SoFi Savings Rate: What to Know Before Opening, and How it Compares

Photo to accompany a story about SoFi savings rates
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SoFi may be better known for its lending and refinancing products, but it also has online banking options that can help you earn a great return while taking advantage of extra features and perks.

Unlike many other online banks with high-yield savings accounts, SoFi only offers a combined checking and savings account option. However, there are benefits to both that could be worth making the switch if you’re looking to move your day-to-day banking online. 

Here’s what to know about SoFi’s rates and what it has to offer online banking customers before you open an account:

SoFi Account Interest Rates

SoFi requires you to open a checking account and savings account at once — without any option for a standalone version of either. That said, both accounts come with an exceptional annual percentage yield (APY), and there are no account fees or overdraft fees.

The chart below shows more about both accounts:

Account NameAnnual Percentage Yield (APY)Minimum DepositFees
SoFi Checking Account– 2.50% APY with regular direct deposits in any amount
– 1.20% APY without direct deposit
No minimum depositNo monthly account fees
SoFi Savings Account– 3.50% APY with regular direct deposits in any amount
– 1.20% APY without direct deposit
No minimum depositNo monthly account fees

Note: The above APYs are accurate as of publish. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

One thing to keep in mind before considering banking with SoFi is the direct deposit required to earn the maximum rate on both bank accounts. As long as you open your account and set up direct deposit (no minimum amount required) into either account, you’ll earn both competitive savings and checking rates.

If you choose not to set up direct deposit, you’ll earn a much lower 1.20% APY on both savings and checking balances.  

SoFi checking and savings accounts are FDIC-insured up to the maximum $250,000 per account holder.

How Do SoFi Rates Compare to Other Banks?

SoFi offers competitive savings rates, not only when compared to the average, but also among other high-earning accounts. 

National average savings rates are currently just 0.30% for savings accounts and 0.05% for interest checking accounts. Even without the boosted rate after direct deposit, SoFi earns much higher than average. 

In comparison to other high-yield account options, SoFi’s rates are still very good, if you can secure the boosted interest with direct deposit. Some savings accounts today earn up to 4.00% APY, but SoFi’s interest rate is in line with many of the best high-yield savings accounts we track at NextAdvisor.

And its checking rate is even better: many of the best checking accounts offer no interest at all, let alone with no monthly or overcharge fees, so it can be a good option if you’re looking to make the switch to online banking.

Is SoFi a Good Choice for a Savings Account?

The best online savings accounts offer higher-than-average yields, no minimum balance requirements, and no monthly fees. 

SoFi is a good choice for savings considering that criteria, but there are some restrictions that could make it less-than-ideal for some savers. For instance, you do have to commit to setting up a direct deposit to earn the highest rate, and you must also open the SoFi checking account, in addition to savings.

On the other hand, a number of benefits can help make up for the drawbacks, too.

You can get paid up to two days early with eligible direct deposits, and you can earn a $50 to $250 bank account bonus when you open an account and set up direct deposit within a given time period.

Other features of SoFi’s online bank accounts include:

  • No account fees
  • Fee-free ATM access at more than 55,000 Allpoint ATMs nationwide
  • No-fee overdraft protection included
  • Up to 15% cash back on eligible purchases made with your SoFi debit card

That said, it’s worth noting that SoFi does not have any physical locations, so you should be prepared to handle the majority of your banking activity online or via mobile app.

Just like any new account, make sure you compare options before opening. Here are a few more resources from NextAdvisor to help you decide on the best account for your goals: