SoFi does offer a high yield savings account, but it comes with a membership requirement
SoFi's savings product is called the SoFi Savings Account, and it pays interest on your balance. The account is free to open, but to earn the advertised rate you must be a SoFi member. Membership itself is free, but it requires you to either have an active SoFi product (like a checking account, loan, or investment account) or to maintain a $1,000 minimum daily balance in the savings account itself.
The interest rate changes regularly and is set by SoFi based on market conditions. You can check the current rate on SoFi's website before you open the account. Non-members can hold a SoFi savings account, but they earn a lower rate. There are no monthly fees, no minimum opening deposit, and no withdrawal limits.
Key Takeaways
- SoFi's savings account requires membership to earn the full advertised rate, which you can achieve by maintaining a $1,000 minimum balance or by holding another SoFi product.
- The account has no monthly fees, no minimum opening deposit, and no limit on how many times you can withdraw money each month.
- Interest rates are variable and change based on market conditions, so the rate you see today may be different in three months.
- Non-members can open a SoFi savings account but earn a lower rate than members do.
How the membership requirement actually works
SoFi membership is free, but you have to meet one of two conditions. The first is to hold an active SoFi product — a checking account, a loan, an investment account, or a credit card. If you have any of these, you are automatically a member and earn the member rate on your savings account.
The second path is to keep $1,000 in the savings account itself at all times. This is a daily minimum, meaning your balance cannot drop below $1,000 on any day. If it does, you lose member status and your rate drops. You regain it the next day your balance is $1,000 or higher. This matters because the difference between the member rate and the non-member rate can be significant — sometimes 0.5% or more.
What the savings account includes
The SoFi Savings Account comes with FDIC insurance up to $250,000 per depositor, per bank, which is the standard federal protection. Your money is held at a bank partner, not at SoFi itself. You can transfer money in and out through ACH (which takes one to two business days), through external transfers from other banks, or by linking a SoFi checking account for when ready transfers.
There is no debit card attached to the savings account, and you cannot write checks against it. If you need to spend the money, you either transfer it to another account or use a SoFi checking account if you have one. The account does not charge fees for transfers, overdrafts, or inactivity.
How SoFi's rate compares to other banks
High yield savings rates move together across the industry because they track the Federal Reserve's benchmark rate. When the Fed raises rates, most banks raise their savings rates within days or weeks. When the Fed cuts rates, banks do the same. This means SoFi's rate is usually competitive with other online banks, but it is not always the highest.
The real difference between banks is often the membership requirement or minimum balance. Some banks like Marcus or Ally offer high yield savings with no strings attached — you open an account, deposit money, and earn the rate when ready. SoFi requires you to either hold another product or keep $1,000 in the account. If you already use SoFi for checking or loans, this is not a barrier. If you do not, it may be worth comparing to banks with no membership requirement.
How to open a SoFi savings account
You can open the account through the SoFi website or mobile app. The process takes about 10 minutes and requires your Social Security number, date of birth, address, and employment information. SoFi will verify your identity and run a soft credit check, which does not affect your credit score.
Once your account is open, you can fund it when ready through ACH transfer from another bank. ACH transfers usually take one to two business days to arrive. If you have a SoFi checking account, you can transfer money when ready between the two accounts. You can start earning interest as soon as the money lands in your savings account.
What happens to your interest if rates change
SoFi can change the savings rate at any time without notice. You do not have to do anything — the new rate applies automatically to your account. If rates go down, your earnings go down. If rates go up, your earnings go up. This is true for all variable-rate savings accounts at every bank.
The interest is calculated daily on your ending balance and paid monthly. This means if you have $10,000 in the account for 30 days at a 4.50% annual rate, you earn roughly $37.50 that month. The exact amount depends on the number of days in the month and the precise daily balance.
Frequently Asked Questions
Can I withdraw money from my SoFi savings account whenever I want?
Yes. There is no limit on withdrawals or transfers per month. You can move money out as often as you need to. The only limit is that if you drop below $1,000 and you do not have another SoFi product, you lose the member rate and earn the lower non-member rate instead.
What if I close my SoFi checking account but keep the savings account?
You lose member status unless you maintain a $1,000 minimum balance in the savings account. If your balance drops below $1,000, your rate will drop to the non-member rate. You can regain member status by either opening another SoFi product or bringing your balance back to $1,000.
Does SoFi charge fees for transfers or inactivity?
No. There are no monthly fees, no transfer fees, and no inactivity fees. SoFi makes money from other products like loans and checking accounts, not from savings account fees.
How long does it take to transfer money into a SoFi savings account?
ACH transfers from another bank take one to two business days. If you transfer from a SoFi checking account, the money arrives when ready. Wire transfers are not available for the savings account.