Yes, you can open a SoFi savings account on its own
You do not need to open a checking account, invest, or borrow money to open a SoFi savings account. SoFi lets you sign up for savings alone through their website or mobile app. The account opens with no minimum deposit required, though you will need to provide your Social Security number, date of birth, and a valid ID during the signup process.
The savings account functions as a standalone product. You can transfer money in from another bank, set up direct deposit, or move funds between SoFi accounts if you later decide to open additional products. There is no monthly fee, and the account earns interest at a rate SoFi publishes on their website — this rate changes over time and varies based on market conditions.
The main limitation is that SoFi savings accounts are held at SoFi Bank, which is an online-only institution. You cannot walk into a physical branch or speak to someone in person about your account. All account management happens through the app or website, and customer support is available by phone, email, or in-app chat.
Key Takeaways
- SoFi savings accounts can be opened without a checking account, investment account, or loan product.
- No minimum deposit is required to open the account, and there is no monthly maintenance fee.
- You will need a valid ID, Social Security number, and date of birth to complete the signup process.
- All account access and support is digital — there are no physical branches, but customer service is available by phone and through the app.
- The interest rate SoFi pays on savings changes regularly and is set by SoFi, not by you.
What you need to open the account
The signup process takes about 10 minutes and happens entirely online. You will need to provide your legal name, address, phone number, email address, date of birth, and Social Security number. SoFi uses this information to verify your identity and check for fraud.
You must also provide a valid government-issued ID — a driver's license, passport, or state ID card. SoFi may ask you to take a photo of your ID or answer security questions based on your credit history to confirm you are who you say you are. This is standard practice for banks opening new accounts.
Once your identity is verified, the account opens when ready. You can begin using it right away, though if you plan to transfer money from another bank, that transfer may take one to three business days depending on the sending bank.
How money gets into and out of your SoFi savings account
You can move money into your SoFi savings account in three main ways: external transfer from another bank, direct deposit from your employer, or transfer from another SoFi account if you have one.
An external transfer means you initiate a move from your existing bank account to SoFi. You will need your SoFi account number and routing number, which SoFi provides as soon as your account opens. The sending bank processes the transfer, and the money typically arrives within one to three business days. Some banks offer faster transfers, but SoFi cannot control the speed on the sending end.
Direct deposit is faster — money from your paycheck arrives on the same day your employer sends it, usually one or two days before you would receive a paper check. To set up direct deposit, you give your employer your SoFi account and routing number, and they handle the rest.
Withdrawals work the same way in reverse. You can transfer money out to another bank account you own, and that transfer takes one to three business days. SoFi does not allow you to write checks or use a debit card with a savings account — those features are only available with a SoFi checking account.
Interest rates and how they change
SoFi pays interest on the balance in your savings account. The rate is set by SoFi and changes based on what the Federal Reserve does with interest rates. When the Fed raises rates, SoFi typically raises its savings rate. When the Fed cuts rates, SoFi's rate usually falls.
SoFi publishes its current savings rate on its website, and you can see what you are earning before you open the account. The rate applies to your entire balance — there is no tiered structure where you earn more on the first $1,000 and less on the rest. Interest is calculated daily and deposited into your account monthly.
You can check your current rate and your interest earnings at any time in the SoFi app. The rate you see when you open the account is not locked in — it will change as SoFi adjusts it, and you will be notified of any changes before they take effect.
Limits on how often you can withdraw
Federal rules once limited savings account withdrawals to six per month, but those rules changed in 2020. SoFi now allows unlimited transfers out of your savings account to other banks or to other SoFi accounts you own.
The only practical limit is the time it takes to process transfers. Each transfer out takes one to three business days, so if you need cash when ready, a savings account is not the right tool — you would need a checking account with a debit card or ATM access.
How SoFi savings compares to other online banks
SoFi's savings account works the same way as savings accounts at other online banks like Marcus, Ally, or American Express Personal Savings. All of them offer no monthly fee, no minimum deposit, and interest rates that change with the market. The main differences are the interest rate SoFi pays, the customer service experience, and whether you want to use other SoFi products later.
SoFi's rate is competitive but not always the highest available. You can compare current rates across banks on sites that track savings rates, though those sites do not let you open accounts — they only show you what each bank is paying. The rate that matters is the one in effect when you open your account, not the rate you see advertised elsewhere.
If you think you might want a checking account, investment account, or loan from SoFi later, opening the savings account first means you already have an account history with them. If you only want savings and never plan to use SoFi for anything else, the choice between SoFi and another bank comes down to the rate and the app experience.
What happens if you close the account
You can close your SoFi savings account at any time with no penalty or fee. There is no minimum time you must keep the account open. To close it, you log into the app or website, go to account settings, and request closure. SoFi will ask where you want any remaining balance sent — to another bank account or to another SoFi account you own.
The closure is final once processed. You will not be able to use the account number again, and any pending transfers may be cancelled. If you have automatic transfers set up — like direct deposit from your employer — you will need to update those with your new account information before you close the account, or they will fail.
Frequently Asked Questions
Do I need a SoFi checking account to open savings?
No. You can open a SoFi savings account without any other SoFi product. The savings account is completely separate and functions on its own.
How long does it take to open the account?
The signup process takes about 10 minutes. Your account opens when ready after your identity is verified. If you are transferring money from another bank, that transfer takes one to three business days, but the account itself is ready to use right away.
Can I use a debit card with my SoFi savings account?
No. Debit cards are only available with SoFi checking accounts. With savings alone, you can only transfer money electronically to other accounts or set up direct deposit.
What if SoFi lowers its interest rate?
SoFi can change its rate at any time, and the new rate applies to your account automatically. You will be notified before the change takes effect. If you do not like the new rate, you can close the account and move your money elsewhere with no penalty.
Is my money safe in a SoFi savings account?
Yes. SoFi Bank is a federally chartered bank, and deposits are insured by the FDIC up to $250,000 per account holder. This means if SoFi fails, your money is protected by the federal government.