Mar
20
2025

Can You Get a Debit Card for a Savings Account?

By | money, Money & Life, Terminology | Comments Off on Can You Get a Debit Card for a Savings Account?

You usually can’t get a debit card for a savings account. Typically, debit cards are issued for checking accounts.

There’s a simple reason for that. Savings accounts are designed to hold money that you don’t plan to spend right away. Earning interest on deposits is the reward you get for adding money to your savings balance. Checking accounts, on the other hand, are designed for spending.

There’s a backdoor way to use a debit card for a savings account, but it requires you to have a checking account and transfer funds. Knowing the rules for debit cards and bank accounts can make it easier to manage your money.

Key Points

•  Savings accounts typically don’t come with debit cards; they are designed for holding money and earning interest.

•  Debit cards are often linked to checking accounts, which are meant for spending.

•  ATM cards can sometimes be issued for savings accounts, allowing limited access to funds.

•  Alternatives to debit cards for savings accounts include transferring funds to checking accounts or making in-person withdrawals.

•  Understanding the rules and limits of savings accounts can help you manage funds effectively.

What Accounts Offer Debit Cards?

Usually, you cannot get a debit card with standard or high-yield savings accounts. You can, however, get a debit card with other types of bank accounts, such as:

•  Traditional checking accounts

•  High-yield checking or interest checking

•  Money market accounts

•  Cash management accounts

•  Health savings accounts

You can find traditional checking accounts, high-yield checking, and money market accounts at traditional banks or online banks. Some banks also offer HSAs with a debit card so that paying for health care is easy and convenient.

A cash management account is a little different. These accounts, which you can find at a brokerage, blend features of savings and checking accounts. You can use them to pay bills, make purchases with a debit card, or hold funds that you plan to transfer into your investment account.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

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Debit Cards vs. ATM Cards

Debit cards and ATM cards may look the same at first glance, but there are some key differences between them.

•  A debit card is a PIN-enabled card that’s linked to a checking account or a money market account. You can use a debit card to make purchases, pay bills, or withdraw cash at ATMs. When you complete a debit card transaction, the money is deducted from your checking or money market account.

•  ATM cards are also PIN-based but they have less functionality than a debit card. You can use an ATM card to view your balance, withdraw cash, or make deposits at an automated teller machine. You cannot, however, use a debit card to make purchases.

Banks can issue ATM cards for checking accounts, though it’s more common to get a debit card instead. Some banks also offer ATM cards for savings accounts, though that’s more of an exception than the rule. If you have an ATM card for checking or savings, there may be an ATM withdrawal limit that dictates how much cash you can take out daily or weekly.

Accessing Your Savings Account Funds

If you want to access money in your savings account but don’t have a debit card, your options will depend on your bank’s policies. Generally, the alternatives can include:

•  You can use an ATM card if you’re issued one for transferring funds into a checking account and withdrawing from there. Or you can make a transfer on your financial institution’s website or in the app. That’s the backdoor method that was mentioned earlier. This process can be especially easy if you have linked checking and savings accounts at the same financial institution.

•  If you have a savings account at a traditional bank, you could also make withdrawals in person at the teller window.

When accessing savings account funds, it’s important to know what limits your bank imposes. For instance, it’s not uncommon for banks to limit you to six withdrawals from savings per month. If you go over that limit, the bank can charge an excess withdrawal fee for each additional transaction or convert your savings into a checking account.

Tips for Using Your Savings Account

Savings accounts are not meant to be complicated or confusing, but there are some rules to know about using them. These tips can help you make the most of your savings.

•  Choose the right bank to open a savings account. Online banks can offer higher interest rates on savings with fewer fees, compared to traditional banks. The trade-off is that you don’t have access to bank branches.

•  Know your limits. As mentioned, banks may limit you on the number of withdrawals you can make from savings per month. There may also be limits on how much you can transfer from savings to checking or withdraw in cash at a teller.

•  Link savings to checking. Linking your savings account to a checking account can make it easy to transfer funds between them. Just keep in mind that linking accounts is not an excuse to siphon away money from savings unnecessarily. This is especially true if your savings account is your emergency fund.

