Closing a joint account typically involves the same steps as you would take with many other types of bank accounts. Whether it’s due to ending a relationship, preventing any legal liabilities, or any other valid reason, understanding the right protocol to close or separate a joint bank account can help make the process much smoother.
Read on to learn the steps usually required to split a joint bank account.
Key Points
• Closing a joint bank account typically follows similar steps as other bank accounts, often due to relationship changes or legal concerns.
• Both account holders must agree to close the account, which starts by contacting the bank.
• It’s advisable to wait for all pending transactions to clear before fully closing the account.
• Funds should be equitably divided between the owners, based on contributions or an agreed-upon method, before withdrawal.
• Opening a new individual account may be necessary as banks usually don’t allow splitting a joint account into two separate ones.
What Is a Joint Bank Account?
A joint bank account is a checking, savings, or other type of deposit account owned by more than one person. When one is owned by two people (which is a common arrangement), both of your names will be on it. Either of you can conduct transactions such as make deposits, withdrawals, write checks, and take steps to close the account.
Almost anyone can be a joint account owner as long as they meet the requirements of the bank. Most commonly, spouses or an adult child and their elderly parent(s) tend to be joint account holders. Sometimes parents open a bank account with a child who is a minor as well.
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Steps to Separating Joint Bank Accounts
Splitting or closing a joint bank account is fairly straightforward, the first of which includes contacting your bank.
1. Call Your Bank
In most cases, the first step in how to separate a joint bank account is both joint owners agreeing to close the account. Contact your bank via any of their available methods to ask what it will need from you to be able to separate your joint account. Closing the account could mean the bank will check to see if you have any outstanding fees you owe. Or you might need to complete written documentation stating that you want to close the account.
2. Wait for Current Transactions to Clear
Consider holding off on any transitions until all pending transactions clear from your account. For example, you and your joint account holder both receive your paychecks via direct deposit. It’s probably best to wait until the payment clears before taking any additional steps to split a joint bank account. (That way, you can avoid having direct deposit go to a closed account.)
3. Withdraw Your Money
You should allocate the money in the account between the two of you, the joint owners. Take the time to determine whether you want to divide the money equally, a percentage based on the amount each of you contributed, or another fair agreement. Once you’re both happy with the arrangement, you can withdraw the money, either to another bank account or another option.
4. Apply for New Bank Account
In most cases, the bank won’t let you split a bank account into two. Instead, you will likely have to apply for a new individual bank account. You can choose to open one with the same financial institution or a new one. Follow the steps to open one, such as providing your personal details, Social Security number, and how you plan on making your initial deposit. (How much you need to open an account can vary depending upon the financial institution and kind of account you have chosen.)
Opening this new bank account while you’re waiting for the transactions to clear on the joint one may be a wise choice. It could take some time for certain transactions to kick in, such as your direct deposit payments and automatic payments on your utilities.
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Ways to Close Joint Account
There are many ways you can separate your joint account separation, such as through the phone, in person, online, or via the app.
Online
Many banks and especially online vs. traditional banks let you close your joint account after you log into your account online. The steps to do so may vary: Some may require you to submit a form via an automated process, or you may have to contact customer service through secure messaging. Banks will most likely need both account owners’ permission, which could mean you sign in separately to e-sign documentation or provide some other verification that you each agree to the decision.
Through the Mail
Some banks, like the more traditional ones, may allow you to mail in a form with both your signatures to close the account. Contact your bank to see what forms you may need to fill out. You may need to take additional steps, such as notarizing the paperwork.
In Person
In the case of traditional brick and mortar banks, you may have to (or can) close your bank account in person. You may need to bring documentation such as your ID. It could also be more time-consuming, as you’ll need to speak with the joint account holder when they’re available, and the process at the bank could take some time.
Reasons to Close a Joint Bank Account
Closing a joint checking or savings account is a sound decision if you’re doing it for certain reasons, such as trying to minimize fees, prevent legal liabilities and if you end your relationship with the joint account owner. Before doing anything, carefully consider your decision first.
Prevent Penalties
If your joint account owner hasn’t been using the account responsibility and racking up a bunch of fees, it may be time to close the account. For example, perhaps the joint account owner keeps overdrafting an account or goes over the allotted debit card transactions per month. Before closing the account, you will need to make sure to pay off all penalties.
Minimize Fees
Some joint accounts can come with maintenance fees or even other features that you’re no longer happy with. Closing the existing account and opting for a new one (individual or joint) could save you some serious bucks.
Legal Liabilities
Remember, a joint account means that both owners own the money held there. If you’re unsure of the joint account holder or you believe they’re in legal trouble, it may be better to close the account. For instance, if someone sues your joint bank account owner, you could lose the assets in the account as well.
Relationship Ending
Joint bank accounts and divorce usually don’t coexist. If you and your spouse have joint bank accounts and you’re now splitting up, closing the bank account could help ensure your assets are divided equitably. Or maybe you just want to move on from the relationship and don’t want the joint account open as a reminder of this person.
Getting Rid of Full Shared Access
Since any one of the joint account owners can move funds around, you may not want this other person having shared access if you can’t trust them. For example, separating money into different bank accounts may be the best move if you’ve broken up with your business partner and have moved onto other ventures.
There can be several reasons to end a joint account, including divorce, irresponsible use of the account by one party, or simply the high price of some account fees. The process is fairly simple to close the account, but both parties must agree and determine how to divide the funds.
When you open a separate account, consider whether your current financial institution is the best choice for your needs.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
Is it easy to close a joint account?
Depending on the financial institution, it could be easy to close a joint account. Many banks offer multiple ways to do so, such as online, by app, by mail, or in person.
How do you change a joint account to single?
Most financial institutions don’t allow you to separate or change a joint account to a single owner. You will likely need to open your own separate bank account and close the joint one.
Do both parties have to agree to close a joint account?
Yes, most state laws stipulate that both account owners need to agree to close a joint account.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. 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 either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. 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 Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This article is not intended to be legal advice. Please consult an attorney for advice.
An automated teller machine (ATM) can be a convenient way to deposit or withdraw money, check your account balance, and conduct other aspects of your banking business. But did you know there are ways to make the process easier, faster, and perhaps less expensive?
Key Points
• ATMs provide convenient banking services like cash withdrawals and checking account balances.
• Deposits at ATMs are possible but may have restrictions compared to withdrawals.
• Avoiding ATM fees is easier with in-network machines and understanding account terms.
• Cardless withdrawals are possible through mobile apps using QR codes.
• Safety at ATMs is crucial; always be aware of surroundings and protect PIN entries.
What Is an ATM?
