What Is a Growth Savings Account?

Growth Savings Accounts: What They Are and How They Work

The term “growth savings account” or “grow savings account” generally refers to a savings account that earns more than the average interest rate for a savings account. This allows your money to grow faster, just for sitting in the bank.

But are these accounts always a good bet? Important points to consider are:

•   What is a growth savings account?

•   How do growth savings accounts work?

•   The pros and cons of a growth savings account

•   How to open a growth savings account.

What Is a Growth Savings Account?

Growth savings accounts are similar to regular savings accounts, except that they tend to pay a higher annual percentage yield (APY), which represents how much an account holder will earn in interest over the course of a year.

More commonly referred to as a high-yield savings account, these accounts can pay 10 to 20 times more than the average APY for a savings account, while keeping those funds safe and accessible.

You may get the best interest rate on a growth savings account at an online bank or credit union versus a traditional, brick-and-mortar, bank. However, even at their best, the APYs on these savings accounts generally lag behind what you could earn by investing in the market over time. That makes growth savings accounts best suited for your emergency fund and money you’re saving for a short-term goal, like a vacation or large purchase.

How Do Growth Savings Accounts Work?

Growth savings accounts work in the same way as regular savings accounts. You open the account at a bank or credit union, deposit money into the account, and begin to earn interest on your balance. You can continue adding money to the account, either by making a deposit at a branch or ATM, transferring money from a linked account, or via mobile check deposit or direct deposit.

Savings accounts are typically insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) at banks and the National Credit Union Administration (NCUA) at credit unions. So you can’t lose your money (up to certain limits) even if the bank were to go out of business.

Savings accounts allow easy access to your money when you need it, though some institutions may limit the number of withdrawals or transfers you can make to six or nine per month.

Recommended: How High-Yield Savings Accounts Work

Pros of a Growth Savings Account

Here’s a look at some of the advantages that come with opening a growth or high-yield savings account.

Higher Interest Rates

Because these savings accounts can offer higher interest rates, the money held in the account tends to grow faster than money held in traditional savings accounts. When determining what is a good interest rate, it’s a good idea to also look into minimum balance requirements. You may see that you need to keep your balance above a certain threshold to earn the highest available rate.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


Accessible Form of Growth

Putting money in a savings account can be a great way to earn interest while keeping that money liquid, meaning you can access it as soon as you need it. You don’t need to sell off investments or wait until a particular maturity date to withdraw the money.

Recommended: CDs vs Savings Accounts Compared

Good Way to Build an Emergency Fund

Because these funds are fairly accessible, a growth savings account can be a great place to build an emergency fund. That way, the emergency fund can continue to grow until it might be needed.

Cons of a Growth Savings Account

There are also some downsides to growth savings accounts worth keeping in mind before opening one.

Limited Growth Opportunity

Yes, growth savings accounts typically earn more interest than traditional savings accounts. However, when considering your long-term savings options, there may be more strategic investments that can enhance growth over time. If, for instance, you’re saving for retirement, which is a few decades away, you might take a look at the stock market for growth.

Withdrawal Limits

Growth savings accounts generally provide easier access to funds than keeping money in investments. That said, you may only be able to make a certain number of withdrawals or transfers per month (such as six or nine) or risk running into fees. While the Federal Reserve withdrew this rule during the pandemic, banks are allowed to continue imposing those limits, so it’s a good idea to check.

Earnings Are Taxable Income

The interest earned in a growth savings account can count as taxable income. By contrast, the money you put into a Roth Individual Retirement Account (IRA) grows tax-free.

Pros of Growth Savings Accounts Cons of Growth Savings Accounts
Higher interest rates Accessible form of growth
Good way to build an emergency fund Limited growth opportunity
Possible withdrawal limits Earnings are taxable income

Recommended: What is a Roth IRA and How Does it Work?

