SoFi Checking and Savings is raising the savings APY (Annual Percentage Yield) to 4.00%¹ for all direct deposit members, up from 3.75%. Members with direct deposit will now earn 11x² the current national savings average on all of their savings and Vaults balances. For members without direct deposit, all balances will continue to earn 1.20% APY¹, 20x³ times the average national monthly interest checking rate.
SoFi knows our members are looking for ways to get more for their hard-earned money and feel secure in where they are putting their funds. SoFi takes our responsibility with your money seriously, and it is our priority to ensure you are getting the best experience and feel confident in your finances.
To help understand today’s changes and our offerings, we are answering your most frequently asked questions here:
What are SoFi Checking and Savings members earning across the board?
• Members with Direct Deposit:
◦ Savings: 4.00% APY, up from 3.75%
◦ Checking: 1.20% APY, adjusted from 2.50%
• Members without Direct Deposit:
◦ Savings: 1.20% APY, no changes
◦ Checking: 1.20% APY, no changes
Why have you made these changes to your APY?
Our goal is to offer you some of the best APY rates on the market so that you can grow your money and earn high interest on every dollar you bank with SoFi.
Adjusting our APY to the new structure allows us to offer an industry-leading APY on checking balances, while allowing us to increase our savings APY even more (now 4.00% APY for direct deposit members).
SoFi’s checking APY is 20x the national average, and 120x the checking APY offered by Citi, Bank of America, Wells Fargo, and Chase⁴. See how we stack up vs. other financial institutions.
|Institution⁴||Checking APY||Savings APY|
|Bank of America||0.01%||0.04%|
How do I know my money is safe and secure with SoFi?
SoFi’s number one priority is to ensure members feel confident in their money. All members can rest assured that:
• SoFi Bank deposits are insured by the FDIC up to $250,000 per individual and $500,000 per joint account⁵
• All members have 24/7 account monitoring and the ability to freeze debit or credit cards instantly in the SoFi app
• All members also have easy access to customer service via chat or phone
How do I set up direct deposit?
Simply download this pre-filled form, sign it, and submit it to your employer’s payroll department. Simple as that!
Alternatively, if your employer has an HR portal that allows you to set up direct deposit by inputting your account number and routing number, you can get those here.
1. SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. 11x based on FDIC monthly savings account rate as of March 17, 2023.
3. 20x based on FDIC monthly interest checking rate as of March 17, 2023.
4. Rates may vary by state and do not account for bonus, special or promotional APYs. Traditional bank rates are current as of March 16, 2023. SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings.Members without direct deposit will earn 1.20% APY on all account balances in checking balances and savings balances without direct deposit (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
5. Deposits in checking and savings accounts are insured up to $250,000 per depositor for each account ownership category under the FDIC’s general deposit insurance rules. For more information visit FDIC.gov
6. Our account fee policy is subject to change at any time.
7. Based on a Bankrate survey of 237 interest checking accounts and 232 noninterest checking accounts between June 13 and July 1, 2022.