•  Automate deposits. Setting up automatic deposits to savings is an easy way to grow your balance. You can also use direct deposit to send some of your paycheck to savings or create a recurring transfer from checking to savings each payday.

If your bank offers an ATM card with a savings account, remember to check the ATM withdrawal limits. Also, it’s important to be aware of any added ATM fees you might pay for using another bank’s machine to withdraw cash.

Alternatives to Getting a Debit Card for Savings Accounts

If you can’t get a debit card for a savings account, you have some other options for managing your money. For instance, you could:

•  Link your savings account to a checking account (especially an interest-bearing one) for convenient transfers.

•  Set up a cash management account that combines features of a checking and savings account, including a debit card.

•  Open a money market account that includes a debit card and check-writing privileges.

•  You could also use a prepaid debit card to hold your savings. That can make it easy to access your money, but there are a few drawbacks. You won’t earn interest the way that you could with a savings account at a bank. Also, if your card is lost or stolen you might be out your entire savings if you don’t report the loss to the card issuer right away. Prepaid debit cards can also charge fees, which can nibble away at your savings balance.

These are some work-arounds since you usually can’t get a debit card with a savings account, and as you see, each can have its pros and cons.

The Takeaway

Savings accounts can help you set aside money toward your big (or small) financial goals. While you usually don’t get a debit card for savings accounts, you could still get a great rate for your money to make up for it. If you are determined to get something akin to a debit card with a savings account, you might look at such alternatives as money market or cash management accounts or link your checking and savings accounts for easy transfers and then withdrawals.

Another smart move: Bank with SoFi. We offer checking and savings in one convenient place, with debit card access.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


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

FAQ

Do banks give debit cards for savings accounts?

Banks usually do not issue debit cards for savings accounts. Money market savings accounts may be an exception, as those can sometimes come with a debit card, paper checks, or both. Debit cards are most commonly associated with checking accounts.

Is there a card for a savings account?

A bank may offer an ATM card for a savings account. If you get a savings account with an ATM card, you could use your card to deposit or withdraw cash at ATMs. You would not, however, be able to make purchases with the card.

Can I use an ATM card to access my savings account?

You could use an ATM card to access a savings account if the bank issues one to you. If you don’t have an ATM card for your savings account, you may need to first transfer money to checking and then withdraw it using your debit card.

About the author

Rebecca Lake

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.


Photo credit: iStock/Miljan Živković

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.

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.
*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.

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Mar
20
2025

12 Best Wishlist Apps to Help You Plan for Holiday Shopping

By | Budgeting & Goals, Family Finances, money, Money & Life | Comments Off on 12 Best Wishlist Apps to Help You Plan for Holiday Shopping

Using a wishlist app can be an excellent way to stay organized when planning holiday shopping. Wishlist apps allow you to create shopping lists and check off purchases as you make them. Some of the best wishlist apps can also make it easier to track price changes for items on your list from different stores.

If you’re gearing up for the holidays (or planning to shop for any other special occasion), there are several wishlist apps you might consider using to make the task easier.

In this guide, you’ll learn about the benefits of wishlist apps and smart picks if you decide to use them.

Why Use a Wishlist App?

Wishlist apps can help to simplify holiday shopping in a number of ways. While the features of individual apps may vary, the benefits are largely the same.

For instance, a wishlist app can help you to:

•   Organize shopping lists for the holidays or any other special occasion.

•   Plan, set, and hopefully stick to a budget for shopping so that you’re not draining your checking account.

•   Track pricing changes for the various items on your list so you can find the best deals.

Wishlist apps can also keep you from wasting money on the wrong gifts (a sweater that’s too big or not quite the right Lego set) or on impulse buys.

If friends and family use wishlist apps to set up a preferred gift list for themselves, they can share it with you. You can then choose which gifts to buy from their list. This can help ensure that you’re giving them something they truly want or need; say, not just any boots but exactly the pair they’re hoping for. And you can set up a shareable wishlist for yourself so that friends and family also know what to buy for you.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 3.80% APY, with no minimum balance required.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 3.80% APY on your cash!

