SoFi Savings Account Interest Rates: April 2024 (2024)

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. Also you can earn the highest APY with monthly qualifying deposits. 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 0.46% as of Nov. 20, 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 $300 bank bonus: You could earn up to $300 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-calendar-day promotional period may qualify for a cash bonus of up to $50. But you’ll need to receive $5,000 in direct deposits within the promotional period to be eligible for the $300 max bonus.
• Savings Vaults: One of the bank’s stand-out features is the ability to set and track smaller financial goals. With SoFi Vaults, you can set up smaller savings goals within your 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 Nov. 20, 2023:

• Savings: 0.46%
• Interest checking: 0.07%

SoFi’s savings APY outperforms 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.

Pros and Cons of SoFi Savings Accounts

Pros Explained

• Excellent rate: SoFi savings account interest rates aren’t usually the absolute highest on the market today, but they’re not very far off the mark either—as long as you meet the deposit requirements for the higher rate, that is.
• No ongoing fees: Aside from a cash deposit fee, there aren’t really any other fees you need to worry about with this account—no monthly fees, overdraft fees, etc.
• Full-service financial firm: SoFi started as a lender, but it offers most financial services you’ll need today, such as banking, investing, insurance, and more.
• Automatic savings program: SoFi offers a couple of unique ways to save more money, such as by rounding up your debit card purchases and saving the difference or by automatically tucking a percentage of each paycheck directly into your savings account.
• Access to member benefits program: SoFi offers generous perks such as access to free financial advisors and career coaches, estate planning discounts, and more.

Cons Explained

• $4.95 fee for depositing cash: You can deposit cash at many nationwide chain stores, but you’ll have to pay a fee to do so—something you don’t have to worry about with banks that offer convenient branch locations.
• Doesn’t offer in-person branches: SoFi Bank offers such high rates by offering online-only services, so it’s not a good option if you prefer to manage your finances in person.
• Must sign up for SoFi checking account too: You can’t sign up for the SoFi Savings account on its own; it’s a two-part deal with SoFi’s Checking account.
• Rate and benefits depend on deposit activity: If you don’t have any direct deposits being funneled into your account each month, you’ll need to deposit at least $5,000 per month into your SoFi Checking account. If not, you won’t earn the checking account benefits, and your SoFi savings account interest rates will be greatly reduced.

Alternatives to SoFi Savings Accounts

If SoFi isn’t right for you, consider these other savings options instead:

• Credit unions: These nonprofit banking institutions require you to become a member before you can open an account, but they may offer higher rates than local banks and can be a better choice if you deal in cash a lot. See the best savings account rates available today, many of which are provided by credit unions.
• Online banks: SoFi now operates as a bank, but that’s relatively new and it still operates more like a fintech company in some ways. Other online banks may offer easier-to-meet deposit requirements to earn higher interest rates. Take a look at the best banks for savings accounts for more information.
• Investment brokerages: You may earn more money by investing with a brokerage, but you’ll also have a higher potential for losses as well.
• U.S. Treasuries: You may be able to earn more than savings accounts offer with a treasury bill or bond, but without as much risk as some other investments.
• Certificates of deposit (CDs): If you have a stash of cash you won’t be touching for a while, these timed deposit accounts offered by most banks and credit unions offer a very high potential for return without investing your money. The best CD rates today are similar to the top savings account rates.

Your Guide to Savings Accounts

• What Is a Savings Account and How Does It Work?
• What Is a High-Yield Savings Account?
• How to Open a High-Yield Savings Account
• How to Close a Savings Account
• Besides a Savings Account, Where Is the Safest Place to Keep My Money?
• How Many Savings Accounts Should I Have?
• How Savings Account Interest Rates Are Determined
• How Interest Works on Savings Accounts
• How Is a Savings Account Taxed?
• Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
• Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
• 4 Savings Accounts for Investors
• Best High-Yield Savings Accounts
• Best Free Savings Accounts
• Best Savings Accounts for Kids and Teens