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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 10/20/26. 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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How do I close my SoFi Checking and Savings accounts?

4 hours ago · Updated

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    • We’re so sorry to see you go! Follow the process below to close your SoFi Checking and Savings accounts.

    A few reminders:

    • When you close your SoFi Checking and Savings accounts your debit card will stop working, we will cancel all scheduled transfers and bill payments.
    • You will no longer be able to receive incoming transfers (including direct deposit and P2P) so please be sure to update your payroll provider before you close your account and update any merchants where you linked your SoFi debit card.
    • If you have a Smart Card, the Smart Card will be closed as well
    • It's also a good idea to download all of your statements so you have access to your banking records after you're gone.



    1. From your SoFi Checking and Savings homepage click on the account that you would like to close (NOTE: Closing your accounts means both your checking and savings accounts will close together. Accounts can't be closed separately.)
       
    2. Click on the Gear icon.
       
    3. Select Close account.
       
    4. The system will review your SoFi Checking and Savings accounts for the following factors:
      • There are pending transactions
      • There are one or more active debit card disputes
      • If any of the previous factors are present, you will not be able to close your SoFi Checking and Savings accounts. You will need to wait until the pending transaction(s) or dispute(s) are completed for the account to be closed via self service or agent assistance. 
         
    6. If you are eligible to close your account online, read the information provided and when ready accept the disclaimer. 
       
    7. select Continue to close accounts
       
    8. If there is a balance you will be asked to pick a linked account to send the remaining funds.
      • NOTE: If there is a remaining balance on the account, but no external bank account connected to the SoFi Checking and Savings account: 
        • Once transactions have been posted, checks have cleared, or any transfers have been completed, the account closure will be finalized, and a check will be mailed to your address on file. This may take up to 30 days.
           
    10. Select Continue'
       
    11. Answer the questionnaire and select Continue.
       
    12. Review the account details and select Close my accounts once ready.
       
    13. Confirmation screen. Select 'Back to SoFi' to return to your SoFi account homepage.