How Much More Is Car Insurance for a Sports Car?

How Much More Is Car Insurance for a Sports Car?

The average cost of insuring a 2024 model sports car will vary based on the model. For instance, full coverage on a Ford Mustang costs around $2,172 a year, which is a relative bargain compared to the $4,116 annual bill you’ll pay to insure a BMW i8.

What’s more, the cost difference between insuring a sports car and a standard vehicle can range from a couple hundred dollars to a few thousand dollars. The average cost of full coverage for a conventional car is around $2,064 a year.

To help you decide if purchasing a hot new ride makes sense, we’ll provide details about how much insurance costs for a sports car, and the factors that can raise or lower your premiums.

Key Points

•   Sports car insurance is costly due to high risks and repair expenses.

•   Insurance costs differ by model; Maserati Quattroporte is among the priciest.

•   Mazda Miata is one of the least expensive sports cars to insure.

•   Factors influencing rates include driver’s age, car model, and location.

•   Reducing costs involves maintaining a clean driving record and bundling policies.

What Is Sports Car Insurance?

“Sports car” is a common term used for small, low-built cars designed for performance at high speeds. Sports car insurance then refers to typical auto insurance for a sports model. Drivers generally have to pay more to insure a sports car because of the higher sticker price and greater perceived risk.

Sports cars usually have top-of-the-line engines that drivers can easily push to high speeds, upping the likelihood of an accident or speeding ticket. Sports cars tend to be more expensive to repair and replace because their parts are costly to manufacture. As a result, insurers often charge drivers more to cover sports cars.

Need to brush up on your vehicular vocabulary? Check out our roundup of car insurance terms.

How Much Does Insurance Cost for a Sports Car?

Sports car insurance can range from $2,400 for a Mazda Miata to $6,166 for a Maserati Quattroporte. Keep in mind that these numbers are averages. Your costs will depend on many factors, such as your age and the age of the car, security features installed in the vehicle, the state you live in, and how much you drive.

Parents and teens alike may benefit from our insurance tips for first-time drivers.

Average Cost of Insuring a Sports Car

See below for the average cost of insuring a sports car, by make and model:

Make and Model

National Average Rate

Maserati Quattroporte S GranSport $4,823
Maserati Ghibli S Q4 GranSport $4,208
BMW M8 xDrive $3,907
Audi R8 5.2L Spyder Quattro $3,863
Nissan GT-R Nismo $3,829
BMW M5 Competition xDrive $3,777
Tesla Model S $3,567
Porsche 911 $3,261
Dodge Charger $2,930
Jaguar F-Type $2,751
Dodge Challenger $2,317
Chevrolet Corvette $2,420
Mazda MX-5 Miata $1,857

What Do Insurance Companies Consider to Be Sports Cars?

While insurance companies don’t have a strict, universal definition for sports cars, they typically have powerful engines with more horsepower but weigh less than sedans. Sports cars get their name from the sport of racing, which inspires their engine specs and body shape. Manufacturers design sports cars to be small, fast, and maneuverable.

Car enthusiasts and connoisseurs appreciate the expertise and craft that go into making sports cars. But anyone can get behind the wheel of these thrilling and potentially dangerous vehicles. Those dangers have financial implications, so insurance companies tend to charge increased premiums. Still, it’s possible to find affordable car insurance for many sports models.

What Coverage Do You Need for a Performance Car?

Because of a sports car’s higher value, drivers tend to choose maximum vehicle coverage over minimum car insurance. Full coverage can vary but tends to include the following:

Liability Insurance

If you’re at fault for an accident, liability insurance covers the cost of injuries and property damage to the other people involved. It can also cover legal fees and court costs if someone sues you after an at-fault accident. Most states require some level of liability insurance.

Comprehensive and Collision

This coverage provides complete damage coverage for your vehicle, whether it’s beat up by a storm or after an accident. If you lease or finance your sports car, your leasing agent or lender will likely require this coverage.

Uninsured / Underinsured Motorist

UM coverage protects you if you collide with someone with limited or no auto insurance. In an accident where someone else is at fault and they don’t have enough insurance, UM will cover your medical bills up to policy limits. Some states require UM coverage.

Recommended: How Much Car Insurance Do I Need?

Personal Injury Protection

PIP insurance covers medical bills, lost wages, and funeral expenses after an accident, no matter who caused it. Some states require this type of coverage.

Gap Insurance

When a newer car is totaled, standard insurance will reimburse you the car’s actual cash value (ACV), which may be less than the amount left on your loan or lease. Gap insurance covers the gap between the vehicle’s ACV and the amount you owe, minus the deductible.

Learn more about how gap insurance works.

New Car Replacement

New car replacement operates similarly to gap insurance by covering the cost of purchasing the same make and model vehicle that was damaged — after the deductible.

Which Sports Car Has the Cheapest Insurance?

The sports car that’s cheapest to insure is the Mazda Miata, with an $2,400 average annual premium, per ValuePenguin. That may be because Mazda is known as one of the safest car brands on the market. In 2024, five of its cars earned the Insurance Institute for Highway Safety’s Top Safety Pick+ award.

For a deep dive into the process, read this take on how to get car insurance.

Which Sports Car Is the Most Expensive to Insure?

