SoFi® combination checking and savings account

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Ridiculous returns for direct deposit users

Earn up to 3.80% APY plus an intro bonus up to $300¹ with a SoFi combination checking and savings account when you set up eligible monthly direct deposit.

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Earn interest up to 9x the national average rates²

The national average rates are 0.07% for a checking account, and 0.41% for savings. A SoFi combination checking and savings account beats both by a long shot.

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How to maximize your earnings

Direct deposits
Setting up any eligible direct deposits gets you 3.80% APY on savings.

$5,000 in qualifying deposits
If you don’t have direct deposits, you can still earn 3.80% APY by depositing at least $5,000 in your account every 30 days.

SoFi Plus⁶
You can also get the 3.80% APY by enrolling in SoFi Plus for a monthly $10 subscription fee.

Open An Account

Get your sign-up bonus in 3 steps

1

Sign up and set up an eligible direct deposit

2

Wait for your direct deposit to hit your account (typically 2-4 weeks)

3

Collect a cash bonus of $50 to $300 depending on your direct deposit amount

Make your savings work harder with SoFi

¹New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.  

SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

²9x based on FDIC monthly savings account rate as of December 16, 2024.

³SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. They 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. Their fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴We’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.  

⁵Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁶SoFi Plus: SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Eligible Direct Deposit or pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.