An ATM (short for automated teller machine) is a device that performs some of the same functions as a human teller at a bank, such as dispensing cash. ATMs made their U.S. debut in Rockville Centre, NY, in 1969, and there are currently between 520,000 and 540,000 of these devices in America.
Almost anywhere you go, you can find an ATM, providing certain banking services quickly and conveniently. For example, it is usually possible to find ATMs in major hotel lobbies, at grocery stores, in shopping centers, and in airports. (They also may turn up at convenience stores, night clubs, restaurants, and other places where cash could be needed.)
You can typically check your bank account balance and withdraw cash from ATMs. It’s likely you can deposit cash at an ATM or possibly checks (although deposits have more restrictions than withdrawals).
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
How Does an ATM Work?
An ATM machine gives bank customers easy access to their banking resources at various locations and around the clock. You insert your card into a reader that scans your banking information, and you can then conduct transactions. (At some locations, contactless transactions may be possible; see more on this below.)
Here are some of the main functions an ATM can usually perform:
• Withdraw cash.
• Make deposits, but to do so, the device typically needs to be within the same network as the customer’s bank. Often, it’s not possible to make a deposit at an out-of-network ATM or, if it is, you’ll be charged a fee.
• Check your account balance, which can help you avoid overdrafting when making a withdrawal or using your debit card. The balance can appear on the screen or on the printed receipt. It’s usually only free to check an account balance at an in-network ATM. If the ATM is out-of-network, this service may come with a fee.
Some ATMs do make it possible to access their services without a debit card present. This is known as a cardless withdrawal. How does an ATM work without your plastic in hand? These types of withdrawals are typically supported by a smartphone app that uses technology such as a QR code in lieu of a debit card. This can provide the ATM with the account information it needs to complete the transaction.
Things You Can’t Do at an ATM
ATMs do have limitations; here are some things consumers likely can’t do at an ATM.
• Withdraw coins or low-value bills
• Open a new account (unless you have preselected and prescreened)
• Close an account
• Send a money order
• Purchase a cashier’s check.
How Much Are ATM Fees?
It may be free to use an in-network ATM, but when there isn’t one around and you need cash (or to conduct another transaction), you’ll likely be hit with a fee for using an out-of-network device.
It’s wise to read the fine print associated with your checking account to better understand what kind of fees you may need to pay to use an ATM. It can also be helpful to make note of where some local in-network ATMs are. This can make avoiding ATM charges easier.
• The average out-of-network fee is currently $4.73. This typically includes a $1.58 fee levied by your bank and an average of $3.15 charged by the ATM’s owners.
• Additionally, if you are traveling internationally, you may have fees of, say, $2 to $5 to make withdrawals as well as a conversion fee.
Worth noting: Several banks will waive fees when their clients use an out-of-network ATM. If you often rack up many out-of-network ATM fees, you might want to look into which banks offer this service.
If you are hunting for cash or need to deposit a check, here are a couple of ideas for how to find an ATM:
• You can usually use your banking app to find ATMs. There may be a map function or you may be asked to enter a zip code to see nearby devices.
• If you bank at a traditional vs. online bank, you can visit a branch which will often have ATMs available.
• There are third-party services that can help you access surcharge-free ATMs.
To make this process easier, you can bank with a financial institution that has a large network of ATMs you can use without a fee. Allpoint and STAR are examples of these networks.
Get up to $300 when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 4.20% APY on savings balances.
Up to 2-day-early paycheck.
Up to $2M of additional FDIC insurance.
How to Withdraw Money from an ATM
Want to use an ATM machine to withdraw cash? Here are the standard steps.
1. When prompted by the screen, insert your debit card into the machine.
2. Enter your PIN number. This is the custom PIN (personal identification number) associated with the debit card linked to their checking account.
3. Choose the transaction type. In this case, it would be a withdrawal.
4. Pick the account to access. If you have multiple bank accounts, this will make sure the money is coming from the right place.
5. You’ll likely be prompted to enter the dollar amount you want to withdraw (or press the option showing your choice of amounts), and you may be asked to select your bill denominations.
6. Take the card back. Now it’s time to complete the transaction. Many ATMs say to take your card back and then the machine will dispense your cash.
How Much Money Will an ATM Let You Take Out?
There are typically limits on how much you can withdraw from an ATM. (This is often done to make sure there is enough cash in the machine to go around vs. a few customers draining the funds.)
• Daily withdrawal limits are typically between $300 and $5,000.
Check with your bank to learn its limits and whether it determines that by calendar day or by a 24-hour period.
How to Deposit Money at an ATM
Next, take a look at how to use an ATM machine to deposit money. Keep in mind that only certain ATMs will accept deposits, so you want to be aware that depositing money may not be a possibility at the ATM closest to you.
1. Find an in-network ATM or an ATM that allows deposits to the bank associated with your debit card.
2. Insert your card and enter your PIN (typically a 4-digit code).
3. Choose “deposit” as your transaction type.
4. Type in the exact amount of the intended deposit.
5. Insert the cash or check. If this is a check, endorse the back first; then follow the on-screen instructions to get your card back and a receipt, if desired.
Other Transactions You May Be Able to Complete at an ATM
Now that you know how to withdraw money at an ATM and deposit as well, take a look at some of the other things banking customers can often do at these devices.
Cash Checks and Money Orders
Some ATMs may let you cash checks for free as well as money orders. These are typically in-network ATMs.
Make Bill Payments
At some ATMs (such as those in the Chase network) allow you to pay the mortgage, home equity loan, or credit card bill you have with them at an ATM.
Get a Cash Advance From a Credit Card
You may be able to get a cash advance from a credit card (though this typically carries a high interest rate, so proceed with caution).
Tips to Keep Yourself Safe at ATMs
With both in-person and online banking, security is important. When using an ATM machine, it’s important to learn how to do so safely, whether making a deposit or withdrawal. Here are some tips for staying safe:
• Be aware of your surroundings. If there is someone loitering around an ATM that you’d like to use (especially at night), you might want to go elsewhere.
• You may feel safer using ATMs located in bank branches.
• Here’s what you should do before approaching an ATM: Have your card in your hand as you approach the device versus fumbling through your pockets or bag while at the ATM.
• Cover the keypad when entering in the PIN number so no one else can see it. Some keypads are designed in such a way as to help protect your personal information as you type in those digits.
• Review ATMs closely for misaligned card readers, skimming devices (more on that in a moment), or suspicious markings before using one.
• If you are withdrawing cash, put it away ASAP when you receive it. Don’t walk away from the ATM with cash in your hands.