According to Insure.com, the Maserati Quattroporte is one of the most expensive sports cars to insure, costing $6,166 annually on average. Maserati is a renowned exotic car manufacturer whose vehicles are both expensive and exclusive. The Quattroporte is a supercharged luxury sports sedan.

Recommended: How to Save on Car Maintenance Costs

How Can You Save Money on Sports Car Insurance Rates?

Although sports cars are expensive to own, you can lower the cost of car insurance with the following tips:

Take Advantage of Discounts

Insurance companies reward drivers with discounts for various efforts, such as avoiding tickets and driving less. As a sports car driver, you can do the following to reduce insurance costs:

•   Install an anti-theft device.

•   Do the bulk of your driving with another car. For example, you could commute with an economy car and take your sports car out on weekends.

•   Keep a clean driving record free of accidents and tickets.

•   If you have multiple vehicles, insure both with the same company for a potential price reduction.

•   Purchase your homeowners or renter’s insurance from the same company providing your auto policy to receive a discount.

•   Pass a driver safety test.

•   Install a tracking device to record your driving habits.

Increase your Deductible

Deductibles and premiums have an inverse relationship. If you choose a high deductible (what you pay before your insurance covers the remaining costs), your monthly premiums fall. Therefore, you can change your policy to take on more of a financial burden if you get into an accident, making your policy more affordable on a monthly basis.

Shop Around

You don’t know what you don’t know, and that is very true of insurance costs. Requesting quotes from multiple insurance companies allows you to compare insurance packages and find the best price. Regular personal insurance planning sessions can make sure you’re saving money on all of your policies.

Switching car insurance may seem counterintuitive if you think you have an excellent price, but it doesn’t hurt to check. Bundling is often helpful in reducing insurance costs, but you might find an outstanding deal with an insurer that beats the discount your current insurance company offers. Specifically, online insurance may offer lower rates than traditional insurers.

The Takeaway

Sports cars are fast, fun vehicles that make driving exciting — and expensive. While their agility and speed are enjoyable, their insurance costs can be prohibitive, especially for younger drivers.
However, you can reduce insurance costs by avoiding the most expensive sports cars, such as Maseratis and Audis, and driving more modestly priced models like the Mazda Miata or Nissan Z. Also, older “classic” sports cars don’t have the same insurance upcharge as newer models. And of course, it pays to keep a clean driving record.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

Is it more expensive to insure a sports car?

Generally speaking, yes, it costs more to insure a sports car than a conventional car. For example, full coverage on a BMW i8 costs $4,116 a year. But it only costs around $2,064 a year for full coverage on the average conventional car.

Does insurance go up when you buy a sports car?

Since sports cars tend to be faster than standard cars (which increases the probability of an accident), it usually costs more to insure one.

How can I lower my insurance on my sports car?

You can lower your insurance on your sports car by building a favorable credit score, maintaining a clean driving record, bundling multiple types of insurance, and fulfilling specific conditions from your insurance company. For example, you might install a car alarm or reduce your monthly miles driven to receive discounts on your premium. Also, shopping among insurance companies for the best deal could help you find a lower rate.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/Arand

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SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.


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.

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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How Much Does a Social Worker Make a Year?

Social workers make $64,360 a year on average. Higher-end social work positions requiring more experience and education can pay up to $116,500 annually, while the lowest-paying positions in the industry pay $37,500 on average.

Imagine a career where you profoundly impact a person’s life, guiding them through the most significant challenges and triumphs. Social workers embody this transformative role, dedicating themselves to the betterment of individuals, families, and communities. In a world where making a living intersects with the noble pursuit of helping others navigate life’s complexities, social work emerges as a rewarding and impactful vocation.

Here’s how the multifaceted roles, responsibilities, and considerations associated with social workers compare with the average annual pay in the field.

What Are Social Workers?

Social workers are professionals whose mission is to enhance the well-being and quality of life of individuals, families, and communities. A social worker’s education prepares them to address a wide range of social issues and challenges. For example, social workers help those dealing with substance abuse, relational problems, housing issues, domestic violence, and employment challenges.

On a broader scale, these professionals advocate for social justice and equality. Social workers can work in various settings, including schools, hospitals, government agencies, prisons, nonprofit organizations, and private practices.

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Social Worker Job Responsibilities Examples

Here are some key aspects of what social workers do:

1.    Assessment and intervention: Social workers assess the needs and strengths of individuals and communities through interviews, observations, and evaluations. Then, they develop intervention plans to address identified problems and help clients overcome challenges.

2.    Counseling and support: Social workers provide counseling and support to individuals and groups dealing with issues such as mental health, substance abuse, domestic violence, grief, and trauma. They offer advice and coping techniques to help clients respond to difficult situations in a positive way.

3.    Advocacy: Social workers advocate for their clients’ rights and interests, ensuring they can access necessary resources and services. Positions in systemic advocacy are available to social workers who want to change policies and structures contributing to social problems.

4.    Case management: Social workers often coordinate and manage client services, connecting them to appropriate assistance and support from various agencies and organizations. For example, a client may need to see a doctor, a therapist, and an employment advocate as part of their plan to move forward.

5.    Child and family services: Social workers play a crucial role in child welfare, working to protect children from abuse and neglect. They may provide family support services, conduct home visits, and collaborate with other professionals to create safe and stable environments for children.

