SoFi does offer savings accounts, but they work differently than traditional bank savings

SoFi (Social Finance) offers a savings product called the SoFi Money Account, which combines checking and savings features in one place. Unlike a traditional savings account at a brick-and-mortar bank, SoFi is an online bank — meaning there are no physical branches, and you manage everything through an app or website.

The SoFi Money Account includes both a checking component and a savings component. The savings portion earns interest, though the rate changes based on market conditions. Because SoFi operates online only, it typically has lower overhead costs than traditional banks, which is why online savings accounts often offer higher interest rates than you would find at a bank with physical locations.

SoFi also offers other financial products — including personal loans, investing accounts, and credit cards — but the Money Account is their main deposit product for everyday banking and saving.

Key Takeaways

  • SoFi Money Account combines checking and savings in one account, with interest earned on the savings portion.
  • SoFi is an online-only bank, so you cannot visit a branch or deposit cash in person at a physical location.
  • Interest rates on SoFi savings change over time and depend on what the Federal Reserve does with interest rates.
  • Your deposits in a SoFi account are insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000, the same protection you get at any bank.
  • SoFi Money Accounts have no monthly fees, though some features may require a minimum balance or membership tier.

How the SoFi Money Account savings component works

When you open a SoFi Money Account, you get one account number with two parts: a checking side and a savings side. Money you put in the savings portion earns interest automatically — you do not have to do anything after the deposit. The interest is calculated daily and added to your account monthly.

The interest rate SoFi offers changes regularly. You can check the current rate on their website before you open an account. Because SoFi is online-only, they do not have the costs of running physical branches, so they can often offer rates that are higher than traditional banks offer on savings accounts.

You can move money between your SoFi checking and savings sides as often as you want, with no penalty. This is different from some traditional savings accounts, which used to limit how many times you could withdraw money per month (though that rule has largely changed across the banking industry).

What you cannot do with a SoFi savings account

Because SoFi has no physical branches, you cannot walk into a location to deposit cash or speak with someone in person. All deposits must be made electronically — either by transferring money from another bank account, setting up direct deposit from your employer, or using a mobile check deposit feature if SoFi offers it.

You also cannot use a SoFi account at an ATM that requires a physical bank location. However, SoFi does offer ATM access through partner networks, and some SoFi accounts include ATM fee reimbursement, meaning SoFi will refund you if you use an out-of-network ATM and get charged a fee. Check SoFi's current terms to see what ATM access comes with your account type.

How FDIC insurance protects your money

Your deposits in a SoFi Money Account are protected by FDIC insurance (Federal Deposit Insurance Corporation). This is a government program that protects your money if the bank fails. The FDIC insures up to $250,000 per person, per bank, in each account category.

This means if you have $50,000 in your SoFi checking and $50,000 in your SoFi savings, both are covered up to $250,000 total. The checking and savings portions of the SoFi Money Account are typically counted as one account for FDIC purposes, so your combined balance is what matters. If you have more than $250,000 at SoFi, the amount over that limit is not insured.

FDIC insurance is the same protection you get at any traditional bank — it is not special to SoFi, and it is not something SoFi offers. It is a federal may provide that applies to all banks that participate in the program.

Comparing SoFi savings to traditional bank savings accounts

The main difference between a SoFi savings account and a traditional bank savings account is how you access it. A traditional bank has physical branches where you can deposit cash, speak with a teller, and handle problems in person. SoFi has none of that — everything happens online or through the app.

In exchange for giving up in-person service, SoFi can offer higher interest rates because they do not pay for buildings, tellers, or branch staff. If you are comfortable managing your money entirely online and do not need to deposit cash regularly, a SoFi savings account may offer better returns than a traditional bank. If you need in-person service or deposit cash often, a traditional bank may be a better fit.

Another difference is that SoFi combines checking and savings in one account, whereas traditional banks usually keep them separate. This can make it simpler to manage, but it also means you have one account number for both functions instead of two.

Fees and account requirements

SoFi Money Accounts have no monthly maintenance fees. You do not pay to keep the account open or to use the savings feature. However, SoFi may charge fees for certain actions — such as overdraft fees if you spend more than you have in your checking portion, or wire transfer fees if you send money to another bank.

Some SoFi account features may require you to meet certain conditions. For example, higher interest rates or extra benefits might be available only if you set up direct deposit, maintain a minimum balance, or have a SoFi membership. Check SoFi's current account terms to see what applies to the account type you are considering.

Because SoFi's terms and interest rates change over time, it is worth checking their website directly before you decide to open an account. The information you see there will be current, whereas any rate or fee listed elsewhere may be outdated.

Who might choose a SoFi savings account

A SoFi savings account makes sense if you are comfortable doing all your banking online, do not need to deposit cash regularly, and want a higher interest rate than traditional banks offer. It also works well if you want to keep your checking and savings in one place and do not need in-person support.

SoFi may be less suitable if you need to deposit cash frequently (since you cannot do that at SoFi), if you prefer to speak with someone in person about your account, or if you already have relationships with a traditional bank and want to keep things straightforward.

Some people use SoFi for savings while keeping a traditional bank account for everyday checking and cash deposits. This approach lets you earn a higher rate on savings while keeping the convenience of a physical bank for other needs.

Frequently Asked Questions

Is my money safe in a SoFi savings account?

Yes. SoFi deposits are insured by the FDIC up to $250,000, the same protection you get at any bank. If SoFi were to fail, the FDIC would return your money up to that limit. This is a federal may provide, not something SoFi provides.

Can I deposit cash into a SoFi savings account?

No. Because SoFi has no physical branches, you cannot deposit cash directly. You can transfer money from another bank account, set up direct deposit from your employer, or use mobile check deposit if SoFi offers it. If you need to deposit cash regularly, a traditional bank may be more convenient.

What interest rate does SoFi pay on savings?

SoFi's interest rate changes based on what the Federal Reserve does with interest rates. You can see the current rate on SoFi's website. The rate you earn may also depend on your account type or whether you meet certain requirements like direct deposit.

Can I use a SoFi savings account at an ATM?

SoFi offers ATM access through partner networks, though the details depend on your account type. Some accounts include ATM fee reimbursement, meaning SoFi refunds you if you use an out-of-network ATM and get charged a fee. Check SoFi's current terms for specifics.

Do I need a SoFi checking account to open a savings account?

SoFi Money Account combines checking and savings in one account, so you get both together. You cannot open just a savings account without the checking component. If you only want savings, you would need to open the full Money Account.