Best Wishlist Apps for Shopping in 2023

There are lots of wishlist apps available for download, but some may prove more valuable to you than others. When comparing wishlist apps, it’s helpful to consider such factors as:

•   The range of features offered

•   Shareability

•   Whether fees are involved in their use (all of the ones on the list below are free).

With those things in mind, here are some of the best wishlist app options to consider when trying to shop affordably for the holidays.

1. Giftful

•   Website: https://giftful.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftful can make it easy to set up wishlists and share them with friends and family. To create a wishlist for yourself, you can simply add links to items from around the web. People who view your wishlist can browse items and if they decide to make a purchase, click “Claim” in the app to let others know they plan to buy it.

You can do the same for friends and family who have created their own Giftful wishlist. Giftful believes in the value of surprises, so you won’t be able to see who’s claimed items on your list and friends and family won’t be able to see what you’ve claimed from their lists.

2. Wishupon

•   Website: https://wishupon.company

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Wishupon is a universal shopping wishlist app that can be used for the holidays or any other time when you need to track gifts (such as birthdays or wedding season).

Users can create wishlists when they browse any online store through the Wishupon mobile app. You can also add items to your wishlist with just a click if you’re window shopping online using the Wishupon browser extension for Google Chrome. Wishlists are shareable on Snapchat, Messenger, and social media.

There are two other features you may also enjoy. Wishupon sends you notifications when the price of an item on a saved or shared wishlist drops (this can help you save money daily during the holiday season). You can also organize your wishlist into different collections, which can make it easier to separate holiday shopping from other occasions.

3. Giftbuster

•   Website: https://giftbuster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftbuster allows users to set up one wishlist or multiple lists for different people in your household. For example, if you’re married, you might have one wishlist for yourself, one for your spouse, and one for each of your kids if you have children.

You can instantly save links to any product from any store with just one click and share wishlists with everyone in your friends or family circle. Giftbuster sends notifications for price drops as well as deal alerts to help you avoid paying retail. You can also get access to special promo codes which can deliver added savings on the things you plan to buy.

4. Giftwhale

•   Website: https://giftful.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftwhale is a fun way to create wishlists for the holidays, including Secret Santa lists. You can set up a wishlist for yourself and add links to items from any store. You can then share your list with friends and family so they know exactly what to buy. They can share their own lists with you as well.

There’s a chat feature that allows you to exchange gift-giving ideas with friends and family, which is hidden from the wishlist’s creators. That can be a plus if you want to avoid confusion about who will buy which gifts from their list. It also makes holiday shopping more social, which can add to the fun.

Here’s another cool feature: Giftwhale makes it easy for wishlist creators to send a thoughtful thank you note to each person who purchases an item from their list.

5. Things to Get Me

•   Website: https://thingstogetme.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Things to Get Me is a universal wishlist app that includes some helpful features shoppers might appreciate. For example, you can:

•   Create curated lists for each special occasion you plan to shop for

•   Personalize your lists with different themes

•   Share your lists with individual people or groups that you create

•   Collect cash with a money fund if you’d prefer that to a tangible gift (available in the U.S., U.K., and Europe only)

•   Receive gifts from people without having to share your mailing address publicly.

You can use Things to Get Me to shop through the mobile app or online using the free browser plugin.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

6. Giftster

•   Website: https://giftster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftster is a free private gift registry that’s designed for families. You can create a registry and invite family members to join. Everyone who receives an invite can view the registry at any time to make gift giving for the holidays or any other reason easier.

Members can add links to items to the registry from any store. Any purchases that are made from the list are hidden from the listmaker. If your family follows an annual tradition of doing a Secret Santa gift exchange, you can set that up in the app, and Giftster will automatically draw names for each member.

7. Listery

•   Website: https://listery.app

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Listery is a free mobile app that allows users to create gift wishlists and share them with people in their contacts circle. There’s no limit to the number of lists you can create. You can also set up hidden lists of items that you’d like to buy for yourself that no one else on the app would be able to view.