6.    Medical and healthcare social work: Social workers can also assist clients facing medical challenges. They may introduce helpful lifestyle changes, facilitate communication between patients and medical professionals, and address issues related to illness or disability.

7.    School social work: Social workers in schools support students, families, and educators by addressing academic, social, and emotional challenges. They may provide counseling and crisis intervention for students struggling to thrive and learn.


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How Much Do Starting Social Workers Make a Year?

In the United States, entry-level social workers have salaries that range by location, with the bottom 10% making an average salary of $37,500.

However, social workers can boost their salaries in various ways. For instance, climbing the ladder at an agency can land you a director of social work position with a salary between $71,000 and $116,500. This position usually requires higher education and years of experience.

You can also further your education and specialize in a particular area of social work with a master’s degree. With an advanced degree, a licensed social worker can earn $65,000 to $118,500 annually.

Lastly, moving can help increase your pay. For example, the highest-paying positions in Rhode Island offer $84,430 per year, while the average social worker in Florida maxes out their salary at $55,990.

No matter how much you’re earning, it’s a good idea to set and track financial goals. A money tracker app is one tool that can help you monitor your spending and saving.

What Is the Average Salary for a Social Worker?

How much do social workers make in each state? According to the U.S. Bureau of Labor Statistics, the average annual wage for a social worker nationwide is $64,360. But here’s a breakdown of the average social worker salary by state:

State

Annual Salary

Alabama $59,671
Alaska $61,090
Arizona $62,410
Arkansas $53,460
California $69,530
Colorado $55,000
Connecticut $73,390
Delaware $66,600
Florida $55,990
Georgia $67,100
Hawaii $76,280
Idaho $56,150
Illinois $65,630
Indiana $70,840
Iowa $67,710
Kansas $78,610
Kentucky $64,530
Louisiana $62,460
Maine $58,000
Maryland $68,000
Massachusetts $74,220
Michigan $64,200
Minnesota $67,960
Mississippi $62,300
Missouri $52,700
Montana $51,230
Nebraska $63,140
Nevada $71,820
New Hampshire $65,809
New Jersey $67,030
New Mexico $62,410
New York $78,540
North Carolina $63,770
North Dakota $72,280
Ohio $57,680
Oklahoma $80,410
Oregon $59,600
Pennsylvania $73,800
Rhode Island $84,430
South Carolina $75,610
South Dakota $77,230
Tennessee $54,460
Texas $68,500
Utah $58,590
Vermont $64,760
Virginia $73,590
Washington $82,220
West Virginia $70,670
Wisconsin $55,320
Wyoming $59,742

Social Worker Job Considerations for Pay & Benefits

If you’re considering social work as a career, your potential salary can be higher than the average salary in the United States. Specifically, social workers earn $64,360 per year on average, while wage-earners across the country have a salary of $59,428.

Your salary can soar past $100,000 in specific situations, such as in a director position or as a master’s level specialist. As a result, while social work isn’t among the top-earning trades, the career can be a path to a decent quality of life while you work to help others.

Additionally, social workers who work full time typically receive excellent benefits. A typical package includes health insurance, life insurance, paid time off, and professional development opportunities.

Remember, ongoing education is a requirement for keeping and renewing your social work license, so receiving these opportunities through your employer can streamline the process.

Recommended: 25 High-Paying Trade Jobs in Demand

Pros and Cons of Social Worker Salary

Every career has its upsides and downsides. Here’s what to know if you’re going into social work:

Pros

•   Higher than average annual salary. The average compensation for social work positions is higher than the overall average salary in the United States, as described above. Combined with a robust benefits package, social work’s competitive pay can help you and your family afford a comfortable quality of life.

•   Job security. Social work is here to stay. Specifically, the U.S. Bureau of Labor Statistics estimates annual growth of 7% in the field for the next decade. This rate is faster than the overall average in the country, signifying increasing demand for employees in this sector.

•   Builds transferable skills. For instance, human resources positions require communication, interpersonal, and conflict management skills. So, if you get into social work and realize you want a different career, you can take your skill set elsewhere.

•   Online education opportunities. While social work does require at least a bachelor’s degree, many programs are available online. This way, you can earn your degree at your own pace without needing to relocate.

•   Student loan forgiveness. Social workers might be able to get their student loans forgiven. Specifically, 10 to 25 years of nonprofit work might qualify you for federal student loan forgiveness. This perk erases whatever student loan you have left, which could be $100,000 or more.

Cons

•   Education requirements. For instance, you’ll need at least a bachelor’s degree from an accredited school to become a social worker. Obtaining this degree will take at least four years and could cost over $100,000 for tuition. Additionally, a master’s degree is usually required to hold the top positions in the field and increase your salary. Doing so adds at least two more years of education plus the associated tuition costs.

•   Must have a license to practice. Licensure is necessary to practice as a social worker. Becoming licensed means working for a few years under supervision and passing an exam. Then, you must complete a certain number of continuing education hours to maintain your license.

•   Demanding work environment. You might face long hours, an overpacked caseload, call hours on holidays and weekends, and potentially dangerous situations. Remember, social work means seeing people at their lowest, and these circumstances can involve substance abuse, violence, and crime. The job rarely offers work-from-home opportunities; instead, it requires a personal presence. Because of the intense needs of your clients and the long hours, you may burn out despite having the best intentions.



