Sign up for SoFi Checking and Savings and get a bonus of up to $300.†
Sign up and set up direct deposit.
Wait for your direct deposit to hit your account (typically 2-4 weeks).
Collect a cash bonus of $50 to $300 depending on your direct deposit amount.
Supercharge your savings by earning up to 3.80% APY*
Get up to 3.80% APY on your cash with your SoFi savings balance and Vaults.
Here's why Humphrey Yang chose SoFi.
No account fees^
No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.1
Earn 3.80% APY*
Set up direct deposit and earn up to 3.80% annual percentage yield (APY).
Up to 2-day-early-paycheck‡
Feel the magic of payday up to two days earlier—automatically—when you set up direct deposit.
No-fee overdraft coverage 4
Overspent by accident? No problem. You’ll be covered up to $50 with no fees with qualifying direct deposits.
Cash back, close to home3
Get up to 15% cash back at local establishments when you pay with your SoFi debit card.
Increased FDIC insurance6
Deposits are insured up to $2M through a network of participating banks. Learn more.
Bank on us anytime, anywhere— with account access 24/7.
Make deposits, pay bills, find ATMs, send money, and much more—safely and securely in the app.
More banking tips and tricks.
Achieve your financial goals faster with SoFi.
FAQs
Opening an account is quick and easy. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.
Of course. Anyone over 18 can open an individual or joint online bank account. In fact, we have some special offers for students (must have an .edu email address to qualify).
Learn more about our Student Bank Account.
Learn more about our Student Bank Account.
Nine in 10 SoFi members agree—setting up direct deposit is easy.** 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.
Learn more: How to Set Up Direct Deposit
Learn more: How to Set Up Direct Deposit
Members with direct deposit can earn 3.80% APY (annual percentage yield) on savings balances and 0.50% APY on checking balances. That's more than 9x the national average savings rate! Members without direct deposit can earn 1.00% on savings balances and 0.50% on checking balances.
When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 3.80% APY (annual percentage yield)1, plus features like No-Fee Overdraft Coverage2 and up to 2-Day Early Paycheck.‡
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 $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.
SoFi makes it easy to both withdraw and deposit money. To withdraw, simply visit any of the 55,000 Allpoint ATMs (more locations than Chase, Wells Fargo, and Bank of America combined!). You won’t pay any fee as long as you visit one of these ATMs. In order to deposit money, simply visit a retail location that offers GreenDot services.
Learn more: How to Deposit Cash at an ATM
Learn more: How to Deposit Cash at an ATM
There is no minimum balance required to open a SoFi Checking & Savings account. There is also no minimum direct deposit minimum required to earn the highest APY on your accounts. For more information about the direct deposit cash bonus offer, please visit sofi.com/banking.
Learn more: How Much Money Is Needed to Start a Bank Account?
Learn more: How Much Money Is Needed to Start a Bank Account?
You must be 18 years or older to open an individual or joint account.
Learn more: How Old Do You Have to Be to Open a Bank Account?
Learn more: How Old Do You Have to Be to Open a Bank Account?
When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. Once you set up direct deposit, you can earn 0.50% APY on checking and 3.80% on savings (including Vaults)! We do not currently offer standalone checking or savings accounts.
Yes. As long as you have Overdraft Protection enabled, we’ll automatically pull from your available savings balances in the event that your checking balance is insufficient. Overdraft protection covers ACH withdrawals (bill pay, loans, P2P), checks and debit card transactions. Note that overdraft protection will not pull from your Vaults. To turn on Overdraft Protection, open the SoFi app, tap More > Overdraft and toggle the feature on.
No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.
Nope! You can direct deposit into your checking or savings account and still take advantage of the 3.80% APY.
There is not currently a maximum on the 3.80% APY for savings or Vaults.
We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.^ There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.1 Check out a full list of fees and service charges here.