SoFi offers savings accounts with no minimum balance and a competitive interest rate

Yes, SoFi has a savings account product called the SoFi Savings Account. It is a deposit account held at SoFi Bank, N.A., a federally chartered bank. The account earns interest on your balance, has no monthly fees, and requires no minimum deposit to open or maintain it. You can deposit money through transfers from other banks, direct deposit, or mobile check deposit.

The interest rate SoFi offers on savings accounts changes over time and depends on the current rate environment. You can check the current rate on SoFi's website before you open an account. The account is FDIC insured up to $250,000, which means your deposits are protected by federal insurance if the bank fails.

SoFi also offers other savings products, including Money Market Accounts and CDs (certificates of deposit). This guide focuses on the standard savings account, but the information about how deposits work, how interest accrues, and how to move money in and out applies to all SoFi deposit products.

Key Takeaways

  • SoFi Savings Accounts have no minimum balance requirement, no monthly maintenance fees, and no overdraft fees.
  • Interest accrues daily and is deposited monthly, so your balance grows each month without you taking any action.
  • You can withdraw money anytime without penalty, but SoFi limits certain types of transfers to six per month under federal rules.
  • Your deposits are FDIC insured up to $250,000, protecting your money if the bank fails.
  • You can fund the account by transferring from another bank, setting up direct deposit, or depositing checks through the mobile app.

How interest works on a SoFi savings account

SoFi calculates interest daily on your account balance. This means every day your money sits in the account, SoFi computes how much interest you have earned based on the current rate and your balance. The interest is then deposited into your account once per month, usually on the first business day of the month.

The rate SoFi pays varies. It is not locked in for a year or any set period—SoFi can change the rate at any time, and the rate you see when you open an account may be different from the rate six months later. You can check your current rate in the SoFi app or on the website. If the rate drops, your interest earnings will drop with it. If the rate rises, your earnings will rise.

Interest compounds monthly, meaning the interest you earn in one month becomes part of your balance in the next month, and you earn interest on that interest. Over time, this compounding effect means your money grows faster than if interest were paid only once a year.

Deposits, withdrawals, and transfer limits

You can deposit money into your SoFi savings account in several ways. The most common are external transfers (moving money from a checking account at another bank), direct deposit (having your employer or other payer send money directly to SoFi), and mobile check deposit (photographing a check through the SoFi app). All three methods are free and do not count toward any transfer limits.

Withdrawals and transfers out of the account are subject to a federal rule that limits certain types of transfers to six per month. This rule applies to transfers to other banks, transfers to SoFi's own checking account, and certain other outbound movements. Withdrawals at an ATM or in person (if available) do not count toward this limit. If you exceed six transfers in a month, SoFi may charge a fee or restrict your account.

In practice, most people do not hit this limit because they use the account as a place to keep money for a specific goal rather than moving money in and out constantly. If you need to move money frequently, a checking account may be a better fit.

Fees and account requirements

SoFi charges no monthly maintenance fee, no minimum balance fee, and no overdraft fees on savings accounts. There is no fee to open the account, and no fee to close it. This makes it a low-cost way to hold money and earn interest.

SoFi does charge fees in specific situations: if you exceed the six-transfer limit in a month, if you make a wire transfer, or if you request a paper statement. These are not automatic charges—you only pay them if you take those specific actions. Most account holders never encounter these fees.

To open an account, you need to be at least 18 years old, have a valid Social Security number or ITIN, and provide a valid government-issued ID. You also need a U.S. address. SoFi will verify your identity electronically during the signup process.

How to move money between SoFi accounts

If you have both a SoFi Savings Account and a SoFi Checking Account, you can transfer money between them without limit and without fee. These internal transfers do not count toward the six-transfer monthly limit. You can move money as often as you need to, and the transfer usually completes instantly or within one business day.

This flexibility is useful if you use the checking account for everyday spending and the savings account to set aside money for a goal. You can move money to savings when you have extra, and move it back to checking when you need it, all without paying anything or waiting more than a day.

Transfers to banks outside SoFi do count toward the six-transfer limit. If you need to move money out frequently, check whether SoFi's transfer limits will work for your situation before you open the account.

FDIC insurance and account safety

SoFi Savings Accounts are held at SoFi Bank, N.A., which is a federally chartered bank. This means your deposits are covered by FDIC insurance. The FDIC (Federal Deposit Insurance Corporation) is a government agency that insures deposits at member banks if the bank fails.

Your SoFi savings account is insured up to $250,000. If you have more than $250,000 in the account and SoFi Bank fails, the FDIC will cover the first $250,000 and you would lose the rest. If you have multiple accounts at SoFi (such as a checking account and a savings account), they are insured separately up to $250,000 each, so your total coverage could be higher.

Your account is also protected by SoFi's security measures, including encryption, two-factor authentication, and fraud monitoring. If someone gains unauthorized access to your account and makes transfers, SoFi's fraud protection policies cover most losses. Report any suspicious activity to SoFi immediately.

Comparing SoFi savings to other options

SoFi savings accounts compete mainly with other online banks and high-yield savings accounts. Online banks like Marcus, Ally, and Discover also offer no-fee savings accounts with competitive rates. Traditional banks (Chase, Bank of America, Wells Fargo) typically offer lower rates and may charge monthly fees if you do not maintain a minimum balance.

The main trade-off is convenience versus rate. SoFi is convenient if you already use SoFi for checking or loans—you can manage everything in one app. But if you are purely looking for the highest interest rate, you may find a slightly better rate elsewhere on any given day. Rates change frequently, so comparing rates across banks before you open an account makes sense.

If you want to keep money very safe and do not care about interest, a traditional bank savings account works fine. If you want to earn more interest and do not mind using an online bank, SoFi or a competitor like it is a reasonable choice. The difference in interest earnings between a 0.01% rate at a traditional bank and a 4% rate at an online bank can be hundreds of dollars per year on a $10,000 balance.

Frequently Asked Questions

Can I have multiple SoFi savings accounts?

SoFi allows you to open more than one savings account if you need separate buckets for different goals. Each account earns interest at the same rate and has the same features. Each account is also insured separately up to $250,000 by the FDIC, so if you have $300,000 total, you could split it across two accounts and be fully insured.

What happens if I do not meet the six-transfer limit?

Nothing. If you make fewer than six transfers out per month, you pay no fee and face no restrictions. The limit only applies if you exceed it. Most people who use a savings account as intended—to hold money rather than move it constantly—never encounter this rule.

Can I set up automatic transfers to my SoFi savings account?

Yes. You can set up automatic transfers from another bank to SoFi, or you can set up direct deposit from your employer. Both are free and do not count toward transfer limits. This is a common way to build savings without thinking about it.

What if SoFi lowers the interest rate?

SoFi can change the rate at any time without notice. If the rate drops, your interest earnings will drop with it. You can close the account and move your money to another bank if you want, but there is no penalty for doing so. Rates across all online banks tend to move together, so shopping around before you switch is wise.

Is my money accessible if I need it in an emergency?

Yes. You can withdraw money from your SoFi savings account anytime without penalty. Withdrawals at an ATM or through a transfer to another bank typically complete within one business day. There is no waiting period or lock-in period like there is with a CD.