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Social workers are dedicated professionals committed to improving the well-being of individuals, families, and communities. Their multifaceted roles encompass assessments, interventions, counseling, advocacy, and case management. While the financial landscape varies, social workers can enhance their earnings through specialization, higher education, and relocation. With an average annual salary of $64,360 and a field experiencing a 7% growth rate, social work offers competitive compensation and job security.

Despite the challenges, including educational requirements and demanding work environments, the profession remains rewarding, offering the opportunity to improve the lives of others and contribute to societal well-being.

See exactly how your money comes and goes at a glance.

FAQ

Can you make $100K a year as a social worker?

You can make $100,000 a year as a social worker in the highest positions in the field. Specifically, the director of social work, licensed master social worker, and clinical social worker roles can all pay a salary of more than $100,000.

Do people like being a social worker?

Social workers enjoy their jobs because of the positive impact they can make on people’s lives while earning a competitive salary. Plus, the field offers ways to grow professionally and expose yourself to different disciplines and opportunities. On the downside, the pay for most positions is less than $100,000 per year. Additionally, the job can be challenging because of the hefty workload and the emotional strain.

Is it hard to get hired as a social worker?

Getting hired as a social worker means getting a four-year degree and passing an exam to obtain a state license to practice. However, if you can earn these qualifications, getting hired as a social worker is easier because the demand for professionals is growing. Plus, demand for social workers is projected to grow by 7% in the next decade, according to the U.S. Bureau of Labor Statistics.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/SDI Productions

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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How Much Does a Plumber Make a Year?

As long as people rely on indoor plumbing, we will need experienced, skilled plumbers to install, repair, and maintain the systems we use every day. Being a plumber is not only an in-demand job but one that generally pays well. A plumber’s average annual salary in the U.S. is $74,253, according to ZipRecruiter.

A plumber’s expertise spans from diagnosing and repairing leaks in people’s homes to planning commercial piping and municipal sewer systems.

If you enjoy working with both your hands and machinery, have strong attention to detail, and are a good problem-solver, being a plumber might be the right job for you. Read on to learn more about how much plumbers make per hour, how salaries vary by region, and other factors to consider before you decide to pursue a career in plumbing.

What Are Plumbers?

Plumbers are skilled professionals who install, maintain, and repair plumbing systems that supply residential and commercial properties with water and gas and carry away waste. Plumbers play a crucial role in ensuring these systems function properly and efficiently. Their expertise applies both to municipal sewers and single-home septic systems.

Plumbers diagnose and fix various issues related to plumbing systems, such as leaks, clogs, and malfunctions in pipes or fixtures. They also perform routine maintenance to prevent problems and keep plumbing systems in good working order.

In some cases, plumbers are involved in the initial design and planning stages of construction or renovation projects, ensuring that plumbing systems are installed efficiently and meet local building codes and regulations. Some plumbers may specialize in specific areas, such as commercial plumbing, industrial plumbing, or specific types of systems like hydronic heating.

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How Much Does a Plumber Make Per Year Starting Out?

A plumber can make a good entry-level salary that continues to increase over time. For example, plumbers with less than one year of experience earn, on average, $50,129, while the average salary for a plumber with more than 10 years of experience is $72,740 per year.



💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What Is the Average Salary for a Plumber?

Plumbers can earn either an hourly rate or an annual salary, depending on the type of work they do. How much a plumber makes per hour can range anywhere from around $18 to $53. The average hourly pay for a licensed plumber in the U. S. as of January 2024 is $35.70 an hour, per ZipRecruiter. The current national average for how much a plumber makes a year is $74,253.

How much money a plumber makes can vary by location. What follows is a breakdown of how much plumbers make a year (on average) by state.

Average Plumber Salary by State for 2024 (Highest to Lowest)

State

Average Annual Salary

Oregon $71,663
Alaska $71,436
North Dakota $71,330
Massachusetts $70,713
Hawaii $69,839
Washington $68,826
Nevada $67,543
South Dakota $67,414
Colorado $66,891
Rhode Island $66,377
Mississippi $64,771
New York $64,056
Delaware $62,943
Vermont $62,526
Virginia $62,057
Illinois $61,927
Maryland $60,963
Kansas $59,681
California $59,358
Missouri $59,263
South Carolina $58,742
Pennsylvania $58,681
New Jersey $58,636
Wisconsin $58,089
Maine $57,993
Oklahoma $57,796
North Carolina $57,529
New Hampshire $57,054
Idaho $56,766
Texas $56,370
Wyoming $56,169
Minnesota $56,128
Kentucky $55,885
New Mexico $55,788
Indiana $55,443
Michigan $55,381
Ohio $54,552
Arizona $54,296
Connecticut $54,141
Iowa $53,673
Montana $53,478
Arkansas $52,843
Alabama $52,810
Utah $52,129
Tennessee $52,129
Georgia $49,197
Louisiana $49,005
West Virginia $45,320
Florida $43,539

Recommended: 15 Entry-Level Jobs for Antisocial People

Plumber Job Considerations for Pay & Benefits

Plumbing has become a popular trade because of the various perks and financial advantages that come along with the job. First, the average starting salary of $50,129 is higher than in many industries. Plus, some plumbers are union members, which means that their salaries are protected by a contract and they may receive attractive health insurance and retirement packages.

