Are Checking and Savings Accounts Assets?

Checking accounts and savings accounts are typically considered assets, since they have a positive financial value. They represent accessible money that is part of your personal wealth and can be used as you like. Other types of bank accounts, including certificates of deposit (CDs) or money market accounts, are also assets.
Knowing what kind of assets you have, including checking and savings accounts, can make it easier to calculate your net worth. Learn more about how your bank accounts and assets work.

What Is an Asset?

An asset is something you own that has intrinsic value. Examples of assets can include bank accounts, cash, a home or other real estate, vehicles, retirement accounts, and brokerage accounts. In addition, assets can include art, antiques, jewelry, and other objects of value.

Some assets can rise in value over time.

•   For instance, real estate can appreciate or grow in value over time.

•   Similarly, as you earn interest on your savings account, your wealth can increase. Or if you get a bonus at work and deposit it, that too can build your net worth.

Assets may also diminish or lose value over time.

•   For example, if you had $20,000 in your emergency fund but have to withdraw $10,000 for major dental work, that asset has decreased. You still have $10,000 in the account, but that’s less than you previously had in the plus column, financially speaking.

•   Stocks can also lose value due to shifting economic and other forces. So, a stock you paid $100 per share for yesterday might be worth $75 per share tomorrow.

However, as long as your savings account has a positive balance and those stocks have some value, they’re still considered to be an asset.

Assets vs Liabilities

Assets are one part of the equation when you’re calculating net worth. Your net worth is a measure of what you own versus what you owe. To find your net worth, you’d subtract your liabilities or debts from your assets.

•   When your net worth is positive, that means you have more assets than debts. When net worth is zero, it means your assets and liabilities are equal to one another. Effectively, they cancel each other out.

•   Can you have a negative net worth? Certainly, if your debts exceed your assets. For instance, if your only assets are $5,000 in a checking account and $10,000 in a savings account but you owe $40,000 in student loan debt, your net worth would be -$25,000 at this moment in your life.

Keep in mind that it takes time to build wealth. Assets tend to accumulate over time (say, as savings in your retirement account grow), so don’t be discouraged if you are early in your career and in negative net worth territory.

How Are Assets Categorized?

There are different ways to group assets, depending on the context in which you’re discussing them. You can think of assets in terms of liquidity.

•   Liquid assets are ones that can easily be converted to cash. For instance, if you have $10,000 in your savings account, you could quickly access those funds in a variety of ways (electronic transfer, for instance). If you own 100 shares of stock, you could sell them for cash.

•   Illiquid assets, on the other hand, are ones that can’t easily be sold for cash. Real estate is an example of an illiquid asset, since it can take time to find a buyer and complete the sale. Your grandmother’s diamond engagement ring, which might be sitting in a safe deposit box, is another example. While it has value, it would likely take some time to have it appraised and find the right buyer.

In business and accounting, assets can also be categorized as tangible or intangible.

•   Tangible assets are things that you can physically see and touch. If you own a restaurant, for example, then kitchen equipment is a tangible asset. (If someone were to ask you if you had tangible assets, they might be referring to, say, artwork or jewelry.)

•   Intangible assets include things like trademarks, patents, and copyrights. You might also think of intangible assets as intellectual property, or IP.

In addition, if you are talking about investments, you might group assets into such categories as stocks, bonds, commodities, and other categories.

Recommended: Explaining the Different Types of Asset Classes

Is a Savings Account an Asset?

A savings account is an asset since it has financial value and is something you own, not something you owe money to (which would be what’s known as a liability). That’s true, regardless of whether you have $5 in your savings account or $500,000.

Savings accounts are secure places to keep assets that you can access fairly easily. If you’re saving in a bank that is insured by the Federal Deposit Insurance Corporation, or FDIC — and most banks are — then your deposits are insured up to $250,000 per depositor, per ownership category, per insured institution. Credit unions typically offer similar coverage via the National Credit Union Administration (NCUA).

Depending on where you choose to keep your savings, you could also earn a competitive interest rate (expressed as annual percentage yield, or APY, which reflects the power of compounding interest) on deposits.

