SoFi is a good savings account for some people, but not the best choice for everyone

SoFi offers a savings account with no monthly fees, no minimum balance requirement, and a competitive interest rate. Whether it is the right account for you depends on what matters most to you — whether that is the interest rate, the ability to link it to checking and investing in one place, or access to customer support by phone.

SoFi is owned by a bank, so your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. That means your money is protected if the bank fails. But SoFi is an online-only bank, which means there are no physical branches where you can walk in and speak to someone in person.

Key Takeaways

  • SoFi's savings account has no monthly fees, no minimum opening deposit, and no minimum balance to keep the account open.
  • The interest rate SoFi pays changes over time and is currently competitive, but you should compare it to other online banks before opening an account.
  • SoFi lets you manage savings, checking, and investing from one app, which can be convenient if you want everything in one place.
  • SoFi has no physical branches, so you cannot deposit cash in person or speak to someone face-to-face without using video chat or phone.
  • Other banks may offer higher interest rates, lower fees on linked services, or branch access depending on what you prioritize.

How SoFi's interest rate compares to other online banks

SoFi pays interest on savings, meaning the bank pays you a small percentage of the money you keep in the account. The rate changes based on what the Federal Reserve does with interest rates overall, so the amount SoFi pays today may be different in three months or a year.

To know whether SoFi's current rate is competitive, you need to check what other online banks are paying right now. Banks like Marcus, Ally, and American Express all offer savings accounts online. Some credit unions also offer savings accounts with competitive rates. The difference between a 4.5% rate and a 5.0% rate matters more the longer your money sits in the account, so it is worth spending five minutes comparing before you decide.

SoFi also requires you to maintain a $1 minimum balance to earn interest, which is a very low bar for most people. Some other banks have no minimum at all.

What you get when you link SoFi savings to other SoFi accounts

SoFi lets you open a checking account, a savings account, and an investment account all through the same app. If you want everything in one place and you like having one login for all your money, this can be convenient. You can move money between your SoFi checking and savings when ready without waiting for a transfer.

SoFi also offers a debit card linked to the checking account, so you can spend money directly from your checking without writing checks or using a separate card. If you are new to banking and want to keep things straightforward, having one app for savings, checking, and spending can make that easier.

However, linking accounts at SoFi does not mean you get a better interest rate on savings or lower fees on checking. You are straightforward managing multiple accounts from one place. If another bank offers a higher savings rate or lower checking fees, the convenience of one app may not be worth the cost.

How to deposit and withdraw money without a branch

Because SoFi has no physical locations, you cannot walk in with cash to deposit it. Instead, you can transfer money into your SoFi savings account from another bank account you own. You can also set up direct deposit from your employer, which means your paycheck goes straight into SoFi.

To withdraw money, you can transfer it back to another bank account, or you can use the SoFi debit card to spend it directly. If you need cash, you can use an ATM — SoFi reimburses ATM fees charged by other banks, so you do not pay extra to get cash out.

If you receive cash as a gift or from a side job and want to deposit it, you will need to go to another bank first to deposit the cash, then transfer it to SoFi. This is an extra step that people with branch access do not have to take.

Customer support options and response times

SoFi offers customer support through phone, email, and chat. You can call during business hours to speak to someone about your account. Response times vary depending on how busy the support team is, but SoFi publishes wait times on its website so you can see before you call.

Some people prefer phone support because they can explain a problem and get an answer right away. Others prefer chat or email because they can ask a question without waiting on hold. SoFi offers all three, so you can choose what works for you.

However, SoFi does not have branch staff who know your account and can help you in person. If you are someone who likes to walk into a bank and talk to a person who knows you, SoFi will not feel the same as a traditional bank.

Reasons to choose a different savings account instead

You might choose another bank if the interest rate is higher elsewhere. Even a difference of 0.25% adds up over time, especially if you have a large amount saved. Check the current rates at Marcus, Ally, and American Express before you decide.

You might also choose a different bank if you want to deposit cash in person. If you regularly receive cash and do not have another bank account to use first, an online-only bank creates extra work. A credit union or traditional bank with branches may be more convenient.

If you want a savings account separate from your checking and investing, you might prefer a bank that specializes in savings rather than one that bundles everything together. Some people find it easier to save when their savings account is at a different bank, because it takes an extra step to move the money if they are tempted to spend it.

Questions to ask yourself before opening a SoFi savings account

Before you open any savings account, ask yourself: Do I want to keep my savings at the same bank as my checking, or separate? Do I need to deposit cash in person, or can I transfer money electronically? How important is the interest rate compared to convenience? Do I prefer phone support or do I like having a branch to visit?

Write down what matters most to you, then compare SoFi to two or three other banks using those criteria. The best account is the one that fits your life, not the one with the highest rate or the most features.

Frequently Asked Questions

Does SoFi charge monthly fees on savings accounts?

No. SoFi does not charge a monthly maintenance fee, overdraft fees, or fees to transfer money out. You pay nothing to keep the account open, even if you never use it.

Can I get my money out quickly if I need it?

Yes. You can transfer money from SoFi savings to another bank account in one to three business days, or you can use the debit card to spend money from your checking account right away. Savings accounts are not meant for frequent withdrawals, but you can access your money when you need it.

What happens to my money if SoFi goes out of business?

Your deposits up to $250,000 are protected by FDIC insurance, which means the federal government guarantees your money even if the bank fails. This protection applies to all banks, not just SoFi.

Is SoFi better than a credit union savings account?

It depends on the credit union and what you value. Some credit unions offer higher interest rates or lower fees. Others have branches where you can deposit cash in person. Compare the rates and features of your local credit union to SoFi before you decide.

Can I move my money to a different bank later if I change my mind?

Yes. You can transfer your savings to another bank at any time, and it usually takes one to three business days. There is no penalty for closing a SoFi savings account.