When you set up group lists, you can designate those as public or private view. When an occasion is drawing closer, Listery will send you a reminder to let you know it’s approaching. That can help you avoid waiting until the last minute (or even hitting the stores on Christmas Eve) to purchase a gift from someone’s list.

Recommended: When Is the Best Time to Book Holiday Travel?

8. WishList

•   Website: https://wishlist.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

WishList is a wishlist app and gift registry that allows users to set up lists for any occasion. When you create a list, you can add items to it from any store using the WishList mobile app or online with the Chrome browser extension. Wishlists can be shared among friends and family. Bonus: The app has a search feature that lets you find users using their name or email.

Lists can be curated by theme or collection, so you might have one list for holiday shopping, another for birthdays, and a third for the bedroom makeover you’re planning. Users can set up lists for specific gifts they’d like to receive or general lists of things they’re into to offer some gift-giving inspiration for friends and family.

Recommended: How Much Holiday Lights Cost to Run

9. Elfster

•   Website: https://elfster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Elfster is a wishlist app that’s designed especially for Christmas and holiday shopping. Users can create personalized wishlists, review lists from friends and family, and browse the latest gift trends online.

The app also has a Secret Santa generator feature that makes it easier to plan a holiday gift exchange. You can invite friends, family members, or coworkers to Elfster via text or email. Elfster draws names for you and assigns everyone on the list a Secret Santa gift to buy.

10. Wish Explorer

•   Website: https://wishexplorer.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Wish Explorer allows users to create and share wishlists for holiday shopping, weddings, birthdays, and other events. One of the best features of the app is the option to organize lists and make notes so that you don’t have to worry about forgetting anything when it’s time to shop.

It’s easy to add items to lists while shopping online, or you can also import items manually. When you’re browsing the lists of friends or family members, you can tag items as “reserved” or “bought” to let other shoppers know you’re already purchasing that item. That means no duplicate presents, which can help save money on the holidays and minimize frustration.

11. DreamList

•   Website: https://dreamlist.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

DreamList is a wishlist app and gift registry with a twist. While the app allows you to set up gift lists for holiday shopping and other occasions, users can also create lists for other purposes.

For example, you can set up wishlists for meaningful experiences you’d like to share with friends, family members, or significant others. You could also ask for cash donations to help fund a specific goal or dream, like planning for a vacation. It’s free to set up wishlists or gift registries, and you can create a group list for the entire family.

12. Moonsift

•   Website: https://moonsift.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Moonsift makes it easy to browse and create curated collections of items you’d like to buy. You can set up a universal wishlist and add items through the Moonsift app or online with the free browser extension. It’s designed to let you simply add products from any store and share collections with friends and family.

You can view items from lists that have been shared with you. Another cool feature: Moonsift sends price drop alerts to let you know when there are deals to be had. You can also track what’s already been purchased from a listmaker’s list to avoid buying duplicate items.

The Takeaway

The holidays can be one of the busiest times of year, and having to keep up with a lengthy shopping list might only add to the strain. Wishlist apps can take the guesswork out of deciding what to buy for the people you plan to shop for (and ensure that you’re getting gifts you actually want). More importantly, using a wishlist app can help you stay on budget so that you’re not putting unnecessary stress on your checking or savings account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


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

FAQ

What are wishlist apps?

Wishlist apps are applications that allow users to create lists of gifts they’d like to receive. They can then share those lists with friends, family members, or coworkers, as well as view lists that have been shared with them.

Can you create gift wishlists without an app?

In addition to wishlist apps, you might also be able to create gift wishlists with your favorite retailers, such as an Amazon wishlist. You could also use Pinterest to curate items you’d like to buy for yourself or gift ideas for others. And there’s always pencil and paper or email as options to share this info.

What’s the difference between a wishlist and a gift registry?

Wishlists, including the kind created using a wishlist app, allow viewers to see which items the listmaker would most like to have. Viewers can then decide which items to purchase, if any. Gift registries work the same way, but are typically store-specific.

About the author

Rebecca Lake

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.


Photo credit: iStock/Anchiy

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.

