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SoFi High-Yield Savings Account: Earn Up To 4.6% APY

  • When you open a SoFi high-yield savings account, you’ll automatically get a SoFi checking account.
  • The SoFi APY is 4.6%, which is well above the national and industry average.
  • Unlike many other banks, you’ll need to deposit $5,000 per month or set up regular direct deposits to get the 4.6% APY.
  • SoFi savings accounts do not have fees, minimum balance requirements or a minimum opening deposit.

If you’re searching for a high-yield savings product with easy withdrawals and streamlined online management, SoFi could be a good fit.

The combination SoFi Checking and Savings account provides a streamlined way to manage and access your savings. It offers a high interest rate, zero fees and no minimum balance requirements. Set up direct deposit, and you also have the opportunity to earn a $50 or $300 sign-on bonus.

As with any financial decision, it’s important to understand exactly what you’re getting into before committing.?

In this guide, we’ll lay out everything you need to know to decide if the SoFi savings account is right for you, including:

  • APY options and qualifying factors
  • Potential earnings
  • How to open an account

SoFi High-Yield Savings Account

The SoFi savings account offers an interest rate of up to 4.6%.

Open a SoFi high-yield savings account and automatically receive a checking account.

  • Competitive APY of 4.6% (national average is 0.46%)
  • No minimum opening deposit
  • No monthly fees
  • No balance minimums
  • FDIC-insured for protection

SoFi High-Yield Savings Account

Our top picks for high-yield savings accounts for May 2024

Is the SoFi high-yield savings account right for me?

A SoFi savings account could be right for you if you plan to set up regular monthly direct deposits — they’re necessary to get the highest APY and qualify for the sign-on bonus and overdraft protection.?

You should also be comfortable with online account management and email or phone-based customer service. SoFi is an online bank, so it doesn’t offer physical service locations.

You might also choose SoFi if you’re just learning how to save money or if you’ve had a hard time saving money in the past.?

The account comes with two useful tools to help you build savings faster:

Keep in mind that the SoFi savings account comes with a SoFi checking account. The two are a package deal and cannot be opened separately.?

To help you decide a a SoFi Checking and Savings account is the best savings account for you, consider these pros and cons.

Pros and Cons of a SoFi High-Yield Savings Account

  • High APY of up to 4.6%
  • No minimum opening deposit
  • No balance minimums
  • No monthly fees
  • Easy and unlimited transfers and withdrawals
  • Potential cash bonus of up to $300
  • FDIC-insured for protection
  • Convenient savings tools
  • User-friendly app and online account management
  • Access to fee-free ATM network
  • Cash deposits come with a fee
  • Must receive a direct deposit (any amount) or deposit $5,000 every 30 days to get highest APY
  • SoFi does not have physical branches
  • No overdraft protection without direct deposit

Learn more about SoFi High-Yield Savings Account

SoFi savings account interest rate

The SoFi savings account interest rate is one of this product’s most attractive features. It has a variable annual percentage yield (APY) of up to 4.6%, which is approximately 10 times the national average for savings accounts.?

To receive this rate, however, you must do one of the following within 30 days of opening the account and every 30 days thereafter:

If you meet the qualifications for the maximum SoFi interest rates, this account is considered high yield. If you don’t, the APY drops to 1.2%. That’s important to note if you’re a freelancer or independent contractor, as setting up direct deposits may be more complicated.

The savings account has a few important perks. There are no fees, and the bank doesn’t have a minimum for the opening deposit. Don’t worry if you need to withdraw money — SoFi doesn’t have minimum balance requirements.

SoFi Checking and Savings Account Overview

APY Range Requirement for highest APY Monthly fee Minimum opening deposit
0.50% - 4.60% Direct deposit or $5k or more in Qualifying Deposits $0 $0

SoFi checking account interest rate

When you open a SoFi savings account, you’ll automatically get a connected checking account. The checking balance also earns interest — the account has a variable APY of 0.5% for everyone, regardless of deposit status.

Your SoFi checking account includes a debit card you can use to make purchases or withdraw money. To take money out of savings, you must first transfer it into your checking account. Then, you can withdraw cash at an ATM or make an electronic transfer to an account at another financial institution.

