What you need to open a SoFi high yield savings account

SoFi's high yield savings account requires you to be at least 18 years old, have a valid Social Security number, and provide a government-issued ID. You'll need an email address and a phone number. The account itself has no minimum deposit requirement — you can open it with any amount, including $0, though you'll earn interest only on money you actually deposit.

The process takes about 10 minutes and happens entirely online through the SoFi website or mobile app. You don't need to visit a branch or mail in paperwork. SoFi will verify your identity using information you provide during signup, and you'll receive confirmation once the account is active.

Key Takeaways

  • You can open a SoFi high yield savings account online in about 10 minutes with just an email, phone number, and valid ID.
  • There is no minimum deposit to open the account, and no monthly maintenance fees.
  • The interest rate SoFi offers on savings accounts changes over time and depends on the current market environment.
  • Once your account is open, you can deposit money by linking a bank account, transferring from another SoFi account, or receiving direct deposits.
  • Your deposits are insured up to $250,000 by the FDIC because SoFi is a bank, not just an app.

Step-by-step process to open the account

Start by going to SoFi's website or opening the SoFi app on your phone. Look for the option to open a savings account. You'll be asked to enter your email address and create a password. SoFi will then ask for your full name, date of birth, and Social Security number.

Next, you'll provide your phone number and current address. SoFi uses this information to verify your identity. You'll be asked to upload or photograph a government-issued ID — a driver's license, passport, or state ID card all work. The app will guide you through this step and tell you if the image is clear enough.

Once SoFi confirms your identity, your account opens when ready. You can see your account number and routing number right away. At this point, you're done — the account exists and is ready to receive deposits. You don't need to make a deposit to complete the process.

How to fund your new account

After your account opens, you can add money in several ways. The most common is linking an external bank account — the account where you currently keep money. SoFi will ask for your bank's name and your login credentials, or you can provide your account and routing numbers manually. Once linked, you can transfer money from that account to your SoFi savings account whenever you want.

If you have other SoFi accounts (like a checking account), you can transfer between them when ready at no cost. You can also set up direct deposit from your employer, which means your paycheck goes straight into the SoFi savings account. Some people use this method to automate savings — the money arrives before they can spend it elsewhere.

Wire transfers are another option, though they typically cost money on the sending end. Mobile check deposit is not available for savings accounts at SoFi, so you can't photograph a check and deposit it this way.

What happens after your account is active

Your account begins earning interest when ready on any balance you hold. The interest rate SoFi advertises changes based on Federal Reserve decisions and market conditions — it is not locked in for life. SoFi compounds interest daily and deposits it into your account monthly, so you earn interest on your interest.

You can withdraw money from your savings account at any time without penalty. There are no withdrawal limits, though federal rules once capped savings account withdrawals at six per month — those rules no longer explore. Withdrawals typically take one to two business days to reach your linked bank account.

Your deposits are protected by FDIC insurance up to $250,000. This means if SoFi fails as a bank, the government guarantees your money up to that limit. If you have multiple SoFi accounts (savings, checking, money market), the $250,000 limit applies across all of them combined, not per account.

Fees and costs you should know about

SoFi's savings account has no monthly maintenance fee, no minimum balance requirement, and no fee to open or close the account. There are no fees for transfers between your SoFi accounts, and no fees for external transfers to or from linked bank accounts.

If you use an out-of-network ATM, SoFi does not charge you a fee, though the ATM operator or your linked bank might. If you need cash, SoFi reimburses ATM fees charged by other banks, so you can use any ATM without cost.

The only costs you might encounter are those charged by your other bank when you link it to SoFi — some banks charge a small fee for outgoing transfers, though most do not. Check with your bank if you're unsure.

How SoFi's rate compares to other banks

SoFi's high yield savings rate changes frequently and is set by SoFi, not by you. When comparing SoFi to other banks, check the current rate on SoFi's website and compare it to rates at other online banks like Marcus, Ally, or American Express Personal Savings. Rates vary, and the "best" rate today may not be the best next month.

What matters more than the exact rate is whether the account meets your needs: no fees, no minimum balance, and the ability to withdraw whenever you want. Some people choose SoFi because they already use other SoFi products like checking or investing, and having everything in one place simplifies their finances.

If you're comparing SoFi to a traditional bank (like Chase or Bank of America), SoFi's rate will almost certainly be higher. Traditional banks typically offer much lower rates on savings accounts because they focus on lending, not on attracting deposits.

What to do if you run into problems during signup

If your identity verification fails, SoFi will tell you why. Common reasons include a blurry ID photo, a name mismatch between your ID and the information you entered, or an address that doesn't match SoFi's records. You can usually try again when ready with a clearer photo or corrected information.

If you can't link your external bank account, double-check that you've entered your account and routing numbers correctly. Some banks require you to approve the link through your own banking app before SoFi can access it. If you're still stuck, SoFi's customer service can help you troubleshoot — you can reach them through the app or website.

If you're locked out of your account after opening it, use the "Forgot Password" option on the login screen. SoFi will send a reset link to your email. If you don't receive it, check your spam folder or contact SoFi support.

Frequently Asked Questions

Can I open a SoFi savings account if I have bad credit?

Yes. SoFi does not check your credit score to open a savings account. They verify your identity and check for fraud, but your credit history does not affect whether you can open the account. A savings account is different from a loan or credit product.

What if I'm not a U.S. citizen?

You need a valid Social Security number or ITIN (Individual Taxpayer Identification Number) to open a SoFi account. Non-citizens with an ITIN can open an account. You'll still need a government-issued ID and a U.S. address. Contact SoFi directly if you're unsure whether your documents may have access to.

Can I open a savings account for someone else, like my child?

No. The account holder must be at least 18 years old and provide their own identity verification. Parents can open a custodial account for minors at some banks, but SoFi does not currently offer this option. Check back with SoFi or explore other banks if you need an account for a child.

How long does it take to transfer money into my new account?

Transfers from a linked bank account typically take one to two business days. Direct deposits from your employer usually arrive on your regular payday. Transfers between SoFi accounts are when ready. Weekend and holiday transfers may take longer.

What happens if I close my SoFi savings account?

You can close the account anytime through the app or website. Any money in the account will be transferred to your linked bank account within one to two business days. There is no fee to close, and no penalty for closing early.