Also be aware that there are ATM scams. One common one involves card skimmers, a device that a fraudster attaches to an ATM (or gas pump card reader) in order to fraudulently collect the account information of users. Inspect card readers for signs of tampering; you may try to wiggle an ATM’s card reader to detect card skimmers.
If you have reason to be concerned, it could be wise to avoid this ATM and look for another or else get some cash back at, say, your grocery store to tide you over.
The Takeaway
ATMs can offer a convenient way to access a number of basic but essential banking services (such as withdrawing and depositing cash) without having to actually visit a branch location during business hours. It’s important to remember to pay attention to ATM fees, which are much easier to avoid when using an in-network ATM. It’s also essential to keep safety in mind to avoid theft or fraud when using an ATM.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
FAQ
What if the ATM gave me too much money?
Sorry, it’s not free cash. Contact your bank (or the owner of the ATM, if the device is out-of-network) and explain what happened. Keep your receipt, and follow the advice given.
What are the pros and cons of ATMs?
The major pro of using an ATM is probably convenience; you can access some banking services during non-business hours or wherever you may be. The cons associated with ATMs include the fact that services are limited, fees may be charged, and there’s the possibility of theft.
How many times can I use an ATM?
How many times you can use an ATM often depends on how much money you withdraw each time. Most banks limit the dollar amount someone can withdraw (usually $300 to $5,000) per day. Check your bank for its withdrawal limits.
Can I use my debit card at any ATM?
You can generally use a debit card to withdraw cash (although not necessarily to make deposits) at any ATM, even if it is out-of-network. However, making a withdrawal at an out-of-network ATM can lead to having to pay fees.
What should you do before you approach an ATM?
Before approaching an ATM, you should look around and make sure no one is loitering nearby. It’s also wise to have your debit card ready to use in your hand vs. having to dig for it at the terminal.
How much money will an ATM let you take out?
Banks typically have withdrawal limits per day. These vary among financial institutions but are usually between $300 and $5,000.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. 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 either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. 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 Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
If you’re looking for a career that makes a lot of money, you might want to start your search in the health and medical field. Healthcare jobs are the highest-paid jobs in the U.S., and overall employment in this sector is expected to grow faster than the average for all occupations over the next eight years, according to the U.S. Bureau of Labor Statistics (BLS).
Outside of healthcare, professional athletes and corporate chief executive officers (CEOs) are among the highest-paid professions. Three other fields that also made the top 25: Airline pilots, computer/information systems managers, and financial managers.
Read on for a snapshot of the highest-paying jobs across the U.S., followed by a listing of the best-paying occupations by state.
Key Points
• Healthcare professions dominate the highest-paying jobs in the U.S., with cardiologists and orthopedic surgeons leading the list.
• Professional athletes and CEOs also rank among the top earners nationwide.
• The list of top-paying jobs includes various medical specialists such as pediatric surgeons and anesthesiologists.
• Each state has different top-paying jobs, with healthcare roles typically offering the highest salaries.
• The data for this ranking was sourced from the Bureau of Labor Statistics and includes projections for job growth and educational requirements.
25 Highest Paying Careers in the U.S.
To compile this list of highest-paying jobs, we reviewed data from BLS’s most recent National Occupational Employment and Wage Estimates report (May 2022). We also used government data to cite the minimum education requirements, projected growth, and which industries provide employment for each occupation. For more job description details, we tapped the Occupational Information Network (O*NET).
Here’s a look of the highest-paid jobs in the U.S., ranked from highest average salary to lowest.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
1. Cardiologist
Cardiologists diagnose, treat, manage, and prevent diseases or conditions of the cardiovascular system. They may further subspecialize in interventional procedures (e.g., balloon angioplasty and stent placement), echocardiography, or electrophysiology.
Average Salary
$421,330
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Administer emergency cardiac care for life-threatening heart problems.
• Advise patients about diet, activity, and disease prevention.
• Calculate valve areas from blood flow velocity measurements.
• Compare measurements of heart wall thickness and chamber sizes to standards to identify abnormalities using echocardiogram results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Management of companies and enterprises
2. Orthopedic Surgeon
Orthopedic surgeons diagnose and perform surgery to treat and prevent rheumatic and other diseases in the musculoskeletal system.
Average Salary
$371,400
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.
• Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes related to musculoskeletal injuries and diseases.
• Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care Centers
• Colleges, universities, and professional Schools
3. Pediatric Surgeon
Pediatrics surgeons diagnose and perform surgery to treat fetal abnormalities and birth defects, diseases, and injuries in fetuses, premature and newborn infants, children, and adolescents.
Average Salary
$362,970
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.
• Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes.
• Consult with patient’s other medical care specialists to determine if surgery is necessary.
• Describe preoperative and postoperative treatments and procedures to parents or guardians of the patient.
• Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.
Projected growth (2022-2032)
Little or no change
Top Industries
• Hospitals
• Offices of physicians
4. Athletes and Sports Competitors
Athletes and sports competitors compete in athletic events.
Average Salary
$358,080
Typical Entry-Level Education
No formal educational credential
Primary Duties
• Participate in athletic events or competitive sports, according to established rules and regulations.
• Assess performance following athletic competition, identifying strengths and weaknesses and making adjustments to improve future performance.
• Attend scheduled practice or training sessions.
• Maintain optimum physical fitness levels by training regularly, following nutrition plans, or consulting with health professionals.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Spectator sports
• Other amusement and recreation industries
• Promoters of performing arts, sports, and similar events
• Colleges, universities, and professional schools
5. Surgeons
Surgeons operate on patients to treat injuries, such as broken bones; diseases, such as cancerous tumors; and deformities.
Average Salary
$347,870
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
Varies with specialty
Projected growth (2022-2032)
3% (as fast as average)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
6. Radiologists
Radiologists diagnose and treat diseases and injuries using medical imaging techniques, such as x rays, magnetic resonance imaging (MRI), nuclear medicine, and ultrasounds. They may also perform minimally invasive medical procedures and tests.
Average Salary
$329,080
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Perform or interpret the outcomes of diagnostic imaging procedures including magnetic resonance imaging (MRI), computer tomography (CT), positron emission tomography (PET), nuclear cardiology treadmill studies, mammography, or ultrasound.
• Prepare comprehensive interpretive reports of findings.
• Communicate examination results or diagnostic information to referring physicians, patients, or families.
• Obtain patients’ histories from electronic records, patient interviews, dictated reports, or by communicating with referring clinicians.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Medical and diagnostic laboratories
• Outpatient care centers
• Colleges, universities, and professional schools
7. Dermatologists
Dermatologists diagnose and treat diseases relating to the skin, hair, and nails. They may perform both medical and dermatological surgery functions.
