SoFi Savings Account Review

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 and there’s no minimum amount you must deposit.

SoFi Plus perks include:

• Earn up to 3.80% on savings, including Vaults
• Up to two-day-early paycheck arrival
• Higher cashback rate on SoFi credit cards
• New SoFi customers who get SoFi Plus by 6/24/25 earn a bonus 0.20% APY on SoFi Savings for six months

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 0.38% APY for savings accounts.

If you don’t or can’t meet the deposit requirements to earn the highest APY, you could also opt to pay a $10 monthly subscription fee to get SoFi Plus benefits.

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 $3 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.

Overdraft Coverage and Overdraft Protection

SoFi doesn’t charge overdraft fees, and also offers two overdraft options that sort of work together:

• Overdraft Protection pulls money from your savings account to your checking to cover a transaction that would have caused an overdraft.
• Overdraft Coverage comes in if you don’t have enough funds from your savings in Protection to cover a transaction. The Overdraft Coverage will cover you up to $50 if you overdraft, and will automatically deduct the amount after your next deposit. Requires monthly direct deposits of at least $1,000, and you can toggle Overdraft Coverage on or off.

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, or pay $10 per month for SoFi Plus 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.

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Finder Score (low-high)Finder Score (high-low)Account type (low-high)Account type (high-low)Annual Percentage Yield (APY) (low-high)Annual Percentage Yield (APY) (high-low)FDIC or NCUA insured amount (low-high)FDIC or NCUA insured amount (high-low)Minimum balance to earn interest (low-high)Minimum balance to earn interest (high-low)Minimum deposit to open (low-high)Minimum deposit to open (high-low)

Product	Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Bonus offer
Promoted Finder score 9.4 Excellent American First Credit Union MMA through Raisin	Finder score 9.4 Excellent	Money market	4.30%	Up to $250,000	$0	$1	Up to $500 bonus for new customers with qualifying deposits using promo code BOOST.	Go to site More info Compare product selection Compare	loading
Promoted Finder score 9.6 Excellent Discover® Online Savings Account	Finder score 9.6 Excellent	Traditional savings,Custodial account	3.50%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great Uphold USD Interest Account	Finder score 8.8 Great	Savings app	Up to 4.50%	Up to $2.5 million	$1	$0	Go to site More info Compare product selection Compare	loading
Finder score 9.2 Excellent SoFi Checking and Savings	Finder score 9.2 Excellent	Traditional savings,Checking	Up to 3.80%	Up to $250,000	$0	$0	Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.	Go to site More info Compare product selection Compare	loading
Finder score 9.4 Excellent Varo	Finder score 9.4 Excellent	Traditional savings	Up to 5.00%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading
Finder score 9.8 Excellent American Express® High Yield Savings Account	Finder score 9.8 Excellent	Traditional savings	3.60%	Up to $250,000	$0	$0	Go to site More info Compare product selection Compare	loading

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Customer reviews and ratings

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.

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. Alternativly, you could pay $10 for the SoFi Plus membership fee to get the highest savings APY without needing to meet deposit requirements. If you don’t do anything of that, 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.