Learning to be a plumber is also less demanding than obtaining a four-year bachelor’s degree. You can study to be a plumber by attending trade school or technical college. Usually, it takes anywhere between four and 24 months to complete your schooling.

Furthermore, plumbers-in-training typically can become apprentices while they’re completing their education. Apprenticeships let you work and learn simultaneously, meaning you’ll earn competitive pay while you work toward certification. For these reasons, plumbers can often finish their education with little to no student loans.

Plumbing is also a steady profession that will likely always be in demand. Even during economic downturns, residential and commercial buildings won’t stop needing running water and working toilets.

Lastly, plumbers can advance through the ranks to increase their pay and move into new roles. For example, attaining journeyman status often leads to a significant bump in salary. On average, journeyman plumbers earn $64,520, a $14,391 increase over the average starting salary.

Likewise, you could become a plumbing engineer or a superintendent to manage municipal jobs. Many plumbers also start their own businesses, which could lead to a job that pays $100,000 or more.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Plumber Salary

As with any profession, there are both advantages and disadvantages to being a plumber. Carefully considering each can assist you in determining if this is the right career for you.

Pros of Being a Plumber

Becoming a plumber can offer several attractive advantages:

•   Job security Plumbing is an essential service that is always in demand. Even during an economic recession, people will always need plumbing services.

•   Good pay Plumbers are well-compensated for their expertise from the get-go. With experience and expertise, plumbers can earn a substantial income. Plus, less need for student loans means debt likely won’t erode your earnings.

•   Daily exercise Plumbing work often involves physical tasks such as lifting, bending, and carrying equipment. This aspect of the job provides plumbers with regular physical activity, contributing to a healthier lifestyle.

•   Promotion and business ownership opportunities As a plumber gains experience and expertise, they can ascend the ranks (such as moving from journeyman to master plumber) to increase their pay and access new projects. Additionally, some plumbers choose to start their own businesses, which can be highly profitable and offer independence.

•   Variety during work Plumbers typically encounter a wide range of challenges and tasks on the job. For example, you might replace piping one day and fix a host of leaky faucets the next. This variety can keep the work exciting and engaging.

Recommended: 30 Low-Stress Jobs for Introverts Without a Degree

Cons of Being a Plumber

However, plumbers also face the following challenges:

•   Physically taxing Plumbing work often requires physical strength and endurance. Plumbers may need to lift heavy equipment, crawl into tight spaces, and crouch for hours on end. These repeated tasks can lead to strain or fatigue.

•   Lack of routine Plumbing work can be less predictable than some office jobs that follow a set schedule. The unpredictability can be stressful for those who want the same pattern in their work every day or week.

•   Working at all hours Plumbing issues can arise at any time, including nights, weekends, and holidays. Plumbers may need to be on-call or work during off-hours to address urgent situations. These situations impact work-life balance and require a degree of flexibility in one’s schedule.

•   Risk of injury Working with plumbing systems and tools can pose certain risks. Plumbers may be exposed to sharp objects, hot surfaces, chemicals, and falling pipes. Additionally, working in confined spaces or at heights can increase the risk of accidents or injuries.

•   High pressure environment Addressing leaking sewage and malfunctioning water systems can be stressful and clients may be stressed and difficult to work with. Furthermore, plumbers must navigate unpredictable environments and situations, necessitating the ability to remain composed even in hazardous conditions.

Recommended: 11 Work-From-Home Jobs Great for Retirees

The Takeaway

Plumbers make a desirable starting salary with plenty of room to advance their careers. They can enjoy the satisfaction of helping others with an essential aspect of life and rest in the fact that the profession isn’t going anywhere.

However, plumbing can impose physical wear and tear, cause injuries, and require work in extreme conditions. The tradeoff for low or no student debt and consistent, lucrative work is the tough physical labor and the possibility of working late hours.

Even after weighing the potential cons, however, you may decide that a trade profession such as plumbing can help you further your professional and financial goals.

FAQ

What is the highest paying plumber job?

The highest paying plumber job is a plumbing engineer, which requires engineering knowledge and project management skills. This position can pay as much as $112,000 annually.

Do Plumbers make 100k a year?

Plumbers at the highest levels of the profession can make $100,000 per year. Specifically, plumbing engineers (who design plumbing systems for private, public, or commercial buildings) and plumbers who own their own companies can potentially earn six figures a year.

How much do plumbers make starting out?

Plumbers with less than one year of experience earn, on average, $50,129 per year.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/Yaroslav Astakhov

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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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How Much Does a Firefighter Make a Year

Firefighters make an average of $56,310 per year nationwide. However, firefighter compensation varies by location and position, so salaries can climb up to well over six figures for more leadership positions. As a result, firefighting can provide competitive annual pay for those who want to do the rewarding work of rescuing others during emergencies.

Read on to learn more about the income, responsibilities, and pros and cons of pursuing a career as a firefighter.

What Are Firefighters

Firefighters are trained professionals who respond to fires, rescue situations, hazardous material spills, and medical emergencies. Their primary responsibility is to protect life, property, and the environment from the adverse effects of human-made and natural fires.

