SoFi Savings review

SoFi Savings ranks third because it has the most complete toolset here, but its rate depends on how you bank. SoFi pays 3.30% APY with eligible direct deposit or at least $5,000 in qualifying deposits every 31 days, and new accounts with direct deposit get a 1.10% boost for up to six months, which is where the 4.40% figure comes from. Without those deposits the account earns 0.80% APY. SoFi charges no monthly, minimum or maintenance fees, sets no monthly withdrawal limit, and offers Savings Vaults, debit card round ups and automatic transfers. Enrolling in the SoFi Insured Deposit Program adds up to $3M of FDIC insurance through participating banks. Opening savings also opens a SoFi Checking Account, and a cash bonus of $50 or $400 is available with eligible direct deposit. If your paycheck stays at another bank, Marcus or EverBank pays more with no conditions.

Who it is for

people who will send their paycheck to SoFi

Price

$0 monthly, minimum or maintenance fees; 3.30% APY with eligible direct deposit, 0.80% otherwise.

SoFi Checking and Savings doesn’t charge any monthly, minimum, or maintenance fees.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 3.30% APY with eligible direct deposit or $5,000 in qualifying deposits every 31 days
• 1.10% APY boost for up to 6 months for new accounts with direct deposit, up to 4.40% APY
• Up to $3M of additional FDIC insurance through the SoFi Insured Deposit Program
• Savings Vaults for separate goals and debit card round ups
• No monthly limits on the number of withdrawals

Strengths and weaknesses

• Strength: No monthly, minimum or maintenance fees
• Strength: FDIC coverage reaches far past $250,000 through program banks
• Strength: Cash bonus of $50 or $400 with eligible direct deposit
• Weakness: Without direct deposit or $5,000 in deposits every 31 days the rate drops to 0.80% APY
• Weakness: The 4.40% headline needs a temporary boost
• Weakness: Opening savings also opens a SoFi Checking Account

Key facts

• APY: 3.30% with eligible direct deposit (as of 10/20/26)
• APY without qualifying deposits: 0.80%
• Monthly fee: $0
• Extra FDIC coverage: Up to $3M via program banks

Where it ranks

SoFi Savings is No. 3 in our Best Savings Accounts verdict.