Average Salary
$327,650
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Conduct complete skin examinations.
• Diagnose and treat pigmented lesions, such as common acquired nevi, congenital nevi, dysplastic nevi, Spitz nevi, blue nevi, or melanoma.
• Perform incisional biopsies to diagnose melanoma.
• Perform skin surgery to improve appearance, make early diagnoses, or control diseases such as skin cancer.
• Counsel patients on topics such as the need for annual dermatologic screenings, sun protection, skin cancer awareness, or skin and lymph node self-examinations.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Outpatient care centers
• Offices of other health practitioners
• Medical and diagnostic laboratories
• Personal care services
8. Emergency Medicine Physicians
Emergency medicine physicians make immediate medical decisions and act to prevent death or further disability. They provide immediate recognition, evaluation, care, stabilization, and disposition of patients. They may also direct emergency medical staff in an emergency department.
Average Salary
$316,600
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze records, examination information, or test results to diagnose medical conditions.
• Assess patients’ pain levels or sedation requirements.
• Collect and record patient information, such as medical history or examination results, in electronic or handwritten medical records.
• Communicate likely outcomes of medical diseases or traumatic conditions to patients or their representatives.
• Conduct primary patient assessments that include information from prior medical care.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• General medical and surgical hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• Management of companies and enterprises
9. Oral and Maxillofacial Surgeons
Oral and maxillofacial surgeons perform surgery and related procedures on the hard and soft tissues of the oral and maxillofacial regions to treat diseases, injuries, or defects. They also diagnose problems of the oral and maxillofacial regions, and may perform surgery to improve function or appearance.
Average Salary
$309,410
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Administer general and local anesthetics.
• Collaborate with other professionals, such as restorative dentists and orthodontists, to plan treatment.
• Evaluate the position of the wisdom teeth to determine whether problems exist currently or might occur in the future.
• Perform surgery to prepare the mouth for dental implants and to aid in the regeneration of deficient bone and gum tissues.
• Remove impacted, damaged, and non-restorable teeth.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of dentists
• Hospitals
• Outpatient care centers
10. Anesthesiologist
Anesthesiologists administer anesthetics and analgesics for pain management prior to, during, or after surgery.
Average Salary
$302,970
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine patient, obtain medical history, and use diagnostic tests to determine risk during surgical, obstetrical, and other medical procedures.
• Administer anesthetic or sedation during medical procedures, using local, intravenous, spinal, or caudal methods.
• Monitor patient before, during, and after anesthesia and counteract adverse reactions or complications.
• Record type and amount of anesthesia and patient condition throughout procedure.
• Provide and maintain life support and airway management and help prepare patients for emergency surgery.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
[bls]
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• Offices of other health practitioners
11. Obstetricians and Gynecologists
Obstetricians and gynecologists provide medical care related to pregnancy or childbirth. They diagnose, treat, and help prevent diseases of women, particularly those affecting the reproductive system. They may also provide general care to women, and perform both medical and gynecological surgery functions.
Average Salary
$277,320
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Treat diseases of female organs.
• Care for and treat women during prenatal, natal, and postnatal periods.
• Analyze records, reports, test results, or examination information to diagnose medical condition of patient.
• Perform cesarean sections or other surgical procedures as needed to preserve patients’ health and deliver babies safely.
• Collect, record, and maintain patient information, such as medical histories, reports, or examination results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
12. Ophthalmologists
Ophthalmologists diagnose and perform surgery to treat and help prevent disorders and diseases of the eye. They may also provide vision services for treatment including glasses and contacts.
Average Salary
$265,450
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Perform comprehensive examinations of the visual system to determine the nature or extent of ocular disorders.
• Diagnose or treat injuries, disorders, or diseases of the eye and eye structures including the cornea, sclera, conjunctiva, or eyelids.
• Provide or direct the provision of postoperative care.
• Develop or implement plans and procedures for ophthalmologic services.
• Prescribe or administer topical or systemic medications to treat ophthalmic conditions and to manage pain.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Offices of other health practitioners
• Outpatient care centers
• Colleges, universities, and professional schools
13. Neurologists
Neurologists diagnose, manage, and treat disorders and diseases of the brain, spinal cord, and peripheral nerves, with a primarily nonsurgical focus.
Average Salary
$255,510
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Interview patients to obtain information, such as complaints, symptoms, medical histories, and family histories.
• Examine patients to obtain information about functional status of areas, such as vision, physical strength, coordination, reflexes, sensations, language skills, cognitive abilities, and mental status.
• Perform or interpret the outcomes of procedures or diagnostic tests, such as lumbar punctures, electroencephalography, electromyography, and nerve conduction velocity tests.
• Order or interpret results of laboratory analyses of patients’ blood or cerebrospinal fluid.
• Diagnose neurological conditions based on interpretation of examination findings, histories, or test results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
14. Pathologists
Pathologists diagnose diseases and conduct lab tests using organs, body tissues, and fluids. Includes medical examiners.
Average Salary
$252,850
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine microscopic samples to identify diseases or other abnormalities.
• Diagnose diseases or study medical conditions, using techniques such as gross pathology, histology, cytology, cytopathology, clinical chemistry, immunology, flow cytometry, or molecular biology.
• Write pathology reports summarizing analyses, results, and conclusions.
• Communicate pathologic findings to surgeons or other physicians.
• Identify the etiology, pathogenesis, morphological change, and clinical significance of diseases.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of physicians
• Medical and diagnostic laboratories
• Colleges, universities, and professional schools
• Local government, excluding schools and hospitals
• Scientific research and development services
15. Psychiatrists
Psychiatrists diagnose, treat, and help prevent mental disorders.
Average Salary
$247,350
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe, direct, or administer psychotherapeutic treatments or medications to treat mental, emotional, or behavioral disorders.
• Gather and maintain patient information and records, including social or medical history obtained from patients, relatives, or other professionals.
• Design individualized care plans, using a variety of treatments.
• Collaborate with physicians, psychologists, social workers, psychiatric nurses, or other professionals to discuss treatment plans and progress.
• Analyze and evaluate patient data or test findings to diagnose nature or extent of mental disorder.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• State government
16. Chief Executives
Chief executives determine and formulate policies and provide overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. They plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers.
Average Salary
$246,440
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Direct or coordinate an organization’s financial or budget activities to fund operations, maximize investments, or increase efficiency.
• Confer with board members, organization officials, or staff members to discuss issues, coordinate activities, or resolve problems.
• Direct, plan, or implement policies, objectives, or activities of organizations or businesses to ensure continuing operations, to maximize returns on investments, or to increase productivity.
