December 19, 2023

SoFi High Yield Savings Review

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Want a high APY and easy access to your money? Get the best of both worlds with SoFi's Checking and Savings account.

5-point scale (the higher, the better)

Pros and Cons

  • 2-in-1 account
  • Good rate
  • $0 monthly fees
  • Direct deposit required for high APY
  • No physical branches

Bottom Line

Checking and savings account that boasts high rate with direct deposits

SoFi offers a high-yield savings account as part of its Checking and Savings Account.

It provides a single solution for your savings and checking needs. And, it can pay a solid rate.

But, only if you meet specific criteria. Read on to find out more about SoFi's offer and whether it is worth it or not.

What is SoFi Checking and Savings?

SoFi's Checking and Savings is a 2-in-1 product. Currently, they do not offer a checking-only or savings-only account.

When you open a savings account, you will also get a checking account. But you get a different rate depending on the type of balance.

You can earn 4.60% APY on savings balances with direct deposit (1.20% APY without) and 0.50% APY on checking balances.

But, there is a catch. To earn the highest rate on your savings account (currently 4.60% APY), you must meet either of the following criteria:[1]

  • Sign up for direct deposit
  • Deposit at least $5,000 every 30 days

Otherwise, account holders will get a lower rate on their savings balance.

How do I set up direct deposit?
All you need to do is download and sign a pre-filled form that comes with your account and submit it to your HR department. They should be able to connect your payroll to your SoFi Checking and Savings account.

What is your top priority when choosing a high-yield savings account?

How Much Can You Earn?

Find out how much you can earn with SoFi's Checking and Savings account using this calculator.

Savings Calculator

SoFi's Digital Banking Features

SoFi Checking and Savings comes with digital banking features to help you manage your finances better. With the SoFi app, you can easily transfer money, deposit checks, track your balance, pay bills, and many more.

SoFi also offers a couple of digital tools to help you budget, save, and meet your financial goals.[2]

  • Vaults which allows you to organize your savings goals.
  • Round-Ups which saves spare change from debit card purchases
  • AutoSave which moves a part of your paycheck into savings automatically.

Fees to Look Out For

SoFi Checking and Savings virtually has no fees for you to worry about. Here's a list of its fee-free features:[3]

  • No minimum balance requirement
  • $0 monthly fees
  • No overdraft charges
  • Fee-free access to 55,000+ AllPoint ATMs worldwide

Pros and Cons


  • Combined checking and savings account
  • Competitive APY
  • No minimum balance
  • No monthly or overdraft fees
  • Unlimited transactions per month
  • Allows cash deposits
  • Access to 55,000+ fee-free ATMs
  • Includes financial management tools


  • Must meet criteria to get high APY
  • No physical branches
  • up to $4.95 cash deposit fee

What are qualifying deposits to my SoFi Checking and Savings account?
Qualifying deposits should total at least $5,000 from the following eligible sources:[4]

  • ACH transfers
  • Inbound wire transfers
  • Peer-to-peer transfers
  • Check deposits
  • Instant funding to your SoFi Bank Debit Card
  • Push payments to your SoFi Bank Debit Card
  • Cash deposits

What feature of the SoFi High Yield Savings account are you most interested in learning about?

Is SoFi Checking and Savings Safe?

Yes, it is. SoFi is an FDIC member (Cert #26881). Thus with SoFi Checking and Savings, deposits are FDIC-insured up to $250,000.

They also offer the SoFi Insured Deposit Program, which allows members to have coverage of up to $2M.

Have you used any SoFi financial products before (e.g., loans, investments, insurance)?

How to Open an Account

You can open a SoFi Checking and Savings account from wherever you are. Just follow these steps:

  1. Go to SoFi's Savings Account page and select Open an Account.
  2. Create your login info and fill out the application form.
  3. Submit and fund your account.

Note that you must fund your account within 30 days after you open the account. Otherwise, it will be closed.

How do I fund my SoFi account?
Here's a list of options to fund your SoFi Checking and Savings Account:
  • Direct deposit
  • Transfer from an external account
  • ACH or Peer-to-peer transfers
  • Transfer from third-party wallet services
  • Cash deposit via Green Dot
  • Mobile check deposit

Who Is It Best For?

SoFi Checking and Savings is best for employed individuals who can set up direct deposits from their payroll to slowly grow their wealth through a high APY.

But it is also ideal for anyone who prefers a convenient 2-in-1 product that gives various ways to access their funds.

They can easily deposit and withdraw money. And, they can boost their savings with a competitive rate if they meet the $5,000 criteria every 30 days.

Can a student open a SoFi Checking and Savings account?
Yes, they can. As long as you are 18 years of age or older, you are eligible to open an online bank account with SoFi.

How SoFi Compares


How do I withdraw money from my account?
Since your SoFi Checking and Savings account comes with an ATM card, you can simply visit any Allpoint ATM location to withdraw. You can also use the SoFi mobile app to do online transfers.

How do I deposit money into my account?
You can visit any retail location with GreenDot services to deposit cash directly into your account. However, they will charge you a fee of up to $4.95 for each deposit you make.[5] You can also do a mobile check deposit via the SoFi app.

Can you just open a savings account with SoFi?
As of present, SoFi does not offer a checking-only or savings-only account. You will automatically have both when you sign up for a SoFi online bank account.

Bottom Line

SoFi's Checking and Savings account allows users to hit two birds with one stone. You can get a high APY on your savings account and have easy access to your funds with your checking account.

However, you need to have direct deposits set up or deposit at least $5,000 every 30 days to earn the highest rate.

If this isn't possible for you, it would be best to consider other high-yield options.


  1. ^ SoFi. SoFi Bank Rates Sheet, Retrieved 10/24/2023
  2. ^ SoFi. Automatic Savings, Retrieved 10/24/2023
  3. ^ SoFi. No Bank Fees, Retrieved 11/17/2023
  4. ^ SoFi. How do I get the highest savings APY?, Retrieved 11/17/2023
  5. ^ Green Dot. Deposit cash, Retrieved 11/17/2023
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
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Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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