Skip Navigation
Log InGet Started

Legal

  • Terms of Use
  • Disclaimers
  • Licenses
  • NMLS Access
  • Eligibility Criteria
  • Accessibility
  • Business Continuity

Company

  • About Us
  • How it Works
  • Reviews
  • Press
  • Our Values
  • Jobs
  • Blog

Find us

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 9/23/26. 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

©2026 Social Finance, Inc. All rights reserved.

Norton Secured, powered by VeriSignTLS 1.2 Encrypted
Equal Housing Lender
  1. Help Center
  2. Chevron RightSearch
Search

What are the benefits of banking with SoFi?

3 weeks ago · Updated

  • I’m currently enrolled as a graduate student. Is there any way that I can refinance my student loans?Chevron Right
  • What’s the option to send money to someone outside the U.S.?Chevron Right
  • How do I cancel a payment I sent to someone? (International recipient)Chevron Right
  • What happens if an international payment is delayed or fails?Chevron Right
  • Additional Info on SoFi’s Parent Private Student Loans!Chevron Right
  • Hardship, Collections, and End-of-Life Account SupportChevron Right
  • What income and income documents should I include on my loan application?Chevron Right
  • How do I close my SoFi Checking and Savings accounts?Chevron Right
  • What updates have we made to our spend categories and tools?Chevron Right
  • How does this score differ from other credit scores?Chevron Right
  • Why do I see accounts with a $0 balance?Chevron Right
  • What features do I get with recurring direct deposits?Chevron Right
  • What benefits do I get with direct deposit? How do I set it up?Chevron Right
  • Switching to SoFi Checking and Savings Accounts: What Changes and What Stays the Same?Chevron Right
  • What are the benefits of banking with SoFi?Chevron Right
  • Enroll in the Student Loan Contribution ProgramChevron Right
  • Tuition Reimbursement Reviews and BalancesChevron Right
  • Submitting Documentation for Tuition ReimbursementChevron Right
  • SoFi Credit Card: Interest Rates, APR, and FeesChevron Right
  • Can I make payments to the Smart Card without Autopay?Chevron Right

 

  • Earn 3.30% APY on your savings & Vaults balances and 0.50% APY on your checking balances¹ (requires direct deposit or $5,000 or more in deposits every 31 days*)
  • No account fees²
  • Unlimited free ATM withdrawals at over 55,000 AllPoint In-Network ATMs³
  • Use your SoFi debit card worldwide
  • Automated bill pay
  • Easy Peer-to-peer (P2P) payments 
  • Freeze your SoFi debit card in the app
  • Versatile money management 
  • Mobile check deposits (requires $500 minimum opening balance)
  • No-fee overdraft coverage⁴ (requires direct deposit of $1,000 or more every 31 days*)
  • Cash Deposits through Greendot

Note, if you don't have direct deposit or $5,000 or more in deposits every 31 days*, you’ll earn 0.80% APY on savings & Vaults balances and 0.50% APY on checking balances.

 

 

²We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/

³We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁴Overdraft 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 31-day Evaluation Period as determined by SoFi Bank, N.A. The 31-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 31 calendar days (the “31-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.