• Prepare or present reports concerning activities, expenses, budgets, government statutes or rulings, or other items affecting businesses or program services.
Projected growth (2022-2032)
Decline (-2% or lower)
Top Industries
• Local and state government
• Management of companies and enterprises
• Elementary and secondary schools
• Computer systems design and related services
17. Dentists
Dentists examine, diagnose, and treat diseases, injuries, and malformations of teeth and gums. They treat diseases of nerve, pulp, and other dental tissues affecting oral hygiene and retention of teeth. They may also fit dental appliances or provide preventive care.
Average Salary
$233,430
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine teeth, gums, and related tissues, using dental instruments, x-rays, or other diagnostic equipment, to evaluate dental health, diagnose diseases or abnormalities, and plan appropriate treatments.
• Administer anesthetics to limit the amount of pain experienced by patients during procedures.
• Use dental air turbines, hand instruments, dental appliances, or surgical implements.
• Formulate plan of treatment for patient’s teeth and mouth tissue.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of dentists
• Federal executive branch
• Hospitals
• Outpatient care centers
18. Airline Pilots, Copilots, and Flight Engineers
Airline pilots, copilots, and flight engineers pilot and navigate the flight of fixed-wing aircraft, usually on scheduled air carrier routes, for the transport of passengers and cargo. This job requires a Federal Air Transport certificate and rating for the specific aircraft type used.
Average Salary
$225,740
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Start engines, operate controls, and pilot airplanes to transport passengers, mail, or freight, adhering to flight plans, regulations, and procedures.
• Work as part of a flight team with other crew members, especially during takeoffs and landings.
• Respond to and report in-flight emergencies and malfunctions.
• Inspect aircraft for defects and malfunctions, according to pre-flight checklists.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Scheduled air transportation
• Couriers and express delivery services
• Federal executive branch
• Support activities for air transportation
• Management of companies and enterprises
19. General Internal Medicine Physicians
General internal medicine physicians diagnose and provide nonsurgical treatment for a wide range of diseases and injuries of internal organ systems. They provide care mainly for adults and adolescents, and are based primarily in an outpatient care setting.
Average Salary
$225,270
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Treat internal disorders, such as hypertension, heart disease, diabetes, or problems of the lung, brain, kidney, or gastrointestinal tract.
• Analyze records, reports, test results, or examination information to diagnose medical condition of patient.
• Prescribe or administer medication, therapy, and other specialized medical care to treat or prevent illness, disease, or injury.
• Manage and treat common health problems, such as infections, influenza or pneumonia, as well as serious, chronic, and complex illnesses, in adolescents, adults, and the elderly.
• Provide and manage long-term, comprehensive medical care, including diagnosis and nonsurgical treatment of diseases, for adult patients in an office or hospital.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Colleges, universities, and professional schools
• Outpatient care centers
20. Family Medicine Physicians
Family medicine physicians diagnose, treat, and provide preventive care to individuals and families across the lifespan. They may refer patients to specialists when needed for further diagnosis or treatment.
Average Salary
$224,460
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury.
• Order, perform, and interpret tests and analyze records, reports, and examination information to diagnose patients’ condition.
• Collect, record, and maintain patient information, such as medical history, reports, or examination results.
• Monitor patients’ conditions and progress and reevaluate treatments as necessary.
• Explain procedures and discuss test results or prescribed treatments with patients.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• State government
21. Orthodontists
Orthodontists examine, diagnose, and treat dental malocclusions and oral cavity anomalies. They design and fabricate appliances to realign teeth and jaws to produce and maintain normal function and to improve appearance.
Average Salary
$216,320
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine patients to assess abnormalities of jaw development, tooth position, and other dental-facial structures.
• Study diagnostic records, such as medical or dental histories, plaster models of the teeth, photos of a patient’s face and teeth, and X-rays, to develop patient treatment plans.
• Fit dental appliances in patients’ mouths to alter the position and relationship of teeth and jaws or to realign teeth.
• Adjust dental appliances to produce and maintain normal function.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of dentists
• Hospitals
22. Nurse Anesthetists
Nurse anesthetists administer anesthesia, monitor patient’s vital signs, and oversee patient recovery from anesthesia. They assist anesthesiologists, surgeons, other physicians, or dentists. They must be registered nurses who have specialized graduate education.
Average Salary
$205,770
Typical Entry-Level Education
Master’s degree
Primary Duties
• Manage patients’ airway or pulmonary status, using techniques such as endotracheal intubation, mechanical ventilation, pharmacological support, respiratory therapy, and extubation.
• Respond to emergency situations by providing airway management, administering emergency fluids or drugs, or using basic or advanced cardiac life support techniques.
• Monitor patients’ responses, including skin color, pupil dilation, pulse, heart rate, blood pressure, respiration, ventilation, or urine output, using invasive and noninvasive techniques.
• Select, order, or administer anesthetics, adjuvant drugs, accessory drugs, fluids or blood products as necessary.
• Select, prepare, or use equipment, monitors, supplies, or drugs for the administration of anesthetics.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Offices of other health practitioners
• Colleges, universities, and professional schools
23. Pediatricians
Pediatricians diagnose, treat, and help prevent diseases and injuries in children. They also refer patients to specialists for further diagnosis or treatment, as needed.
Average Salary
$203,240
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury in infants and children.
• Examine children regularly to assess their growth and development.
• Treat children who have minor illnesses, acute and chronic health problems, and growth and development concerns.
• Examine patients or order, perform, and interpret diagnostic tests to obtain information on medical condition and determine diagnosis.
Projected growth (2022-2032)
Little or no change
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional Schools
24. Computer and Information Systems Managers
Computer and information systems managers plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming
Average Salary
$173,670
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Direct daily operations of department, analyzing workflow, establishing priorities, developing standards and setting deadlines.
• Meet with department heads, managers, supervisors, vendors, and others, to solicit cooperation and resolve problems.
• Review project plans to plan and coordinate project activity.
• Assign and review the work of systems analysts, programmers, and other computer-related workers.
• Provide users with technical support for computer problems.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Computer systems design and related services
• Management of companies and enterprises
• Software publishers
• Management, scientific, and technical consulting services
• Computing infrastructure providers, data processing, web hosting, and related services
25. Financial Managers
Financial managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.
Average Salary
$166,050
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
• Oversee the flow of cash or financial instruments.
• Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
• Recruit staff members.