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.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Mar
19
2025
Checking vs Savings Account: Choosing the Best for You

Checking vs Savings Accounts

By | Money & Life | Comments Off on Checking vs Savings Accounts

The main differences between checking and savings accounts is that checking accounts are for spending and come with a debit card and checks, while savings accounts are a place to stash and grow your money via interest earned but your access may be more limited. These two kinds of financial products can form the foundation of how you manage your money day to day.

Read on to learn what the difference between a savings and checking account is, how they are the same, and the role each plays in your financial life.

Key Points

•   Checking accounts typically give you check-writing privileges and a debit card, as well as unlimited transactions.

•   Savings accounts may limit the number of withdrawals you can make, and the account holder usually doesn’t get a debit card or checks.

•   Checking accounts, which are for spending, may earn no or low interest, while savings accounts are for saving (as the name implies) and do earn interest, helping your money grow.

•   Both types of accounts are likely to be insured and may involve fees.

Quick Comparison of Checking vs Savings Accounts

To help you understand the difference between checking and savings accounts, here is a chart summarizing some key points.

Checking Account Saving Account
Fees Varies Varies
Interest earnings Minimal (if at all) Yes
Debit card access Yes No
Check writing capabilities Yes No
Withdrawal limits None May be capped at 6 per month
Maintenance fees Varies Varies
Minimum opening balance Varies Varies
Best used for Spending Saving

There are similarities when you compare checking vs. savings accounts, such as varied minimum opening deposits, maintenance fees, and other monthly fees. Also, both kinds of accounts are typically insured by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration), which can give you peace of mind.

That said, there are also three major points of difference between checking and savings accounts: how account holders access their money, withdrawal limits, and interest earnings.

Three Major Differences to Know

Consider these three important ways that checking vs. savings accounts can differ.

1. Interest Earnings

When it comes to earning a bit of a return on an online bank account, savings accounts typically offer a higher interest rate than checking accounts. In many cases, checking accounts aren’t interest-bearing, meaning no interest is earned at all. Interest rates for savings accounts vary. The current average is 0.46% APY (compared to a current average of 0.07% APY for checking accounts), according to the Federal Deposit Insurance Corporation, or FDIC. That said, you probably will find higher rates at online banks instead of bricks-and-mortar ones, with rates ranging from 4.35% to 5.15%. By not having physical locations, online banks save money and can pass savings onto their customers.

2. Liquidity

Here’s a key difference between a savings and checking account: Checking accounts are usually used by account holders to access their cash frequently, whether paying monthly bills or buying a latte. Checking accounts generally include a debit card, which can be used for purchases or ATM withdrawals. Checks, while not as popular as they once were, are also typically provided.

Savings accounts, on the other hand, don’t usually come with debit cards. Some financial institutions offer an ATM card for deposits and withdrawals to a savings account. Similarly, they lack checks. This reinforces the idea that these accounts are not for spending.

3. Withdrawal Limits

Checking accounts allow unlimited withdrawals, whereas savings accounts may only allow up to six per month. After that point, the transaction could be denied or the account holder charged a penalty. The bank might even convert the savings account into a checking account.

However, in April 2020, the Federal Reserve lifted this limitation of six transactions imposed through Regulation D. Financial institutions are no longer required to limit savings account withdrawals or transfers to six per month, but some may continue to do so. Check with your financial institution to learn the full story.

Earn up to 3.80% APY with a high-yield savings account from SoFi.

No account or monthly fees. No minimum balance.

9x the national average savings account rate.

Up to $3M of additional FDIC insurance.

Sort savings into Vaults, auto save with Roundups.


What Is a Savings Account?

A savings account is an account held at a financial institution such as a bank or credit union, and its primary purpose is to store your funds safely. Most savings accounts allow the account holder to earn interest on the account balance.

A few points to note:

•   Savings account rates are generally higher than those offered with checking accounts (if those pay any interest at all). For this reason, they can be a good option as a savings vehicle for money that the account holder doesn’t need to access frequently.

•   Common uses for savings accounts are emergency funds, short-term savings goals, and funds for occasional expenses. The cash can accumulate in the savings account and have an opportunity to earn interest.

