew that already.

A whopping 82% of American consumers reported that their budgets were impacted after weathering an historic pandemic followed by inflation, according to a 2022 HomeServe survey.

Rather than sit by and watch your dollars do less, fight back. How to save money every day? With a clear eye, cool confidence, and some clever hacks, you’ve got this. The belt-tightening likely won’t make life miserable, just more manageable.

These little tweaks shouldn’t sting too much, whether you try the practical (such as adjusting your meal planning) or the philosophical (delaying gratification). Read on to learn easy ways to save money every day and details on:

•   How to achieve financial fitness

•   Building a realistic budget

•   Improving your money mindset

•   The best ways to cut back on spending

The Benefits of Saving Money Daily

Finding ways to spend less daily can be a money-wise move that helps you all your life. Leaner spending could help you now and in the long term.

Some of the benefits of saving money every day include:

•   Fewer money crises: You’ll likely have a cash cushion in your checking account.

•   More money to save: Spending less means more money you can sock away, whether in an emergency fund or an investment portfolio.

•   A more intentional lifestyle: You’ll be more conscious of the money you have coming in and going out and can therefore make more careful, mindful money decisions.

•   Smaller environmental footprint: Saving money can mean buying less and also learning how to use fewer natural resources.

•   Paid-down debts: When you don’t spend as much and free up extra cash, you can use that to minimize or eliminate your debt.

•   Fewer bank and credit-card fees: By saving money, you are less likely to accrue late fees, overdraft or NSF fees (that’s non-sufficient funds), and other pricey charges.

•   Heightened awareness of needs vs. wants: By analyzing your spending, you’ll be better able to recognize necessities vs. things that perhaps you don’t really need.

•   A life lived within your means: You’ll be able to design a life that doesn’t involve feeling as if you are always struggling to keep up with expenses. That’s a form of financial self-care.

•   Confidence and empowerment: Practicing smart cash management is a valuable skill and one that you should be proud of!

23 Tips to Save Money Daily

Now that you know all the amazing benefits that are possible, why not dive in? Here are 23 easy tips to save money every day.

1. Understand Your Spending Habits

Stop for a minute, and consider your money style. Some people are planners and thoughtful spenders; others are more impulsive with money, or have a yo-yo style of spending.

For instance, on payday, do you splurge on cocktails and clothing and then eat boxed mac and cheese until your next paycheck? Do you look at a windfall like a tax refund and think how to start paying down debt with it, or would you instead go shopping?

Think about how you manage your cash and the money culture you grew up in. Did your family squirrel away cash or overspend? What we learn as kids can affect how we spend as adults. But that doesn’t mean you are locked into a certain financial style. By understanding how you behave, you can start making changes.

2. Build a Realistic Budget Tailored to You

Creating a budget that is tailored to your needs and really works for you is a great step towards saving money daily. Making a budget typically requires looking at your after-tax income and seeing how to allocate your funds. Essentially, it is a blueprint for living within your means.

You can use a variety of methods to budget, like the 50/30/20 budget rule (50% towards musts, 30% towards wants, 20% towards savings). You may want to track your budget with pencil and paper, in an online spreadsheet, or via an app or digital tools that your bank offers. What’s most important is to find a system that works for you, so it can help keep your spending and saving in a good place.

Recommended: Building a Line Item Budget

3. Track Your Spending and Expenses Daily

Part of budgeting and saving money involves knowing where your cash goes. Keep a log for up to a month. Track every dime: tips in the bakery jar, sales tax, parking meter fees, Ubers, tolls. Include bank fees.

This tally will provide important data. By knowing where your money goes, you can then see where to scale back. You may realize your once-a-week takeout dinner has become a three-times-a-week habit that’s throwing your finances off-track.

4. Avoid Buying Items According to Trends

You can make your money go further by being a discriminating shopper and not spending on fads. For instance, your wardrobe can see you through years if you buy quality classics. If, say, a certain hue is a fall fashion trend, embrace it via a small purchase, such as eyeshadow or tights.

Also be cautious about buying brand new electronic gadgets or the latest home entertainment system. Prices have been known to come down considerably if you can be a little patient.

5. Eat Out Less Frequently

A latte and a muffin are not everyday office essentials. Get up 15 to 30 minutes earlier, and eat at home. Bring lunch. Don’t eat out with kids so often. Children’s menus (pasta, chicken fingers) are often overpriced. Cook spaghetti, and have Alexa play Italian music.

When you do eat out, don’t feel obligated to go for splurge-y places just because a friend wants to try a new hotspot. Or see if the new place in town has a prix fixe menu if you eat on the early side. Having financial discipline means making smart choices about where to allocate your money.

6. Pay for Expenses With Cash

A plastic card can feel like play money until the bills come. Credit cards, with their high APRs (annual percent rates) and late fees, are not your friend. The average American is walking around with over $5,000 in credit card debt according to an Experian study in late 2021. That amount can take quite a while to pay off and can interfere with your reaching financial goals.

Instead of charging purchases, use cash or a debit card. This will help you save money daily.

7. Improve Your Money Mindset

Another way to keep more of your cash is to change your money mindset. Rather than see your income as something to be spent, come up with meaningful goals worth saving for (the down payment for a house, perhaps). Consider gamifying saving with rounding-up apps and other tools. Set up automatic transfers (even just $20 is fine) on payday to whisk money from checking into savings before you can spend it. Also be conscious of lifestyle creep (when we automatically spend more as we earn more) and outsmart it.

8. Reduce Your Entertainment Costs

Cancel extra subscriptions. Do you really need Hulu, HBO, Disney+, and Netflix? Many of us signed up for all kinds of streaming services during the pandemic, but now can be a good time to drop one, two, or a few and save money daily. (The Trim website can help you track them.)

Recommended: How to Save Money on Streaming Video Services

9. Pay Down Debts ASAP

It can be tough to figure out how to start paying down debt, but do your best to live on real, not borrowed, money. If you’re behind on personal loan or credit card payments, set up a monthly plan to pay it off. The money weight (and, possibly, emotional baggage) will likely start to lift with the first payment. Need more help? Look into nonprofit debt counseling services for advice.

10. Delay Gratification

Avoid impulse purchases. Put off buying more possessions, whether clothes or gadgets. Understand your shopping triggers (boredom, for instance), and learn how to distract yourself. Or put cash aside in increments to save for something special.

11. Lower Your Car Costs

Cars are major purchases to start with, and they lose value quickly once you buy them. Consider buying a pre-owned car versus new, and also look for ways to whittle related costs. The Gasbuddy.com search engine finds the cheapest gas available nearby (you could save up to 50 cents per gallon.) Wash your own car. The investment is small if you already have a hose and a hand-held vac.

12. Avoid ‘Keeping up With the Joneses’

Bills can soar when you try to keep up with free-spending friends and neighbors. Just because your bff has a Tesla and loves it doesn’t mean you need one too. And just because your coworkers fly to Florida every winter for vacation doesn’t mean that’s a smart money move for you. You can save big by shaking off the FOMO and living within your means. To save even more every day, go a step further and experiment with living below your means.

13. Switch up Meal Plans

The old promise about “a chicken in every pot” (enough food for the family) gets harder with inflation. Cut back where possible. Buy chicken thighs (or roast a whole chicken) vs. skinless, boneless, pre-sliced chicken breasts; you can definitely lower your food costs. Try more meatless meals (beans, rice, cheese, veggies) to save versus the price of beef. Plan and freeze meals ahead. There are thousands of inspiring recipes online and completely free that can suit any palate.

14. Buy In Bulk

Warehouse clubs can save you a bundle if you stick to a list. The annual membership fee is generally worth it if you buy basics, from pasta sauce to paper products, pet food, and frozen dinners. If you think places like Costco aren’t for you due to small household size or lack of storage space, consider partnering with a friend or two and divvying up the purchases.

