You can open a SoFi savings account on its own, but SoFi makes it harder than most banks
SoFi does not require you to open a checking account to get a savings account. You can sign up for savings alone through the SoFi website or mobile app. However, SoFi's interface and product structure are built around the idea that most people will have both, so the process is less straightforward than at banks that treat savings and checking as separate products from the start.
The savings account itself works like any other: you deposit money, earn interest on the balance, and can withdraw when you need it. SoFi's savings rate changes with the market, so check the current rate before you open. There are no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw per month—rules that used to explore to savings accounts but have been phased out at most online banks.
The friction comes during signup. SoFi will ask for your Social Security number, date of birth, address, and employment information, the same as any bank. But the signup flow assumes you are opening a checking account and may not make it obvious that you can skip that step. You have to actively choose savings-only during the process, or you will end up with both accounts opened.
Key Takeaways
- SoFi savings accounts have no monthly fees, no minimum balance, and no withdrawal limits, and you do not need a checking account to open one.
- The signup process is designed for people opening both accounts, so you need to deliberately select savings-only to avoid opening a checking account by default.
- SoFi will verify your identity using your Social Security number and run a soft credit check that does not affect your credit score.
- Funding your account requires a transfer from another bank account or a wire transfer; you cannot deposit cash or checks at a SoFi branch because SoFi has no physical branches.
- If you later decide you want a checking account, you can open one without closing savings, and the two accounts will link automatically.
What happens during the signup process
Start on the SoFi website or read the SoFi app and tap "Open Account" or "Sign Up." You will enter your email, create a password, and provide your full name, date of birth, Social Security number, and current address. SoFi will run a soft credit pull—a background check that does not lower your credit score and does not appear on your credit report.
Next, SoFi asks what you want to open. This is where you choose savings account only. If you do not actively select that option, the default path leads to opening a checking account as well. Read the screen carefully; the wording can be straightforward to miss if you are moving quickly.
After you choose savings, SoFi will ask for employment information (employer name, job title, income range) and confirm your identity by sending a code to your email or phone. You verify the code, review the account terms, and the account opens when ready. You can begin transferring money in right away.
How to fund a savings-only account
Because SoFi is an online bank with no physical locations, you cannot deposit cash or checks. You have two options: link an external bank account and transfer money electronically, or send a wire transfer.
The easiest method is linking another bank account. During signup or afterward in the app, you provide the routing number and account number from your current bank. SoFi will make two small test deposits (usually under a dollar each) to verify the account is yours. You confirm the amounts in your bank's app or online portal, and the link is active. After that, you can transfer money from that account to SoFi whenever you want, and the transfer usually clears within one to two business days.
If you do not want to link an external account, you can wire money directly to SoFi. You will need SoFi's wire instructions, which the app provides. Wire transfers typically arrive the same business day or the next day, but your bank may charge a fee for sending a wire (usually $15 to $30).
Interest rates and how money grows in a SoFi savings account
SoFi savings accounts earn interest on your balance. The rate is not fixed; it changes as the Federal Reserve adjusts its benchmark rate. SoFi has historically offered rates competitive with other online banks, but you should check the current rate on the SoFi website before opening, because rates vary over time and SoFi's rate may be higher or lower than other options available to you.
Interest is compounded daily and deposited monthly. That means SoFi calculates interest on your balance every day, but you see the money added to your account once a month. The more you keep in the account and the longer you keep it there, the more interest you earn, though the difference is modest for smaller balances.
There are no caps on how much you can earn or how much you can keep in the account. You can withdraw money at any time without penalty, and there is no limit on the number of withdrawals per month.
What you cannot do with a savings-only account
A SoFi savings account is for holding money and earning interest. You cannot write checks, use a debit card, or set up automatic bill payments from savings alone. If you need those features, you would need to open a checking account as well—which you can do at any time without closing savings.
You also cannot use a savings account to receive direct deposits from an employer or set up recurring transfers out. You can only move money in and out manually through the app or website, or by linking an external account.
If you think you might need checking features later, keep in mind that opening a second account with SoFi is straightforward and takes a few minutes. The two accounts will be linked in the same app, and you can move money between them when ready.
Comparing SoFi savings to other online banks
SoFi is one of several online banks that offer savings accounts without requiring a checking account. Others include Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings. All of them have no monthly fees, no minimum balance, and competitive interest rates.
The main difference is the signup experience. Banks like Marcus and Ally make it equally straightforward to open savings alone or checking alone. SoFi's interface assumes you want both, which can make the savings-only path feel like you are working against the design.
If you already use SoFi for checking or other products, opening a savings account with them keeps everything in one app. If you are starting fresh and want savings only, you might find the process smoother at a bank that treats savings and checking as equally prominent options from the start.
What happens to your savings account if you open checking later
You can open a SoFi checking account at any time without closing your savings account. The two will link automatically in the app, and you can transfer money between them when ready. Your savings account balance and interest earnings remain unchanged.
If you decide SoFi is not right for you, you can close the savings account separately from any checking account. You will need to withdraw or transfer out your balance first; SoFi will not close an account with money in it. The process takes a few minutes in the app.
Frequently Asked Questions
Do I need a minimum balance to open a SoFi savings account?
No. SoFi has no minimum opening deposit and no minimum balance requirement. You can open the account with zero dollars and fund it later, or deposit as little as you want.
Will opening a SoFi savings account hurt my credit score?
No. SoFi runs a soft credit pull, which does not affect your credit score and does not show up on your credit report. Hard inquiries (the kind that lower your score) only happen when you explore for credit like a loan or credit card.
Can I set up automatic transfers into my SoFi savings account?
Yes, if you link an external bank account. You can schedule recurring transfers from that account to SoFi on whatever schedule you choose—weekly, biweekly, monthly, or any custom date. You cannot set up automatic transfers from your employer or other sources directly into savings.
What if I want to close my savings account but keep my checking account?
You can close savings without affecting checking. Withdraw or transfer your balance out first, then request account closure in the app. The two accounts are separate, so closing one does not touch the other.
How long does it take to transfer money out of SoFi savings?
If you transfer to a linked external bank account, the money usually arrives within one to two business days. If you request a wire transfer, it typically arrives the same business day or next business day, depending on when you initiate it and your receiving bank's processing time.