• Evaluate data pertaining to costs to plan budgets.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Credit intermediation and related activities
• Management of companies and enterprises
• Securities, commodity contracts, and other financial investments and related activities
• Accounting, tax preparation, bookkeeping, and payroll services
• Insurance carriers
Highest Paying Jobs by State
The top-paying occupations in the U.S. vary by location, so here’s a look at the best-paid jobs by state based on the BLS’s State Occupational Employment and Wage Estimates. This listing goes in alphabetical order and includes all 50 states plus the District of Columbia.
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Alabama
Career: Cardiologist Average Salary: $466,030
Alaska
Career: Surgeon Average Salary: $311,440
Arizona
Career: Plastic Surgeon Average Salary: $430,870
Arkansas
Career: Orthopedic Surgeon Average Salary: $365,580
California
Career: Dermatologists Average Salary: $371,450
Colorado
Career: Anesthesiologists Average Salary: $384,860
Connecticut
Career: Dermatologists Average Salary:$308,230
Delaware
Career: Orthopedic Surgeons Average Salary: $509,820
District of Columbia
Career: Orthopedic Surgeons Average Salary: $509,820
Florida
Career: Cardiologist Average Salary: 428,810
Georgia
Career: Neurologists Average Salary: $332,760
Hawaii
Career: Orthopedic Surgeon Average Salary:$554,520
Idaho
Career: Cardiologists Average Salary: $521,690
Illinois
Career: Dermatologists Average Salary: $360,560
Indiana
Career: Athletes and Sports Competitors Average Salary: $702,270
Iowa
Career: Dermatologists Average Salary: $398,590
Kansas
Career: Surgeons Average Salary: $374,300
Kentucky
Career: Orthopedic Surgeons Average Salary: $410,760
Louisiana
Career: Surgeons Average Salary: $534,920
Maine
Career: Surgeons Average Salary: $450,330
Maryland
Career: Cardiologists Average Salary: $456,280
Massachusetts
Career: Dermatologists Average Salary: $414,270
Michigan
Career: Orthopedic Surgeons Average Salary: $412,260
Minnesota
Career: Dermatologists Average Salary: $514,330
Mississippi
Career: Surgeons Average Salary: $362,430
Missouri
Career: Cardiologists Average Salary: $370,910
Montana
Career: Surgeons Average Salary: $435,940
Nebraska
Career: Anesthesiologists Average Salary: $422,040
Nevada
Career: Dermatologists Average Salary: $344,980
New Hampshire
Career: Orthopedic Surgeon Average Salary: $425,620
New Jersey
Career: Chief Executives Average Salary: $414,350
New Mexico
Career: Emergency Medicine Physicians Average Salary: $332,590
New York
Career: Pediatric Surgeons Average Salary: $415,810
North Carolina
Career: Surgeons Average Salary: $429,010
North Dakota
Career: Psychiatrists Average Salary: $390,140
Ohio
Career: Athletes and Sports Competitors Average Salary: $648,120
Oklahoma
Career: Emergency Medicine Physicians Average Salary: $312,940
Oregon
Career: Anesthesiologists Average Salary: $395,060
Pennsylvania
Career: Cardiologists Average Salary: $478,340
Rhode Island
Career: Radiologists Average Salary: $343,450
South Carolina
Career: Ophthalmologists Average Salary: $386,460
South Dakota
Career: Oral and Maxillofacial Surgeons Average Salary: $347,390
Tennessee
Career: Surgeons Average Salary: $324,550
Texas
Career: Cardiologists Average Salary: $413,510
Utah
Career: Dermatologists Average Salary: $402,230
Vermont
Career: Orthopedic Surgeon Average Salary: $413,870
Virginia
Career: Neurologists Average Salary: $368,650
Washington State
Career: Anesthesiologists Average Salary: $419,950
Washington, D.C.
Career: Surgeons, Except Ophthalmologists Average Salary: $286,160
West Virginia
Career: Surgeons Average Salary: $365,560
Wisconsin
Career: Dermatologists Average Salary: $455,200
Wyoming
Career: Family Medicine Physicians Average Salary: $295,570
The Takeaway
Whether you look at the top-paying fields nationally or by state, healthcare professions dominate the list. However, a few other careers also consistently show up in the highest-paid job rankings, including professional athletes, chief executives, airline pilots, and computer/information systems managers.
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Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
You may enter into marriage with shared goals and plans for the future, but what about debt? Whether your partner’s debt becomes your responsibility when wed depends on the state you reside in, the kind of debt, and other specifics.
You’ll learn more about that ahead. This guide covers the difference between common law and community law states and the different sorts of debt that may be managed in a marriage. Read on to learn the details.
Key Points
• Responsibility for a spouse’s debt depends on the state’s laws, specifically if it’s a common law or community property state.
• In community property states, debts incurred during marriage are usually shared.
• Separate debts before marriage generally remain the individual’s responsibility.
• Joint account holders are liable for any debts accrued through those accounts.
• Specific state laws and the type of debt influence whether one is responsible for their spouse’s debts.
How Does Debt in Marriage Work?
Here’s a quick course in marital property and marriage guidelines:
• Marital property refers to assets acquired as a couple, such as real estate, bank accounts, and investments. Debt can also be a facet of marital property.
• The state in which you live (meaning where your permanent address is) determines whether you are in a community or common law state and governed by its rules.
• Most states are common law states. If property is acquired during a marriage by one partner and in only that partner’s name, it’s their sole property. So if you were married and bought a Tesla in your name, the car is yours.
• In a community property state, however, assets and debts acquired by one spouse in a marriage are considered to be the property of both partners.
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
In Which States Are You Responsible for Your Spouse’s Debt?
You are probably curious about which states have community property law. Here’s the list or the nine that do:
• Arizona
• California
• Idaho
• Louisiana
• Nevada
• New Mexico
• Texas
• Washington
• Wisconsin
What’s more, Alaska, the Commonwealth of Puerto Rico, South Dakota, and Tennessee have enacted elective community property laws. These are “opt-in” if a couple chooses to do so.
There are exceptions to these rules, such as if one partner receives an inheritance or if one owned property prior to marriage.
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Am I Responsible for My Spouse’s Credit Card Debt?
Whether or not you are responsible for your spouse’s credit card debt can depend on which state you reside in.
In a common law state:
• In a common law state, your partner’s credit card belongs only to them. The law provides that one spouse owns a particular asset unless you both put your names on it. That includes property like houses, automobiles, and even credit cards. If your spouse has a credit card with their name on it, it’s theirs alone. Therefore, the credit card debt liability also falls entirely on their shoulders.
• You would need to become a joint account holder in order to own any part of that debt. However, you could also be on the hook for that debt if you co-signed on the account.
• If your spouse made you an authorized user, though, that still leaves the credit card entirely in their name and not yours, meaning you hold no responsibility for paying any associated debts.
