SoFi Checking and Savings

Bank better with up to 4.00% APY2 and no account fees.1

Open an account

For a limited time, get a 0.20% boost on our highest savings APY (currently 3.80%4) when you set up a new account with eligible direct deposit. Open a new SoFi Checking and Savings account by 6/24/25, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. Plus, you could get a welcome bonus of up to $300.3

Open an account

2Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply here. SoFi Bank, N.A. Member FDIC.

  • Pay no account fees 1


    No account, overdraft, or monthly fees—just great banking.

  • Earn $50 or $300 with eligible direct deposit3

    Just open your account and set up direct deposit of $1,000 or more. Terms apply

  • %

    Earn up to 4.00% APY2 with eligible direct deposit

    Limited-time only: Get a 0.20% boost on our highest savings APY of 3.80%4 when you set up a new account with eligible direct deposit. Terms apply

  • Access additional FDIC insurance up to $3M5

    On deposits through a seamless network of participating banks. Learn more and opt in here.

What does a better online
bank account look like? This.

Open an account

No account fees1

No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.7

%

Earn up to 4.00% APY2 with SoFi Plus.
with SoFi Plus

Limited-time only: Get a 0.20% boost on our highest savings APY of 3.80%4 when you set up a new account with eligible direct deposit. Terms apply.

Up to 2-day-early-paycheck8

Feel the magic of payday up to two days earlier—automatically—when you set up direct deposit.

No-fee Overdraft Coverage

Overspent by accident? No problem. You'll be covered up to $50 with no fees with eligible direct deposit of at least $1,000.9

Do it all in one app.

Pay bills, deposit checks, send money, manage your digital wallet, and get live customer support 7 days a week, all in the SoFi app.

Additional FDIC Insurance

Access additional insurance up to $3M on deposits through a seamless network of participating banks. Learn more and opt in here.5

Sign up

Trustpilot
awarded best online bank of 2025

Get award-winning banking.

See for yourself why SoFi won 10 banking awards from 9 industry publications last year.

Open an account

Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

Savings rates that are way above the national average.10

Get ready to earn 3.80% APY4 with eligible direct deposit—that’s 9x the national average savings rate10—on your savings and Vault balances. Plus now through 6/24/25, new members can get a 6-month 0.20% boost on our highest savings APY of 3.80% with eligible direct deposit. Terms apply.

Open an account

Mobile banking made easy.

Securely log in to our easy-to-use app and access popular online banking features: pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee1.

Open an account

Open an account

Mobile banking made easy.

Securely log in to our easy-to-use app and access popular online banking features: pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee1.

Open an account

Open an account

Experience 9x
the national average
checking account rate.2

Yeah, you read that right. With no account fees and up to 3.80% APY1^, you'll earn more interest in five weeks than you would in one year in a big bank’s checking or savings account—so you can get the most out of your money.

Say yes to no account fees.

It’s exactly what it sounds like. No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.3

Early bird paychecks.

With 2-day-early-paycheck* you’ll feel the magic of payday up to two days earlier—automatically—when you set up direct deposit.

What else can a better online bank account offer? This.

No-fee Overdraft Coverage

Overspent by accident? No problem. You’ll be covered up to $50 with no fees with qualifying direct deposits.4

Cash back, close to home5

Get up to 15% cash back at local establishments when you pay with your SoFi debit card.

Automatic saving features

Organize your money, set savings goals, and save your change with Vaults and Roundups.

Mobile banking made easy.

Securely log in to our easy-to-use app to pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee^.

Open an account

Open an account

Mobile banking made easy.

Securely log in to our easy-to-use app to pay bills, find ATMs, send money, make a mobile deposit, and more. And rest easy with no minimum balance, and no monthly maintenance fee^.

Open an account

Open an account

FAQs

An online bank account conveniently allows you to manage your accounts from your computer or mobile device. This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch. Because SoFi does not have any physical branches, we’re able to pass those savings to our members!
Opening an account is quick and easy. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.
Of course. Anyone over 18 can open an individual or joint online bank account. In fact, we have some special offers for students (must have an .edu email address to qualify).

Learn more about our Student Checking and Savings Offer.
Simply download this pre-filled form, sign it, and submit it to your employer’s payroll department. Simple as that! Alternatively, if your employer has an HR portal that allows you to set up direct deposit by inputting your account number and routing number, you can get those here.

Learn more: How to Set Up Direct Deposit
As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 3.80% APY on your savings & Vaults balances and 0.50% APY on your checking balances.* If you do not have a direct deposit or $5,000 in deposits every 30 days, you’ll earn 1.00% APY on savings & Vaults balances and 0.50% APY on checking balances. 3

Interest rates are variable and subject to change at any time. Additional information can be found at sofi.com/legal/banking-rate-sheet.
When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 3.80% APY (annual percentage yield)3, plus features like No-Fee Overdraft Coverage7 and up to 2-Day Early Paycheck.6
All SoFi Checking and Savings accounts receive industry-standard FDIC insurance of up to $250,000 per member (joint accounts are insured up to $500,000). SoFi Checking and Savings members can earn up to $3M of FDIC insurance by enrolling in the SoFi Insured Deposit Program 4. For more information on FDIC insurance coverage, please visit www.FDIC.gov.
SoFi makes it easy to both withdraw and deposit money. To withdraw, simply visit any of the 55,000 Allpoint ATMs (more locations than Chase, Wells Fargo, and Bank of America combined!). You won’t pay any fee as long as you visit one of these ATMs. In order to deposit money, simply visit a retail location that offers GreenDot services.5
There is no minimum balance required to open a SoFi Checking & Savings account. Members can unlock 3.80% APY savings balances with either direct deposit (no minimum required) or by depositing at least $5,000 every 30 days.3 For more information, please visit sofi.com/banking.

Learn more: How Much Money Is Needed to Start a Bank Account?
You must be 18 years or older to open an individual or joint bank account.

Learn more: How Old Do You Have to Be to Open a Bank Account?
When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.
Yes. As long as you have Overdraft Protection enabled, we’ll automatically pull from your available savings balances in the event that your checking balance is insufficient. Overdraft protection covers ACH withdrawals (bill pay, loans, P2P), checks and debit card transactions. Note that overdraft protection will not pull from your Vaults. To turn on Overdraft Protection, open the SoFi app, tap More > Overdraft and toggle the feature on.
No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.
Nope, it doesn’t matter. To unlock the highest the highest APY, you may either:

-Get paid via direct deposit (into either your checking or savings). Eligible direct deposits are the electronic deposits of your paycheck, pension or government payments (e.g., Social Security) from your employer, benefits provider, or the government.
-Add $5,000 or more to your checking or savings account every 30 days.
There is not currently a maximum on the 3.80% APY for savings or Vaults.
We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.1 There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.5 Check out a full list of fees and service charges: No Fees.

More banking tips and resources
just clicks away.

Money Management Guide: How to Manage Your Money Better in 2025

APY vs Interest Rate

50/30/20 Budget Calculator

See more articles

Earn up to 4.00% APY2 with eligible direct deposit.

Limited-time only: Get a 0.20% boost on our highest savings APY of 3.80%4 when you set up a new account with eligible direct deposit. Terms apply.

Open an account

SoFi > Banking