SoFi's savings account offers a competitive interest rate, but whether it's right for you depends on how you bank and what you need from a savings product

SoFi's savings account currently pays a variable interest rate that ranks near the top among online banks. The rate changes with the Federal Reserve's decisions, so it is not locked in. You can open the account with no minimum deposit, no monthly fees, and no overdraft fees. The trade-off: SoFi is an online-only bank, which means no physical branches and no way to deposit cash directly.

If you keep most of your money in SoFi already—checking, investing, or loans—the savings account integrates smoothly and you see all your accounts in one app. If you bank elsewhere and just want a high-rate savings account, you may find the setup friction not worth the rate gain, depending on how much you're saving.

Key Takeaways

  • SoFi's savings rate is competitive with other online banks but variable, meaning it will drop if the Federal Reserve cuts rates.
  • You cannot deposit cash at SoFi; all deposits must come by transfer from another bank account or direct deposit.
  • There are no monthly fees, no minimum balance, and no overdraft fees, which removes common friction points.
  • SoFi's savings account works best if you already use SoFi for checking or investing, because moving money between your own accounts is when ready.
  • If you need a physical branch or the ability to deposit cash, SoFi is not the right fit.

How SoFi's rate compares to other online banks

SoFi's savings rate sits in the upper tier of online banks, but "upper tier" changes month to month as the Federal Reserve adjusts its benchmark rate. When the Fed raises rates, most online banks raise theirs within days. When the Fed cuts rates, they follow. SoFi does the same.

The practical difference between SoFi and a competitor like Marcus or Ally is usually less than 0.10% in either direction. On $10,000, that's roughly $10 per year. On $100,000, it's roughly $100. The rate advantage matters more the larger your balance, but it is not the only factor in choosing a savings account.

SoFi also offers a Money Market account with a slightly higher rate than the savings account, though it requires a higher minimum balance and limits how many withdrawals you can make per month. For most people, the regular savings account is simpler.

What you can and cannot do with SoFi savings

You can transfer money in and out of SoFi savings when ready if you link another bank account you own. You can set up direct deposit to the savings account. You can withdraw money by transferring it back to your linked bank, or by using it to pay bills or send money to other people through SoFi's app.

You cannot walk into a branch and deposit cash. You cannot use an ATM to deposit checks. If you receive cash or checks regularly, you will need a second bank account at a place that accepts them, then transfer the money to SoFi. That extra step is the main reason some people choose a traditional bank or a hybrid bank with both online and branch access.

Fees and account requirements

SoFi charges no monthly maintenance fee, no minimum balance fee, and no overdraft fees. There is no minimum deposit to open the account. You do not need to maintain a certain balance to keep the account open or to earn the advertised rate.

The only real cost is opportunity cost: if you keep money in SoFi savings while a competitor is paying 0.15% more, you lose that difference. But if you are comparing SoFi to a traditional bank paying 0.01%, SoFi's rate is worth the switch.

When SoFi savings makes the most sense

SoFi savings is the clearest choice if you already have a SoFi checking account or use SoFi for investing. Moving money between your accounts is when ready and free, and you see your full financial picture in one app. You can keep your emergency fund in savings and your spending money in checking without friction.

It also makes sense if you have a large balance—$50,000 or more—because the rate difference between SoFi and a lower-paying bank compounds over time. The higher the rate, the more that difference matters.

SoFi savings is less ideal if you need to deposit cash regularly, if you prefer the option of walking into a branch, or if you are comparing it to a bank that is already paying the same rate and offers more convenience.

How to move money in and out

To fund a SoFi savings account, you link a bank account you own at another institution. SoFi verifies the account by sending two small deposits, which you confirm in the app. After that, transfers between SoFi and your linked bank are free and usually complete within one business day.

If you set up direct deposit—from your employer, for example—the money lands in your SoFi account the same day it is sent. You can also transfer money out to your linked bank account whenever you need it, with no limit on how many transfers you make per month.

The main limitation is that you cannot deposit cash or checks directly. If you receive a check, you must deposit it at another bank first, then transfer the money to SoFi.

What happens if SoFi's rate drops

SoFi's rate is variable, which means it can go down. When the Federal Reserve cuts its benchmark rate, SoFi typically cuts its savings rate within a few days. You do not have to do anything—the new rate just applies to your account automatically.

If the rate drops and you want to move your money elsewhere, you can transfer it out to another bank at any time. There is no penalty for leaving, no waiting period, and no notice required. The downside is that you will have to go through the linking process again at a new bank.

The upside is that if rates rise, your SoFi rate rises with them. You benefit from the Fed's increases without having to shop around or move your money.

Frequently Asked Questions

Can I use SoFi savings as my main checking account?

No. SoFi savings is designed for money you want to keep separate and earn interest on. For everyday spending, you need a SoFi checking account or another bank's checking account. Many people use both: checking for bills and spending, savings for emergency funds or goals.

What if I need to deposit a check?

You cannot deposit checks directly into SoFi. You will need to deposit the check at another bank—either one you already use or one with mobile check deposit—then transfer the money to SoFi. This adds a day or two to the process.

Is my money safe in SoFi savings?

Yes. SoFi is a bank chartered and regulated by the Office of the Comptroller of the Currency. Deposits are insured by the FDIC up to $250,000 per account owner, per bank. Your savings account is covered by that insurance.

Can I withdraw money whenever I want?

Yes. There is no limit on how many times you can transfer money out of SoFi savings per month. Transfers to your linked bank account usually complete within one business day. You can also use the money to pay bills or send it to other people through SoFi's app when ready.

How does SoFi's rate compare to my current bank?

Check your current bank's savings rate on their website. Compare it to SoFi's current rate on SoFi's website. The difference, multiplied by your balance, tells you how much you would earn or lose per year by switching. If the difference is less than $50 per year, the convenience of your current bank may be worth keeping it.