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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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All about Micro-Deposits

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What is a micro-deposit and why does SoFi use this?

Micro-deposits are used to verify ownership of an external account and to ensure your account is securely linked with us.  SoFi will deposit two small amounts into your external account (each under $1)

Note: Once you have entered the required account information needed to link, you will receive a message listing the steps to verify your micro-deposits.
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Once I receive my micro-deposits, how do I connect my account?

  1. Login to your SoFi account 
  2. Click on the ‘Banking’ Tab 
  3. Select the ‘Transfer’ button
  4. Locate the option to confirm your micro-deposits
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  5. Enter both amounts separately. 
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  6. Confirm your amounts - and you are all set!
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Please note: Amounts entered must match the amounts deposited into your bank account. If there is a discrepancy, the confirmation will not appear. If you continue to have issues feel free to contact us.

 

If my account link is unsuccessful, can I regenerate new micro-deposits? 


Yes! To regenerate new micro-deposits, you will need to complete the required manual account linking information and allow time for the two new small deposits to re-appear in your external account.

NOTE: Micro-deposits will expire if not entered into your SoFi account within 30 days.

 

For help linking your account manually, visit: How do I link or unlink an external account? Follow the directions for Linking an external account manually.

 

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