SoFi became a bank in order to bring you the best features, including a market-leading 4.50% APY¹ on your savings & Vaults balances and 0.50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in deposits every 30 days*).
If you do not have a direct deposit or $5,000 or more in deposits every 30 days*, you’ll earn 1.20% APY on savings & Vaults balances and 0.50% APY on checking balances.
Note: There is no minimum direct deposit amount required to earn our highest savings APY; however, we do require $1,000 or more direct deposits every 30 days* for other benefits like no-fee overdraft coverage^
^ No-fee overdraft coverage requires a minimum of $1,000 in direct deposit every 30 days*. Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.