SoFi’s savings account pays 4.50% annual percentage yield (APY) when you directly deposit any amount each month. This yield puts it within 1% of the most competitive high-yield savings account (HYSA) rates in the country. Additionally, the SoFi savings account doesn’t charge any monthly or overdraft fees and offers perks like credit card monitoring and early direct deposit.
Plus, there are no withdrawal limits. For almost 13% of the 1,000 banking customers we surveyed, a sign-on bonus was a top consideration when choosing a savings account. SoFi offers that too — up to $300 when you open a new account. If you’re looking for a HYSA with a solid rate, no fees and lots of perks, SoFi is a top choice.
Key Takeaways
- The best SoFi high-yield savings interest rate is roughly 10 times the national average, making it one of the top high-yield savings accounts in the country
- SoFi Bank’s savings account has no minimum balance requirements or monthly fees
- To qualify for the best SoFi savings rates, you must deposit at least $5,000 every 30 days or receive direct deposits of any amount.
SoFi High-Yield Savings Account Rates
Best Checking and Savings Account Combo
SoFi Bank
4.8
SoFi Bank Review
Savings APY 4.50% with qualifying monthly deposits
Checking APY 0.50%
ATM Access 55,000+ without fees
Overdraft Fee $0
Monthly Service Fee $0
BBB Rating A+
SoFi Bank pays interest on its savings account, which is insured by theFederal Deposit Insurance Corp.(FDIC). There’s no minimum balance requirement needed to earn interest. All account balances earn the same rates, as opposed to some banks that offer higher rates to people with more money deposited.
SoFi Bank’sbest savings accountrate is extremely competitive, with an APY roughly 10 times thenational average interest rate, as measured by the FDIC.
However, SoFi Bank doesn’t automatically give everyone its highest interest rate. Every 30 days, you must qualify by meetingoneof the following requirements:
- Receive a direct deposit for any amount. A direct deposit must be from your employer, a payroll or benefits provider or a government agency, such as the Social Security Administration.
- Deposit at least $5,000 from other sources, such as checks, automated clearing house (ACH) transfers from another bank account or person-to-person transfers from services such as PayPal and Venmo.
You’ll still earn interest if you don’t meet one of these requirements, but it will only be 1.20% APY. This reduced rate is still more than double the national average. Every 30 days, SoFi Bank reevaluates your account to determine your interest rate. If you didn’t qualify for the higher rate one month, you could do so the following month with qualifying deposits.
| Sofi Account Name | APY* | Minimum Opening Deposit |
|---|---|---|
| Checking and Savings | 4.50%, or 1.20% without qualifying direct deposits | $0 |
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*APY accurate as of September 4, 2024
SoFi Bank’s high-yield savings account is a solid option overall. It has no monthly account fees, minimum balance requirements or transaction limits. It also pays interest on all account balances — something not every bank offers. SoFi could be an excellent option if your deposits qualify you for the bank’s best savings account rate and its bonus of up to $300.
SoFi vs. Competitors
SoFi Bank’s savings rates compare reasonably well against other top options on the market today. SoFi Bank is in the middle of the pack, assuming you qualify for its most competitive APY through monthly deposits.
As one of the country’s largest online financial organizations, SoFi Bank also has more financial products and perks and better technology than competitors such as UFB Direct. Finally, SoFi provides a sign-up bonus worth up to $300 when you first sign up for direct deposit, while most other banks don’t.
On the other hand, it could be a hassle to meet SoFi’s monthly deposit requirements for getting its highest APY. Ally and Discover might pay a little less interest, but there are no hoops to jump through to get their best rates. If you know you’ll have monthly direct deposits, SoFi may be more appealing. If you don’t, you might prefer a competitor that doesn’t have requirements for earning a higher interest rate.
| Bank | APY* | Minimum Opening Deposit |
|---|---|---|
| Ally | 4.20% | $0 |
| American Express | 4.25% | $0 |
| Capital One | 4.25% | $0 |
| Discover | 4.20% | $0 |
| SoFi | 4.50% with qualifying deposits 1.20% without qualifying deposits | $0 |
| Synchrony | 4.50% | $0 |
| UFB Direct | 5.15% | $0 |
| Average Savings Rate | 0.50% | N/A |
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>> Related: Learn more about the best savings accounts
SoFi Savings Rates vs. Highest Rates
The table below shows how SoFi compares to the highest savings rates available today.
