What you need to open a SoFi savings account
You can open a SoFi savings account entirely online in about five minutes. You will need a valid government-issued ID, your Social Security number, and a way to fund the account — either a bank account to transfer from or a debit card. SoFi does not require a minimum deposit to open the account, though you will need to move money in before you can earn interest.
The account opens when ready once you complete the signup process and verify your identity. You can start using it the same day, though transfers from external bank accounts typically take one to three business days to arrive.
Key Takeaways
- You can open a SoFi savings account online with just an ID, Social Security number, and a funding source — no minimum deposit required.
- The signup process takes about five minutes and your account becomes active the same day.
- External bank transfers take one to three business days, but you can fund when ready with a debit card.
- SoFi uses a tiered interest rate structure where higher balances earn higher rates, so the rate you see depends on how much you deposit.
The signup steps in order
Go to the SoFi website or open the SoFi mobile app and select "Open a Savings Account" or "Sign Up". You will be asked for your email address and a password. SoFi will send a verification code to your email — enter it to confirm.
Next, provide your full name, date of birth, and Social Security number. SoFi uses this information to verify your identity and check for fraud. You will also enter your address. This step usually completes in under a minute.
Then choose how you want to fund the account. If you link a bank account, you will provide your routing number and account number — SoFi will make two small test deposits (usually under one dollar each) to confirm the account is yours. If you use a debit card instead, the money transfers when ready. Once funding is set up, your account is open and ready to use.
How identity verification works
SoFi verifies your identity using the information you provide — your name, date of birth, Social Security number, and address. The company checks this against public records and fraud databases. Most people pass verification when ready and never see a delay.
If SoFi cannot verify you automatically, the company may ask you to upload a photo of your ID or provide additional information. This happens rarely and usually resolves within one business day. You can check the status of your account in the app or by contacting SoFi support.
Funding your account: bank transfer versus debit card
A bank transfer links your existing checking or savings account to SoFi. You provide your routing and account number, and SoFi deposits two small amounts to confirm you own the account. Once confirmed, you can transfer money back and forth. Transfers from your bank to SoFi take one to three business days. Transfers from SoFi back to your bank usually arrive within one business day.
A debit card funds your account when ready. You enter your card number and the amount you want to deposit. The money appears in your SoFi account when ready, though your debit card issuer may take a day or two to process the charge on their end. Debit card deposits count toward any daily or monthly limits SoFi sets on external transfers.
Most people link a bank account for ongoing transfers and use a debit card only when they need money to arrive the same day.
Interest rates and how your balance affects them
SoFi's savings account uses a tiered interest rate — the rate you earn depends on your account balance. A smaller balance earns a lower rate; a larger balance earns a higher rate. The exact rates and balance tiers change over time and are listed on SoFi's website before you open the account.
Interest is calculated daily and deposited monthly. This means if you deposit $5,000 on the first of the month, you earn interest on that full amount for the entire month, even if you withdraw part of it later. If you move money out, your rate adjusts to match your new balance in the following month.
You can check your current rate and projected monthly interest in the app at any time.
What happens after your account opens
Once your account is active, you can transfer money in and out, set up automatic deposits, and monitor your balance in the app. SoFi sends statements monthly and tracks all transactions. You can also set savings goals within the app to organize money for specific purposes.
If you have questions about your account or need to make changes — like updating your address or linking a different bank account — you can contact SoFi through the app, by phone, or via email. Support is available seven days a week.
Frequently Asked Questions
Do I need a SoFi checking account to open savings?
No. You can open a SoFi savings account on its own without any other SoFi product. Many people use SoFi savings with a checking account at a different bank.
What if my identity verification fails?
SoFi will ask you to upload a photo of your ID or provide additional information. This usually takes one business day to resolve. You can contact SoFi support to check the status or ask what documents they need.
Can I change my mind and close the account after opening it?
Yes. You can close your SoFi savings account anytime through the app or by contacting support. Withdraw your balance first — once the account is closed, you cannot access it.
Is there a monthly fee?
No. SoFi does not charge monthly maintenance fees, overdraft fees, or transfer fees for the savings account.
How much money do I need to deposit to start earning interest?
You can earn interest on any balance, even one dollar. However, the interest rate depends on your total balance, so a very small deposit earns the lowest tier rate. Most people deposit at least a few hundred dollars to make the interest meaningful.