Choosing a Growth Savings Account

When you’re looking for ways to earn more interest on your money, a growth or high-yield savings account might be a good option. It’s a good idea to shop around to find the best fit for your needs. Here are a few factors to keep in mind when looking for a new savings account:

•   APYs

•   Minimum balance requirements

•   Fees

•   Account features

•   Mobile app

•   Other product and service offerings

How to Open a Growth Savings Account

While each banking institution will have its own process, opening a growth savings account typically includes the following steps:

•   Fill out the application. When filling out a savings account application, you’ll usually provide details like your name, Social Security number, proof of address (say, from a utility bill), and government-issued photo ID.

•   Choose the account type. There may be different savings account types, such as an individual account or a joint account (to share with a spouse or family member). Select the kind that’s right for your needs.

•   Designate beneficiaries. It’s important to choose a beneficiary for your growth savings account, just as you might select a beneficiary for a 401(k) plan. This is the person who would receive the account’s funds if you were to become incapacitated or pass away.

•   Deposit funds. Some banks require a minimum initial deposit, so you may need to make that deposit to open the account.

•   Create login information. To set up your online account, you’ll need to create login information such as a username and password. Be sure to create a unique and complex password with at least one capital letter, number, and symbol.

While there may be another step or two in some situations, that’s how to open a bank account.

The Takeaway

Growth savings accounts generally offer higher interest rates than traditional savings accounts, which can help your money grow faster. In some cases, however, these accounts may come with monthly fees and/or require you to maintain a certain minimum balance to earn the higher rate, so it pays to shop around.

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 3.80% APY on SoFi Checking and Savings.

FAQ

How do growth savings accounts work?

Growth savings accounts function similarly to traditional savings accounts. The only difference between these account types is that growth savings accounts tend to have higher interest rates.

What does “growth account” mean?

A growth account — also known as a high-yield account — typically offers a higher interest rate than a traditional savings account. This higher interest rate leads to more growth on deposited funds.

How much interest does a growth savings account earn?

These days, a growth or high-yield savings account can earn as much as 5% APY.


Photo credit: iStock/Eoneren

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


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.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Understanding ACH Returns: What They Are & How to Return an ACH Payment

Understanding ACH Returns: What They Are & How to Return an ACH Payment

The Automated Clearing House Network, or ACH, is a network that allows individuals and businesses to electronically move money between bank accounts — often within the same day. But sometimes things just don’t go according to plan, and those quick, convenient ACH payments wind up getting returned or needing to be reversed. Usually, these electronic transactions run smoothly, but at times, the funds don’t or can’t get from point A to point B.

Here, we’ll take a look at why ACH payments are sometimes returned. We’ll cover:

•   What ACH turns are

•   Terms to know about ACH returns

•   What the difference is between an ACH return and a Notice of Change

•   How to return an ACH payment

What Are ACH Returns?

While most ACH payments are likely to go through, ACH returns occur when an ACH payment fails to be completed. This can happen for a few reasons, such as:

•   The originator providing inaccurate payment information or data

•   The originator providing non-existent or inadequate authorization

•   The originator isn’t authorized to debit the client’s account with an ACH payment

•   Insufficient funds to cover the transaction (which can happen, especially if the person paying doesn’t balance their bank account regularly)

Next, let’s look at how an ACH return transpires. If a merchant wants to debit their customer’s or client’s account, the merchant’s bank (at the merchant’s request) will send a request for an ACH debit from the customer’s account. The customer’s relevant ACH network will then receive an ACH payment request. Then the merchant’s bank will debit the customer’s account and the merchant’s account will be credited with the amount of money indicated in the ACH payment request.

If for some reason the customer’s bank account alerts the ACH network that they are not able to complete the transaction, the money will remain in the customer’s account. That’s an ACH return.