These dedicated professionals navigate unpredictable circumstances with selflessness. The job can be dangerous but also a very rewarding career. A few details to note:

•   Firefighters are typically employed by city, county, state, and federal governments.

•   Because fires and other emergencies are dangerous, these professionals put their lives on the line every day.

•   The job is demanding because shifts can last 24 hours. Firefighters usually work full-time.

Additionally, firefighters typically have emergency medical technician (EMT) certifications because they respond to health crises. For instance, local fire departments provide critical assistance for people trapped under debris from a storm. Likewise, they often transport the injured to hospitals and health facilities. For this reason, most firefighters can drive and operate ambulances as well as fire trucks.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

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Examples of Firefighter Job Responsibilities

Here are the essential duties of firefighters, most of which relate to helping individuals and communities during emergencies:

1.    Fire suppression: As the name implies, a firefighter’s definitive job is extinguishing fires. This includes house fires and wildfires. Firefighters use various tools and equipment, such as water hoses, fire extinguishers, and specialized vehicles, to control and put out fires.

2.    Rescue operations: Firefighters are trained in various rescue techniques to save people from dangerous situations, including trapped individuals in buildings, vehicles, or natural disasters.

3.    Emergency medical response: Many firefighters are emergency medical technicians (EMTs) or paramedics. This training allows them to provide prehospital medical care, including administering first aid and stabilizing patients until they are transported to a hospital.

4.    Hazardous materials response: Firefighters are usually the first on the scene of accidents involving hazardous chemicals and materials. For instance, if a tanker truck crashes, firefighters use specialized equipment to contain and mitigate the effects of the spill.

5.    Public education and prevention: A part of firefighters’ public service is engaging in community outreach and educational efforts for fire safety and best practices for emergency response. They also provide tours of fire departments to residents.

6.    Equipment maintenance: Firefighters rely on their gear and equipment to perform their jobs, and disasters can occur at any time. As a result, maintaining and cleaning their equipment, including fire engines, tools, and personal protective gear, is vital.

How Much Do Starting Firefighters Make a Year?

An entry-level firefighter’s salary varies depending on location, with the lowest 10% of positions starting at $29,150 on average. While the starting pay is lower than other jobs, firefighters can increase their salaries by getting promoted to leadership positions or specializing in a certain aspect of the job.

For instance, a firefighter officer leads teams of firefighters and can earn an annual salary of $161,372. Likewise, professionals who provide paramedical training for firefighters can earn $120,828 per year. So, yes, it is possible to earn a $100,000 salary or more as a firefighter.

Remember, changing locations can also help increase firefighters’ compensation. For instance, firefighters in North Carolina earn an average salary of $36,660, while positions in New Jersey have an average pay of $77,740. (Of course, the local cost of living may rise along with the pay.)

What is the Average Salary for a Firefighter?

The U.S. Bureau of Labor Statistics database shows that the average firefighter salary is $56,310 annually vs. hourly pay. Here’s a breakdown of the average firefighter salary by state, listed alphabetically:

State

Average Annual Pay

Alabama $42,600
Alaska $54,730
Arizona $47,850
Arkansas $36,470
California $78,350
Colorado $67,340
Connecticut $67,560
Delaware $45,680
Florida $56,560
Georgia $40,010
Hawaii $72,880
Idaho $39,820
Illinois $68,030
Indiana $55,420
Iowa $45,360
Kansas $40,560
Kentucky $32,980
Louisiana $32,320
Maine $42,830
Maryland $60,560
Massachusetts $66,640
Michigan $64,200
Minnesota $49,880
Mississippi $33,790
Missouri $55,380
Montana $51,730
Nebraska $60,990
Nevada $61,150
New Hampshire $50,150
New Jersey $77,740
New Mexico $40,530
New York $73,520
North Carolina $36,660
North Dakota $51,490
Ohio $52,290
Oklahoma $52,770
Oregon $65,880
Pennsylvania $61,290
Rhode Island $60,360
South Carolina $39,580
South Dakota $49,750
Tennessee $42,080
Texas $53,630
Utah $44,650
Vermont $46,920
Virginia $54,180
Washington $76,930
West Virginia $37,110
Wisconsin $43,980
Wyoming $44,420
Source: US Bureau of Labor Statistics, ZipRecruiter



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Firefighter Job Considerations for Pay & Benefits

As a firefighter, you can expect to make $56,310 on average, which is a few thousand dollars less than the average salary in the U.S., which is currently $59,540. Additionally, numerous benefits come with the job to enhance your financial well-being and quality of life.

For example:

•   Full-time firefighters receive health and dental insurance, disability coverage, paid time off, tax-advantaged retirement plans, and pensions.

•   Union firefighters can receive their pay and benefits through a contract, locking in their compensation package.

•   Firefighters can qualify for exclusive financial aid and scholarships for higher education. For instance, The Maryland State Firemen’s Association gives scholarships to students getting degrees in fire science or medical emergency services. This could help students who might otherwise be entering a career without a college degree.

•   Firefighters can enjoy the satisfaction of knowing they helped their neighbors at the end of the day. From pulling children out of burning buildings to assisting the injured, a firefighter’s duty centers on safeguarding life. As a result, the profession is personally meaningful and fulfilling. (It’s worth noting, though, that given the human interaction involved, it may not be the best career for an introvert.)

