SoFi Checking and Savings: High-Yield Savings Review
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- Annual Percentage Yield (APY)
- Up to
3.80%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
Earn up to 3.80% APY with direct deposit and sort goals with Vaults.
The SoFi high-yield savings account (HYSA) is an excellent option for those seeking high APYs with no monthly fees. The SoFi Checking & Savings account is actually a hybrid account, so by opening this account, you’ll get checking and savings, both of which earn interest. Savings can earn up to 3.80%, and checking earns up to 0.50% with no balance requirements. The SoFi Vaults feature lets you create subaccounts to organize your savings goals without opening multiple accounts. However, to earn up to 3.80% APY on SoFi’s HYSA, you must deposit at least $5,000 per month or set up direct deposit.
Best for: Savers who want high APYs and the ability to separate savings goals.
Pros
-
Up to 3.80% APY on savings
-
Up to 0.50% APY on checking
-
No monthly fees or minimum balance
-
SoFi Vaults for organizing savings goals
Cons
-
Highest APY requires deposits
-
Online only
What we like about SoFi®’s savings account
SoFi’s HYSA offers a strong APY of up to 3.80% on your balance — without any balance requirements.
SoFi Plus benefits
To earn the account’s highest rates and get the best perks, you must be in the premium membership called SoFi Plus. Luckily, it’s easy to join — you just need to set up direct deposit. Currently, the only way to become a SoFi Plus member is by setting up direct deposit. But in doing so, you unlock the best perk with the premium membership: the higher APY on savings.
Other SoFi Plus perks include:
- Up to two-day-early paycheck arrival
- Overdraft coverage
- Higher cashback rate on SoFi credit cards
Alternatively, you can deposit at least $5,000 per month to earn 3.80% APY (you just won’t receive all the benefits of SoFi Plus).
If you don’t meet the deposit requirements, the HYSA’s rate drops to 1.00% APY, but that’s still higher than the national average rate of 0.42% APY for savings accounts.
Organize savings with Vaults
Within the SoFi savings account, you can make multiple savings subaccounts called Vaults. You can create up to 20 Vaults to organize your savings goals or create sinking funds.
Once you have at least one Vault, you can set up Roundups. When you enable this feature, SoFi rounds up each purchase made with your SoFi debit card to the next whole dollar and transfers the rounded-up amount to the Vault of your choice. Roundups can only be applied to one Vault at a time, and “whole dollar” purchases can’t be rounded up.
SoFi also offers an Emergency Fund vault that can be set up with AutoSave or recurring transfers. During setup, it can help you estimate how much you should save in your emergency fund based on your monthly living expenses.
High FDIC insurance
Most FDIC-insured accounts are insured for up to $250,000. However, SoFi’s Insured Deposit Program offers up to $2 million in additional insurance by distributing balances across multiple accounts at partner banks. You can opt for this extra coverage and learn more about it in the SoFi app.
Where it falls short
The obvious downside of SoFi’s high-yield savings is you’ll have to either set up direct deposit or deposit $5,000 per month to earn the highest offered rates.
And like other online banks, SoFi doesn’t have any physical branches. If you prefer in-person banking and customer support, SoFi might not be a match for you.
If you’d rather not deal with HYSA deposit requirements but don’t mind a digital option, consider the Wealthfront Cash Account, which earns up to 4% APY without balance or deposit requirements.
Compare SoFi HYSA to other savings accounts
Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.37 out of 5 stars, based on 345 customer reviews |
| Trustpilot score | 4.4 out of 5 stars, based on 8,924 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 345,500 customer reviews |
| Google Play Score | 3.9 out of 5 stars, based on 37,700 customer reviews |
| Customer reviews verified as of | 03 December 2024 |
SoFi receives high marks for its APY and digital tools, but it may not suit users who make frequent cash deposits or require in-branch assistance.
Customers praise SoFi for its competitive APY and the ease of managing savings through its mobile app. Many users highlight the Vault feature, reporting it helps them keep their savings well-organized. The lack of fees and simple digital banking also receive a lot of positive feedback.
On the negative side of things, some users report delays in customer service responses when resolving issues through the app or website. Since SoFi doesn’t have any physical branches, these types of complaints are expected.
But, on the whole, SoFi has a very high Trustpilot rating, which is rare for an online bank. Many of SoFi’s positive reviews are about its personal loans, with customers saying they received funds quickly and easily.
What do people on Reddit say?
Frequently asked questions
Is SoFi a real bank?
Yes, SoFi is a real FDIC-insured online bank. SoFi received its bank charter in 2022, which sets it apart from many other free bank accounts offered by fintechs, such as Upgrade or Chime, which use third-party banks to support their banking products.
How do I get the highest savings APY with SoFi?
To earn the highest APY on your SoFi Savings Account, you need to set up a qualifying direct deposit or deposit at least $5,000 per month. If you don’t meet these requirements, you still earn up to 0.50% on checking and 1.00% APY on savings.
Are there any fees or minimums to use a Vault?
No, there are no fees or minimum balance requirements to use Vaults with the SoFi account.
How do I add a beneficiary to my SoFi Checking and Savings account?
To add a beneficiary, log in to your SoFi account, navigate to your Checking and Savings account settings and follow the prompts to designate a beneficiary.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Your reviews
Bethany Finder
Editor, Banking
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