•   As mentioned above, banks can still impose a per-month transaction limit on savings accounts — they’re just not required to by the Fed anymore. There could be fees imposed on these excess transactions, which can add up.

•   Some financial institutions may automatically close an account holder’s savings account or convert the savings account to a checking account if too many withdrawals are made each month on a regular basis.

•   Other financial institutions don’t charge a maintenance fee or require account holders to maintain a minimum account balance, although they may require a minimum deposit to open an account. It’s wise to check with your financial institution to make sure you understand the ground rules.

Benefits of Savings Accounts

Here are some of the upsides of opening and maintaining a savings account:

•   Savings accounts are low-risk, which means you are unlikely to lose money. Rather, you are likely to make money, thanks to interest, especially when that interest compounds.

•   Interest is a plus. By shopping around for high-yield accounts, you may be able to grow your money without the volatility of investing in, say, stocks.

•   Savings accounts are usually insured by the FDIC for up to $250,000 per account holder, per account ownership category, per insured institution. In the highly unlikely event of your bank going out of business, you’d be covered. What’s more, some banks participate in programs that extend the FDIC insurance to cover millions1.

•   Easy access is another plus. Unless term or time deposits, in which your money can be locked up for a specific period of time, savings accounts allow for easy withdrawal of your funds.

•   Peace of mind can come with savings. Having a savings account can help you feel more secure as you work toward your financial goals. For instance, you’ll know that you have funds available if an emergency cropped up.

Recommended: Guide to Using an ATM

What Is a Checking Account?

A checking account is also held at a financial institution, though its primary purpose is to be used for everyday spending. These accounts generally don’t have any withdrawal limits, so account holders can make as many transactions as their heart desires.

•   Debit cards typically come with checking accounts, and can be used for purchases at bricks-and-mortar and online retailers and to withdraw cash from an ATM.)

•   Checking account holders may also be able to use paper checks, either complimentary or purchased by the account holder, which can be used to pay bills and make purchases.

•   Account holders may also access their funds by P2P platforms (such as Venmo or PayPal) and other means.

Checking accounts may not earn as much interest compared to savings accounts, if they earn any interest at all.

Many financial institutions charge the same types of fees for checking accounts and savings accounts, such as monthly maintenance fees. Additional checking account fees may include overdraft or non-sufficient funds fees and out-of-network ATM fees.

Having enough money in the account and sticking with in-network ATMs are good ways to avoid charges like these, but banks are required to disclose certain fees it charges. Take a look at the fee schedule for any particular type of account you are thinking of opening and get acquainted with the details.

Benefits of Checking Accounts

There are many advantages to having a checking account, including:

•   You can pay bills and transfer funds online, in person, or by app; there’s no need to carry around cash for such transactions. Checking accounts can make money management very convenient.

•   Checking accounts are typically insured by the FDIC (or, if you bank with a credit union, NCUA), so your money is safe. Even if the financial institution were to go out of business, you wouldn’t lose your money up to $250,000 per account holder, per account ownership category, per insured institution.

•   Checking accounts can be an affordable way to conduct financial transactions. For instance, your account is likely to come with checks, which can save you the effort and expense of using money orders or other types of payments in many situations.

•   Your checking account may offer rewards, such as cash back opportunities, or if you apply for a loan at the same institution, you may get a better rate.

Recommended: Ways to Avoid Overdraft Fees

Test your understanding of what you just read.

The Takeaway

Yes, there are significant differences between checking and savings accounts. They serve quite separate purposes (spending vs. saving) and can be useful in working toward varied financial goals. For many people, however, it’s not a question of which kind of account to open, but where’s the best place to open both.

When you’re looking for the best banks for checking and savings accounts, see what SoFi can offer.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


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

FAQ

Are interest rates variable on savings and checking accounts?

Savings and checking accounts virtually always have variable interest rates.

Are checking or savings accounts insured?

Yes, both checking and savings accounts are usually insured by the FDIC (or NCUA) for up to $250,000 per account holder, per account ownership category, per insured institution.

Is it better to have most of your money in a savings or checking account?