It costs money to process an ACH return, and that cost generally falls on the consumer. Similar to how consumers get charged a fee when they bounce a check, the consumer will typically need to pay a fee if an ACH return occurs. This bank fee is fairly small and typically only costs $2 to $5 per return.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


Important Terms to Know About ACH Returns

To better understand how ACH returns work, it’s helpful to know a bit of the industry’s vocabulary — particularly ODFI and RDFI (which are the two parties involved in every ACH return). Here’s what these acronyms mean:

•   ODFI (Originating Depository Financial Institution): The originator of the transaction who’ll send funds

•   RDFI (Receiving Depository Financial Institution): The receiver of the funds

Another facet of ACH lingo that’s helpful to know are ACH return codes. Any ACH return that occurs will generate an ACH return code. These ACH return codes are made up of the letter R followed by some numerals. Each code represents a different reason for a return. These codes can be helpful because they inform the originator of why the ACH return happened.

The following ACH return codes are fairly common:

•   R01 – Insufficient funds. This code means that the available assets can’t cover the debit entry (like when an account is overdrawn).

•   R02 – Account closed. In other words, the client or the RDFI closed the account that should be debited or credited through an ACH payment.

•   R03 – No account/unable to locate account. In this case, the return occurred because the account intended for ACH payment doesn’t exist or the account’s owner is not the one noted by the debit entry.

•   R04 – Invalid account number structure. If something is wrong with the client’s bank account number or the number doesn’t pass validation, a R04 return code results.

•   R05 – Unauthorized debit to a consumer account. If the receiver hasn’t authorized the originator to request an ACH transfer from their bank account, the transfer can be blocked, and this ACH code will occur.

It’s worth noting that R05 return codes work a bit differently. Unlike the other ACH return codes listed, the return time frame for R05 is 60 banking days instead of two. This longer time frame gives the originator a chance to ask the receiver to allow the ACH transfer to occur or to provide them with a new bank account number to complete the transaction.

Recommended: Routing Number vs Account Number: How to Find Both

What Is the Difference Between a Notice of Change (NOC) And ACH Return?

It’s easy to confuse a Notice of Change (NOC) and an ACH return, but these are two different things. An NOC is a method used by financial institutions to notify a federal agency to correct or change account information. It applies to an entry processed by the federal agency through the ACH. A NOC is not a form of payment in and of itself. Nor does it represent a failure to complete an ACH payment transaction. It’s a request for an edit, basically, while an ACH return actually stops a transaction.

Recommended: How to Transfer Money From One Bank to Another

When Can You Request a Reversal of an ACH Payment?

For a reversal to occur on an ACH payment, certain requirements have to be met. Here are the guidelines for successfully putting the brakes on a transaction:

•   The reversal entry has to be transmitted to the bank within five banking days after the settlement date of the erroneous file.

•   Transmitting the reversing file has to occur within 24 hours of discovering the error.

If these criteria are met, the reversal of an ACH payment can proceed.

Why You Might Be Receiving an ACH Return

As you monitor your bank account, you may see that an ACH transaction, which usually happens so smoothly, is being returned. This can occur for a variety of reasons. For instance, the originator may have provided inaccurate payment information or may not have been authorized to debit the customer’s or client’s account with an ACH payment. The codes reviewed above can also shed light on why the transfer of funds was stopped. By the way, both returned mobile ACH payments and returned ACH card payments can occur.

How to Return an ACH Payment

Account holders and merchants who encounter issues with ACH payments can stop or reverse them.

If you may need to delay or adjust an ACH debit (which is an automatic “pull” from your account) as a consumer, you’ll want to contact the organization that is initiating the payment, whether this is the biller or your bank. If it is your bank, you’ll need to give them the name of the business or organization that is making the ACH debit and the amount. Ideally, you want to do this three business days before the scheduled payment date.

If you want to stop an ACH credit, which is when your bank “pulls” money from someone else’s account, you will need to notify your bank before the payment is debited. You will typically need to provide the name of the person or business that is paying you, the exact payment amount, and your account details.

