SoFi does offer high yield savings accounts, but only to members who also have a SoFi Checking or Money Market account

SoFi's savings account is called the SoFi Savings Account, and it earns interest on your balance. The account has no monthly fees, no minimum balance requirement, and no limits on how many times you can withdraw money each month. However, you cannot open a savings account with SoFi unless you first open either a SoFi Checking Account or a SoFi Money Market Account.

The interest rate on the SoFi Savings Account changes over time based on market conditions. SoFi advertises the current rate on its website, but that rate is not locked in—it can go up or down. The rate applies to all balances in the account, with no tiered structure that pays more on larger amounts.

Your deposits in the SoFi Savings Account are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder, per bank. If you have money in both a SoFi Checking Account and a SoFi Savings Account, the FDIC insurance covers up to $250,000 across both accounts combined, not $250,000 in each one.

Key Takeaways

  • SoFi Savings Accounts earn interest and have no monthly fees, but you must open a SoFi Checking or Money Market Account first to be may be able to access.
  • The interest rate on SoFi Savings Accounts changes with market conditions and is not may provide to stay the same.
  • You can withdraw money from a SoFi Savings Account as often as you want with no penalty or limit.
  • FDIC insurance covers up to $250,000 total across your SoFi Checking and Savings Accounts combined, not separately.

How to open a SoFi Savings Account

To open a SoFi Savings Account, you first need a SoFi Checking Account or SoFi Money Market Account. If you already have one of those accounts, you can add a savings account through the SoFi mobile app or website by going to the accounts section and selecting the option to open a new account.

If you do not yet have a SoFi Checking or Money Market Account, you will need to open one first. The process takes about 10 minutes and requires your Social Security number, date of birth, address, and a valid government-issued ID. SoFi will verify your identity electronically and then allow you to fund the account by linking a bank account or depositing a check through the mobile app.

Once your checking or money market account is open and verified, you can when ready open the savings account. There is no waiting period, and you can begin depositing money right away.

What happens if you close your checking or money market account

If you close your SoFi Checking Account or Money Market Account, your savings account will also be closed. SoFi does not allow you to keep a savings account open without one of those two accounts. Any money in your savings account will be transferred to your checking or money market account (whichever one you still have open) or sent to you if you close both accounts.

You will have a short window—usually 30 days—to move your money before the account is closed. SoFi will notify you by email or through the app when this is about to happen.

Interest rates and how they compare

SoFi's savings account interest rate is competitive with other online banks that offer high yield savings accounts, but it is not always the highest available. The rate changes frequently based on what the Federal Reserve does with its benchmark interest rate. When the Fed raises rates, SoFi typically raises its savings rate within a few weeks. When the Fed cuts rates, SoFi's rate usually falls as well.

You can see SoFi's current savings rate on its website without opening an account. If you want to compare it to other banks, look at the rates offered by online banks like Marcus, Ally, or American Express Personal Savings, which also offer high yield savings accounts with no monthly fees and no minimum balance.

The main advantage of keeping your savings with SoFi instead of a separate bank is convenience—your checking and savings accounts are in the same app, and you can move money between them when ready. The main disadvantage is that you must maintain a checking or money market account to keep the savings account open, even if you do not use it.

Transfers and access to your money

You can transfer money from your SoFi Savings Account to your SoFi Checking Account when ready through the app. You can also withdraw money by linking an external bank account and transferring the funds out, though this usually takes one to three business days depending on your bank.

You can make as many transfers and withdrawals as you want each month with no penalty. There are no restrictions on how often you can move money, unlike some savings accounts that used to limit withdrawals to six per month (those rules were removed by federal regulators in 2020).

If you need cash when ready, you can use a SoFi debit card to withdraw money from ATMs. SoFi reimburses ATM fees charged by other banks, so you can use any ATM without paying a fee.

Frequently Asked Questions

Can I earn interest on money in my SoFi Checking Account?

No. The SoFi Checking Account does not earn interest. Only the SoFi Savings Account earns interest. If you want your money to earn interest, you must move it to the savings account or the money market account.

What is the difference between a SoFi Savings Account and a SoFi Money Market Account?

The SoFi Money Market Account typically offers a higher interest rate than the savings account, but it requires a higher minimum balance to open (usually $2,500). Both accounts earn interest and have no monthly fees. The savings account is simpler if you have a smaller balance.

Is my money safe in a SoFi Savings Account?

Yes. SoFi is an FDIC-insured bank, and deposits up to $250,000 are protected by federal insurance. If SoFi fails, the FDIC will return your money. However, the $250,000 limit applies across all your accounts at SoFi combined, not per account.

Can I set up automatic transfers to my savings account?

Yes. Through the SoFi app, you can schedule recurring transfers from your checking account to your savings account on a weekly, biweekly, or monthly basis. This is useful if you want to build savings automatically without having to remember to transfer money manually.

What happens to my interest if the rate drops?

Your interest rate will drop along with it. You will earn less interest each month, but the money in your account will not be withdrawn or penalized. You can move your money to another bank if you want a higher rate, but there is no penalty for doing so.