SoFi Savings Account Review

What we like about SoFi®’s savings account

SoFi’s HYSA offers a strong APY of up to 3.80% on your balance — without any balance requirements.

SoFi Plus benefits

To earn the account’s highest rates and get the best perks, you must be in the premium membership called SoFi Plus. Luckily, it’s easy to join — you just need to set up direct deposit and there’s no minimum amount you must deposit.

SoFi Plus perks include:

• Earn up to 3.80% on savings, including Vaults
• Up to two-day-early paycheck arrival
• Higher cashback rate on SoFi credit cards

Alternatively, you can deposit at least $5,000 per month to earn 3.80% APY (you just won’t receive all the benefits of SoFi Plus).

If you don’t meet the deposit requirements, the HYSA’s rate drops to 1.00% APY, but that’s still higher than the national average rate of 0.41% APY for savings accounts.

If you don’t or can’t meet the deposit requirements to earn the highest APY, you could also opt to pay a $10 monthly subscription fee to get SoFi Plus benefits.

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Power of Plus Sweepstakes

Enroll in SoFi® Plus for a chance to win up to $400,000.

• Enroll in Plus with eligible direct deposit or a $10 monthly membership fee.
• Unlock our highest savings APY.
• Get up to 10 bonus entries with successful referrals.
• Enter sweepstakes by 5/14/25.

Partner terms and conditions

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled
payment date, but may vary.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Sweepstakes disclosure: NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Open only to legal residents of the 50 US/DC, 18+. Void where prohibited by law. Sweepstakes ends at 11:59 pm ET on 5/14/25. Subject to Official Rules, including alternate and free methods of entry, prizes, limits, and odds, click here. Sponsor: Social Finance LLC (“SoFi”) 234 First Street, San Francisco, CA 94105.

Organize savings with Vaults

Within the SoFi savings account, you can make multiple savings subaccounts called Vaults. You can create up to 20 Vaults to organize your savings goals or create sinking funds.

Once you have at least one Vault, you can set up Roundups. When you enable this feature, SoFi rounds up each purchase made with your SoFi debit card to the next whole dollar and transfers the rounded-up amount to the Vault of your choice. Roundups can only be applied to one Vault at a time, and “whole dollar” purchases can’t be rounded up.

SoFi also offers an Emergency Fund vault that can be set up with AutoSave or recurring transfers. During setup, it can help you estimate how much you should save in your emergency fund based on your monthly living expenses.

High FDIC insurance

Most FDIC-insured accounts are insured for up to $250,000. However, SoFi’s Insured Deposit Program offers up to $3 million in additional insurance by distributing balances across multiple accounts at partner banks. You can opt for this extra coverage and learn more about it in the SoFi app.

Overdraft Coverage and Overdraft Protection

SoFi doesn’t charge overdraft fees, and also offers two overdraft options that sort of work together:

• Overdraft Protection pulls money from your savings account to your checking to cover a transaction that would have caused an overdraft.
• Overdraft Coverage comes in if you don’t have enough funds from your savings in Protection to cover a transaction. The Overdraft Coverage will cover you up to $50 if you overdraft, and will automatically deduct the amount after your next deposit. Requires monthly direct deposits of at least $1,000, and you can toggle Overdraft Coverage on or off.

Where it falls short

The obvious downside of SoFi’s high-yield savings is you’ll have to either set up direct deposit, or deposit $5,000 per month, or pay $10 per month for SoFi Plus to earn the highest offered rates.

And like other online banks, SoFi doesn’t have any physical branches. If you prefer in-person banking and customer support, SoFi might not be a match for you.

If you’d rather not deal with HYSA deposit requirements but don’t mind a digital option, consider the Wealthfront Cash Account, which earns up to 4% APY without balance or deposit requirements.

Compare SoFi HYSA to other savings accounts

Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.

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Product	Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Bonus offer
Promoted Discover® Online Savings Account	Finder score 9.6 Excellent	Traditional savings,Custodial account	3.60%	Up to $250,000	$0	$0		Go to siteView details Compare	loading Fetching your data...
Promoted Uphold USD Interest Account	Finder score 8.8 Great	Savings app	Up to 4.50%	Up to $2.5 million	$1	$0		Go to siteView details Compare	loading Fetching your data...
Promoted Public High-Yield Cash Account	Finder score 9.2 Excellent	Traditional savings	4.10%	Up to $250,000	$0	$0		Go to siteView details Compare	loading Fetching your data...
SoFi Checking and Savings	Finder score 9.2 Excellent	Traditional savings,Checking	Up to 3.80%	Up to $250,000	$0	$0	Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.	Go to siteView details Compare	loading Fetching your data...
American Express® High Yield Savings Account	Finder score 9.8 Excellent	Traditional savings	3.60%	Up to $250,000	$0	$0		Go to siteView details Compare	loading Fetching your data...
NexBank HYSA through Raisin	Finder score 9.4 Excellent	Traditional savings	4.35%	Up to $250,000	$0	$1	Up to $500 bonus for new customers with qualifying deposits using promo code BOOST.	Go to siteView details Compare	loading Fetching your data...

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Customer reviews and ratings

SoFi receives high marks for its APY and digital tools, but it may not suit users who make frequent cash deposits or require in-branch assistance.

Customers praise SoFi for its competitive APY and the ease of managing savings through its mobile app. Many users highlight the Vault feature, reporting it helps them keep their savings well-organized. The lack of fees and simple digital banking also receive a lot of positive feedback.

On the negative side of things, some users report delays in customer service responses when resolving issues through the app or website. Since SoFi doesn’t have any physical branches, these types of complaints are expected.

But, on the whole, SoFi has a very high Trustpilot rating, which is rare for an online bank. Many of SoFi’s positive reviews are about its personal loans, with customers saying they received funds quickly and easily.

Frequently asked questions

Is SoFi a real bank?

Yes, SoFi is a real FDIC-insured online bank. SoFi received its bank charter in 2022, which sets it apart from many other free bank accounts offered by fintechs, such as Upgrade or Chime, which use third-party banks to support their banking products.

How do I get the highest savings APY with SoFi?

To earn the highest APY on your SoFi Savings Account, you need to set up a qualifying direct deposit or deposit at least $5,000 per month. Alternativly, you could pay $10 for the SoFi Plus membership fee to get the highest savings APY without needing to meet deposit requirements. If you don’t do anything of that, you still earn up to 0.50% on checking and 1.00% APY on savings.

Are there any fees or minimums to use a Vault?

No, there are no fees or minimum balance requirements to use Vaults with the SoFi account.

How do I add a beneficiary to my SoFi Checking and Savings account?

To add a beneficiary, log in to your SoFi account, navigate to your Checking and Savings account settings and follow the prompts to designate a beneficiary.