What you need to open a SoFi savings account

Opening a SoFi savings account takes about five minutes and requires three things: a valid government ID, a Social Security number, and a way to fund the account. You do not need a minimum deposit to open one—SoFi has no account opening minimum. You will need either a debit card, a bank account number, or an external transfer method to move money in after you create the account.

SoFi runs a soft credit check during signup, which means they look at your credit but it does not affect your credit score. They also verify your identity through their system, which is why the government ID and Social Security number matter. You can open the account on the SoFi website or through their mobile app, and the process is the same either way.

The account itself is a high-yield savings account, which means it earns interest on the balance you keep in it. The interest rate changes, so check SoFi's current rate before you fund the account if the rate matters to your decision.

Key Takeaways

  • You need a valid government ID, Social Security number, and a funding method—debit card, bank account, or external transfer.
  • SoFi has no minimum deposit to open the account, and the signup process takes about five minutes.
  • The account earns interest at a rate SoFi sets and updates; check the current rate before you fund it.
  • After you open the account, you can transfer money in when ready and start earning interest the same day.
  • SoFi performs a soft credit check, which does not lower your credit score.

Step-by-step: opening the account online

Go to sofi.com or open the SoFi app. Click the button to open a new savings account. You will be asked for your email address first, then a password. SoFi will send you a verification code to that email—enter it to confirm.

Next, enter your full legal name, date of birth, and Social Security number. SoFi uses this to verify your identity. Then provide your address and phone number. You will be asked to upload or photograph a government ID—a driver's license, passport, or state ID card all work. Make sure the photo is clear and the ID is not expired.

SoFi will then ask you to confirm your identity by answering a few security questions based on your credit history. These are questions only you should know the answer to—things like "which of these addresses have you lived at" or "which of these creditors have you had an account with." Answer honestly; if you get one wrong, SoFi will ask you to verify your identity another way, usually by uploading additional documents.

Once identity verification is complete, you will see your new account number and routing number. At this point, the account is open. You can fund it when ready or wait until later.

How to fund your new account

SoFi offers three ways to move money into your new savings account: debit card, bank transfer, or external account link. The fastest is a debit card—SoFi processes debit card transfers when ready, and the money shows up in your account right away. You will need the card number, expiration date, and CVV.

A bank transfer takes one to three business days. You provide your bank account number and routing number from another bank, and SoFi pulls the money from that account. This method is safer if you do not want to enter your debit card information online, though both are encrypted.

External account link means you connect another bank account to SoFi and then move money between them. This takes the longest to set up—SoFi deposits two small test amounts to your other bank account, and you have to confirm the amounts in the SoFi app to prove you own that account. Once confirmed, transfers between the accounts are when ready.

You do not have to fund the account on the day you open it. You can open it, leave it empty, and fund it whenever you are ready. Interest starts accruing the moment you deposit money.

What happens after you open the account

Once the account is open and funded, you can see your balance and interest earnings in the SoFi app or on the website. SoFi deposits interest into your account monthly, usually on the first business day of the month. The amount depends on the balance you held and the current interest rate.

You can withdraw money from the account at any time with no penalty. Withdrawals take one to three business days to reach another bank account. You can also transfer money between a SoFi checking account and this savings account when ready if you have both.

SoFi will send you a 1099-INT form at the end of the year if you earned more than $10 in interest. You will need this form to report the interest income on your tax return.

Funding limits and account rules

SoFi does not set a limit on how much you can deposit into the savings account or how much you can hold in it. You can move money in and out as often as you want. However, federal banking rules once limited savings account withdrawals to six per month, though this rule is no longer enforced. SoFi does not enforce a withdrawal limit either.

The account is FDIC-insured up to $250,000, which means if SoFi fails, the federal government protects your money up to that amount. If you have more than $250,000 in the account, only the first $250,000 is protected.

SoFi charges no monthly fees, no overdraft fees, and no fees for transfers. There are no hidden charges. The only cost is the opportunity cost of keeping money in savings instead of investing it elsewhere.

Reasons to open a SoFi savings account versus other banks

SoFi's main draw is the interest rate. Because SoFi is an online-only bank with no physical branches, it has lower overhead costs and passes some of that savings to customers through higher interest rates. The rate changes based on the Federal Reserve's actions, so it is not locked in, but SoFi typically offers rates higher than traditional banks.

The second reason is convenience. If you already use SoFi for checking or investing, adding a savings account takes five minutes and you can move money between accounts when ready. You see everything in one app.

The third is that there are no minimums and no fees. You can open an account with $1 and never pay a monthly charge. Some banks require a minimum balance to earn the advertised rate, or charge a fee if your balance drops below a threshold. SoFi does neither.

The trade-off is that SoFi has no physical branches and no in-person customer service. All support is through the app, phone, or email. If you need to deposit cash or speak to someone in person, SoFi is not the right choice.

Frequently Asked Questions

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

Yes. SoFi performs a soft credit check, which does not affect your credit score, and the check is mainly for identity verification. Bad credit does not disqualify you. SoFi will open the account as long as your identity verifies and you meet their basic requirements.

How long does it take to open a SoFi savings account?

The signup process takes about five minutes. Identity verification is usually when ready, but can take up to 24 hours if SoFi needs additional documents. Once the account is open, you can fund it and start earning interest when ready.

What is the current interest rate on SoFi savings accounts?

SoFi's rate changes based on Federal Reserve decisions and market conditions. Check sofi.com for the current rate before you open the account. The rate you see at signup is the rate you earn, and it changes over time as SoFi adjusts it.

Can I have multiple SoFi savings accounts?

SoFi allows you to open one savings account per person. You cannot open multiple savings accounts under the same name and Social Security number. However, you can open a savings account and a checking account at the same time.

What if my identity verification fails?

If you answer the security questions incorrectly or SoFi cannot verify your information, they will ask you to upload additional documents—usually a photo of your ID and a recent utility bill or bank statement showing your address. This process takes one to two business days. If verification still fails, SoFi will close the signup and you can try again later or contact their support team.