SoFi Savings Account Rates
SoFi savings account interest rates are competitive—potentially beating the national average several times over if you set up an eligible direct deposit with the financial institution. The nationally chartered bank also offers a bonus of $50 to $250 for eligible new account holders.
Additionally, the SoFi Checking and Savings account features no standard bank account fees, including monthly maintenance fees, overdraft fees, or ATM fees. Unlike some other banks, you don’t have to jump through hoops to qualify for fee waivers from SoFi.
The APYs listed below are up to date as of the date of publication of this article. We review savings account rates every two weeks and update the information below accordingly.
SoFi Savings Account Account Interest Rates Overview
|Account Name||Requirement for Highest APY||APY Range||Monthly Fee|
|SoFi Checking and Savings||Eligible direct deposit||0.50%-4.50%||None|
SoFi’s rates are good, but they’re not usually the highest available. See the best savings account rates today:
SoFi Savings Accounts: Key Features
|SoFi Savings Account Key Features|
|Requirement for Highest APY||Eligible direct deposit|
|Monthly Service Fee||None|
SoFi’s savings account must be opened along with a SoFi checking account. You can’t have a SoFi savings account on its own or a SoFi checking account on its own. The checking account earns a modest APY as well.
To qualify for the highest APY on your SoFi savings account balance, you’ll need to receive direct deposits from an employer, payroll provider, or benefits provider via ACH deposit. Unlike many other banks, SoFi has no withdrawal limits on its savings account.
Before you open a savings account, it’s important to consider the features of the account—from the APY a bank offers and beyond. Here are some of the highlights that might help you decide whether a SoFi Checking and Savings account makes sense for you.
- SoFi savings account rates: SoFi savings rates beat the national average (which was 0.42% as of July 17, 2023) and are competitive among other financial institutions as well (though not necessarily the best available).
- Fees: One of the biggest perks of a SoFi Checking and Savings account is that you don’t have to worry about paying traditional bank fees. There are no monthly fees (and no account minimums to meet to qualify for a waiver). The account features no ATM fees (within the Allpoint Network), no overdraft fees, and no bill-pay fees, among others. But SoFi does point out that it has the right to change its fee policy in the future.
- $50 to $250 bank bonus: You could earn up to $250 when you set up a direct deposit for the first time on your SoFi Checking and Savings account. This promotion is available to new and existing customers (if they haven’t set up a direct deposit in the past). Eligible direct deposits of $1,000 to $4,999.99 within a 25-day promotional period may qualify for a cash bonus of up to $50. But you’ll need to receive $5,000 in qualifying direct deposits within the promotional period to be eligible for the $250 bonus.
- Savings Vaults: One of the bank’s stand-out features is the ability to set and track smaller financial goals. With SoFi savings Vaults, you can set up smaller savings goals within your large savings account for an emergency fund, vacation, down payment, holiday, home improvement project, etc.
- Roundup debits: You can opt to automatically round up debit card purchases to the nearest dollar. The extra change goes into the SoFi savings Vault of your choice.
About SoFi: Other Savings Options
The history of SoFi began in 2011 when four Stanford business school students came together to launch an alumni-funded lending program. As SoFi grew, it expanded the financial services it offered consumers. On top of a wide variety of loan products, SoFi customers now have access to Automated Investing services, Active Investing, credit cards, insurance products, and limited banking services.
However, aside from the hybrid SoFi Checking and Savings account, the financial institution doesn’t offer additional savings options. In fact, SoFi doesn’t offer any other types of deposit accounts.
Compare Savings Account Rates
Before opening a savings account, it’s wise to compare the rates a financial institution offers with both the national average rates and the APYs from multiple competing banks and credit unions.
The interest rates for savings accounts from SoFi rank well above the national average. According to the Federal Deposit Insurance Corporation (FDIC), the national average interest rates for savings and checking accounts are as follows as of July 17, 2023:
- Savings: 0.42%
- Interest checking: 0.07%
SoFi’s APYs outperform the national average interest rates for other types of deposit accounts during this same period, including fixed-rate CDs.
Nonetheless, it’s important to point out that you can typically find higher interest rates with a little research, including savings accounts, CDs, and money market accounts.
Does SoFi Have a High-Interest Savings Account?
SoFi has a high-interest savings account with a fairly good rate, which comes with a checking account. But it’s possible to find still-higher APYs—browse the best high-yield savings accounts to find the best rates available today.
What Is the Minimum Account Balance for a SoFi Savings Account?
There is no minimum account balance requirement to open a SoFi savings account and checking account. Likewise, you don’t need to maintain a minimum balance to qualify for a bank fee waiver or to qualify for a bank account bonus from SoFi. There are no account fees, and you can earn a bonus by setting up qualifying direct deposits.
How Often Does SoFi Pay Interest on Savings Accounts?
You will accrue interest on your SoFi Checking and Savings account balance daily. The bank will compound the interest you earn on a monthly basis. SoFi calculates interest on the last business day of each month and posts it to your account by the fifth business day of the following month.
Can You Open a SoFi Savings Account Without a SoFi Checking Account?
SoFi offers a hybrid checking and savings account option to its customers. You must sign up for both accounts together if you want to open a savings account with the financial institution.