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SoFi Savings Account Review

What is the SoFi Checking and Savings account? It is a hybrid online bank account that combines an everyday checking account with a high-yield savings account in one place. By keeping both accounts under one roof, you can easily manage your daily spending while earning a highly competitive APY on your savings. The account has no monthly maintenance fees and requires no minimum balance. It also includes helpful digital tools, like Savings Vaults, to help you organize your goals.

If you want to see how SoFi compares to other top banks, check out our savings account comparison.

Best For: Bonus Seekers + Large Deposits

What Savings Accounts Does SoFi Offer?

SoFi does not offer a standalone savings account. Instead, it offers a single product called SoFi Checking and Savings. When you open a savings account, you automatically get a checking account too. This bundled setup is actually a benefit. You get a full-featured checking account for free.

Your savings balance earns a top-tier APY if you meet at least one rule. You must either receive a direct deposit, deposit $5,000 or more in a 30-day period, or pay for a SoFi Plus membership. If you do not meet any of these rules, your savings will earn a lower base APY. Surprisingly, your linked checking balance also earns a modest APY, which is rare for checking accounts.

SoFi sometimes offers limited-time promotional rate boosts for new members. You should always check SoFi’s website for current offers before you apply. Your money is FDIC-insured up to $250,000 per depositor. If you opt into the SoFi Insured Deposit Program, your coverage can increase up to $3 million through a network of partner banks.

What Are the Key Features of SoFi Savings?

This account offers powerful tools that go far beyond basic savings. It is a great choice if you want to automate your finances.

• High-yield APY: Earn a highly competitive APY on your savings if you meet the monthly deposit rules.
• Savings Vaults: You can create up to 20 separate sub-accounts. You can name them for specific goals, like an emergency fund or a new car. Every Vault earns the exact same high rate.
• Roundups: Turn on this feature to round up every debit card purchase to the nearest dollar. SoFi automatically moves that spare change into your savings.
• Autopilot transfers: Set up automatic transfers to move money from your paycheck straight into your savings or a specific Vault.
• Early direct deposit: SoFi gives you access to your paycheck up to two days early.
• Overdraft coverage: If you receive $1,000 or more in direct deposits each month, SoFi covers up to $50 in overdrafts for free.
• Free ATMs: You get fee-free access to more than 55,000 Allpoint^® ATMs nationwide.

What APY Does SoFi Pay on Savings?

SoFi pays a highly competitive APY on savings for members who meet the account rules. To get this rate, you must set up direct deposit, deposit at least $5,000 every 30 days, or pay $10 a month for SoFi Plus. If you do not do these things, you will earn a much lower base rate.

SoFi calculates your interest every single day. It adds that interest to your account on the last business day of the month. The interest rate is variable, which means it can go up or down based on the broader market. You can always check our high-yield savings rate comparison to ensure SoFi remains competitive.

What Are the Fees for SoFi Savings Accounts?

For most people, SoFi is completely free to use. There are no monthly fees and no minimum balance penalties. Here is the full breakdown:

• Monthly maintenance fee: $0.
• Minimum opening deposit: $0.
• Minimum balance requirement: None.
• ATM fees: $0 at over 55,000 Allpoint^® ATMs. (SoFi does not refund fees if you use an out-of-network ATM).
• Cash deposits: Up to $4.95 per transaction at Green Dot^® retail stores.
• Overdraft fees: $0. Qualifying members get $50 of free coverage. Transactions over that limit are simply declined.
• SoFi Plus subscription: $10 per month. This is optional, but it guarantees the top APY if you do not use direct deposit.

How Do You Open a SoFi Savings Account?

Opening an account takes just a few minutes on the SoFi website or mobile app. Because SoFi ignores ChexSystems, you have a good chance of approval even with past banking mistakes.

You must be at least 18 years old to apply. You must be a U.S. citizen, permanent resident, or hold a valid visa. To apply, you will need to provide your full name, address, phone number, and Social Security Number (or ITIN).

If SoFi approves you, the checking and savings accounts will open immediately. You do not need any money to open them. To start earning the highest interest rate, you should give your employer your new routing number to set up direct deposit right away.

Who Should Open a SoFi Savings Account?

This account is incredibly rewarding if you plan to use it as your main bank. It works best for these types of people:

• Direct deposit users: If you route your paycheck to SoFi, you easily unlock the top APY and early payday.
• Goal-oriented savers: The Savings Vaults are perfect for tracking different goals, like a vacation or home repairs, in one place.
• People with past banking issues: Because SoFi skips ChexSystems, it is a great second-chance bank account.
• All-in-one financial users: SoFi also offers loans, credit cards, and investing. It is perfect if you want all your money apps in one place.
• Wealthy savers: The $3 million expanded FDIC coverage provides amazing peace of mind for large cash balances.

Is SoFi Savings Worth It? Bottom Line

Yes, the SoFi Checking and Savings account is worth it for most online bank users. It is one of the most feature-rich accounts available today.

If you use direct deposit, you will earn a top-tier APY on your savings. You also get incredible tools like Savings Vaults, spare change Roundups, and fee-free access to 55,000 ATMs. The lack of a ChexSystems check and the $3 million in extended FDIC coverage make it even better.

The only real catch is the deposit rule. If you cannot meet the direct deposit or $5,000 monthly minimums, you will earn a much lower rate. In that case, look for a no-requirement online bank. But if you have a steady paycheck and want a great all-in-one bank, SoFi is highly recommended.

Who Might Want to Look Elsewhere?

While SoFi is fantastic, some people will find it frustrating. Look elsewhere if you fit into these groups:

• Heavy cash users: If you get paid in physical cash, the $4.95 deposit fee at retail stores will cost you a lot of money over time.
• People without steady direct deposits: If you cannot deposit $5,000 a month or set up direct deposit, your interest rate will drop. You are better off with a bank like Ally Bank that has no deposit rules.
• People who only want a savings account: You cannot open SoFi savings without the checking account. If you just want a simple, standalone savings account, this might feel too complex.
• In-person banking fans: SoFi has no branches. If you like talking to a teller, check out a traditional bank like Wells Fargo.

How Does SoFi Savings Compare to Other Options?

When you meet the direct deposit rule, SoFi offers one of the highest rates on the market. It also provides more daily value than most banks. The Vaults, Roundups, and free overdraft coverage make it an incredible all-around product.

However, if you cannot meet the deposit rules, SoFi falls behind. Banks like Marcus by Goldman Sachs offer high interest rates with no strings attached. You never have to worry about direct deposits with them.

SoFi does beat almost everyone when it comes to insurance. The $3 million expanded FDIC coverage is very rare. To see how SoFi stacks up, you can review our full side-by-side rate comparison.

Here are a Few Other Options to Consider.

What Are the Pros and Cons of SoFi Savings?

SoFi Checking and Savings offers massive value, but it is not perfect for everyone. Here is a fair look at both the good and the bad.

Pros

• Top-tier APY: If you qualify, the savings rate easily beats the national average and competes with the best online banks.
• Zero monthly fees: You pay $0 to maintain the account, and you can open it with just $1.
• Great savings automation: Features like Vaults and Roundups make it easy to save money without trying.
• Early paycheck access: Getting paid two days early helps if your monthly budget is tight.
• Expanded FDIC coverage: Opting into the partner network protects up to $3 million of your cash.
• No ChexSystems check: SoFi does not use ChexSystems. This makes it easier to get approved if you have had banking trouble in the past.

Cons

• Top rate requires effort: You must have direct deposit, deposit $5,000 a month, or pay a $10 fee to get the best APY. Otherwise, the rate drops significantly.
• No physical branches: SoFi is 100% online. You cannot visit a teller in person.
• Cash deposit fees: To deposit physical cash, you have to visit a Green Dot^® retail store. They will charge you up to $4.95 per deposit.
• Bundled accounts: You cannot open the savings account by itself. You must take the checking account, too.

Frequently Asked Questions

Does SoFi use ChexSystems?

No. SoFi does not use ChexSystems as part of its account approval process. This makes it one of the more accessible online bank accounts for individuals who have been flagged in ChexSystems due to past overdrafts, involuntary account closures, or other banking issues. SoFi does conduct standard identity verification and fraud screening as required by federal law.

What is the difference between SoFi’s qualifying rate and base rate?

SoFi’s savings account has two APY tiers. The highest qualifying APY applies when a member either receives a direct deposit or deposits $5,000 or more in qualifying funds within a 30-day period. Members who do not meet either of these conditions earn a lower base rate. Both rates are variable and subject to change.

What are Vaults and how do they work?

Vaults are sub-accounts within the SoFi savings account that allow members to separate their savings by goal or purpose. Up to 20 Vaults can be created, each with a custom name and optional savings target. Funds held in Vaults earn the same APY as the main savings balance. Vaults are held within the same account structure, so they are covered under the same FDIC insurance limits as the rest of the account balance.

Do I have to pay $10 a month for SoFi Plus to get the high APY?

No. SoFi Plus is transitioning to a paid $10/month subscription on March 30, 2026, which unlocks premium lifestyle perks like 5% grocery cashback and a 2% IRA match. However, you do not need to pay this fee to earn the highest APY. Your high-yield savings rate remains completely fee-free as long as you meet the direct deposit or $5,000/month qualifying deposit requirements.

Does SoFi have a minimum balance requirement for its savings account?

No, SoFi has no minimum balance requirements. You do not need any money to open the account, and you do not have to keep a certain balance to avoid fees. However, to earn the highest APY, you must receive a direct deposit, deposit at least $5,000 a month, or pay for a SoFi Plus membership.

Is SoFi FDIC insured?

Yes, SoFi Bank, N.A. is federally insured. Your money is protected up to $250,000 per depositor. If you want more protection, you can opt into the SoFi Insured Deposit Program. This sweeps your cash into partner banks to protect up to $3 million of your money, which is great for large savers.

What is SoFi Plus and is it worth the cost?

SoFi Plus is an optional membership that costs $10 per month. It guarantees that you earn the highest APY on your savings, even if you do not use direct deposit. It also gives you access to a special SoFi charge card. However, if you can simply set up direct deposit through your employer, you get the top APY for free, making the subscription unnecessary.

Can a SoFi savings account be used without a checking account?

No, you cannot open the savings account by itself. SoFi bundles checking and savings together into one product. When you open the account, you get both. If you only want to use the savings features, you can simply leave the checking balance empty and transfer your money in and out from another bank.