Pros and Cons of Firefighter Salary

Being a firefighter means enjoying the perks of the job while making the best of the drawbacks. Here’s a comparison of the two:

Pros

First, the upsides of pursuing this career:

•   Helping others: Firefighters experience a deep sense of purpose by directly contributing to the safety and wellbeing of their communities. The opportunity to protect individuals and families is a significant motivator for individuals drawn to this profession. Additionally, their willingness to put themselves in harm’s way to save others can garner appreciation and gratitude.

•   Straightforward qualifications: Becoming a firefighter typically requires a high school diploma or GED, passing a physical fitness test, and being at least 18 years old. The position’s accessibility allows individuals from diverse educational backgrounds to pursue a career in firefighting without requiring extensive academic qualifications.

Furthermore, firefighters interested in more education can acquire extensive education (including EMT training) and scholarships for higher education to advance their positions.

•   Competitive pay and benefits: While entry-level firefighting positions might offer low initial pay, more experienced firefighters earn a competitive salary vs. the national average. Considering the accessible entry-level requirements, the job has good pay and benefits without extensive education. Likewise, full-time firefighters receive comprehensive benefits packages, including health insurance, retirement plans, and other perks. While it’s likely not the highest paying job in your area, it reliably puts food on the table.

•   Tight work bonds: Firefighters work closely as a team and forge strong bonds with their colleagues. The nature of emergency response requires cooperation and communication, creating a sense of camaraderie among team members. Additionally, firefighters often face challenging situations together, leading to shared experiences that strengthen their professional and personal relationships.

•   Federal loan forgiveness: Firefighters may qualify for Public Service Loan Forgiveness under specific criteria. The PSLF Program is designed to assist public service providers, including firefighters, in repaying their federal student loan debt.

Cons

Next, consider the potential downsides of becoming a firefighter:

•   Safety risk: Firefighters face inherent risks associated with entering burning buildings, handling hazardous materials, and engaging in rescue operations. Long-term exposure to smoke and chemicals is also dangerous. These physical hazards can lead to injuries, health complications, or loss of life.

•   Challenging work schedule: Firefighters often work in shifts, which can include 24-hour shifts and working overnight. For this reason, firefighters typically work over 50 hours per week instead of a typical 9-5 job. Combined with the challenging situations firefighters tackle, the job might not be a fit for those who want a low-stress job or folks that want to work from home sometimes.

•   Few to no traditional weekends or holidays off: Firefighters frequently work on weekends and holidays because emergencies happen regardless of the time of year. This can impact personal and family life, as firefighters won’t have the same days off as those working in more traditional Monday-to-Friday roles.

The Takeaway

Across America, the median salary for how much a firefighter makes a year is $56,310, though the earning potential can rise into the six figures. Firefighters play a crucial role in safeguarding people, property, and the environment from the adverse effects of fires and emergencies. Responding to a wide range of incidents, from fire suppression to rescue operations and medical emergencies, firefighters are dedicated professionals who undergo extensive training to serve their communities effectively. However, the job is a challenging one, with inherent health and wellbeing risks, as well as possibly long hours and considerable stress.

FAQ

Can you make 100k a year as a firefighter?

While the national median salary for a firefighter is $56,310, making $100k a year in the profession is achievable. For instance, the positions of fire lieutenant, captain, and chief all have the potential to pay six figures.

Do people like being a firefighter?

Firefighting can be a fulfilling, meaningful career because the job is about helping others in emergencies and dire circumstances. However, it can be mentally and emotionally taxing because of the intensity of the work. Therefore, whether you like being a firefighter will depend on your job preferences and outlook.

Is it hard to get hired as a firefighter?

The path to becoming a firefighter involves getting your high school diploma or GED, passing a written exam, physical, and in-person interview. Therefore, while the educational barriers are low, getting hired as a firefighter can require discipline and commitment.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/dear2627

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Guide to Bank Cash Withdrawal Limits

Banks typically restrict how much cash you can withdraw from your account in a single day. In part, this is a security measure designed to keep criminals from wiping out your account. It also helps protect the bank’s cash reserves. 

How much you can withdraw at one time from the bank can range anywhere from $300 to $20,000, depending on the institution and how you’re making the withdrawal (such as at an ATM versus a teller or using your debit card at the point-of-sale). 

If you need to access a large amount of cash quickly, it’s important to understand your bank’s withdrawal limits. Here’s how they break down. 

Do All Banks Have Daily Withdrawal Limits?

Most banks have withdrawal limits, but each institution sets its own rules as to how much they will allow you to take out of your bank account at any one time. 

Withdrawal limits also vary by type of transaction. For example, withdrawal limits at ATMs are generally lower than in-person withdrawal limits seeing a teller. Debit card transactions are also usually capped at a certain dollar amount per day. These ceilings are typically higher than ATM withdrawal limits but lower than teller withdrawal limits.

In some cases, you may be able to increase how much cash you can withdraw from a bank in one day. If you’re going on a vacation or business trip that requires withdrawing more daily cash than your bank’s ATM limit, for example, it can be worth asking your bank to make a temporary increase. If you have a type of job that requires large daily cash withdrawals, you might ask your bank if they would be willing to make a permanent increase. 

