SoFi offers a savings account, but it works differently than traditional banks
Yes, SoFi has a savings product, but it is not called a savings account. SoFi offers what it calls a cash management account, which combines checking, savings, and money market features into one account. The savings portion earns interest, though the rate changes based on market conditions and SoFi's current offerings.
The key difference from a traditional bank savings account is that your money sits in a single account rather than being separated into checking and savings buckets. You can move money between the different functions (spending, saving, investing) within that one account without opening multiple products.
SoFi is an online bank, which means there are no physical branches. All account management happens through the SoFi app or website. This also means customer service is handled by phone, chat, or email rather than in person.
Key Takeaways
- SoFi's savings feature is part of its cash management account, not a standalone product, and earns interest on money you keep there.
- Your checking and savings functions live in one account, so you do not need to open separate products or transfer money between accounts.
- SoFi is entirely online, with no physical branches, so all banking happens through the app or website.
- The interest rate SoFi pays on savings balances varies and is not may provide to stay the same.
How the SoFi cash management account works
When you open a SoFi account, you get one account number and one routing number. Within that account, you can designate portions of your money for different purposes: spending money (like a checking account), savings, and investments. The account comes with a debit card for spending and a mobile app for managing everything.
Money you mark as savings earns interest. Money you keep for spending does not. You move money between these sections yourself through the app whenever you need to. There is no separate savings account to open, no separate login, and no separate fees.
SoFi does not charge monthly maintenance fees, overdraft fees, or fees for transfers between your spending and savings sections. However, SoFi does charge fees for some services — for example, if you use an out-of-network ATM, you may be charged a fee by the ATM operator, though SoFi reimburses some of these costs depending on your membership level.
Interest rates and how often they change
SoFi pays interest on the portion of your cash management account designated as savings. The rate is not fixed — it changes based on what the Federal Reserve does with interest rates and what SoFi decides to offer. You can check the current rate on SoFi's website or in the app.
Interest is typically paid monthly, meaning the earnings are added to your account once a month. The amount you earn depends on your balance and the current rate. A higher balance or a higher rate means more earnings.
Because rates change, the interest you earn this month may be different from what you earn next month. SoFi will notify you if the rate changes, but you do not need to do anything — the new rate applies automatically to your account.
Who should consider a SoFi cash management account
A SoFi cash management account makes sense if you want one account that handles both spending and saving, prefer managing money through an app rather than visiting a branch, and do not mind that customer service is only available by phone or chat.
It is also worth considering if you already use SoFi for other products — for example, if you have a SoFi student loan or investment account, having your cash management account with SoFi means all your money is in one place and one app.
However, if you prefer having a completely separate savings account that you do not touch, or if you want to walk into a physical branch to talk to someone in person, a traditional bank savings account might work better for you.
How SoFi compares to traditional bank savings accounts
Traditional banks usually offer separate checking and savings accounts. You open each one independently, get separate account numbers, and move money between them when you need to. Many traditional banks have physical branches where you can deposit cash or speak to someone in person.
SoFi combines these into one account and operates entirely online. This means lower overhead costs for SoFi, which it sometimes passes on to customers through higher interest rates or no monthly fees. However, you cannot deposit cash at a branch, and you cannot speak to someone face-to-face.
The interest rate SoFi pays on savings is competitive with other online banks but may be higher or lower than what your local bank offers. Rates change frequently, so comparing rates at the time you are deciding is more useful than comparing rates from an article written months ago.
How to access your savings within SoFi
Once you open a SoFi cash management account, you manage your savings entirely through the SoFi app or website. You can see your current balance, the interest rate being paid, and how much interest you have earned so far.
To move money into your savings section, you use the app to transfer from your spending section. To move money out, you do the same thing in reverse. There is no waiting period — the transfer happens when ready within your account.
You cannot withdraw cash directly from your savings section using a debit card. If you need cash, you transfer money from savings to spending, then use your debit card at an ATM. This is slightly more steps than a traditional savings account, but it also creates a small friction that can help you avoid spending your savings by accident.
Frequently Asked Questions
Can I have multiple savings sections within one SoFi account?
SoFi allows you to create multiple savings "buckets" or goals within your cash management account, so you can separate savings for different purposes — one for an emergency fund, one for a vacation, one for a car down payment. Each bucket earns the same interest rate, but organizing them this way helps you track progress toward different goals.
What happens to my interest if SoFi lowers its rate?
Your interest earnings will decrease because the rate applied to your balance will be lower. SoFi will notify you before the rate changes. The new rate applies automatically — you do not need to do anything. Your money stays in the account and continues earning interest at the new rate.
Is my money safe in a SoFi savings account?
SoFi is a bank chartered by the Office of the Comptroller of the Currency, which means deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder. This is the same protection traditional bank savings accounts have.
Can I use my SoFi debit card to withdraw from savings?
No. Your debit card draws from your spending section, not your savings section. To access savings, you transfer money from savings to spending through the app first, then use your debit card. This prevents you from accidentally spending money you intended to save.
What if I need customer service for my savings account?
SoFi customer service is available by phone, email, and in-app chat — there are no physical branches. You can reach support through the app or the SoFi website. Response times vary depending on how busy the service team is and what time you contact them.