SoFi’s savings account must be opened along with a SoFi checking account. You can’t have a SoFi savings account on its own or a SoFi checking account on its own. The checking account earns a modest APY as well.

To qualify for the highest APY on your SoFi savings account balance, you’ll need to receive direct deposits from an employer, payroll provider, or benefits provider via ACH deposit. Unlike many other banks, SoFi has no withdrawal limits on its savings account.

Before you open a savings account, it’s important to consider the features of the account—from the APY a bank offers and beyond. Here are some of the highlights that might help you decide whether a SoFi Checking and Savings account makes sense for you. 

• SoFi savings account rates: SoFi savings rates beat the national average (which was 0.42% as of July 17, 2023) and are competitive among other financial institutions as well (though not necessarily the best available).
• Fees: One of the biggest perks of a SoFi Checking and Savings account is that you don’t have to worry about paying traditional bank fees. There are no monthly fees (and no account minimums to meet to qualify for a waiver). The account features no ATM fees (within the Allpoint Network), no overdraft fees, and no bill-pay fees, among others. But SoFi does point out that it has the right to change its fee policy in the future. 
• $50 to $250 bank bonus: You could earn up to $250 when you set up a direct deposit for the first time on your SoFi Checking and Savings account. This promotion is available to new and existing customers (if they haven’t set up a direct deposit in the past). Eligible direct deposits of $1,000 to $4,999.99 within a 25-day promotional period may qualify for a cash bonus of up to $50. But you’ll need to receive $5,000 in qualifying direct deposits within the promotional period to be eligible for the $250 bonus. 
• Savings Vaults: One of the bank’s stand-out features is the ability to set and track smaller financial goals. With SoFi savings Vaults, you can set up smaller savings goals within your large savings account for an emergency fund, vacation, down payment, holiday, home improvement project, etc.
• Roundup debits: You can opt to automatically round up debit card purchases to the nearest dollar. The extra change goes into the SoFi savings Vault of your choice. 

About SoFi: Other Savings Options

The history of SoFi began in 2011 when four Stanford business school students came together to launch an alumni-funded lending program. As SoFi grew, it expanded the financial services it offered consumers. On top of a wide variety of loan products, SoFi customers now have access to Automated Investing services, Active Investing, credit cards, insurance products, and limited banking services. 

However, aside from the hybrid SoFi Checking and Savings account, the financial institution doesn’t offer additional savings options. In fact, SoFi doesn’t offer any other types of deposit accounts. 

Compare Savings Account Rates

Before opening a savings account, it’s wise to compare the rates a financial institution offers with both the national average rates and the APYs from multiple competing banks and credit unions.

The interest rates for savings accounts from SoFi rank well above the national average. According to the Federal Deposit Insurance Corporation (FDIC), the national average interest rates for savings and checking accounts are as follows as of July 17, 2023:

• Savings: 0.42%
• Interest checking: 0.07%

SoFi’s APYs outperform the national average interest rates for other types of deposit accounts during this same period, including fixed-rate CDs.

Nonetheless, it’s important to point out that you can typically find higher interest rates with a little research, including savings accounts, CDs, and money market accounts.