What will my interest rate be on SoFi Checking and Savings?

You can earn up to 1.00% APY (annual percentage yield) on your checking and savings with direct deposit. That's more than 33x the national average rate2 for a checking account! Members without direct deposit will earn 0.25% APY, which is 8x the national average.

Does SoFi Checking and Savings charge 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. 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.

Is there a limit on the 1.00% APY?

With direct deposit, you can earn 1.00% APY1 on up to $50,000 in balances! After that, you will earn 0.05% APY.

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 1.00% APY (annual percentage yield) on checking and savings accounts, features like No-Fee Overdraft Coverage4 and 2-Day Early Paycheck.*

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

When you sign up for SoFi Checking and Savings, you will receive both a checking account and a savings account. Once you set up direct deposit, you can earn up to 1.00% APY on both accounts! We do not currently offer standalone checking or savings accounts.

What happened to SoFi Money?

Before SoFi offered checking and savings, we offered a cash management account called SoFi Money. Since SoFi Checking and Savings has many of the great features of SoFi Money (plus more), we no longer offer SoFi Money to new members. If you are an existing SoFi Money member, you have been invited to upgrade to SoFi Checking and Savings through a quick and easy process (check your email or the SoFi app for your invite)!

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Aug

09

2022

Banking Short

By Nicholas Wong | 1_Web_Banking | Comments Off

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ONLINE BANK ACCOUNT

Better banking is here with up to 4.00%² and no account fees.¹

Open an account

Plus, you could get a welcome bonus of up to $300.³

Open an account

²Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.

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How to get your
0.70% APY boost.

²

Here are the necessary steps:

First, open a new SoFi Savings account¹ by 3/30/26.
Next, set up eligible direct deposit within 60 days.⁷
Then, enjoy a 0.70% APY boost on your savings for six months as long as you maintain your eligible direct deposit. And if our variable APY changes, don’t worry, you’ll still get the 0.70% bump on top of the standard savings rate.

Open an account

²Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25)
for up to 6 months. Open a new SoFi Checking and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change.Terms apply here. SoFi Bank, N.A. Member FDIC.

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No account fees¹

Earn up to 4.00% APY² on savings with eligible⁴ direct deposit. Terms apply.

Up to 2-day-early-paycheck⁵

No-fee Overdraft Coverage⁶

Earn $50 or $300 with eligible direct deposit

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

Up to $3M of additional FDIC insurance through a network of participating banks⁷

Open an account

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Experience highly competitive savings rates.

You’ll earn more interest in seven weeks with SoFi than you would with a big bank with direct deposit. Period.

Open an account

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Earn up to 4.00% APY²
with eligible⁴ direct deposit.

Terms apply.

Open an account

Aug

09

2022

July 2022 Market Lookback

By Liz Thomas | invest, Money | Comments Off

Returns were positive across most asset classes in July, a welcome development after a tough June.

Aug

09

2022

Is Your Team Ready for the 401(k) Changes?

By Walecia Konrad | SoFi News | Comments Off

Many employers are making changes to their 401(k) plans to boost their employees’ financial well-being, as well as employee retention. Here are some to consider.

Aug

09

2022