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SoFi High-Yield Savings Account: Earn Up To 4.50% APY

  • When you open a SoFi high-yield savings account you’ll automatically get a SoFi checking account.
  • The SoFi APY is 4.50%, 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 monthly direct deposits to get the 4.50% APY. Otherwise, your APY will be just 1.20%.
  • SoFi savings accounts do not have fees, minimum balance requirements or a minimum opening deposit.

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

Advertiser Disclosure

SoFi Checking and Savings

LEARN MORE Member FDIC
Rates updated as of 09/23/2024
APY
4.50 %
Monthly Fee
$0.00
Minimum Opening Deposit
$0.00
Why We Like It

Editor's take

SoFi offers a combined savings and checking account, you can’t get one without the other. The high-yield savings account stands out with an APY of 4.50%, significantly higher than the national average. To qualify for this rate, you need to receive a direct deposit or deposit $5,000 every 30 days; otherwise, you’ll receive a lower APY of 1.20%.

Both accounts have no monthly maintenance fees or balance minimums, which means there are no costs associated with keeping the accounts open. Additionally, there’s the potential to earn a $300 opening bonus.

PROS

  • Competitive APY of 4.50%
  • No minimum opening deposit
  • No monthly maintenance fees
  • FDIC-insured
  • Potential $300 bonus

CONS

  • Must receive a direct deposit (any amount) or deposit $5,000 every 30 days to get the highest APY
  • No physical branches
  • To receive $300 bonus, direct deposit amount must total at least $5000 within 25 days
  • Cash deposits come with a fee

How the SoFi savings account interest rate compares

The national average APY for savings accounts is 0.46%, according to the FDIC. The maximum SoFi savings APY is 4.50%—which is 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 4.25% 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.

SoFi Savings Account APY vs. Other Banks

Bank APY*
Ally Bank 4.00%
American Express 4.10%
Barclays 4.50%-4.80%
Capital One 4.10%
Chase 0.10% (standard rate)
0.20% (relationship rate)
Discover 4.10%
Marcus 4.25%
SoFi Bank 4.50% (with qualifying monthly deposits)
1.20% (without qualifying monthly deposits)
Synchrony 4.30%
U.S. Bank 0.10%
UFB Direct 4.83%
Western Alliance 4.70%
USAA 0.01% (standard rate)
0.05% to 1.50% (Performance First rates)

*Rates are correct as of October 2024. Rates may vary by location. Chase APYs are for California.

SoFi vs. American Express

SoFi and American Express both offer great savings accounts, but they cater to different needs. SoFi gives you a slightly higher APY if you set up a direct deposit and even offers a bonus of up to $300 for opening an account. However, Amex might be the better choice if you prefer a more established brand. Amex also lets you mail in checks, which SoFi doesn’t. So, if you’re after higher returns and potential bonuses, go with SoFi. But if you value brand reputation and the convenience of mailing checks, Amex is the way to go.

Feature SoFi Checking and Savings American Express High Yield Savings
APY Up to 4.50% 4.10%
Minimum opening balance $0 $0
Monthly Fee $0 $0

*Figures are correct as of October 2024.

Apply Now

Sofi vs. UFB Direct

UFB Direct offers a higher APY of 5.15%, which is great if you’re looking to maximize your savings. UFB Direct focuses only on savings accounts and doesn’t offer a checking account. On the other hand, SoFi provides a more complete banking solution by offering both checking and savings accounts. Both accounts are easy to open with no minimum balance or monthly fees, which makes them great options for saving money.

Feature SoFi Checking and Savings UFB Portfolio Savings
APY Up to 4.50% 4.83%
Minimum opening balance $0 $0
Monthly Fee $0 $0

*Figures are correct as of October 2024.

Apply Now

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 4.50%
  • 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

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 4.50%, 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 1.20%.

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

Savings account APY* Requirement for highest APY Monthly fee Minimum opening deposit
1.20% - 4.50% Direct deposit or $5k or more in qualifying deposits $0 $0

*Rates are correct as of October 2024.

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 0.50% 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 4.60% 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

Figures are correct as of October 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.

Try using our savings calculator below or use our savings calculator guide to learn more about how much you could earn.

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.

Looking for the highest savings account interest rates? 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 combined checking and savings account is SoFi’s only traditional banking product. The bank doesn’t currently offer other savings options, such as certificates of deposit (CDs). 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 October 2024

FAQ: SoFi savings account

Is SoFi a high-yield savings account?

With an APY of 4.50%, the SoFi savings account is considered a high-yield product. Keep in mind that this rate is only available to people who set up monthly direct deposits or add $5,000 to the account every 30 days. People who don’t meet these criteria earn an APY of just 1.20%—higher than the national average but not quite high yield.

Is SoFi Bank FDIC-insured?

Yes, SoFi Bank is FDIC-insured 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?

No, you do not have to pay any fees with the SoFi savings account.

Does SoFi have a minimum balance requirement?

No, 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 is worth opening if you 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 4.50% APY, qualify for the sign-on bonus and have the option to earn overdraft protection for the connected checking account. You can also get the 4.50% APY by depositing $5,000 into your account each month.

If you can’t set up direct deposits or deposit $5,000 each month, 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 do I get a 4.50% APY on SoFi?

To get a 4.50% APY with SoFi savings account, you’ll need to set up monthly direct deposits or deposit $5,000 per month.

About the Author

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.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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