The transfer process is quick and easy. You can do it in minutes using the SoFi app or website. SoFi allows an unlimited number of transfers or withdrawals. Use one of SoFi’s 55,000+ in-network ATMs to avoid fees.

How much can I earn with a SoFi savings account?

The money in your SoFi savings account accrues interest daily. Every month, SoFi compounds the interest. This calculation happens on the last business day of the month, and the earned interest is deposited into your savings account. At the latest, SoFi makes this deposit by the fifth business day of the next month.

The amount of money you can earn with SoFi depends on your deposits. Let’s say you open a savings account with $1,000 and set up a direct deposit of $200 per month. After a year, your balance will be $3,498.23 — a $3,400 principal and $98.23 in interest.

The more you deposit — and the longer you leave the money in the account — the more you’ll earn. If you open the account with $5,000 and direct deposit $500 every month for five years, here’s what you can expect to make (assuming a flat 4.6% APY).

Interest Earned on $5,000 Initial Deposit and Additional Deposit of $500 per Month

Year Principal Interest Total Balance
Year 1 $11,000 $363.04 $11,363.04
Year 2 $17,000 $1,025.03 $18,025.03
Year 3 $23,000 $2,000.02 $25,000.02
Year 4 $29,000 $3,302.71 $32,302.71
Year 5 $35,000 $4,948.50 $39,948.50


Try using our savings calculator to see exactly how much you could earn. Read our complete guide on savings calculator.

Compound Interest Calculator With Monthly Contributions - SoFi

Estimated Future Balance
0

Important Note: The savings estimates provided on this platform are meant for general information purposes only and should not be considered financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.

How the SoFi savings account interest rate compares

The national average APY for savings accounts is 0.47%, according to the FDIC. The maximum SoFi savings APY is 4.6% — nearly 10 times higher. You don’t need to maintain a minimum balance to keep this rate.

Compared to other banks, SoFi offers a competitive APY. Based on rates alone, the SoFi APY makes it one of the best high-yield savings accounts on the market.

Many institutions offer a 4.35% APY, which is slightly lower than SoFi. However, most of those banks offer that rate to all customers, without restrictions regarding direct deposit or minimum monthly deposits. If you can’t set up direct deposit or afford a $5,000 monthly contribution, you can likely earn more in interest with a different high-yield account.

Here’s a comparison of the current APY offerings for popular U.S. banks.

Bank APY
Ally Bank 4.25%
American Express 4.25%
Barclays 4.35%
Capital One 4.25%
Chase 0.1% to 0.2%
Discover 4.25%
Marcus 4.5%
SoFi Bank 4.6%, 1.2% without direct deposit or $5,000 in deposits every 30 days
Synchrony 4.75%
U.S. Bank 0.1%
UFB Direct 5.25%
Western Alliance 5.24%
USAA 0.01% to 1.60%

Rates are accurate as of May 2024.

Looking for the highest savings account interest rates? Then check out these guides:

How to open a SoFi savings account

Opening a SoFi savings account is a fast, hassle-free process. Everything happens online, so you’ll need a phone, tablet or computer.

Before you start the application process, make sure you meet the basic requirements. As with most accounts, you must be at least 18 years old and able to provide a valid Social Security number and an address in the United States. P.O. boxes do not qualify.

To open an account, follow these steps:

  1. Create a SoFi account. This process requires you to give your name, state of residence and email address. Before you create the account, SoFi will ask you to create a secure password. If you already have a SoFi account, you can skip this step.
  2. Log in to your SoFi account. Use your email address and the password you created. The system may ask you to verify your identity by sending a code to your email.
  3. Open the application. Navigate to the Banking tab, and click the “Get Started” button.
  4. Choose an account type. Decide between an individual account or a joint account.
  5. Provide your address. Enter your residential address. If you have a different mailing address, add it on the same page.
  6. Add personal information. To complete the application, fill in your phone number, birthdate, Social Security number, employment information, income and citizenship.
  7. Submit the application. Make sure all of your details are correct, and submit the application to SoFi.

SoFi typically makes an approval decision quickly — you might even be able to open the account right away. For some people, the process takes a few hours or days. You should receive an email once the application is processed.