Different savings account types include:

•   Basic or standard savings accounts

•   High-yield savings accounts, which can offer as much as several times the interest rate that standard savings accounts deliver

•   Money market accounts, which combine the features of checking and savings accounts

A CD can also be considered a savings account, but it works somewhat differently. Rather than allowing you to dip into savings whenever you like, CDs are term deposits, meaning they have a set maturity date at which you can either withdraw or roll over the funds. Taking money out before the maturity date typically triggers an early withdrawal penalty.

Recommended: How to Switch Banks

Is a Checking Account an Asset?

A checking account is an asset, just like a savings account. The main difference between a checking account and a savings account is how they’re meant to be used.

•   Checking accounts are designed for spending. You can use a checking account to pay bills online, transfer funds to friends and family, or make purchases using a linked debit card. Unlike savings accounts, checking accounts typically don’t earn interest, though some may earn a small amount. But it’s for this reason that you probably don’t want too much cash just sitting in a checking account. Moving some of the funds to a savings account could help your money grow into an even bigger asset.

•   Savings accounts are designed to hold money that you don’t plan to spend right away. You might use a savings account to stockpile your emergency fund or set aside money for an important short-term goal, like buying a new car or paying for a wedding. Because the money typically sits in a savings account for a while, the depositor is rewarded with interest.

You can keep your checking account and savings account at the same bank for convenience. However, if you’re using a brick-and-mortar bank for checking, you might get more bang for your buck by keeping your savings account at an online bank. Online banks typically pay higher rates to savers than traditional banks.

Checking and Savings Accounts on a Balance Sheet

Here’s an overview of how your banking assets can be viewed in a business context. Businesses use a balance sheet to see at a glance how much money is moving in and out. Checking and savings accounts can be included on a balance sheet and are usually listed under “current asset, cash.”

A balance sheet is intended to capture how a business’s assets compare to its liabilities over a specific time period. Businesses can use balance sheets to get an idea of how financially healthy they are. When applying for loans, lenders may ask to see an up-to-date balance sheet, along with a profit and loss statement or cash flow statement.

The Takeaway

Understanding that checking and savings accounts are assets can be an important step in building your financial literacy. What’s more, recognizing that these bank accounts add to your net worth can help you make smarter decisions with your money. One of those decisions centers on where to keep your bank accounts.

If you’re interested in helping the money in your bank accounts grow, then SoFi could be a great fit.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

FAQ

What kind of asset is a savings account?

A savings account is a liquid asset, since you can easily tap into the cash in your account if needed. Savings accounts offer a convenient way to set aside money for emergencies or other goals, while earning some interest in the process. These assets can contribute to your net worth calculations, along with your other assets.

Is your savings account a liability?

A savings account is an asset (meaning it contributes to your net worth and personal wealth), not a liability, which is an obligation to pay another party. The only way that a savings account could become a liability is if you were to overdraw your account. In that case, you would need to make a deposit to bring your account balance to or above zero.

Is a savings account an asset or equity?

Savings accounts are assets since you own the money in them outright. (Also, if you’re wondering, a checking account is an asset, too.) Equity is a term you’ll hear when talking about investing. For example, when you buy a share of stock you’re getting equity, or an ownership stake, in the company.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. 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.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*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.

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.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

You may have heard of both FICO® and Experian, but the two companies serve different purposes.

FICO is a credit scoring model developed by the Fair Isaac Corporation (FICO) that lenders often use when assessing a borrower’s creditworthiness, or how likely they are to repay debts.

Experian, on the other hand, is one of the three major credit bureaus (along with Equifax and TransUnion) that collects credit and debt information and uses it to create individual credit reports. These credit reports offer more details about an individual’s credit history than FICO’s three-digit score.

Let’s take a closer look at what separates FICO vs. Experian, which credit score is the most accurate, and how to keep tabs on your credit score.

What Is the Difference Between Experian Score vs. FICO?

As we mentioned, Experian is a major credit reporting agency. It does not have its own credit scoring model. However, in 2006, it partnered with Equifax and TransUnion to create the VantageScore credit score model. Like FICO, VantageScore provides three-digit credit scores for consumers, though it uses slightly different factors and weightings.

The credit score Experian provides — sometimes called an “Experian score” — relies on both VantageScore and FICO Score.

FICO works differently. As a credit scoring model, it uses a proprietary algorithm to evaluate your credit risk. Specifically, the following factors affect your credit score:

•   Your payment history

•   The amounts you owe

•   The length of your credit history

•   How much new credit you have

•   The diversity of your credit mix

While FICO is used in the majority of lending decisions, some lenders use VantageScore.

