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

• Vaults. Money Vaults are essentially separate folders or buckets inside your savings account. You can set a target dollar amount for each Vault and move money into it to save for a specific goal. Visual indicators help you monitor progress.
• Roundups. Turn on this feature, and the bank will automatically round up your SoFi debit card purchases to the next dollar. The extra change goes directly to a Vault, so you don’t need to worry about making a transfer. If you tend to make lots of purchases with your debit card, the Roundups can add up quickly.

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

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:

• Get a direct deposit for any amount
• Deposit $5,000 or more via a bank transfer, a check or another method

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

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

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

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.

Rates are accurate as of May 2024.

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:

• Sign up in your company’s online HR system
• Print and sign a direct deposit form and give it to the payroll department at your company
• Link your SoFi account to your company’s payroll system online

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:

• Credit cards
• Personal loans
• Student loans
• Mortgage loans
• Student and auto loan refinancing
• Investment accounts
• Insurance
• Estate planning

FAQ: SoFi savings account

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