Making deposits into your SoFi savings account

As soon as your savings account is up and running, you can start making deposits. SoFi supports a variety of methods, including direct deposit, ACH transfers and wire transfers. The money begins accruing interest as soon as it arrives in the account.?

If you want access to SoFi’s best benefits, set up direct deposit as soon as possible.?

The bank offers three options:

How soon should you make a deposit? That depends on your situation. It’s important to note that SoFi only sends your debit card when you’ve put money in the account. Once you get the debit card, you can make cash deposits at participating retailers for a $4.95 fee. When the account balance reaches $500, you’ll be able to use the Mobile Check Deposit feature in the SoFi app.

SoFi is currently offering a sign-up bonus for account holders who set up direct deposit. If your direct deposits total $1,000 to $4,999.99, you’ll earn a $50 bonus. Direct deposits of $5,000 or more earn a $300 bonus. The bonus period starts the day your first direct deposit arrives and ends 25 days later, as long as that timeframe is within the promotional period.

Other SoFi products

The checking and savings accounts are SoFi’s only traditional banking products. The bank doesn’t currently offer other savings options such as certificate of deposit accounts or separate checking accounts. You can, however, use SoFi to open a range of other financial products.

These other financial products include:

Our top picks for high-yield savings accounts for May 2024

FAQ: SoFi savings account

Is SoFi a high-yield savings account?

With an APY of 4.6%, the SoFi savings account is considered a high-yield product. Keep in mind that this rate is only available to people who make a direct deposit or add $5,000 to the account every 30 days. People who don’t meet these criteria earn an APY of just 1.2% — higher than the national average but not quite high yield.

Is SoFi Bank FDIC insured?

Yes — SoFi Bank is FDIC and offers the standard $250,000 in FDIC insurance for your account. The bank also offers the SoFi Insured Deposit Program, which provides up to $2 million in additional insurance. You must enroll in this program to qualify.

Does the SoFi savings account have fees?

You do not have to pay any fees with the SoFi savings account.

Does SoFi have a minimum balance requirement?

SoFi does not have a minimum balance requirement. Your balance has no impact on your APY or account standing.

Is the SoFi savings account worth it?

The SoFi savings account can be worth opening but only for people who can arrange monthly direct deposits. As long as the account receives at least one direct deposit every month — no matter the amount — you’ll get the highest APY, qualify for the sign-on bonus and have the option to earn overdraft protection for the connected checking account.

If you can’t set up direct deposits, the SoFi account is probably not your best option. You’re better off opening a high-yield savings account with a bank that doesn’t tie the maximum APY to direct deposits.

What banks are SoFi backed by?

SoFi’s Insured Deposit Program, which provides extra insurance on top of FDIC protection, is backed by a variety of banks. They include the Banc of California, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell bank, Enterprise Bank & Trust, Luther Burbank Savings, Third Coast Bank, SSB, Centennial Bank, First Western Trust Bank, Metropolitan Commercial Bank and Wintrust Bank.

How to get a 4.6% APY on SoFi?

To get a 4.6% APY with SoFi savings account, you’ll need to set up regular direct deposits or deposit $5,000 per month.

Imogen Sharma
Imogen Sharma Finance Contributor

Imogen Sharma is an experienced writer, specializing in business, culture, and financial guidance for young adults. She has contributed to articles for Varo Bank, Lendzi, MoneyTips and Indeed, providing invaluable insights into budgeting, financial planning, and lines of credit.

As a dedicated self-employed writer, she cherishes the opportunity to share her knowledge and experience with others, offering advice so they can master their bank accounts and secure their financial futures. Her articles, published in CMSWire, Reworked, WalletGenius and The Customer, serve as actionable guides to help people make solid financial decisions.

Prior to her writing career, Imogen honed her financial acumen in management roles, excelling in P&L analysis, budgeting and HR. During her tenure at Smith & Wollensky in London, her strategic contributions contributed to a 2% increase in EBITDA over a year, demonstrating her ability to drive financial performance and organizational success.

Imogen’s writing style combines expertise with accessibility, making complex financial topics easily understandable and actionable. With a focus on the long game, she encourages readers to approach financial matters with enthusiasm and determination.

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