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SoFi Checking and Savings

Bank better with up to 4.30% APY2
and no account fees1.

For a limited time, boost your APY to 4.30% for six months. Plus, you could get a welcome bonus of up to $300.3


Open an account

2Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.


  • Pay no account fees1


    No account, overdraft, or monthly fees—just great banking.

  • Earn $50 or $300 with eligible4 direct deposit3

    Just open your account and set up eligible direct deposit of $1,000 or more. Terms apply

  • Earn up to 4.30% APY2 with eligible4 direct deposit

    Limited-time only: Get a 0.70% boost on our highest savings APY of 3.60%4 when you set up a new account with eligible direct deposit. Terms apply

  • Up to $3M additional FDIC insurance through a network of participating banks5

    Learn more and opt in here.

SoFi Bank 2024 accolades
SoFi Bank 2024 accolades

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{/* Fuel your savings with a 0.70% APY boost */}

Fuel your savings with a 0.70% APY boost.2 Here are the necessary steps.

  • Open a new SoFi Checking and Savings account by 1/31/26.

  • Become a SoFi Plus member within 60 days by setting up an eligible direct deposit or enrolling in a $10/month (every 30 days) subscription.6

  • Enjoy a 0.70% APY boost on savings for six months as long as you maintain your SoFi Plus membership. Heads up: you’ll still get our 0.70% bump on top of the standard savings rate, even if our variable APY changes.


Open an account

2Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.

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{/* WHAT DOES BETTER BANKING LOOK LIKE? UPDATED 11Feb25*/}

This is what better banking looks like.


Open an account

No account fees1

No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.7

Earn up to 4.30%2
with SoFi Plus

Limited-time only: Get a 0.70% boost on our highest savings APY of 3.60% 4 when you set up a new account with eligible direct deposit. Terms apply.

Up to 2-day-early-paycheck8

Feel the magic of payday up to two days earlier—automatically—when you set up direct deposit.

No-fee Overdraft Coverage

Overspent by accident? No problem. You’ll be covered up to $50 with no fees with eligible direct deposit of at least $1,000.9

Do it all in one app.

Pay bills, deposit checks, send money, manage your digital wallet, and get live customer support 7 days a week, all in the SoFi app.

Additional FDIC Insurance

Access additional insurance up to $3M on deposits through a seamless network of participating banks. Learn more and opt in here.5


Sign up




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{/*Get award winning banking NEW 2025 Assets Updates*/}

Get award-winning banking.

See for yourself why SoFi won 10 banking awards from 9 industry publications last year.


Open an account

Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.


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Savings rates that are way above the national average.10

Get ready to earn 3.60% APY 4 with eligible direct deposit—that’s 9x the national average savings rate 10—on your savings and Vault balances. Plus now through 1/31/26 new members can get a 6-month 0.70% boost on our highest savings APY of 3.60% with eligible direct deposit. Terms apply.


Open an account

2Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.


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Mobile banking made easy.

Securely log in to our easy-to-use app and access popular online banking features: pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee1.


Open an account


Open an account

Mobile banking made easy.

Securely log in to our easy-to-use app and access popular online banking features: pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee1.


Open an account


Open an account


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FAQs


What is an online bank account?

An online bank account conveniently allows you to manage your accounts from your computer or mobile device. This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch. Because SoFi does not have any physical branches, we’re able to pass those savings to our members!


How easy is it to open a bank account online?

Opening an account is quick and easy. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.


Can a student open an account?

Of course. Anyone over 18 can open an individual or joint online bank account. In fact, we have some special offers for students (must have an .edu email address to qualify).

Learn more about our Student Checking and Savings Offer.


How do I set up direct deposit?

Simply download this

Learn more: How to Set Up Direct Deposit


What will my APY be?

As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 3.60% APY on your savings & Vaults balances and 0.50% APY on your checking balances.* If you do not have a direct deposit or $5,000 in deposits every 30 days, you’ll earn 1.00% APY on savings & Vaults balances and 0.50% APY on checking balances. 3

Interest rates are variable and subject to change at any time. Additional information can be found at sofi.com/legal/banking-rate-sheet.



Why do I need to sign up for direct deposit?

When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 3.60% APY (annual percentage yield)3, plus features like No-Fee Overdraft Coverage7 and up to 2-Day Early Paycheck.6


Are online bank accounts safe?

