What a SoFi Savings Account Does

A SoFi savings account is a deposit account where you store money and earn interest on the balance. You can move money in and out, set up automatic transfers, and watch your balance grow based on the interest rate SoFi offers that month. The account itself is held at SoFi Bank, which is FDIC-insured up to $250,000 per account holder.

Unlike a checking account, a savings account is meant to hold money you are not spending regularly. SoFi does not charge monthly fees on the savings account, and there are no minimum balance requirements to open one. You access the account through the SoFi mobile app or website.

Key Takeaways

  • SoFi savings accounts earn interest that compounds daily, and the rate changes based on what SoFi sets each month—it is not locked in.
  • You can transfer money to and from a linked external bank account, though external transfers typically take one to three business days.
  • Transfers between your SoFi accounts (checking to savings, for example) happen when ready within the SoFi app.
  • The account is FDIC-insured up to $250,000, so your money is protected if SoFi Bank fails.
  • SoFi does not charge overdraft fees, monthly maintenance fees, or require a minimum opening deposit.

How Interest Accrues and When You See It

SoFi calculates interest on your savings balance daily and deposits it into your account monthly. The interest rate varies—SoFi publishes the current rate on its website and in the app, but it can change at any time. You are not locked into a rate when you open the account.

Interest compounds daily, meaning you earn interest on the interest from previous months. If you have $10,000 in the account and SoFi's rate is 4.50% annual percentage yield (APY), you would earn roughly $37.50 in the first month, though the exact amount depends on the number of days in that month and the precise rate SoFi is offering.

You can see the interest posted to your account in the transaction history within the app. There is no separate interest statement—it appears as a deposit labeled "Interest" or similar.

Moving Money In and Out

You can fund your SoFi savings account by linking an external bank account and transferring money from that bank to SoFi. The first transfer usually takes one to three business days. Once the link is established, you can move money back and forth, though outbound transfers to external accounts also take one to three business days to settle.

If you have a SoFi checking account, transfers between your SoFi accounts happen when ready. You can move money from checking to savings (or vice versa) in seconds through the app, with no waiting period.

You can also deposit checks through the mobile app using mobile check deposit, which typically clears within one to two business days. Direct deposit to the savings account is not standard, but you can set up direct deposit to a SoFi checking account and then transfer the funds to savings.

What Happens If You Need the Money Quickly

If you need to withdraw money from your SoFi savings account, you have two options. You can transfer the money to a linked external bank account, which takes one to three business days. Or, if you have a SoFi checking account, you can move the money there when ready and then withdraw it from an ATM or use a debit card.

SoFi does not limit how many times you can withdraw from the savings account, and there are no penalties for withdrawals. The only constraint is the time it takes for external transfers to clear.

Fees and Costs You Should Know

SoFi charges no monthly maintenance fee, no minimum balance fee, and no overdraft fee on the savings account. There is no fee to open the account, and no fee to close it if you decide to move your money elsewhere.

If you link an external bank account and that bank charges a fee for outbound transfers, that fee comes from your external bank, not from SoFi. SoFi itself does not charge for transfers in or out.

If your account balance falls below zero (which can happen if a transfer fails or if you have a linked checking account that overdrafts), SoFi does not charge an overdraft fee. The negative balance straightforward sits until you deposit more money.

FDIC Insurance and Account Safety

Your SoFi savings account is FDIC-insured up to $250,000. This means if SoFi Bank fails, the Federal Deposit Insurance Corporation will reimburse you for the full balance up to that limit. If you have multiple accounts at SoFi (a checking account and a savings account, for example), the $250,000 limit applies to each account type separately.

Your account information is encrypted when you access it through the app or website. SoFi uses standard security protocols, including two-factor authentication if you set it up. If your account is compromised, contact SoFi when ready through the app or by calling the number on the back of your debit card.

How the Interest Rate Changes and What to Watch For

SoFi's savings rate is not fixed. The rate can go up or down based on what SoFi decides to offer, which is influenced by broader interest rate movements in the economy. When the Federal Reserve raises or lowers its benchmark rate, banks typically adjust their savings rates in response, though the timing and amount vary.

You can check the current rate in the SoFi app under the savings account details, or on the SoFi website. SoFi will notify you if the rate changes, though the notification may come through email or in-app rather than as a separate letter. If the rate drops significantly, you can move your money to another bank, though external transfers take one to three business days.

SoFi sometimes offers promotional rates for new customers or for deposits made within a certain window. These rates are temporary and revert to the standard rate after the promotion ends. Read the terms carefully when you open the account to understand when a promotional rate expires.

Frequently Asked Questions

Can I set up automatic transfers to my SoFi savings account?

Yes. If you have a SoFi checking account, you can set up automatic transfers from checking to savings on a schedule you choose—weekly, biweekly, monthly, or custom dates. If you are transferring from an external bank, you can set up automatic transfers through your external bank's bill pay or transfer feature, though you will need to provide SoFi's routing number and your account number.

What happens if I close my SoFi savings account?

You can close the account anytime through the app or by contacting SoFi. Before closing, you must withdraw or transfer out all remaining funds. Once closed, the account cannot be reopened—you would need to open a new one if you want to use SoFi savings again.

Can I have more than one SoFi savings account?

SoFi typically allows one savings account per customer. If you want to separate money for different goals, you can use sub-savings features within the main account (if available) or use a SoFi checking account alongside the savings account.

Is the interest rate the same for everyone?

SoFi offers the same rate to all customers at any given time. The rate does not vary based on your credit score, account history, or deposit amount. However, promotional rates for new customers may differ from the standard rate offered to existing customers.

What if I need to dispute a transaction or interest calculation?

Contact SoFi through the app or by phone. SoFi can review your account history and explain how interest was calculated. If you believe there is an error, SoFi will investigate and correct it if warranted. Keep records of your deposits and transfers in case you need to reference them.