| Bank | APY* |
|---|---|
| SoFi | 4.50% |
| First Community Bank | 6.00% |
| Sovereign Bank | 5.40% |
| EagleBank | 5.35% |
| Western Alliance Bank | 5.31% |
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How Much You Could Earn With SoFi
How much could your money earn in a SoFi savings account? Our savings calculator can show you what your earnings would be after a month, a year or even longer. Because the bank pays compound interest, you receive interest on both your original deposit and the interest you earn each month. SoFi compounds interest monthly, helping your earnings grow faster than they would with quarterly or annual compounding.
SAVINGS CALCULATOR
Enter your projected deposit, monthly contributions, term and rate to see how much your savings can grow.
SAVINGS INFORMATION
YOUR TOTAL SAVINGS $17,623
Initial Deposit $10,000
Total Contributions $6,000
Interest Earned $1,623
SoFi Account Terms
The SoFi Bank savings account has no minimum opening deposit requirement, minimum balance requirement or monthly maintenance fees.
SoFi , unlike some other banks, doesn’t restrict your withdrawals or transactions from the savings account. Also, SoFi Bank doesn’t charge overdraft fees if you take out more than is in your savings account.
SoFi Checking
When you sign up for a SoFi Bank savings account, you automatically receive a free SoFi Bank checking account. The checking account doesn’t charge monthly fees, and it earns a competitive interest rate. The account comes with a cash-back debit card, which account holders can use for purchases or free withdrawals from over 55,000 ATMs in the Allpoint network.
The savings account doesn’t allow you to make ATM withdrawals. You’d need to transfer money to your checking account first. While this makes getting cash from your savings account a little more complicated, it’s simple enough to transfer funds between accounts using the SoFi Bank mobile app or website.
>> Related: Learn more about the best free checking accounts
How To Maximize Your Savings With SoFi
To get the maximum savings with SoFi, you’ll need to do two things:
- Receive qualifying deposits to get the highest APY SoFi offers
- Qualify for a bank bonus of up to $300
You’ll need either direct deposits of any amount or or other types of deposits that total $5,000 or more to get the bank’s best savings rate each month. To qualify for the full $300 bonus, you’ll need to have $5,000 or more in direct deposits in your new account within 25 calendar days of your first direct deposit.
Who SoFi Savings Account is Best for
SoFi’s Checking and Savings account is best for customers who prefer online or mobile-only banking and want the convenience of a checking account. Both parts of the account pay interest, so if you’re looking to maximize your savings and checking rates and avoid monthly fees, SoFi is a great option. The included checking account also gives you ATM access, which isn’t common with online savings accounts.
SoFi is currently offering a bonus of up to $300 for new customers, as well as existing customers who enroll in direct deposit for the first time. So if you don’t bank with SoFi, now might be a good time to consider opening an account.
>> Related: Learn more about the best bank bonuses
Top Offers of September 15, 2024
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FAQ: SoFi Savings Rate
Yes, SoFi has a high-yield savings account. It can pay an interest rate nearly 10 times higher than the national average for savings accounts. You must qualify for the best rate, though. The easiest way to qualify is by making a monthly direct deposit.
Yes, SoFi is a good place to save money. Its savings accountdoesn’t charge a monthly fee, and it pays one of the highest interest rates in the country. SoFi also provides account features to encourage you to save more. When you use your debit card from your SoFi checking account, the amount of each purchase is rounded up to the nearest dollar, and the extra money is deposited in your savings account. You can also divide your account into Vaults targeted for savings goals such as buying a houseor a new car, or covering future college costs.
You can get 4.50%APY with SoFi by qualifying through its savings account. You must meet one of these requirements each month to qualify: Receive direct deposits of any amount ormake deposits of at least $5,000 through other methods, such as checks and bank transfers.
One downside of SoFi is that it’s an online-only companythat doesn’t have physical branches. You can only get customer service by phone, email or live chat. Another downside is that you must meet monthly deposit requirements to qualify for the best SoFi savings rates. Other high-yield savings accounts don’thave this requirement.
*Rates accurate as of September 4, 2024
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
