SoFi's High-Yield Savings Account Basics
Yes, SoFi offers a high-yield savings account called the SoFi Savings Account. It is a deposit account held at SoFi Bank, a federally chartered bank, and is insured by the FDIC up to $250,000 per depositor. The account has no monthly maintenance fees, no minimum balance requirement, and no overdraft fees.
The interest rate on SoFi's savings account changes based on market conditions and Federal Reserve decisions. SoFi advertises its rate prominently on its website and in its app, so you can see the current rate before you open an account. The rate is the same for all customers—there is no tiering based on how much you deposit.
You can open a SoFi savings account online in minutes using your Social Security number, driver's license or passport, and proof of address. Transfers between your SoFi checking and savings accounts are instant. You can also link external bank accounts and move money in and out, though external transfers typically take one to three business days.
Key Takeaways
- SoFi's savings account charges no monthly fees, has no minimum balance, and offers the same interest rate to all customers regardless of deposit size.
- The interest rate changes with market conditions and is displayed on SoFi's website before you open an account.
- Your deposits are FDIC-insured up to $250,000, and the account is held at a federally chartered bank.
- You can transfer money between SoFi checking and savings instantly, but external transfers take one to three business days.
- SoFi also offers a Money Market Account as an alternative savings product with different features and rate structures.
How SoFi's Rate Compares to Other Banks
SoFi's rate moves in line with other online banks and changes when the Federal Reserve adjusts its benchmark rate. To know whether SoFi's current rate is competitive, you need to check it against other banks offering high-yield savings on the same day, because rates shift frequently and vary across institutions.
Banks that typically compete in the same space include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Each sets its own rate independently. Some banks offer slightly higher rates; others offer slightly lower ones. The difference between a 4.5% rate and a 5.0% rate matters over time, so comparing the current rates across three or four banks takes five minutes and can save you money.
SoFi's main advantage over some competitors is that it bundles savings with checking, investing, and lending products in one app. If you already use SoFi for checking or borrowing, keeping your savings there means fewer logins and easier money movement. If you are choosing a bank purely for savings rate, you should compare the actual numbers on the day you plan to open the account.
SoFi's Money Market Account as an Alternative
SoFi also offers a Money Market Account, which is a different product from its savings account. A money market account typically allows you to write checks or use a debit card, whereas a savings account has withdrawal limits. SoFi's money market account earns interest and has no monthly fees or minimum balance.
The interest rate on the money market account is set separately from the savings account rate and may be higher or lower depending on SoFi's current pricing strategy. You should check both rates on SoFi's website to see which account makes sense for your situation. If you need to access your money frequently by check or card, the money market account may be more convenient. If you are setting money aside and do not need frequent access, the savings account works just as well.
Withdrawal Limits and Access
Federal regulations once capped savings account withdrawals at six per month, but that rule was suspended in 2020 and has not been reinstated. SoFi does not impose its own withdrawal limits on its savings account, so you can move money out as often as you need to.
You can withdraw money by transferring it to a linked external bank account (one to three business days), transferring it to your SoFi checking account (instant), or requesting a check from SoFi (typically five to seven business days). There is no penalty for withdrawing, and you do not lose interest on the money you withdraw—interest is calculated daily and paid monthly.
Who SoFi's Savings Account Works Best For
SoFi's savings account is straightforward if you want a no-fee, no-minimum account with a competitive rate and the ability to move money quickly between checking and savings. It works well for people who already have a SoFi checking account or who plan to open one, because the integration is seamless.
It is less ideal if you are comparing purely on interest rate and another bank is offering a meaningfully higher rate on the same day. It is also not the right choice if you need FDIC insurance above $250,000, because opening multiple accounts at the same bank does not increase your coverage—you would need accounts at different banks to insure more than $250,000 total.
SoFi's savings account is not a loan product, investment account, or retirement account. If you are looking for a place to hold money you plan to spend within the next few months or years, a high-yield savings account is a reasonable choice. If you are saving for retirement, you would want a separate IRA or 401(k). If you are investing for long-term growth, you would want a brokerage account.
How to Open a SoFi Savings Account
Go to SoFi's website or open the SoFi app and select the option to open a savings account. You will need your Social Security number, a valid government-issued ID (driver's license or passport), and proof of your current address (a recent utility bill, lease, or bank statement works). The process takes about five to ten minutes.
SoFi will ask you to verify your identity and confirm your address. Once approved, you can fund your account by transferring money from an external bank account or by having your employer deposit a paycheck directly. You do not need to maintain a minimum balance, so you can open the account and fund it with any amount.
After your account is open, you can view your balance and interest earned in the SoFi app, set up automatic transfers, and link additional external accounts for moving money in and out. SoFi sends monthly statements and reports interest earned on Form 1099-INT if your interest exceeds $10 in a calendar year.
Frequently Asked Questions
Is my money safe in a SoFi savings account?
Yes. SoFi Bank is a federally chartered bank, and deposits are insured by the FDIC up to $250,000 per depositor per account type. This means if SoFi Bank fails, the FDIC will reimburse you for your balance up to the limit. Your money is as safe as it would be at any other FDIC-insured bank.
Can I use a SoFi savings account without a SoFi checking account?
Yes. You can open a SoFi savings account on its own. However, if you do not have a SoFi checking account, you will need to link an external bank account to move money in and out, which takes one to three business days. Having both accounts makes transfers instant, but it is not required.
What happens to my interest if SoFi lowers its rate?
Your interest rate will change to match SoFi's new rate. Banks can change savings rates at any time without notice. The interest you have already earned stays in your account; only future interest is calculated at the new rate. You can move your money to another bank if you prefer a higher rate elsewhere.
Does SoFi charge fees for transfers or withdrawals?
No. SoFi does not charge fees for transferring money between your SoFi accounts, withdrawing to an external bank account, or requesting a check. There are no monthly maintenance fees, no overdraft fees, and no minimum balance fees.
How often is interest paid on a SoFi savings account?
Interest is calculated daily based on your balance and paid monthly. The interest is deposited directly into your savings account on the last business day of each month. You can withdraw the interest or leave it in the account to earn interest on interest the following month.