All SoFi Checking and Savings accounts receive industry-standard FDIC insurance of up to $250,000 per member (joint accounts are insured up to $500,000). SoFi Checking and Savings members can earn up to $3M of FDIC insurance by enrolling in the SoFi Insured Deposit Program 4. For more information on FDIC insurance coverage, please visit www.FDIC.gov.


How do I withdraw and deposit cash?

SoFi makes it easy to both withdraw and deposit money. To withdraw, simply visit any of the 55,000 Allpoint ATMs (more locations than Chase, Wells Fargo, and Bank of America combined!). You won’t pay any fee as long as you visit one of these ATMs. In order to deposit money, simply visit a retail location that offers GreenDot services.5


Do I need a minimum balance to open an account or get the highest interest rate?

There is no minimum balance required to open a SoFi Checking & Savings account. Members can unlock 3.60% APY savings balances with either direct deposit (no minimum required) or by depositing at least $5,000 every 30 days.4 For more information, please visit sofi.com/banking/#4/.

Learn more: How Much Money Is Needed to Start a Bank Account?


Is there a minimum age?

You must be 18 years or older to open an individual or joint bank account.

Learn more: How Old Do You Have to Be to Open a Bank Account?


Can I sign up for an individual checking or savings account?

When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.


If I keep my entire balance in savings, will funds automatically move to checking as needed to pay bills?


Yes. As long as you have Overdraft Protection enabled, we’ll automatically pull from your available savings balances in the event that your checking balance is insufficient. Overdraft protection covers ACH withdrawals (bill pay, loans, P2P), checks and debit card transactions. Note that overdraft protection will not pull from your Vaults. To turn on Overdraft Protection, open the SoFi app, tap More > Overdraft and toggle the feature on.


Any limits on savings account withdrawals per month or transfers between accounts?


No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.


To unlock the highest APY, does it matter where I direct deposit my funds
(checking vs savings?)


Nope, it doesn’t matter. To unlock the highest the highest APY, you may either:

-Get paid via direct deposit (into either your checking or savings). Eligible direct deposits are the electronic deposits of your paycheck, pension or government payments (e.g., Social Security) from your employer, benefits provider, or the government.

-Add $5,000 or more to your checking or savings account every 30 days.


Is there a maximum or ‘cap’ on the 3.60% APY?


There is not currently a maximum on the 3.60% APY for savings or Vaults.


What about fees?

We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.1 There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.5 Check out a full list of fees and service charges: No Fees.


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Earn up to 4.30% APY2
with eligible direct deposit.

Limited-time only. Terms apply.


Open an account


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Send Money to Mexico

Fast, secure, and affordable online money transfer from the U.S. to Mexico.

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Stock Calculator


Stock Calculator: Estimate Profit or Loss

This calculator helps you estimate your profit or loss from buying and selling stocks, plus the return on your investment. Enter your details below to see your estimated performance.

How To Use Use This Calculator

Here’s a quick guide to the information you’ll need to enter to estimate your return.

• Number of shares: Enter the total number of shares you purchased in this single transaction.

• Purchase price: This is the price you paid for one share of the stock. For example, if you bought one share of a stock at $150, you would enter 150.

• Sell price: This is the price you received for one share when you sold. For example, if you sold that same share later for $165, you would enter 165.

• Buy commission (Optional): Many brokerages now offer $0 commission trades. If yours charges a fee to purchase stock, enter that amount here.

• Sell commission (Optional): Like the buy commission, this is often $0. If your brokerage charges a fee to sell stock, enter that amount here.

After you enter your information, the calculator will show you two key results:

• Profit/Loss: This is the potential total dollar amount you gained or lost on the investment.

• Return on Investment: This shows your potential profit or loss as a percentage of your original investment.

How This Calculator Works

This tool calculates returns from buying and selling stock by determining both your profit or loss and your return on investment (ROI) using the following formulas:

Profit/Loss Formula

Profit/Loss = (Total Sell Amount – Sell Commissions) – (Total Buy Amount + Buy Commissions)

Where:

Total Buy Amount = Purchase Price per Share * Number of Shares

Total Sell Amount = Sell Price per Share * Number of Shares

ROI Formula

ROI = (Sell Price * N – Csell) – (Purchase Price * N + Cbuy)Purchase Price * N + Cbuy * 100%

Where:

N = Number of shares

Purchase price = Price per share when bought

Sell price = Price per share when sold

Cbuy = Buy commission in dollars

Csell = Sell commission in dollars

Important Exclusions

This calculation provides a simple estimate of your return, but it does not factor in these external considerations:

Dividends: The calculation only accounts for price appreciation (capital gain). Any dividend cash you received while holding the stock is not included in the final profit/loss total.

