SoFi Banking
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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
2Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% 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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Pay no account fees1
No account, overdraft, or monthly fees—just great banking.
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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
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Earn up to 4.30% APY2 with eligible4 direct deposit
Limited-time only: Get a 0.70% boost on our highest savings APY of 3.30%4 when you set up a new account with eligible direct deposit. Terms apply
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Up to $3M additional FDIC insurance through a network of participating banks5
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Fuel your savings with a 0.70% APY boost.2 Here are the necessary steps.
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Open a new SoFi Checking and Savings account by 1/31/26.
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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
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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 3.30% 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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This is what better banking looks like.
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 3.30% 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
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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 3.30% 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 3.30% with eligible direct deposit. Terms apply.
2Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% 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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FAQs
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!
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.
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.
Simply download this here.
Learn more: How to Set Up Direct Deposit
As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 3.30% 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.
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 3.30% APY (annual percentage yield)3, plus features like No-Fee Overdraft Coverage7 and up to 2-Day Early Paycheck.6
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.
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
There is no minimum balance required to open a SoFi Checking & Savings account. Members can unlock 3.30% 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?
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?
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.
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.
No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.
(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.
There is not currently a maximum on the 3.30% APY for savings or Vaults.
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
SoFi > Banking
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