SoFi Checking & Savings

Up to $400 welcome bonus + 4.00% APY with rate boost

Open SoFi Account Today

High-yield savings — 3.30% APY base + a limited time 0.70% rate boost
Sign-up bonus of $50 or $400 based on direct deposit
Earn interest on your checking (0.50%) with free transfers from savings
Buckets to help organize your savings goals

How I maximize my SoFi savings

SoFi has a compelling set of offers for savers, but it can take a little work to make sure you're getting the maximum out of your savings. Here are the 3 steps I recommend to make sure your money is making the most it can for you.

Make sure you can hit the requirements for the $400 welcome bonus
Have a plan to hit the APY boost of 0.70%
Hold the maximum amount of money in savings

Step 1: Hitting the full $400 welcome offer

Make sure to read the fine print on this one. To get the full $400, you need direct deposits totaling over $5,000. If you can't hit that, you can still earn a $50 welcome bonus as long as your direct deposit is over $1,000.

One thing to be mindful of: your direct deposit needs to come from an employer or other official payment processor. Transferring money from a different bank account won't count toward this requirement.

Step 2: Getting the 0.70% APY boost

This bonus also requires a little work, but keep in mind that 0.70% is still 2x the national average APY on savings. The easiest path is the direct deposit route — you'll already need it for the welcome offer, and it just needs to happen on a recurring basis.

Step 3: Keep money in savings

One of the big benefits SoFi offers is interest on checking (0.50% APY), but the better move is to keep as much money as possible in your savings account. SoFi will automatically transfer money to your checking, fee-free, to cover expenses.

Wrap-up

Set up direct deposit and you should be able to get the most out of your savings without much headache. Always do the math for what works best for you, and remember that earning a strong APY is a huge upgrade over the largest banks, where you often earn 0.01% and pay fees.

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MyWealthWallet is not a bank. We are a financial education and content platform. We may receive compensation when you click on links to products from our partners. This compensation may influence which products we write about and where and how they appear on the page. However, it does not influence our evaluations or recommendations. Our opinions are our own.

Up to $400 Bonus Tiered Disclosure

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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount 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 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet."

APY disclosures

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Fee Policy

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

Additional FDIC Insurance

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of accountownership, 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.

ATM Access

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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.

Early Access to Direct Deposit Funds

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

Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.

General Disclaimer

The information provided on this page is for educational and informational purposes only. It should not be construed as financial, investment, or tax advice. Banking products are provided by SoFi Bank, N.A., Member FDIC. Before opening any account, please carefully review all terms, conditions, fees, and disclosures provided by SoFi. Your individual circumstances may vary, and we recommend consulting with a qualified financial advisor before making any financial decisions.

0.70% Savings APY Boost

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

General Disclaimer

The information provided on this page is for educational and informational purposes only. It should not be construed as financial, investment, or tax advice. Before opening any account, please carefully review all terms, conditions, fees, and disclosures provided by the partner. Your individual circumstances may vary, and we recommend consulting with a qualified financial advisor before making any financial decisions.

Last updated: March 2026