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Better Banking with No Fees



4.60% APY   |   High-Yield Savings Account

Member FDIC

 HF image copyOverview by Heather Farber.  Updated April 12, 2024

Boost_Bottom_LineThe Bottom Line

SoFi encourages saving each month by requiring direct deposit from your paycheck into your Savings Account (no minimum) or qualifying deposits of $5,000 every 30 days to enjoy the high-yield savings rate.


Minimum starting deposit
$0 - Must fund within 30 days to remain open
Minimum balance to avoid fees
Minimum balance to obtain APY
$0 if enrolled in direct deposit (no minimum amount)
Compounding interest
Daily, credited monthly
Ability to add co-applicant
Withdrawal options
Electronic funds transfer (EFT)
Deposit options
Electronic funds transfer (EFT), mobile check deposit
Branch access
Boost_Pro_TipBoost Pro Tip

SoFi is offering a special cash bonus up to $300 during their promotional period when you set up direct deposit - a great way to collect some extra cash! Plus, take advantage of the interest-bearing checking account that comes with all SoFi Savings Accounts to earn even more.

Here’s what you’ll need handy when opening a SoFi High-Yield Savings Account:

  • Social Security Number (for tax purposes only, it won’t impact your credit score)

  • Bank Account login for transferring funds

It only takes 3 minutes and you can do it right on your phone. Questions include:

  • Contact Info (Name, Primary address, Email address, Mobile phone)

  • Date of Birth and Citizenship (simply choose the country)

 Plus a few things they need to ask to get to know their customers but won't affect your application:
  • Employment Status

  • Occupation or Source of Funds

  • Estimated Annual Income (no impact to your application)

 All Boost partners offer FDIC insurance up to the maximum allowed by federal law.

Product terms and the application experience are based on the SoFi website as of April 12, 2024 and may have changed. Be sure to verify all terms and conditions with SoFi prior to applying. APY and bonus offer contingent on eligibility.

Advertising Disclosure: If you open a savings account with one of our partners, we sometimes get a commission. We are deeply committed to only recommending reputable companies and work hard to present a concise list of competitive offers. This means all financial institutions or products are not represented here. It's important to compare interest rates, fees, minimum balance requirements, and other terms and conditions across different financial institutions to choose a high-yield savings account that aligns with your financial goals and preferences.