The Takeaway

While ACH payments are a convenient payment method, sometimes a funds transfer fails to go through. In this situation, a returned ACH payment occurs. ACH returns can happen for a few reasons (such as the client’s bank account contains insufficient funds to complete the transfer). The entire process is fairly quick and is usually completed within two banking days. As more and more electronic transfers happen, it’s wise to be aware of this system that can step in if details are incorrect or one party can’t or won’t hold up their end of the arrangement.

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 3.80% APY on SoFi Checking and Savings.

FAQ

What’s the time frame for an ACH debit return?

It usually takes two banking days for an ACH return to complete. However, there are select ACH return codes that result in a 60-day return period.

How much are ACH return fees?

Fees vary, but they usually cost about $2 to $5 per return. The consumer pays this charge. It’s similar to paying a fee for a bounced check.

What are ACH return codes?

Every time an ACH return happens, the originator will be sent an ACH return code. This code is represented by the letter R and a two-figure number and explains why the return happened. For example, a R01 return code indicates that the client’s bank account contains insufficient funds to complete the transfer.

Can returned ACH payments be disputed?

Yes, ACH returns can be disputed. What that process looks like varies with the reason why the ACH return occurred. Every ACH return code has a specific return time frame associated with it. Generally, the client needs to dispute the ACH return during that time frame.


Photo credit: iStock/Nicola Katie

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


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.

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couple laptop finances

Money and Marriage: Making Important Money Decisions in Marriage

Financial decisions are difficult enough on your own. But they can get even harder when you bring a significant other into the mix. After all, you both are coming from different life experiences and may have very different (often deep-seated) views on money, including how it should be spent and whether it should be saved.

Not surprisingly, money is a common cause of stress in relationships and, if left unaddressed, it can start impacting more things than just your bank account. Research consistently shows that financial problems and disagreements over money is a leading cause of divorce.

Considering how personal, and therefore complicated, each partner’s relationship with money can be, navigating money conversations can be tricky.

A great first step is to understand that financial decision-making as a couple may not come naturally, and that’s completely fine. These conversations take practice. What follows are a few strategies to try and some ideas to keep in mind when making financial decisions with your partner.

Key Points

•   Financial decisions can be more challenging when involving a partner due to differing backgrounds and views on money.

•   Common causes of financial disputes among couples include budgeting, spending, and handling past debts.

•   Effective strategies for couples include scheduling money discussions, writing down feelings about money, and actively listening to each other.

•   Compromise and joint decision-making can strengthen the relationship and improve financial outcomes.

•   Implementing a financial plan with clear actions can help couples achieve their shared financial goals.

Common Causes of Couple Money Fights

Whether you and your partner are struggling to make a particular money decision or generally don’t see eye to eye on money, know that money fights are normal and common. Here’s a look at some of the most common hot button issues for couples.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Sharing Account Information

Some couples struggle with privacy limits and may disagree about what level of access their partner should have to their financial accounts. If one partner feels they don’t have fair access to financial accounts, passwords, and paperwork, resentment can build.

Married couples in particular may find it confusing and challenging to not have a full picture of their complete financial health.

Determining Budgeting and Spending Limits

Maybe one of you likes to spend and enjoy life, while the other prefers to save for a rainy day. This disconnect happens all the time. Not all couples agree on how much they should be spending versus putting aside for the future and this can lead to anger and tension.

Dealing With Past Debt

If one partner brings a sizable amount of debt into the relationship, couples may disagree about who is responsible for paying off the debt.

You might take some solace in knowing that debts brought into a marriage stay with the person who incurred them and are not extended to a spouse. It won’t hurt the other partner’s credit rating (which is linked to their Social Security number and tracked individually). In most states, however, debts incurred after marriage jointly are owed by both spouses.

