How high will savings interest rates go in 2024?

It's difficult to predict how interest rates will change but, in December 2023, the Fed predicted it would lower the federal funds rate to 4.6% by the end of 2024. That's the rate banks charge each other to borrow money, so it directly impacts the rate consumers pay.

Which bank gives 7% interest on savings accounts?

As of May 2024, no banks are offering 7% interest rates on savings accounts . Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

How to get 4.6 APY on SoFi?

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.

Will interest rates go down in April 2024?

Overall, forecasters predict mortgage rates to continue easing, but not as much as previously thought . While McBride had expected mortgage rates to fall to 5.75 percent by late 2024, the new economic reality means they're likely to hover in the range of 6.25 percent to 6.4 percent by the end of the year, he says.

Will savings rates go up or down in 2024?

We asked savings experts what they think will happen to savings rates in 2024. The jury is unanimous that savings rates will fall , but certain accounts will fall more than others. Sarah Coles, head of personal finance at Hargreaves Lansdown, believes that interest rates will fall in 2024, but slowly.

Can you get 7% on a CD?

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates . But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

What is the downside of SoFi?

SoFi Bank only offers one checking account, which we give 4.7 stars. It comes with no fees, a competitive APY, access to a massive ATM network and debit card and direct deposit perks. The main drawback is that it doesn't reimburse ATM fees for using out-of-network ATMs.

Is SoFi safe to bank with?

Sofi Checking and Savings accounts are FDIC insured . Your funds are protected by FDIC insurance of up to $250,000 per member or $500,000 for joint accounts. If you'd like additional FDIC insurance, you can enroll in the SoFi Insured Deposit Program for up to $2 million in FDIC coverage.

Is SoFi a good savings account?

See how we rate banking products to write unbiased product reviews. SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account. You can earn a competitive interest rate if you set up direct deposit or deposit a minimum of $5,000 per month.

What is the savings rate for SoFi?

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances .

What is the Hysa rate for SoFi?

With no account fees and up to 4.60% APY 1 , you can watch your savings grow and get closer to meeting your financial goals.

What is the interest rate forecast for 2025?

The average 30-year fixed mortgage rate as of Thursday was 6.99%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0% .

SoFi Savings Rates (April 2024) | MarketWatch (2024)

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SoFi Savings Interest Rates

SoFi Bank pays interest on its savings account, which is insured by the Federal Deposit Insurance Corp. (FDIC). There’s no minimum balance requirement needed to earn interest. All account balances earn the same rates, as opposed to some banks that offer higher rates to people with more money deposited.

SoFi Bank’s best savings account rate is extremely competitive, with an APY roughly 10 times the national average interest rate, as measured by the FDIC.

However, SoFi Bank doesn’t automatically give everyone its highest interest rate. Every 30 days, you must qualify by meeting one of the following requirements:

Receive a direct deposit for any amount. A direct deposit must be from your employer, a payroll or benefits provider or a government agency, such as the Social Security Administration.
Deposit at least $5,000 from other sources, such as checks, automated clearing house (ACH) transfers from another bank account or person-to-person transfers from services such as PayPal and Venmo.

You’ll still earn interest if you don’t meet one of these requirements, but it will only be 1.20% APY. This reduced rate is still more than double the national average. Every 30 days, SoFi Bank reevaluates your account to determine your interest rate. If you didn’t qualify for the higher rate one month, you could do so the following month with qualifying deposits.

Sofi Account Name	APY*	Minimum Opening Deposit
Checking and Savings	4.60%, or 1.20% without qualifying direct deposits	$0

SoFi vs. Competitors

SoFi Bank’s savings rates compare reasonably well against other top options on the market today. SoFi Bank is in the middle of the pack, assuming you qualify for its most competitive APY through monthly deposits.

SoFi doesn’t have a minimum balance requirement to receive its best rate. In comparison, you need $1,000 or to get the best rate from Upgrade and $5,000 to get CIT Bank.

As one of the country’s largest online financial organizations, SoFi Bank also has more financial products and perks and better technology than competitors such as UFB Direct. Finally, SoFi provides a sign-up bonus worth up to $300 when you first sign up for direct deposit, while most other banks don’t.

On the other hand, it could be a hassle to meet SoFi’s monthly deposit requirements for getting its highest APY. Ally and Discover might pay a little less interest, but there are no hoops to jump through to get their best rates. If you know you’ll have monthly direct deposits, SoFi may be more appealing. If you don’t, you might prefer a competitor that doesn’t have requirements for earning a higher interest rate.

