What to Know About SoFi’s Savings Rate
3.30%1
At SoFi Checking & Savings, we offer a rate that’s 9x2 the national average savings rate—helping you reach your financial goals faster, whether it’s saving for vacation, retirement, or something else on your list.
What Affects Savings Rates at Banks:
• Changes in the Federal Funds Rate
• Predictions about future Federal Funds Rate Changes
• Broader market rate dynamics
Understanding a Lower Rate Environment
Over the past four years, the Federal Funds Rate has continued to increase. That’s made lending more expensive, but allowed you to earn more interest from high-yield savings accounts.
Recently, the Federal Reserve (a.k.a. the Fed) has begun lowering this rate, making borrowing less expensive, in order to boost economic activity. While this is great news for borrowers, it can also lead to lower interest rates on savings accounts, including ours.
Although the Federal Funds Rate isn’t the only factor influencing savings rates, it plays a role in determining what banks like SoFi can offer. Looking ahead, economists are predicting additional rate cuts, which would likely spur further savings rate drops across the industry. Note that banks consider various factors when adjusting rates, so you may see changes before or after a Fed rate announcement.
The Good News
Even as the rate environment changes, SoFi is committed to supporting your financial goals. Our priority is to offer competitive rates that help you reach your ambitions–no matter what you’re saving for. When you have your direct deposit with SoFi, you can earn more in six weeks than you would in a whole year at a traditional big bank.
Beyond a competitive APY, we’re committed to offering banking with no account fees3, access to additional FDIC insurance up to $3M4, and helpful tools and features like round-ups and Vaults.
Want to dive deeper? Check out these helpful resources:
• Interest Rates FAQ: How the Federal Funds Rate Impacts Your Savings
• How Much Should I Keep In Savings?
Thank you for being a SoFi member.
Photo credit: iStockPhoto/Drazen_
1
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits within a rolling 31-day period, or did not pay the SoFi Plus Subscription Fee every 30 days, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription.
As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, or pay the SoFi Plus Subscription Fee every 30 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription. See additional details at http://www.sofi.com/legal/banking-rate-sheet
2 8x based on FDIC monthly savings account rate as of December 15, 2025.
3
No Account Fees
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We 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. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4 SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Read more