When comparing checking vs. savings accounts, know this: If you have a chunk of the money that will sit in the bank for a period of time, a savings account can be a wise choice since it will earn interest.

Photo credit: iStock/AleksandarNakic

1SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by banks in the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.

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.

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.


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.

SOBK0324012

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Mar
18
2025

How Long Does It Take for a Deposited Check to Clear?

By | Financial Independence, money, Money & Life | Comments Off on How Long Does It Take for a Deposited Check to Clear?

Despite the increasing popularity of digital payments, you may still receive the occasional paper check. The good news: You’ve come into some money. The not-so-good news: It may take a day or two (possibly even longer) before you can actually access those funds.

The time it takes for a check to clear can vary depending on several factors, including the type of check, the amount, and the bank’s policies. Understanding the check-clearing process can help you better manage your finances and avoid overdrafting your account.

How Long Does It Take for a Check To Clear?

After you deposit a check into your checking account (or savings account), it typically takes one or two business days before the funds are fully available for you to use.

When you deposit a personal check, banks are generally required to make at least the first $225 available to you by the next business day. The remainder of the funds are usually available by the second business day to make sure the check doesn’t bounce. However, there are situations where the bank has the right to extend the hold. These include:

•   The bank has reason to suspect fraud.

•   You are re-depositing a check that has already been deposited.

•   You’ve deposited more than $5,525 by check in one day (the hold will only be for the amount that exceeds $5,525).

•   The receiving account is new (less than 30 days old) or has been repeatedly overdrawn.

•   The check is from a foreign bank.

Recommended: Check vs Direct Deposit

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

Up to $3M of additional
FDIC insurance.


Can You Speed Up the Time It Takes for a Check To Clear?

While each bank has its own policies as to how long it takes a check to clear, there are some tactics you can try to help speed things up.

•   Deposit the check in person: If you deposit a check at a branch instead of using an ATM or your bank’s mobile deposit feature, you may be able to access your funds faster. Depositing a check at an ATM owned by another financial institution, on the other hand, could delay the process.

•   Time it right: If you deposit a check on a business day before the institution’s cut-off time, you won’t have to wait until the next business day for your bank to start processing the check. Cut-off times vary by institution but can’t be earlier than 2 p.m. for a branch deposit. Mobile deposit cut-off times are generally later — sometimes 8 p.m. or 9 p.m.

•   Sign up for direct deposit: If your employer offers direct deposit, enrolling in the program will typically allow you to access your paycheck sooner. Banks and credit unions are legally required to clear direct-deposited funds the next business day after they receive them. However, some institutions clear direct-deposit funds right away.

•   Choose a bank that offers quick check-clearing services: When searching for a new bank account, you may want to compare different banks’ policies regarding how quickly they clear checks. Some banks may advertise same-day availability of funds for deposits made in-branch, among other benefits.

What Affects the Speed at Which the Check Clears?

How long it takes for a check to clear depends on multiple factors. These include:

•   Your bank’s policy: Each bank and credit union has its own policies and procedures for clearing checks, which can vary.

•   When you deposit the check: In most cases, banks won’t process a check during weekends and holidays. If you deposit a check on a Saturday at an ATM or via mobile deposit, for example, the bank won’t begin processing the check until Monday or, if Monday is a holiday, on Tuesday.

•   The check’s amount: Larger checks may take longer to clear than smaller checks, as banks may place a hold on the funds to ensure they are legitimate.

•   Your account status: Banks may have longer holding times if your bank account is new, or you’ve overdrawn on it repeatedly.

•   Type of check: Personal checks typically take longer to clear than certified checks, cashier’s checks, and checks from government agencies. Checks from the same financial institution also tend to clear faster than checks from a different institution.

Recommended: What Would Happen if I Deposited $10,000 Into My Bank Account?

Can Banks Delay or Hold Your Check and Prevent It From Clearing?

Yes, banks have a right to hold your check or keep it from clearing if it suspects that the check is fraudulent or that the account holder is engaging in suspicious activity. They can also hold a check if the account from which the check was drawn does not have sufficient funds to cover the check amount.

Test your understanding of what you just read.