Taxes: The result is a pre-tax figure and does not account for capital gains taxes or dividend taxes, which will impact your net return.

Inflation: The calculator provides results in nominal (non-inflation adjusted) dollars. It does not adjust for the real loss of purchasing power over the investment period.

FAQ

What is the difference between total return and capital gain?

Capital Gain is the profit from the rise in the stock’s price. Total Return is the capital gain plus any dividends received. This calculator provides a result closer to your capital gain, as it excludes dividends.

Why are commissions and fees important?

Trading fees, even small ones, reduce your profits. Factoring them in gives you a more accurate understanding of your investment’s true performance.

What about taxes?

This calculator does not account for capital gains taxes or dividend taxes, which can significantly impact your net return. Tax laws vary, so it’s a good idea to consult with a tax professional.

Ready to invest for your retirement?

It’s easy to get started when you open an IRA online with SoFi.
SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


Get started

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:

1) Robo Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

Individual customer accounts may be subject to the terms applicable to one or more of these platforms. For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

For a full listing of the fees associated with Sofi Invest please view our fee schedule.

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.

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

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

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Only 40% of Jobs Pass This New Test

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Most of us know why we don’t like a job.

But how would you define a quality job? The size of the paycheck is no doubt a big part of it, but how else do you measure how good it is?

It’s a worthwhile question. If pay is only one piece, how much weight should you give things like career mobility, workplace culture, or workload?

A new Gallup study found that only 40% of Americans have what it defines as “quality” jobs. The study surveyed over 18,000 U.S. workers, scoring their jobs based on established minimum thresholds for not just fair pay and benefits, but also opportunities for advancement, sustainable schedules, and a voice in decisions.

“Quality jobs are still the exception in the U.S. workforce,” the researchers wrote when they released the findings last month. “Our experiences on the job shape the decisions we make, the companies we trust and how we show up each day — at work and at home. And yet, too often, conversations about the economy focus on job quantity, not quality.”

Roughly half of workers in professional services, finance, and wholesale met Gallup’s quality standard compared with less than 30% in leisure and hospitality, retail, and warehousing.

So what?

At the end of the day, you want a job that helps you thrive. But many employers still fall short in providing livable wages, opportunities for advancement, and a healthy work-life balance.

When the economy is unpredictable, many people understandably hold on to unsatisfying jobs. But that shouldn’t stop you from identifying what you want from your job — and strategizing how to make it happen, whether it’s now or in the future.

Here are some highlights from the study to help you assess:

Gallup, in partnership with the W.E. Upjohn Institute for Employment Research and other researchers, defines a quality job first and foremost by fair pay. For full-timers, that means earnings of at least three times the federal poverty level for a two-person family, currently $5,287 per month. (Though the researchers acknowledged that this isn’t always enough, depending on someone’s location or other circumstances.) Yet half of respondents fell short.

To qualify, a job also had to score well in at least two of four quality-of-life areas: a healthy working environment, providing opportunities for advancement, getting a say in workplace decisions, and having a sustainable schedule. Gallup found that:

•  62% lacked a predictable schedule they could control.

•  54% worked extra or unplanned hours sometimes or often.

•  25% reported no opportunities for promotion or advancement.

•  24% experienced discrimination or unfair treatment at work.

•  69% said they/their co-workers didn’t have enough influence over pay and benefits.

•  55% said they/their co-workers didn’t have enough say over the use of new technology like AI.

Taken together, the findings show that job satisfaction involves more than just a paycheck — and that, for most Americans, stability and autonomy at work remain out of reach.

Related Readings

5 Things to Do To Feel Less Stuck at Your Job (SoFi)

Nearly Half of Workers Are “Job Hugging” as Comfort and Security Take Priority (Monster)

Job Seekers Stare Down a Gloomy Holiday Hiring Season (The Wall Street Journal)


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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