In a community property state:
• In a community property state, if they get a credit card while you’re married, that debt now belongs to both of you. Both partners are liable, regardless of who might have opened the account or accrued the debt.
• There is an exception: If you and your spouse are separated before they begin racking up the debt in question, you may not be held responsible. Each situation is different, however, and the state could hold you responsible for the debt in question should it be proved the debt was incurred for the benefit of the marriage.
• It’s good to keep in mind that if you have debts from before the marriage, such as a car loan, those will belong only to you. However, if you get another car loan after getting married, that is now a communal debt that you and your partner share.
Am I Responsible for My Spouse’s Medical Debt?
As you might guess, in community property states, a spouse is likely to be held responsible for a spouse’s debts, though the specifics may vary state by state. This includes medical debt.
In a common law state, you typically would not be responsible for debts your spouse alone incurred, but again, there are exceptions to this rule. (For instance, if you cosign when a partner is admitted for medical treatment.) You’ll learn more about these scenarios below.
Situations Where You May Be Responsible for Your Spouse’s Debt
When it comes to debt and marriage, there are some scenarios worth considering. If you are the kind of person to wonder, “How can I protect myself from my husband’s debt?” or “wife’s debt,” then read on.
When You Are a Joint Account Holder
Even if you live in a community property state, if your spouse racks up debt on a credit card you jointly hold, you may indeed be liable.
When You Live in a Community Property State
As you read above, if you live in a community property state, your spouse’s debts acquired during marriage will become yours as well.
When You “Opt in” into Community Property
As noted above, Alaska, the Commonwealth of Puerto Rico, South Dakota, and Tennessee have laws that can allow you to opt into community property arrangements although the states may default to common law guidelines. If you do so, you will become liable for debt that your partner incurs.
When You Cosign for Medical Payments
In a situation where you live in a common law state, if your spouse were to enter medical care or a medical facility, and you agree to cosign, you will become liable for the expenses related to this treatment.
Possibly When Your Spouse Dies
Much as no one wants to think about death, there are situations in which you could be liable for a deceased partner’s debts. These include if you live in a community property state, if you cosigned on a loan or for medical care, or if you had a joint account, among other scenarios.
Will My Partner’s Debt Affect My Credit Score?
Regardless of whether you live in a community property or common law state, your credit score is yours alone. Being married doesn’t mean that you and your spouse now have the same score or that your scores get merged.
However, if you and your spouse both sign up for a joint credit card or take out a loan together, that information will show up on each of your credit reports.
What Happens to Debt If We Separate Or Divorce?
When couples decide to separate, one of the first questions may be “How much will a divorce cost me?” That is typically very quickly followed by, “What happens to our debt?” The answer to the latter will likely be: It depends.
• Debt responsibility in a divorce isn’t as simple as dividing things in half. For example, if you have a credit card that is only in your name, that debt remains entirely with you in a common law state. However, if you have a joint credit card, most states will see that as joint debt if you separate or divorce, meaning you’ll both be responsible for that debt. It doesn’t matter who was making payments or running up bills; the law will see it as a shared burden.
• If, however, you live in a community property state and your spouse rings up a considerable amount of credit card debt, that could be seen as a shared burden. A creditor might be able to seek repayment from both of you. There are various factors to consider, so working with a legal professional with expertise in this realm can be a smart move.
• If you have a house, you may want to consider selling it off and splitting the money. Trying to untangle a mortgage (a form of consumer debt) if one of you will be moving out can get dicey. The partner who’s staying in the home may need to buy out the partner who’s leaving, for instance.
• If you did any investing as a couple during your marriage, that property will need sorting out. Investments come with legal and tax obligations, on top of the financial complexity. If you invested together, you may want to split the shares or account. Or you might think about selling off those investments and dividing the proceeds during a divorce. However, a lot of investments like that come with tax burdens, so keep that in mind if you have to go this route.
Of course, the courts might answer this and other questions for you. Divorces play out in different ways, including whether they are contested or uncontested. Working with a divorce attorney can help you understand the options and possible outcomes as your marriage ends.
Even if you decide to merge your financial lives completely, finances can become complicated in a marriage. In terms of debt and whose is whose, there is the question of whether you live in a community property or common law state. There will also be the matter if debt was held before marriage or after the wedding. And then there are such concerns as whether you and your spouse cosign or become joint holders on loans and/or accounts or keep things separated. All of these factors (and more) can impact whether or not you are liable for your spouse’s debt.
When you marry, your personal banking will be impacted as well as your lines of credit and debt. You could completely merge your banking, keep things separate, or have both a joint and separate account. SoFi can offer you options to suit your particular needs.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
Will my partner’s debt affect my credit score?
Credit scores are specific to each individual. However, if you cosign a loan or open a joint credit card, the specifics of that account will turn up on each partner’s credit reports and could impact each spouse’s score.
Am I responsible for my spouse’s debt after death?
Whether or not you are liable for your deceased spouse’s debt will depend on various factors, such as whether you live in a community property or common law state, whether the debt was incurred before or during the marriage, and whether the debt is in a joint or cosigned form.
Are married couple’s responsible for each other’s debt?
Married couples can be responsible for each other’s debt in certain circumstances, such as if the debt was incurred during the marriage in a community property state or if the debt was cosigned for or accrued with a joint credit card, among others.
Can I be forced to pay my spouse’s debt?
There are a couple of situations in which you could be forced to pay your spouse’s debts, such as if you live in a community property state or if you are a joint account holder.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. 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 either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. 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 Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This article is not intended to be legal advice. Please consult an attorney for advice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
A cardless ATM allows you to withdraw cash from your bank account without using a debit card. While these ATMs may look like regular ATMs and still have a slot to insert a debit card, they have the technology to identify an account holder without a debit card. To get cash without a debit card, you generally need a smartphone, the bank’s app, and a checking account that supports cardless cash.
Key Points
• Cardless ATMs allow cash withdrawals without a debit card, using a smartphone and the bank’s app.
• These ATMs may use QR codes, NFC, or biometrics for user identification.
• Users can schedule withdrawals in advance through their bank’s app, enhancing convenience.
• Cardless transactions offer the same options and rules as traditional card-based ones, including withdrawal limits.
• The technology provides increased convenience and security but requires access to compatible ATMs and possibly a newer smartphone.
🛈 Currently, SoFi does not offer cardless ATM withdrawals. Members need their physical debit and PIN number to withdraw cash at ATMs.
What Is a Cardless ATM?
