Trade Your 0.40% for up to 3.80% APY With This Bank Account

If you bank at a traditional brick-and-mortar bank, your money probably isn't growing much (c'mon, 0.40% is basically nothing).¹

But there's good news: With SoFi Checking and Savings (member FDIC), you stand to gain up to a hefty 3.80% APY on savings when you set up a direct deposit or have $5,000 or more in Qualifying Deposits and 0.50% APY on checking balances² — savings APY is 10 times more than the national average.²

And right now, new accounts with direct deposit can get a 0.20% APY boost for 6 months. It’s a great way to give your savings an extra lift from the start.

A direct deposit of at least $1,000 not only sets you up for higher returns but also brings you closer to earning up to a $300 welcome bonus (terms apply).³

You can easily deposit checks via your phone's camera, transfer funds, and get customer service via chat or phone call. There are no account fees, no monthly fees and no overdraft fees.^* And your money is FDIC insured (up to $2M of additional FDIC insurance through the SoFi Insured Deposit Program).⁴

It's quick and easy to open an account with SoFi Checking and Savings (member FDIC) and watch your money grow faster than ever.

Claim Your $300 Bonus

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Disclaimers:

*SoFi® Checking and Savings (member FDIC):

1. Up to $300 Bonus Tiered Disclosure

New 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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

2. APY disclosures

SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 6/5/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

3. Fee Policy

Our account fee policy is subject to change at any time.

4. Additional FDIC Insurance

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks.

5. ATM Access

We'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.

6. Early Access to Direct Deposit Funds

Early 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.

7. Overdraft Coverage

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting e(i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.