Saving and Investing

Many couples can’t agree on how much money they should save each month, as well as how they should be saving it. One partner may feel investing is the best path to a stronger financial future, while the other might be more risk averse, preferring to stash extra funds in a high-yield savings account.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

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7 Tips for Making Financial Decisions as a Couple

Just having a conversation about money with your significant other can be fraught. Coming to an agreement on how to manage your money is often even harder. Fortunately, these eight strategies can help you find common ground.

1. Make a Date to Talk

Your instincts might tell you to dive headfirst into a big money talk in order to get it the heck out of the way. But this may not be your best strategy. No one is their best self when they feel caught off guard. A conversation about a tough financial decision will likely be more productive when there are two calm, prepared people at the table.

Instead of bringing up the topic of money out of the blue, you might give your partner some notice. You can simply set a time to talk about the financial decision at hand. Or, you might want to turn it into a real “date” and treat yourself to a coffee at the local shop or pick up your favorite take-out dinner. Either way, the most important thing is that you have a designated time for the talk. This strategy can be applied to discussing one particular financial decision, or you can utilize it on a regular basis.

Recommended: How to Make Talking About Finances Fun, Not a Fight

2. Write It Out

Sometimes, it’s simply hard to communicate how you feel. This is especially true for topics that affect us deeply and in confusing ways, like money. If you and your partner are people that like to put their feelings down in writing, consider writing each other a letter prior to your financial “date.”

In your letter, you might include some background on how you were raised to think about money, your money stressors, and your financial goals. Focus the letter on yourself and from where your financial beliefs stem.

Not only will this help your partner understand where you are coming from, but it can also provide you with some very useful introspection about money and your system of values.

3. Be Prepared to Listen

When making financial decisions, your main objective should not be to explain your point of view. To have a truly productive conversation, you must be committed to listening, too. This is good practice in all conversations with your partner and loved ones, but especially when talking about financial decisions.

Here’s the thing about making financial decisions: It’s rarely black and white and, generally, there is no right and no wrong. Being open to listening often translates into being open to learning.

Not only is your partner’s perspective important, but you might even be able to learn something from them. We’re all learning as we go anyway, and by listening, you have a chance to learn and evolve as a couple.

Recommended: How to Budget As a Couple and Why It’s Important

4. Be Communicative

One key to having a productive and healthy conversation regarding money or a specific financial decision with your partner is to communicate your feelings, thoughts, and fears. Something that seems obvious to you may not be obvious to them, so give your partner the benefit of explaining yourself in a calm and thorough way.

When you communicate, try to stick with talking about how you feel regarding a matter and avoid making declarations about what your partner has done in the past or what you’re hoping that they will do in the future.

Making comments about how a person is spending can quickly turn accusatory, putting them on the defensive. Even when having tough conversations, do your best to remove judgment from the equation.

Also, it’s best not to assume that just because you have explained something to your partner once, that they understand what you mean and where you are coming from. Don’t lose your cool if you have to remind your partner what’s important or a priority to you, especially if your priorities don’t align on this particular issue.

Recommended: Guide to Improving Your Money Mindset

5. Crunch the Numbers

Sometimes, the numbers help guide financial decision-making within a relationship. It can be worth taking the time to figure out exactly how each financial decision would play out over the short and long term.

By breaking big costs down into monthly numbers, you and your partner can see on paper what is possible (and what isn’t). The exercise may provide a new perspective altogether or, at the very least, get you on the same page regarding the different options with your money.

If you feel at a loss for what you should be focusing on or how to accomplish your goals, you may want to hire a financial expert, such as a credentialed financial planner. Some financial guidance from a person skilled in financial planning could be just what a couple needs to step up their money game.

6. Compromise

If you’re in a partnership, you already know that compromise is key. The good news is that with money, compromising is not only possible but often ideal. For example, you don’t have to pick just one savings goal to work on at a time. Financial decisions don’t have to be one or the other. Indeed, a multi-pronged approach is often the best way to build financial security.