The willingness of a bank to increase your cash withdrawal limit typically depends on several factors, including:

•   The length of time you’ve been a customer

•   Your banking history 

•   The size of the increase you’re requesting 

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Bank Secrecy Act

In an effort to combat money laundering, tax evasion, and other financial crimes, the federal government introduced the Bank Secrecy Act in 1970 and adjusted it with the Patriot Act in 2002. The Act generally requires all financial institutions to track and report cash transactions that exceed $10,000 in one business day. 

As a result, if you withdraw (or deposit) more than that $10,000 in cash in a single day, the bank may report your transaction to the internal revenue service (IRS). This doesn’t mean you’ll get into trouble with the law. However, the transaction may be part of the government’s records.

Why Do Banks Have Withdrawal Limits?

Financial institutions maintain withdrawal limits for two main reasons. One is so they can monitor and control liquidity. Banks typically don’t keep much cash in reserve at any given time, nor do ATMs. By establishing a cash withdrawal limit, banks can limit how much cash they need to give out at any given time and avoid depleting their reserves. 

The other primary reason for withdrawal limits is to protect account holders from fraud. If a criminal were to gain access to your account details (or your debit card and PIN) and attempt to fraudulently pull money out of your checking account, they would be capped to a certain amount. Thus, withdrawal limits serve as a security feature that safeguards your money.

ATM Withdrawal Limits

Banks typically cap the amount of cash you can withdraw from ATMs in one day. These limits can range anywhere from $300 to $1,000. This is usually a cumulative daily limit. In other words, if your cash withdrawal limit is $500, you can’t hop from ATM to ATM, taking out $500 each time. Once you withdraw $500 from one ATM, you’ve hit your withdrawal limit for the day.

In addition to bank ATM limits, individual ATMs might have their own limits on cash withdrawals. If a particular ATM has a $600 withdrawal limit and your bank has a $1,000 limit, you can only get $600 from that ATM. However, you can then visit another ATM to get another $400.

Recommended: Cardless ATM Withdrawal: What It Is and How It Works 

Debit Withdrawal Limits

Even though a debit card purchase is an electronic payment (and doesn’t impact the amount of cash a bank has on hand), it does pose the same security risks as an ATM withdrawal. As a result, banks typically limit the amount you can purchase using your debit card in a single day. This limit is usually higher than the ATM withdrawal limit (but lower than in-person withdrawal limits). For example, banks commonly limit point-of-sale debit transactions to $5,000 daily.

While you may not normally come up against your debit card spending limit, it’s something to consider if you make a large purchase (such as plane tickets or a piece of furniture) and still have other debit card transactions to make on the same day. In that case, you might risk having your debit card declined.

Also keep in mind that getting cash back when you make a debit card purchase typically counts toward your point-of-sale limit, not your cash ATM limit for the day. This is one way you may be able to get around your ATM cash withdrawal limit.

Teller Withdrawal Limits

Banks and credit unions also have limits on how much cash you can withdraw from your account per day when you visit a branch in person. Since you can prove your identity when you withdraw funds in person (lessening security risks) and branches hold more cash than ATMs, teller withdrawal limits tend to be higher than ATM and debit card limits. Many banks, for example, will allow you to withdraw up to $20,000 in cash bills from a teller per day. 

Checking and Savings Withdrawal Limits

Since checking accounts are designed for everyday money management, there is no restriction on the number of withdrawals you can make per statement period. That’s not necessarily the case with savings accounts, however.

In the past, the Federal Reserve (a.k.a, “the Fed”) limited the number of withdrawals and transfers you could make from a savings account to six per month. The rule, called Regulation (or Reg) D, was designed to help ensure banks had sufficient reserves on hand and encourage people to use their savings account to save, rather than spend. 

While the Fed lifted this restriction in 2020 in response to the coronavirus pandemic, many banks and credit unions have continued to enforce the rule. If you exceed your bank’s savings account transaction limit, you will typically get hit with a fee. Doing this repeatedly, however, can lead to closure of your account. 

The Takeaway

Banks and credit unions generally limit the amount of cash you can take out of your account in one day. Rules vary by bank, but limits are typically lowest for ATM withdrawals (ranging from $300 to $1,000), somewhat higher for debit card transactions (commonly around $5,000), and highest for in-person withdrawals at a teller (often up to $20,000). Banks apply withdrawal limits to protect your money from theft and maintain their cash reserves. 

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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 much cash can I withdraw from a bank?

How much cash you can withdraw from a bank in one day can range anywhere from $300 to $20,000. The cap will depend on your bank’s policies, as well as how you are withdrawing the money. Daily withdrawal limits are typically lowest at ATMs (ranging from $300 to $1,000). They tend to be somewhat higher for debit card transactions (commonly around $5,000) and highest for in-person withdrawals at a teller (which can be as high as $20,000).

How do I withdraw large amounts of cash from my bank?

To take out a large sum of cash, your best bet is to visit a branch and make the withdrawal through a teller. Often, banks will let you withdraw up to $20,000 per day in person (where they can confirm your identity). Daily withdrawal limits at ATMs tend to be much lower, generally ranging from $300 to $1,000. 

How much cash can you withdraw without reporting it to the IRS?

You can generally withdraw up to $10,000 from your account within a 24-hour period without the bank or credit union reporting the transaction to the internal revenue service (IRS). 


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: miniseries/iStock

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.

 
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.
 

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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