Bank	APY*	Minimum Opening Deposit
Ally	4.20%	$0
American Express	4.25%	$0
CIT Bank	5.05%	$100
Discover	4.25%	$0
SoFi	4.60% with qualifying deposits 1.20% without qualifying deposits	$0
UFB Direct	5.25%	$0
Upgrade	5.21% for balances of $1,000 or more 0% with balances below $1,000	$0
FDIC average savings account interest rate	0.47%	N/A

How Much You Could Earn With SoFi

How much could your money earn in a SoFi savings account? Our savings calculator can show you what your earnings would be after a month, a year or even longer. Because the bank pays compound interest, you receive interest on both your original deposit and the interest you earn each month. SoFi compounds interest monthly, helping your earnings grow faster than they would with quarterly or annual compounding.

SAVINGS CALCULATOREnter your projected deposit, monthly contributions, term and rate to see how much your savings can grow.

SoFi Account Terms

The SoFi Bank savings account has no minimum opening deposit requirement, minimum balance requirement or monthly maintenance fees.

SoFi , unlike some other banks, doesn’t restrict your withdrawals or transactions from the savings account. Also, SoFi Bank doesn’t charge overdraft fees if you take out more than is in your savings account.

SoFi Checking

When you sign up for a SoFi Bank savings account, you automatically receive a free SoFi Bank checking account. The checking account doesn’t charge monthly fees, and it earns a competitive interest rate. The account comes with a cash-back debit card, which account holders can use for purchases or free withdrawals from over 55,000 ATMs in the Allpoint network.

The savings account doesn’t allow you to make ATM withdrawals. You’d need to transfer money to your checking account first. While this makes getting cash from your savings account a little more complicated, it’s simple enough to transfer funds between accounts using the SoFi Bank mobile app or website.

Read more on our picks for the best free checking accounts.

How To Maximize Your Savings With SoFi

To get the maximum savings with SoFi, you’ll need to do two things:

Receive qualifying deposits to get the highest APY SoFi offers
Qualify for a bank bonus of up to $300

You’ll need either direct deposits of any amount or or other types of deposits that total $5,000 or more to get the bank’s best savings rate each month. To qualify for the full $300 bonus, you’ll need to have $5,000 or more in direct deposits in your new account within 25 calendar days of your first direct deposit.

Who It’s Best for

SoFi’s Checking and Savings account is best for customers who prefer online or mobile-only banking and want the convenience of a checking account. Both parts of the account pay interest, so if you’re looking to maximize your savings and checking rates and avoid monthly fees, SoFi is a great option. The included checking account also gives you ATM access, which isn’t common with online savings accounts.

SoFi is currently offering a bonus of up to $300 for new customers, as well as existing customers who enroll in direct deposit for the first time. So if you don’t bank with SoFi, now might be a good time to consider opening an account.

The Bottom Line: Why Choose SoFi Savings?

SoFi Bank’s high-yield savings account is a solid option overall. It has no monthly account fees, minimum balance requirements or transaction limits. It also pays interest on all account balances — something not every bank offers. SoFi could be an excellent option if your deposits qualify you for the bank’s best savings account rate and its bonus of up to $300.

FAQ: SoFi Savings Rate

Yes, SoFi has a high-yield savings account. It can pay an interest rate nearly 10 times higher than the national average for savings accounts. You must qualify for the best rate, though. The easiest way to qualify is by making a monthly direct deposit.

Yes, SoFi is a good place to save money. Its savings accountdoesn’t charge a monthly fee, and it pays one of the highest interest rates in the country. SoFi also provides account features to encourage you to save more. When you use your debit card from your SoFi checking account, the amount of each purchase is rounded up to the nearest dollar, and the extra money is deposited in your savings account. You can also divide your account into Vaults targeted for savings goals such as buying a houseor a new car, or covering future college costs.

You can get 4.60% APY with SoFi by qualifying through its savings account. You must meet one of these requirements each month to qualify: Receive direct deposits of any amount ormake deposits of at least $5,000 through other methods, such as checks and bank transfers.

One downside of SoFi is that it’s an online-only companythat doesn’t have physical branches. You can only get customer service by phone, email or live chat. Another downside is that you must meet monthly deposit requirements to qualify for the best SoFi savings rates. Other high-yield savings accounts don’thave this requirement.

*Rates accurate as of April 29, 2024

**Data accurate at time of publication

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

If you have questions about this page, please reach out to our editors at editors@marketwatchguides.com.

David RodeckContributor

David Rodeck is a MarketWatch Guides contributor and financial journalist based in New York City. Before writing full-time, David was a financial adviser and passed the Series 6 and CFP exams. His writing specialities include banking, investing, and financial planning.

Jared MacarinEditor

Jared is an editorial veteran who joined Home Solutions after more than 20 years in the newspaper industry. He has written, edited or designed more than 50 newspapers across the country, winning numerous awards. Jared has also edited and wrote for Forbes Advisor, Lending Tree, The Streamable and Lonely Planet. When he isn’t working, Jared enjoys spending time with his wife on outdoor adventures, watching sports and reading.