SoFi does offer savings accounts, but only to members who also have a SoFi checking account

SoFi's savings account is called the SoFi Savings Account, and it functions as a companion product to their checking account. You cannot open a SoFi savings account on its own—you must first open a SoFi checking account (called the SoFi Checking and Savings account). Once you have the checking account, you can add the savings component through the same account or open a separate savings account linked to it.

The savings account earns interest, which SoFi calls APY (annual percentage yield). The rate changes based on market conditions and SoFi's current offerings, so you should check their website or app for the current rate before opening. SoFi advertises that their savings rates are typically higher than traditional banks, but the actual rate you receive depends on when you open the account and SoFi's rate at that time.

Deposits to a SoFi savings account are insured up to $250,000 through the FDIC (Federal Deposit Insurance Corporation), the same protection that covers money in traditional bank savings accounts. This means if SoFi fails, your money up to that limit is protected by the federal government.

Key Takeaways

  • You must have a SoFi checking account before you can open a SoFi savings account; they are not sold separately.
  • The SoFi savings account earns interest at a rate that varies based on market conditions and SoFi's current offerings.
  • Your deposits are protected by FDIC insurance up to $250,000, the same as at any other bank.
  • You access and manage the savings account through the SoFi mobile app or website, alongside your checking account.
  • There are no monthly maintenance fees on the SoFi savings account, though SoFi may charge fees for other services like overdrafts or wire transfers.

How to open a SoFi savings account

Start by opening a SoFi checking account through the SoFi app or website. 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) and a background check through ChexSystems, a banking history database. This process usually takes a few minutes.

Once your checking account is approved and set up, you can add a savings account through the app. Go to the accounts section, select "Add Account," and choose savings. You can fund the savings account by transferring money from your checking account, or by linking an external bank account and transferring money from there. Transfers between your SoFi checking and savings accounts are instant and free.

If you already have a SoFi checking account and want to add savings, you do not need to reapply or provide information again—you can add the savings account directly through the app in a few minutes.

Interest rates and how money grows in a SoFi savings account

SoFi pays interest on the money you keep in your savings account. The amount of interest depends on the APY rate SoFi is currently offering. Unlike a checking account, which typically earns no interest, a savings account is designed to let your money grow over time. The interest is calculated daily based on your account balance and added to your account monthly.

For example, if you have $10,000 in the account and SoFi is offering 4.00% APY, you would earn approximately $400 over one year (though the actual amount is slightly higher because interest compounds monthly). The exact rate SoFi offers changes frequently, so compare their current rate to other banks before deciding.

SoFi does not charge a monthly fee to hold money in the savings account, and there are no minimum balance requirements. You can deposit and withdraw money whenever you want, though federal law limits you to six withdrawals per month from a savings account (this rule applies to all banks, not just SoFi).

Transfers and access to your money

You can move money between your SoFi checking and savings accounts instantly through the app at any time, with no fees. Transfers happen within seconds. You can also transfer money from your SoFi savings account to an external bank account you have linked, though this usually takes one to three business days depending on your bank.

You cannot withdraw cash directly from a savings account at an ATM or in person—savings accounts are designed for storing money, not for everyday spending. If you need cash, transfer money from savings to your SoFi checking account first, then withdraw from an ATM or use your debit card. SoFi offers fee-free ATM access at a large network of ATMs nationwide, so withdrawing is convenient.

If you need to make more than six withdrawals from your savings account in a month, SoFi may charge a fee for each withdrawal over the limit, though they may waive this fee if you contact them. Check your account agreement for the current fee structure.

Comparing SoFi savings to other banks

SoFi's savings account competes primarily with online banks and high-yield savings accounts from other fintech companies. Traditional banks like Chase or Bank of America typically offer much lower savings rates—often under 0.01% APY—while online banks and SoFi often offer rates between 4% and 5% APY, depending on market conditions.

The main trade-off is convenience. SoFi's savings account is only available if you also use their checking account, so you are committing to using SoFi for both products. If you want a savings account without opening a checking account, you would need to look at other banks like Marcus by Goldman Sachs, Ally Bank, or American Express Personal Savings, which offer high-yield savings accounts as standalone products.

SoFi also offers other products bundled with their checking account, including investment accounts and personal loans. If you are already using SoFi for checking, adding savings is simple and keeps all your money in one place. If you are only interested in savings and do not want a checking account, SoFi is not the right choice.

Safety and FDIC insurance on SoFi savings

SoFi is a bank chartered and regulated by the Office of the Comptroller of the Currency (OCC), a federal agency that oversees national banks. This means your deposits are protected by FDIC insurance, the same protection you get at any traditional bank. Your savings account balance up to $250,000 is insured separately from your checking account balance, so if you have $250,000 in checking and $250,000 in savings, both are fully protected.

If SoFi were to fail, the FDIC would reimburse you for your deposits up to the insurance limit. This has never happened to SoFi, and the FDIC insurance system has protected depositors for decades. Your money is as safe in a SoFi savings account as it is in any other FDIC-insured bank.

SoFi uses encryption and multi-factor authentication to protect your account from fraud. If someone gains unauthorized access to your account and moves money, you can report it to SoFi and they will investigate. Federal law protects you from liability for unauthorized transfers if you report them promptly.

Fees and costs associated with SoFi savings

There is no monthly maintenance fee on the SoFi savings account itself. You will not be charged for keeping money in the account, transferring between your checking and savings, or earning interest. SoFi makes money from other sources, such as fees on overdrafts, wire transfers, and other services.

However, SoFi may charge fees in these situations: if you exceed six withdrawals from savings in a month, if you overdraft your checking account, if you request a wire transfer, or if you use an ATM outside their network (though their network is large). Check the SoFi fee schedule on their website for the current amounts, as these can change.

If you are primarily using the account to save money and transfer between your own SoFi accounts, you should not encounter any fees. Fees only apply if you use specific services or exceed the withdrawal limit.

Frequently Asked Questions

Can I open a SoFi savings account without a checking account?

No. SoFi only offers savings accounts to customers who also have a SoFi checking account. If you want a standalone savings account, you will need to look at other banks like Marcus, Ally, or American Express Personal Savings.

What is the current interest rate on a SoFi savings account?

SoFi's savings rate changes frequently based on market conditions. You should check the SoFi website or app directly to see the current rate before opening an account. Rates are typically competitive with other online banks but vary month to month.

How many times can I withdraw money from my SoFi savings account per month?

Federal law allows up to six withdrawals per month from a savings account. If you exceed this limit, SoFi may charge a fee for each additional withdrawal. Transfers between your SoFi checking and savings accounts do not count toward this limit.

Is my money safe in a SoFi savings account?

Yes. SoFi is an FDIC-insured bank, and your deposits up to $250,000 are protected by federal insurance. Your savings account balance is insured separately from your checking account, so both can be fully protected if you have $250,000 in each.

Can I access my SoFi savings account on my phone?

Yes. You manage your SoFi savings account through the SoFi mobile app or website. You can check your balance, transfer money, and view interest earned anytime. You cannot withdraw cash directly from a savings account, but you can transfer to checking and then withdraw from an ATM.