A cardless ATM is similar to a regular ATM except it allows you to withdraw cash without using a debit card. You can do the same things you can with a card, like get cash and find out your account balance. Cardless ATMs display a distinctive contactless sticker, to make them easy to identify. Otherwise they look and perform like regular ATMs.
What Is a Cardless Withdrawal?
Thanks to technology, you can often withdraw money from an ATM without a debit card and instead use your cell phone. This is good news for those who don’t like to carry around cards or would rather not have to search through their wallets to find the right card when they get to an ATM.
Cardless withdrawal allows you to use an app to get your cash. Cardless ATMs use different types of technology (such as QR codes, NFC, and biometrics) to securely identify an account holder and dispense their cash without the presence of a debit card. Below, we’ll take a closer look at how exactly this works.
How to do a cardless withdrawal? First, you’ll need an ATM that has cardless access and a bank account that allows cardless cash. Then, you’ll follow these steps.
Withdrawals With a Cardless ATM App
With your phone, you initiate a withdrawal using your bank’s mobile app. There’s variation in how these apps work: The bank may send you a code to plug into the ATM or one that you can scan at the ATM. Either way, you need to press the cardless ATM acceptance mark. You’ll then be prompted to enter a code or scan the QR code on the ATM screen.
Next, you’ll see if any ATM fees are associated with the transaction. Then, you can accept and authenticate the transaction (which may involve using your phone’s biometrics, which are typically, fingerprints, voice recognition, iris scanning, or face recognition). You can also choose to decline and cancel the transaction. If you move ahead, the ATM receives authorization of the transaction and issues the cash you requested — no card needed.
Another option is to use a contactless payment or digital wallet option like Samsung Pay, Google Pay, or Apple Pay. If you use one of these payment providers, they will likely use near-field communication (NFC). In this situation, you’ll hold your phone close to the ATM so your phone and the ATM can “talk” to each other. You’ll then be able to access the bank account linked to the app.
Scheduling a Cardless ATM Withdrawal in Advance
Many of us enjoy using apps to complete a mobile order and then have it waiting when we zip past the pickup spot. Think about how you might buy an espresso at the cafe in your office lobby while you’re commuting in to work, order a salad at lunchtime and then snag it after running an errand, or refill a prescription so it’s ready as you head home.
Guess what? Depending on your bank, you may be able to schedule a withdrawal in advance through your bank’s mobile app. You choose how much you want to take out before you get to the ATM. Once you schedule your withdrawal, you typically have 24 hours to retrieve it. It makes the whole process that much quicker.
You can access the same options for transactions with a cardless ATM as you would if you had a physical card, and the rules are similar. For example, if you have withdrawal limits for ATM use with a debit card, those same limits would be applicable for a cardless transaction.
Always be mindful of ATM withdrawal limits. They vary at each bank, with some capping at $300 and others as high as $5,000 a day. Your ATM withdrawal limit can also vary depending on your banking history or account type. For example, a new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account.
Pros of a Cardless Cash Withdrawal
For sure, there are some upsides to being able to get cash without your debit card. Here are some to consider.
Convenience
It’s handy to be able to get your cash and conduct other transactions without your debit card. As long as you have your phone, you’re good to go. No need to make a trip back home if you discover when you get to the bank that you left your card at home. Cardless cash also allows you to carry around fewer cards. That can be helpful should you lose your wallet or it gets stolen.
Simplicity and Savings
With cardless ATMs, you can have access to all your bank accounts at multiple financial institutions. Say you have two different bank accounts, and the card you need for one is at home. No worries. Your phone will unlock your banking for you.
Also, if you’re not near an in-network ATM for the card you have on you, you can use a different account and avoid an out-of-network ATM fee.
Less Contact
In these times when there are still some concerns about COVID-19 and germs in general, not having to insert your card into an ATM is a plus. Less touching of surfaces that have seen a lot of potentially germy fingertips can be a good way to go.
Security
You may sleep easier at night because there’s no chance of card skimming since you’re not swiping your card. What’s more, you may be able to avoid entering your PIN. That’s a plus since you don’t have to worry about hidden cameras or lurkers getting your digits.
Cons of a Cardless Cash Withdrawal
Carldess cash withdrawals also have some downsides. Here’s a closer look.
Accessibility
Not every ATM has cardless capabilities, and your bank may not have cardless ATMs that are convenient to where you live or work. Before you decide to go the cardless route, you’ll want to investigate what your financial institution offers in terms of cardless ATM access. Also, if you travel frequently, you may not always be able to find a cardless ATM when you need one. While cardless ATMs aren’t rare, they also aren’t everywhere.
Potential for Scams
Your phone will contain additional sensitive information if you go the cardless route. If you lose your phone or it is stolen, that information could be at risk. While there are plenty of safeguards and security measures, like biometric security and two-factor authentication, you’ll want to report a lost or stolen phone to your bank immediately.
May Need a Phone Upgrade
Are you one of those people who stand in long lines for the latest, greatest smartphone release? You’re probably If you regularly upgrade your phone to the latest model, you’re probably going to do fine with cardless withdrawals. But if you tend to hold onto your phone for a long time, you may need an upgrade that can handle your bank’s app and NFC, when required. Otherwise, your device may not be capable of cardless transactions.
Pros of Cardless Withdrawals
Cons of Cardless Withdrawals
Convenience
Need a cardless ATM
Simplicity and savings
Potential for scams
Less ontact
May need a newer phone
Security
The Takeaway
Cardless withdrawals are another way technology can help simplify your finances. All you need to access the cash in your checking or savings account is a smartphone, your bank’s app, and an ATM — no debit card required.
FAQ
Do banks do cardless withdrawals?
Yes. Some ATMs offer cardless withdrawals. Cardless ATM machines look like any other ATM but allow you to get cash even if you don’t have a debit card. You just use your smartphone and banking app. To find a cardless ATM, look for the contactless sticker.
How do I use a cardless ATM?
You begin a cardless withdrawal by using your bank’s mobile app. Depending on the particular app and bank network, your transaction may involve entering a PIN, scanning a QR code, and/or implementing biometrics (such as fingerprints, voice recognition, iris scanning, or face recognition) to initiate your transaction. You can then receive your funds.
If you use a payment provider like Apple Pay, which uses near-field communication (NFC), you’ll hold your phone close to the ATM and access the bank account linked to the app.
Can I withdraw money without an ATM card?
Yes. Many ATMs and checking accounts allow cardless withdrawal, which means you can get cash without a debit card. You just use your smartphone and your banking app to access your account. You can also complete any other tasks that you would do at a typical ATM.
Photo credit: iStock/hsyncoban
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. 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 either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. 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 Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Our account fee policy is subject to change at any time. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
