Why SoFi?
- Checking plus savingsOne account, one app
- Early direct depositPaychecks up to two days early
- Sign-up bonusCash bonus with qualifying direct deposit
- No account feesNo monthly or overdraft fees
- VaultsSplit savings into goals
- FDIC insuredThrough SoFi Bank
Overview
SoFi Bank is a national bank and FDIC member. Its Checking and Savings account combines both in one place and pays its top savings rate to customers with eligible direct deposit or qualifying deposits.
A good home for a tax refund: deposit straight in and move money into savings Vaults.
Pricing
What SoFi pays and what it takes to earn the top rate, as of October 7, 2026.
| Plan | As of October 7, 2026 | What you get |
|---|---|---|
| Savings APY | 3.30% base, up to 4.20% promo | Top rate needs qualifying deposits |
| Monthly fee | $0 | No account fees |
| Minimum | $0 | To open or earn APY |
Rates note: APYs and terms are as of October 7, 2026 and are variable. FDIC membership was checked on each bank's own website; FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. Confirm the current rate and terms before you open an account.
Try SoFi for yourself
No account fees, $0 minimum.
Key features
- Vaults: Separate savings goals inside one account.
- Roundups: Round up debit purchases into savings.
- Early paycheck: Direct deposits up to two days early.
- Fee-free ATMs: Large in-network ATM access.
- Bonus: Cash bonus with qualifying direct deposits.
How to get the top rate
SoFi pays its highest APY to members with eligible direct deposit or a minimum level of qualifying deposits each month. Without them, you earn the base rate.
Pros and cons
What we like
- Checking and savings together
- No account fees
- Early direct deposit
- Sign-up bonus
What to watch
- Top APY needs direct deposit
- Promo rate is time-limited
- No branches
- Rates are variable
Who it is for
Pick SoFi if you want one account for paychecks, bills and savings, and can set up direct deposit.
Ready to start with SoFi?
Best all-in-one account.
Alternatives to SoFi
FAQ
Is SoFi a real bank?
Yes. SoFi Bank, N.A. is a national bank and FDIC member.
How do I get SoFi's top APY?
Set up eligible direct deposit or meet the monthly qualifying deposit level.
Can my tax refund go to SoFi?
Yes. Use your SoFi routing and account numbers when you file.
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Not advice: Rates and terms change often; check the bank's site before you open an account. General information only, not tax, legal or financial advice. Consult a qualified tax professional.