What’s better than a stand-alone high-yield savings account?
An account that offers both high-yield savings and high-yield checking!
This combination account from SoFi offers an incredible up to 4.00%² on your savings -- compared to the national average APY of 0.42% for savings accounts. Plus you’ll get 0.50% APY on your checking account to boot.
But that’s only the beginning of what this account offers. There’s a big welcome offer. There’s wildly helpful savings tools. There’s an FDIC insurance program of up to $2 million (standard accounts only insure up to $250,000).⁴
Check out the full details for all the features of this all-in-one banking solution below or click here to apply for a SoFi Checking and Savings (member FDIC) account now.
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Member FDIC.
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4.50/5
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4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
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= Fair = Poor
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.00%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
- Competitive APY on both Savings and Checking
- No account fees³
- Welcome bonus up to $300 (direct deposit required)¹
- Early access to direct deposits⁶
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access⁵
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection⁷ requires monthly direct deposit minimum
- No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
SoFi disclosure:
¹ 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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ 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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵ 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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ 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.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
6 features we love that do more for your money
Competitive APY: As of December 2, 2024, SoFi customers can earn up to up to 4.00%² APY on savings and 0.50% APY on checking balances. You can earn the maximum APY by setting up direct deposits for checking or savings, or by depositing $5,000 or more every 30 days. Customers who don't meet these qualifications earn 1.20% APY on savings accounts.
Welcome offer: New customers can earn up to $300 with a qualifying direct deposit. Terms apply.¹
No fees: SoFi doesn't charge monthly maintenance fees on either of its accounts. There are also no overdraft fees on its checking account³ and no fees for withdrawals at any of the 55,000-plus ATMs within the Allpoint Network.⁵
Early access to direct deposits: Customers can receive their direct deposit paychecks up to two days early through SoFi.⁶ Access to this benefit depends on when their employer's payroll service provider processes payments.
Savings tools: SoFi Checking and Savings provides access to some helpful tools to maximize savings efforts. Vaults are pockets you can set up within your savings account to earmark specific funds for savings goals you set. Customers can create up to 20 Vaults at a time. RoundUps automatically deposit the extra change from rounded-up debit card purchases to the Vault of your choice.
FDIC insured: SoFi deposits are insured for amounts up to $2 million through the SoFi Insured Deposit Program. Most bank accounts are only insured up to $250,000, so this covers you well beyond the typical.⁴
This bank account could be right for you if…
If you need both a checking and savings account, this combination SoFi account could make sense, especially if you can meet the requirements to earn its highest interest rate. As a closer look, this combo account is a good fit for individuals who want:
- No fees or minimums for their bank accounts
- Tools designed to maximize your savings
- To do most of their banking in one place, online
- Flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
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