Which Credit Report Is Most Accurate?

It’s common to have multiple credit reports, including ones with Experian, Equifax, and TransUnion. It’s also common to have minor differences in your credit file from bureau to bureau. That’s because lenders don’t always report the same information at the same time to every bureau. But rest assured, credit reports from all three credit bureaus are widely considered to be accurate.

That said, it’s a good idea to regularly review your credit report. You can access yours for free via AnnualCreditReport.com or through tools like a money tracker app.

If you find any errors or inconsistencies in your credit report, be sure to dispute them with the relevant credit bureau so the incorrect information can be removed.

Why Is My Experian Credit Score Different From FICO?

You may notice that your so-called Experian score is slightly different from your FICO Score. That’s because both scores are based on different scoring models. FICO uses its own algorithm, while Experian’s score uses both FICO and VantageScore.

While some variations are to be expected, if one score is drastically higher or lower than the other, it’s a good idea to review your credit reports and address inaccuracies.

Is Experian Better Than FICO?

No credit score is better than another. Some lenders prefer FICO, white others rely on VantageScore. Each model can provide lenders with different insights about a person’s financial habits.

The good news is that FICO and VantageScore generally calculate their scores with similar information, which means you can improve both scores simultaneously. Smart strategies include paying bills on time, keeping credit utilization low, and paying down balances.

Recommended: How Long Does It Take to Build Credit?

Is a FICO Score the Same as a Credit Score?

When comparing a FICO Score vs. a credit score, it’s important to understand that a FICO Score is a type of credit score. But of course, it’s not the only type of credit score.

VantageScore, for example, issues credit score models such as VantageScore 4.0 and VantageScore 4plus™. Experian, Equifax, and TransUnion also provide credit scores based on data in your credit report.

What Is My Real Credit Score?

There is no one true credit score. Instead, banks, lenders, and other companies may use different credit scores when they check your credit. And they could see different figures, depending on which credit score they use.

Fortunately it’s relatively straightforward to check your credit score without paying. That way, you can get an idea of what your credit score is and what lenders might see when they check your credit.

What Score Do Lenders Use?

Lenders can and do consider a variety of credit scores, depending on which scoring model works the best for their specific lending criteria. Unfortunately, it’s often difficult or even impossible to know which model a particular lender uses. However, the factors that impact your credit score generally hold true regardless of the credit score model used.

Understanding Various Credit Score Models

While most credit score models start with some of the same basic data, each one uses different information and weighs credit history information differently. This can mean that the different credit score models, such as FICO and VantageScore, come up with different credit scores, even for the same consumer.

Recommended: What Is the Starting Credit Score?

How Can You Check Your Credit Score?

Keep in mind that your credit score updates every 30 to 45 days, as new information comes rolling in from lenders. If you’re working on boosting your three-digit number, you may want to check on your progress every so often.

There are a few different ways that you can keep tabs on your credit score. You can sign up for a credit score monitoring service, which can provide regular credit score updates.

Another way is by using a spending app or credit card that provides access to your credit score as a feature or benefit. You may also have free access to it through your bank.

The Takeaway

FICO and Experian may be common names, but that’s where the similarities end. FICO is a widely used credit scoring model that creates a three-digit score based on reports provided by credit bureaus, including Experian. In addition to creating those detailed credit reports, Experian generates a credit score using data from FICO and another scoring model, VantageScore. Lenders may use both VantageScore and FICO when determining an individual’s creditworthiness.

Credit scoring models usually rely on a similar set of information, which means you can take the same actions to boost both scores. Making on-time payments, paying down what you owe, and diversifying your credit mix are all ways to help build up your credit score.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Is Experian or FICO more reliable?

Your VantageScore and your FICO Score are two different credit scores that use two different credit models. Both are considered to be reliable. But lenders may prefer to use one model over the other, depending on which one best fits their needs.

Why is my FICO Score different on Experian?

Though it does not have its own credit scoring model, Experian generates a score using data from VantageScore and FICO. FICO, on the other hand, creates its score using only its own calculations.

How close is your FICO Score to your credit score?

People have multiple credit scores. Your FICO Score is just one of them. Most credit scores use a similar set of data, which means credit scores usually vary by only a few points. If you spot a large discrepancy between your scores, take a look at your credit report and dispute any errors or inaccuracies you see.

