SoFi does offer a high yield savings account, and it pays interest without a minimum balance requirement
SoFi's savings account is called the SoFi Savings Account, and it functions as a high yield savings account — meaning it pays a rate of interest significantly higher than what traditional banks offer. The account has no monthly fees, no minimum balance to open or maintain, and no maximum balance cap. You can deposit and withdraw money whenever you need to, and interest compounds daily and posts monthly.
The interest rate changes over time based on market conditions and Federal Reserve decisions. SoFi publishes the current rate on its website, and you can check it before opening an account. The rate applies to all balances equally — there are no tiers where larger balances earn more.
To open the account, you need to be a U.S. resident, at least 18 years old, and have a valid Social Security number. You can fund it by transferring money from another bank account, or by direct deposit from your employer or other income source.
Key Takeaways
- SoFi's savings account earns interest without requiring a minimum balance, and the rate is published on SoFi's website and changes with market conditions.
- The account has no monthly fees, no withdrawal limits, and no caps on how much you can hold.
- Interest compounds daily and posts to your account once per month.
- You can open the account online in minutes and fund it by bank transfer or direct deposit.
- SoFi also offers FDIC insurance protection up to $250,000 per account holder through partner banks.
How interest accrues and when you see the money
Interest on your SoFi savings account accrues daily, meaning the bank calculates how much you've earned each day based on your balance and the annual interest rate. However, you don't see that money in your account until it posts — which SoFi does once per month. The posting date is typically the last business day of the month, though this can vary.
Because interest compounds daily, you earn interest on your interest. If you deposit $10,000 and earn $50 in the first month, that $50 becomes part of your balance in month two, and you earn interest on the full $10,050. Over time, this compounding effect grows your balance faster than simple interest would.
You can check your current balance and accrued interest at any time through the SoFi mobile app or website. The app shows your interest earned year-to-date and the current annual percentage yield (APY) so you can see exactly what rate you're earning.
Transfers, withdrawals, and how to move money out
SoFi's savings account has no withdrawal limits — you can move money out as often as you need to. You can transfer funds to another bank account you own, to a SoFi checking account if you have one, or to another person's account through SoFi's transfer tools.
Transfers to external bank accounts typically take one to three business days, depending on the receiving bank. Transfers between your own SoFi accounts (savings to checking, for example) are usually instant. You can also use SoFi's bill pay feature to send money directly to a biller, which counts as a withdrawal from savings.
Unlike some savings accounts at traditional banks, SoFi does not restrict how many withdrawals you can make per month. This makes it useful both as a place to park emergency funds and as a working account where you move money in and out regularly.
FDIC insurance and where your money actually sits
SoFi is a financial technology company, not a bank — it does not hold deposits itself. Instead, SoFi partners with banks (currently Axos Bank and Lincoln Savings Bank) to hold customer deposits. Your money in the SoFi Savings Account is held at these partner banks and is FDIC insured up to $250,000 per account holder per bank.
This means if one of the partner banks fails, your deposits are protected by the Federal Deposit Insurance Corporation up to the $250,000 limit. If you have more than $250,000 in your SoFi savings account, the amount over $250,000 is not insured. SoFi's website shows which partner bank currently holds deposits, and you can verify FDIC coverage through the FDIC's BankFind tool.
The FDIC insurance is automatic — you don't need to do anything to activate it. It covers the principal balance plus accrued interest.
How SoFi's rate compares to other high yield savings accounts
High yield savings rates vary widely and change frequently. At any given time, some banks offer higher rates than SoFi, and some offer lower rates. The best way to compare is to check the current APY on SoFi's website and then check the rates offered by other online banks like Marcus, Ally, American Express Personal Savings, or Discover Bank.
SoFi's advantage is not always the highest rate — it's the combination of a competitive rate, no fees, no minimum balance, and the ability to move money instantly between SoFi accounts if you also have a SoFi checking account. If you're already using SoFi for checking or loans, keeping savings there simplifies your banking in one place.
If your primary goal is to earn the absolute highest rate available at any moment, you may need to shop around and move money between banks as rates shift. If your goal is a reliable, fee-free account with a solid rate and easy access to your money, SoFi's account meets that need.
Who should use SoFi savings and who might look elsewhere
SoFi's savings account works well for people who want a straightforward, no-fee place to hold money and earn interest. It's especially useful if you already use SoFi for checking or loans, because you can move money between accounts instantly and see your full financial picture in one app.
It's also a good choice if you value simplicity — no minimum balance means you can open it and deposit $100 if that's all you have right now. No withdrawal limits mean you can use it as both an emergency fund and a place to park money you're saving for a specific goal.
You might look elsewhere if you need the absolute highest interest rate available at this moment and are willing to move money between banks to chase rates. You might also consider other options if you need features SoFi doesn't offer, such as a linked checking account with check-writing (SoFi does offer checking, but it's a separate account), or if you prefer to bank with a traditional brick-and-mortar bank.
Opening a SoFi savings account and funding it
You can open a SoFi savings account entirely online through the SoFi website or mobile app. The process takes about 10 minutes. You'll need to provide your name, date of birth, Social Security number, address, and email. SoFi will verify your identity and run a soft credit check (which does not affect your credit score).
Once your account is open, you can fund it by linking a bank account and transferring money, or by setting up direct deposit from your employer. Bank transfers typically take one to three business days to appear in your SoFi account. Direct deposit can be set up by providing SoFi's routing number and your account number to your employer's payroll department.
You don't need to maintain a minimum balance to keep the account open, and you can close it at any time. If you close the account, SoFi will send any remaining balance to the bank account you specify.
Frequently Asked Questions
Can I earn interest on money in a SoFi checking account?
SoFi's checking account does not earn interest. Interest is only paid on balances in the SoFi Savings Account. If you want to earn interest, you need to move money from checking to savings, though transfers between SoFi accounts are instant.
What happens to my interest if I close the account?
Any interest that has already posted to your account is yours to keep. If you close the account mid-month before interest posts, you forfeit the accrued interest for that month. It's best to close at the end of a month after interest has posted.
Is there a penalty for withdrawing money early?
No. SoFi's savings account has no withdrawal limits and no penalties for taking money out at any time. This is different from certificates of deposit (CDs), which do charge penalties for early withdrawal.
How do I know what interest rate I'm earning right now?
Log into your SoFi account through the app or website and look at your savings account details. The current APY is displayed there, along with your year-to-date interest earned. You can also check SoFi's website without logging in to see the current rate.
Can I have multiple SoFi savings accounts?
SoFi allows you to open one savings account per person. If you need to organize money into separate buckets, you can use sub-savings features within the account (if available) or open accounts at other banks.