15. Buy Secondhand

A great way to save every day is to shop Facebook Marketplace, Nextdoor, thrift shops, and yard sales for gently used items, from air conditioners to designer shoes. It helps your wallet and the environment to reduce, reuse, and recycle. Plus the thrill of the hunt can be hard to beat!

16. Rent vs Buy

Crunch the numbers and see if renting can help improve your budget. You may be able to save big in an apartment vs. a house or by leasing vs. buying a car. Renting is usually an obvious money-wise choice in other situations as well, such as formal wear when attending a wedding and kayaks or mountain bikes if you’re test-driving a new hobby.

17. Find a High-Interest Savings Account

Instead of cutting back on expenses, how about putting your money to work for you? Shop for a bank that pays you more to keep your money there. Interest rates are currently rising, with online banks often paying considerably more than traditional ones. Banks want your business, so hunt for a competitive high-yield savings account that doesn’t charge you fees.

18. Work Out at Home, Not a Gym

Put your money into sneakers on sale, and run or walk regularly at a park or track. Or get weights and an exercise ball. It can save you a nice pile of cash over pricey Pilates classes (which can also be found online for free, incidentally).

19. Find Cash Back on Purchases

Some debit and credit cards offer cash back, meaning a percentage of the money you spend comes back to you in the form of discounts, gift cards, or, as the name implies, cash. Also look for manufacturer rebates; one tire company offered a $50 gift card with purchase of a new set of four; some contact-lens companies will send you a $25 or $50 rebate with each supply.

20. Save Electricity

Turn off lights and TVs when you leave a room. Keep your house a little cooler than usual (say, a couple of degrees) in winter and a little warmer in summer. Smart thermostats can be a wise investment to help you scale down your utility bills.

21. Seek Out Free Activities

Explore ways to fill your free time without spending much or any money. Some museums have free days or nights. County parks, hiking trails, and nature preserves are open. Check public library and town recreation schedules for concerts and cultural events.

22. Make Small Sacrifices

If you usually buy java to-go every day, make your own a few days a week; you might save $50 a month or more. Hold yourself accountable to taking public transportation rather than rideshares on a regular basis. Put off beauty salon treatments by a week, or do your own mani. Inquire at salons about junior stylists in training, when services cost less.

23. Plan Events Ahead

A great way to save money is to plan ahead. For example, if you’re hosting a dinner party or bridal shower and wait till the last minute to get going, you’ll likely wind up having to buy prepared (pricier) foods, not to mention racing around frantically. And if you are buying gifts for the holidays, you may miss out on good deals on toys if you wait till right before the big day. Make a list, and schedule ahead to keep on budget.

The Takeaway

Almost anyone can learn how to save money every day. It’s not a hardship if you make small changes that add up. You can start with small ways to spend a bit less. Once you realize you can still live comfortably and confidently while trimming expenses, focus on changing your shopping patterns, finding DIY options, and knowing how not to get caught in debt traps. Not only will your savings grow, but so too will your financial literacy.

SoFi can help you with these money goals. When you have our Checking and Savings account, you can spend and save in one simple place and access a suite of tools that can help you budget better. Plus, when you open a bank account online with direct deposit, you’ll earn a competitive APY and avoid those typical bank charges.

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

FAQ

Is the envelope challenge good for saving money daily?

The envelope challenge is helpful for saving money daily. Put cash in separate envelopes marked, for example, gasoline, coffee, lunch, and groceries. The cash allotted reflects how much you can spend in a month. Once the money is gone, that’s it. Handling cash this way can help train you not to overspend.

How can I save money every day if I do not make a lot of income?

Even if your income is lower, you can save every day by shopping with intention (use a list, plan your meals, delay gratification), buying second-hand or renting items, and embracing DIY skills. Spending wisely works equally well for those with large or small incomes.

How can I teach myself to start saving money?

You can teach yourself to be more frugal by first reviewing the money mindset you grew up with. See if you can break out of some bad habits. Set your goals, then embrace tips, like automatically transferring some money to savings on payday, that will help you save money.

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Photo credit: iStock/kate_sept2004

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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

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

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

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

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

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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