Which credit score is most accurate?

No one credit score is considered more accurate than the others. Rather, different credit scores may provide lenders with different insights on spending or borrowing habits.

What is a good FICO Score?

FICO Scores are generally divided into five different categories, from Poor to Exceptional. A “good” FICO Score falls between 670 and 739. Having a FICO Score that is Very Good (740 to 799) or Exceptional (800 to 850) is even better.

Why is my FICO Score higher than my credit score?

Your FICO Score is just one of many credit scores that you may have. It may be higher or lower than other credit scores depending on the calculations used, including how the information in your credit report was weighed. As long as your various scores are within a few points of each other, there is usually no cause for alarm.

Photo credit: iStock/Prostock-Studio

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

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

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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The Internal Revenue Service (IRS) uses seven different tax brackets to determine how much you owe when married filing jointly or any other status. In the U.S., taxpayers are subject to a progressive tax system which means that as your income increases, so does your tax rate. Tax brackets determine which tax rate is assigned to each layer of income you have.

The IRS takes your filing status into account when establishing tax brackets, which is important for couples to know. What are the 2024 tax brackets for married filing jointly? Here’s what you need to know.

2024 Tax Brackets

If you’re wondering what tax bracket you’re in, that’s a good question to ask, especially if you’re filing taxes for the first time or your filing status has changed because you’ve gotten married.

Married filing jointly 2024 tax brackets correspond to seven federal income tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Income ranges used for 2024 tax brackets apply to returns filed in 2025.

What are the tax brackets for 2024 married filing jointly? The table below breaks it down.

2024 Tax Brackets

To find out what tax bracket you are in, check the following table. It illustrates 2024 federal tax brackets and tax rates, based on your filing status.

Recommended: How Much Do You Have to Make to File Taxes?

2025 Tax Brackets

While tax rates are the same for 2024 and 2025, the income ranges for each tax bracket are higher. Here’s a look at how 2025 tax brackets compare to 2024 tax brackets for married jointly filing and all other filing statuses. This information can be helpful as you track your finances.

How Federal Tax Brackets and Tax Rates Work

In the U.S., the tax code operates on a progressive system that takes into account your income and filing status to determine how much tax you’ll owe. In a progressive system, the highest-income earners are subject to the highest tax rates. This is based on a concept called ability to pay, which reasons that if you earn more, you can afford to pay more in taxes.

Federal tax brackets assign a tax rate to individual income ranges. There are seven tax rates and seven corresponding income ranges. Tax rates, which run from 10% to 37%, are the same for the 2024 and 2025 tax years and apply to these individual income tax filing statuses:

•  Single

•  Married filing jointly

•  Married filing separately

•  Head of household

•  Qualifying widow(er)

Tax rates may be the same from year to year, but income ranges can change. For instance, the tax brackets for 2023 married jointly filing are different from the tax brackets for 2024 married jointly.

If you look at the income ranges, you’ll see that they’re largely the same for most filing statuses. The exception is married couples filing jointly. Couples have higher income ranges since it’s assumed that both parties earn income.

Curious about what are the tax brackets for 2024 married filing jointly at the state level? It depends on where you live and file state income taxes.

Forty-three states and the District of Columbia assess an income tax. Fourteen states use a flat tax rate that applies to all income levels, while the remaining 27 use graduated tax rates assigned to different tax brackets.

Keep in mind that there are different types of taxes. Tax brackets and tax rates for individuals are not the same as tax rates for corporations.

Recommended: Credit Monitoring Tools

What Is a Marginal Tax Rate?

A marginal tax rate is the tax rate you pay on the highest dollar of taxable income you have. Your marginal tax rate doesn’t apply to all your income; just to the last dollar earned.

For example, say that you take a new job with a higher salary and move from the 22% to the 24% marginal tax rate. That doesn’t mean that your entire salary is now taxed at the 24% rate. Only the amount that goes over the income threshold into the 24% bracket would be assessed at that rate.

