SoFi Savings Account Interest Rates: September 2024

SoFi savings account interest rates are competitive, reaching as high as 4.50%—potentially beating the national average several times over if you set up an eligible direct deposit with the financial institution. The nationally chartered bank also offers a bonus of $50 to $300 for eligible new account holders.

Additionally, the SoFi Checking and Savings account features no standard bank account fees, including monthly maintenance fees, overdraft fees, or ATM fees. Unlike some other banks, you don’t have to jump through hoops to qualify for fee waivers from SoFi. Learn how SoFi's savings account compares to other savings accounts, including high-yield savings accounts.

SoFi Savings Account Rates
Account Name	Requirement for Highest APY	APY Range	Monthly Fee
SoFi Checking and Savings	Direct deposit or $5k or more in qualifying deposits	0.50%-4.50%	None

Compare SoFi 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.

Nonetheless, it’s important to point out that you can typically find higher interest rates with a little research, including savings accounts, certificates of deposit (CDs), and money market accounts. Here are other rates from our partner financial institutions that you can compare to SoFi's savings account rate.

SoFi Savings Accounts: Key Features

SoFi Savings Account Key Features
APY Range	0.50%–4.50%
Requirement for Highest APY	Direct deposit or $5k or more in qualifying deposits
Minimum Deposit	$0
Withdrawal Limit	None
Monthly Service Fee	None

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 Aug. 19, 2024) 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 Money 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.

Pros and Cons of SoFi Savings Accounts

Pros

Excellent rate
No ongoing fees
Full-service financial firm
Automatic savings program
Access to member benefits program

Cons

$4.95 fee for depositing cash
Doesn’t offer in-person branches
Must sign up for SoFi checking account too
Rate and benefits depend on deposit activity

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.

Make sure you can meet SoFi’s deposit requirements to earn the highest APY, especially if you’re a freelance worker or contractor who isn’t paid via direct deposits. Otherwise, this account may not be worth the hassle.

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.

Alternatives to SoFi Savings Accounts

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

Credit unions: These not-for-profit banking institutions require you to become a member before you can open an account, but they may offer higher rates than local banks. 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.

Frequently Asked Questions (FAQs)

Does SoFi Have a High-Interest Savings Account?

SoFi has a high-interest savings account with a fairly good rate, which comes with a checking account. But it’s possible to find still higher APYs—browse the best high-yield savings accounts to find the best rates available today.

What Is the Minimum Account Balance for a SoFi Savings Account?

There is no minimum account balance requirement to open a SoFi savings account and checking account. Likewise, you don’t need to maintain a minimum balance to qualify for a bank fee waiver or to qualify for a bank account bonus from SoFi. There are no account fees, and you can earn a bonus by setting up direct deposits.

How Often Does SoFi Pay Interest on Savings Accounts?

You will accrue interest on your SoFi Checking and Savings account balance daily. The bank will compound the interest you earn on a monthly basis. SoFi calculates interest on the last business day of each month and posts it to your account by the fifth business day of the following month.

Can You Open a SoFi Savings Account Without a SoFi Checking Account?

SoFi offers a hybrid checking and savings account option to its customers. You must sign up for both accounts together if you want to open a savings account with the financial institution.

How Does SoFi’s Savings Account Work?

You must open a SoFi savings account with a checking account as a two-part package; they aren’t available separately. You can qualify for higher SoFi savings account interest rates and more benefits (including higher checking account rates) if you receive direct deposit payments to your checking account or you receive at least $5,000 in deposits each month via other routes.

How Do You Open a SoFi Savings Account?

You can open a SoFi savings and checking account online if you’re at least 18 years old and a U.S. citizen, a permanent resident, or a non-resident with a Social Security number.

Does the SoFi Savings Account Have Fees?

Generally, no—SoFi does not charge any common bank fees for its checking/savings account package. You may pay a $4.95 fee, however, if you deposit cash into your SoFi account with one of its partner merchant retailers available around the country.

Is Keeping Money With SoFi Safe?

Yes, SoFi is a safe place to keep your savings. SoFi checking and savings accounts are FDIC-insured up to $250,000, as is standard with other banks. SoFi offers good online banking security measures as well, such as two-factor authentication.