Skip to content

Better Banking with No Fees

Sofi_logo

 

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.†

SAVINGS ACCOUNT FEATURES†

Minimum starting deposit
$0 - Must fund within 30 days to remain open
Minimum balance to avoid fees
$0
Minimum balance to obtain APY
$0 if enrolled in direct deposit (no minimum amount)
Compounding interest
Daily, credited monthly
Ability to add co-applicant
Yes
Withdrawal options
Electronic funds transfer (EFT)
Deposit options
Electronic funds transfer (EFT), mobile check deposit
Branch access
No
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 featured companies 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: We may earn a commission if you open an account with a featured company. Not all companies or offers are listed. Compare rates, fees, and terms before deciding.