Marginal tax rates apply to all your taxable income for the year. Taxable income is any income you receive that isn’t legally exempt from tax, including:

•  Wages (pay that’s typically based on the hours worked)

•  Salaries (pay that’s typically a fixed amount that’s paid regularly)

•  Tips

•  Business income

•  Royalties

•  Fringe benefits

•  Self-employment earnings

•  Side hustle or gig work earnings

•  Interest on savings accounts

•  Profits from the sale of virtual currencies

You’ll also pay taxes on investment property if you own a rental unit. It’s important to accurately report to the IRS all income you and your spouse have for the year to avoid issues.

Underreporting and misrepresenting income are some of the biggest tax filing mistakes people make.

What Is an Effective Tax Rate?

Your effective tax rate is your average tax rate based on how your income is taxed in different brackets. It’s common for your effective tax rate to be lower than your marginal tax rate.

If you and your spouse file jointly with $250,000 in income (meaning you each earn more than the average salary in the U.S.), your marginal tax rate would be 24%. But your effective tax rate would be 14.58%. That assumes that you claim the standard deduction.

Standard deductions are amounts you can subtract from your taxable income. The standard deduction amount for married filing jointly in 2024 is $29,200.

Recommended: Online Budget Planner

How to Reduce Taxes Owed

Reducing your tax liability as a couple starts with understanding what kind of tax breaks you might qualify for. It can also involve some strategizing regarding your income.

•  Claim credits. Tax credits reduce your taxes owed on a dollar-for-dollar basis. So if you owe $500 in taxes you could use a $500 tax credit to reduce that to $0. Some of the most common tax credits for couples include the Child Tax Credit (CTC), the Child and Dependent Care Credit, and the Retirement Savers’ Credit.

•  Consider itemizing. Couples can claim the standard deduction, but you might itemize if you have significant deductible expenses. Some of the expenses you might deduct include mortgage interest if you own a home, student loan interest, and charitable contributions.

•  Open a spousal IRA. Individual retirement accounts (IRAs) let you save money for retirement on a tax-advantaged basis. Contributions to traditional IRAs are tax-deductible for most people. If you’re married but only one of you works, you could open a spousal IRA and make deductible contributions to it on behalf of your nonworking spouse.

•  Contribute to other retirement accounts. If you both work, you can still fund traditional IRAs for a tax deduction, or sock money into your 401(k) plans at work. Contributions to a 401(k) can reduce your taxable income for the year, which could help you owe less in taxes.

•  Check your withholding. Your withholding is the amount of money you tell your employer to hold back for taxes. Getting a refund can feel like a nice windfall, but that just means you’ve loaned the government your money for a year interest-free. You can adjust your withholding to pay the right amount of tax instead.

You may also defer year-end bonuses or other compensation until the beginning of the new year so you have less taxable income to report. As you start preparing for tax season, consider talking to a financial advisor or tax pro about the best strategies to minimize your taxes owed.

The Takeaway

Knowing how tax brackets work (and which one you’re in as a married couple filing jointly) can help you get your tax return completed accurately with fewer headaches. It also helps to keep a record of your deductible expenses throughout the year if you plan to itemize when you file. That’s something a money tracker can help with.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance

FAQ

What is the standard deduction for married filing jointly in 2024?

The standard deduction for married couples filing jointly is $29,200 for the 2024 tax year. That amount increases to $30,000 for the 2025 tax year.

What are the federal tax brackets for married couples?

The federal tax brackets for married couples filing joint returns assign seven tax rates ranging from 10% to 37%. For tax year 2024, the lowest tax rate applies to the first $23,200 in income while the highest tax rate applies to income above $731,200.

Will tax refunds be bigger for 2024?

As of March 2025, the average tax refund for the 2024 tax year was 32% lower. Taxpayers collected a refund of $2,169 on average, compared to $3,207 for the previous year.

What is the tax offset for 2024?

Tax offsets occur when the federal government holds back part or all of your tax refund to satisfy a delinquent debt. Tax offsets can happen if you owe federal income taxes or federal student loan debts.

How will tax brackets change for 2024?

The 2024 tax brackets are subject to the same tax rates that applied in 2023 and will apply in 2025; the difference is the range of incomes subject to each tax rate. The IRS periodically adjusts tax brackets as well as standard deduction limits to account for inflation.

At what age is social security no longer taxed?

There is no minimum or maximum age at which Social Security benefits cannot be taxed. Whether you must pay tax on Social Security benefits depends on whether you have other taxable income to report for the year.

photo credit: PonyWang
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.

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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