You must meet one of the below deposit requirements every 30 days* in order to earn our highest savings APY¹:
1. Get paid via direct deposit. Eligible direct deposits are the electronic deposits of your paycheck, pension, or government payments (e.g., Social Security) from your employer, payroll or benefits provider, or government agency.
Non-eligible direct deposits are ACH deposits such as:
- Check deposits
- Peer-to-peer (P2P) transfers (Paypal, Venmo, etc.)
- Merchant transactions (Paypal, Stripe, Square, etc.)
- Bank ACH transfers and wire transfers from external accounts
Please note, there's no minimum direct deposit amount required to earn our highest savings APY; however, we do require $1,000 or more in direct deposits every 30 days* for other benefits like no-fee overdraft coverage^.
If you need help setting up your direct deposit, learn more here.
2. Add $5,000 or more in qualifying deposits every 30 days* to your checking or savings account.
Qualifying deposits include:
- ACH deposits
- Inbound wire transfers
- Check deposits
- Cash deposits
- Peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc., and internal peer-to-peer transfers from a SoFi account belonging to another account holder)
- Instant funding to your SoFi Bank debit card
- Push payments to your SoFi Bank debit card
Transfers between your SoFi checking account, savings account, and Vaults, interest payments, bonuses issued by SoFi Bank or its affiliates, credits, reversals, and refunds from SoFi Bank or from a merchant do not count as qualifying deposits.
^ 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.