Also, know that there is no perfect formula for how a couple makes financial decisions. Just because your best friend and her spouse divide their finances in a certain way or prioritize certain money goals over others doesn’t mean that you have to do it this way. Part of compromise with your partner is abandoning the idea that your partnership should work like anyone else’s.

7. Put Plans Into Action

Once you’ve hashed out your money goals and fears with your honey, and made some key financial decisions together, it’s a good idea to come up with an actionable plan to make your shared goals a reality.

If you’ve decided that you want to purchase a home in two years, for example, figure out how much of a downpayment you’ll need and, then, how much money you need to siphon into savings each month to reach your goal. You might then set up an automatic transfer from your checking account(s) and into your joint savings account each month.

A fringe benefit of making financial decisions as a couple is that you have a built-in accountability buddy to make sure you follow through on your plan and don’t spend that savings on something else.

Smart Money Decisions Couples Make

Here’s a look at some smart money moves you may want to make as a couple:

•   Opening joint accounts: Having at least one joint bank account can simplify your finances and make it easier to work towards your shared goals. That said, you don’t have to merge everything. You might decide to keep individual accounts for personal use — this gives each partner some freedom to spend on themselves without having to explain their expenditures.

•   Labeling your savings: Having separate savings accounts for separate goals (even giving them labels, like a “downpayment” or “vacation” account) can help you stay on track and reach your goals sooner. Some savings accounts have a sub-savings account feature, which allows you to split funds in one primary savings account into separate categories.

•   Automate your savings: It can be smart to set up recurring automated transfers from your checking account(s) to your savings and investment accounts based on your goals.

•   Increasing your emergency reserve: Your emergency fund should be large enough to cover living expenses — for both of you and any dependents — for anywhere from a few months to a year, depending on your situation.

Recommended: Survey Says: Couples That Pool Finances Are Happier

The Takeaway

Talking about money with your partner isn’t always easy, but having honest discussions about your financial situation and goals is critical. This can help you better understand each other, make important financial decisions as a couple, and come up with a plan that can make your shared goals and dreams a reality.

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 3.80% APY on SoFi Checking and Savings.

FAQ

Should married couples make financial decisions together?

Even if you don’t merge all of your money, it can be a good idea to work together on some key financial decisions that will impact both of your futures. Making financial decisions together can have multiple benefits, including increased closeness and trust, less conflict over money, and better financial outcomes.

How should money be split in a relationship?

There are several methods couples can use to manage money and cover their living expenses. One option is to merge all or some of your funds in a joint bank account and use it to pay for shared expenses. Another option is to keep separate accounts, but have each partner make equal payments towards shared expenses.

A third approach you might consider is to split bills proportionally based on each partner’s income. So if one partner makes 70% of the total household income, they would then cover 70% of shared expenses, while the other partner would pay for 30%.

What are financial red flags in a relationship?

Financial red flags are money issues that are either currently causing problems in a relationship or have the potential to do so in the future. While they are not necessarily deal-breakers, they are harbingers of future relationship and financial strain. If you notice any of the following six signs, it’s important to deal with them promptly, ideally before your life is too intertwined with your partner’s.

•   Unwillingness to discuss money

•   Excessive credit card or other debt

•   Flaunting their wealth

•   Severe frugality

•   Using money to manipulate or shame

•   Keeping secrets or telling lies about money


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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

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The Highest-Paying Jobs in Every State

25 Highest Paying Jobs in the US

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

Learn more: 20 Highest-Paying Jobs in California

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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Am I Responsible for My Spouse's Debt?

Am I Responsible for My Spouse’s Debt?

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.


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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.

Recommended: What Is Financial Minimalism?

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.

Recommended: 10 Personal Finance Basics

The Takeaway

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.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

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.

Photo credit: iStock/AleksandarNakic


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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% 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 Eligible 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 an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% 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 Eligible 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 Eligible 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 Eligible 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 Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://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.

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