SoFi does offer high yield savings accounts, but only to members who also have a SoFi Checking or Money Market account
SoFi's High Yield Savings Account is available through their banking platform, but it is not a standalone product. You must open a SoFi Checking Account or Money Market Account first to become may be able to access. Once you do, you can open the savings account and earn interest on your balance.
The account has no monthly fees, no minimum balance requirement, and no withdrawal limits. The interest rate changes based on market conditions, so the rate you earn today may differ from the rate next month. SoFi publishes current rates on their website, and you can check them before opening an account.
Deposits in SoFi savings accounts are insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account holder, per bank. This means if SoFi fails, your money up to that limit is protected.
Key Takeaways
- You must hold a SoFi Checking or Money Market Account to open a SoFi High Yield Savings Account; it is not sold separately.
- The account charges no monthly fee, requires no minimum deposit, and allows unlimited withdrawals.
- Interest rates are variable and change with market conditions, so the rate you earn is not locked in.
- Your deposits are FDIC-insured up to $250,000, protecting your money if the bank fails.
- You can view current rates on SoFi's website and compare them to other banks before deciding to open an account.
How to open a SoFi High Yield Savings Account
Start by opening a SoFi Checking Account or Money Market Account through the SoFi website or mobile app. You will need to provide your Social Security number, date of birth, address, and employment information. SoFi will run a soft credit check, which does not affect your credit score.
Once your checking or money market account is approved and open, you can add a High Yield Savings Account from within the same app or website. The process takes a few minutes. You can then transfer money from your checking account to savings, or set up automatic transfers.
If you already have a SoFi Checking or Money Market Account, you can add the savings account without reapplying or providing information again.
Interest rates and how they compare
SoFi's High Yield Savings Account rate varies and is set by the bank based on the federal funds rate and market competition. Rates change frequently—sometimes weekly—so the rate you see today may not be the rate you earn next week. You can check the current rate on SoFi's website before opening an account.
Other banks also offer high yield savings accounts with rates that shift constantly. Comparing rates across banks is useful, but remember that the highest rate today may not be the highest rate in three months. If you are already a SoFi customer, the convenience of having savings and checking in one app may matter more than a small difference in rate.
SoFi also offers a Money Market Account, which is a different product that may have a different interest rate. If you are deciding between the two, check both rates on SoFi's site and read the terms for each account type.
Fees and account rules
SoFi charges no monthly maintenance fee for the High Yield Savings Account. There is no minimum balance to open or maintain the account, and you can withdraw money at any time without penalty.
However, federal law limits certain types of transfers from savings accounts to six per month (though this rule has been relaxed in recent years and many banks no longer enforce it strictly). Check SoFi's current terms to see if they enforce this limit. Transfers between your own SoFi accounts—such as moving money from savings to checking—typically do not count against this limit.
If you close your SoFi Checking or Money Market Account, you may lose access to the High Yield Savings Account, depending on SoFi's policies at that time. Contact SoFi directly to understand what happens to your savings account if you close your primary account.
FDIC insurance and account safety
Deposits in your SoFi High Yield Savings Account are protected by FDIC insurance up to $250,000 per depositor, per insured bank. This means if SoFi fails and cannot return your money, the FDIC will cover your balance up to that limit.
The $250,000 limit applies per account holder at each bank. If you have $150,000 in a SoFi savings account and $100,000 in a SoFi checking account, both are covered because they are at the same bank and in your name. If you have a spouse with their own SoFi accounts, their deposits are insured separately.
If you have more than $250,000 to save, you can open accounts at multiple banks to spread your deposits and keep all of them insured. SoFi is a licensed bank regulated by the Office of the Comptroller of the Currency (OCC), which adds another layer of oversight.
How transfers work and how long they take
Moving money into your SoFi High Yield Savings Account can happen in several ways. You can transfer from your SoFi Checking Account instantly within the app. You can also link an external bank account and transfer money in, though this usually takes one to three business days.
If you are setting up automatic transfers—for example, moving $200 from checking to savings every payday—you can schedule these through the SoFi app. The transfer will happen on the date you choose, as long as your checking account has enough money.
Withdrawals from savings to your SoFi Checking Account are instant. Withdrawals to an external bank account take one to three business days, depending on your other bank's processing time.
When a SoFi High Yield Savings Account makes sense
This account works well if you already use or plan to use SoFi Checking. Having savings and checking in one app simplifies tracking your money and moving funds between accounts. If you value convenience and a single login for multiple accounts, the integration is a real benefit.
It also works if you want a savings account with no fees and no minimum balance. You can open it, deposit small amounts, and let interest accrue without worrying about monthly charges eating into your balance.
The account may not be the best choice if you are comparing it solely on interest rate and another bank is offering significantly higher rates. In that case, opening an account at the higher-rate bank might earn you more money over time, even if it means managing accounts at two banks.
Frequently Asked Questions
Can I open a SoFi High Yield Savings Account without a checking account?
No. SoFi requires you to have a Checking or Money Market Account to open a savings account. You must open one of those first, then add the savings account afterward. Both can be opened through the same application process.
What happens to my savings account if I close my checking account?
SoFi's policy on this is not always clear from their public materials. Contact SoFi directly before closing a checking account to understand whether your savings account will remain open or be closed automatically. You may be able to transfer your savings balance to another bank before closing.
Is the interest rate may provide or can it change?
The interest rate is variable and can change at any time. SoFi adjusts rates based on market conditions and competition. You are not locked into a rate, so your earnings may go up or down month to month.
How do I know the current interest rate?
Visit SoFi's website and look for the High Yield Savings Account product page. The current rate is posted there and updates regularly. You can also call SoFi or check the app to see the rate before opening an account.
Can I have multiple SoFi High Yield Savings Accounts?
SoFi typically allows one savings account per customer. If you need to save for multiple goals, you can use sub-savings features or separate buckets within the same account, depending on what SoFi offers. Check their app to see if goal-tracking or multiple-bucket features are available.