The Takeaway

Typically, a check should be processed and clear within one or two business days. However, certain factors — like depositing a check after a bank’s cut-off time, exceeding $5,525 in check deposits in one day, and depositing a check at an ATM not owned by your bank — can lead to a longer processing time.

It’s a good idea to become familiar with your bank’s policies regarding how long it takes for a check to become available for use. This will help you avoid overdrafting your account and getting hit with any unexpected fees.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


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

FAQ

How long does a check deposit take to show up?

The time it takes for a check deposit to show up in your account can vary depending on the bank’s policies and the type of check. In general, funds from a check deposit will be available the next business day, but some banks may hold the funds for a longer period, especially for large or out-of-state checks.

Do banks deposit checks instantly?

No, banks do not deposit checks instantly. When you deposit a check, the bank needs to verify the check’s authenticity and ensure that the payer has sufficient funds to cover the check amount. This process typically takes one or two business days, though it can sometimes take longer.

How long can a bank put a hold on a check?

According to rules set by the Federal Reserve, banks must make the first $225 of a check available the next business day. Amounts over $225 (up to $5,525) must be made available within two business days after the deposit. For check amounts of $5,525 or more, the bank generally should make the money accessible by the seventh business day after the deposit.

About the author

Sarah Li Cain

Sarah Li Cain

Sarah Li Cain, AFC is a finance and small business writer with over a decade of experience. Her work has been featured in numerous publications, including Kiplinger, Fortune, CNBC Select, U.S. News & World Report, and Redbook. Read full bio.

Photo credit: iStock/Jacob Wackerhausen

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

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

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

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

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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Mar
18
2025

How to Cash a Money Order: A Comprehensive Guide

By | money, Money & Life | Comments Off on How to Cash a Money Order: A Comprehensive Guide

A money order is a valid form of payment, but the average American is likely to be more accustomed to receiving cash, a check, or a peer-to-peer payment through a popular third-party app.

You may wonder what to do if you receive a money order. You can cash it at various locations, such as your bank or a post office. Typically, you’ll need a valid ID to do so, and, depending on where you cash it, you may have to pay a fee. Learn more about the process here.

What Is a Money Order?

A money order is a secure way to pay another person or a business that offers a guarantee beyond what a paper check offers.

While paper checks can bounce if there’s not enough money in the check writer’s bank account, a money order has already been paid for. The funds exist in a secure account, and thus they cannot bounce when the recipient goes to cash the money order.

Advantages of Using Money Orders

Money orders offer several advantages for both the payer and the recipient:

•   No bank account needed: Those without bank accounts can’t send checks, and they may have difficulties using peer-to-peer payment apps, which typically require a checking account or debit card. This can make it challenging to send someone money without stuffing cash in an envelope, which is inherently risky.

An alternative? A money order. Because you can purchase and fund a money order with cash, you don’t need to open a checking account to complete the transaction.

•   No risk of bouncing: Because money orders are prepaid, you don’t have to worry about it bouncing. This makes it a safer way of accepting payment, particularly from a stranger.

•   No sensitive info: Checks contain personal information, including your name, address, phone number, and bank account and routing number. In the wrong hands, this can be risky and could leave you vulnerable to fraud. A money order shares much fewer details — typically, just the payer’s and recipient’s names.

Recommended: How to Transfer Money From One Bank to Another

Disadvantages of Using Money Orders

Money orders do have drawbacks to consider before purchasing:

•   Fees: The person purchasing the money order will need to pay a small fee (usually less than $5) to issue the money payment form. The recipient may need to pay a cashing fee as well, depending on where they go to cash the money order.

•   Limitations: Money orders are ideal for small transactions. Usually, they’re capped at $1,000. If you need to pay more, consider a cashier’s check.

•   Scam and loss risks: There are some risks involved with money orders. For instance, it’s difficult to cancel a money order; if the recipient has already cashed it, you’re out of luck. If not, you’ll likely have to pay a fee to have the money order canceled. Another major risk? Money orders are at the heart of many common bank scams.

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Where to Purchase Money Orders

A huge benefit of money orders is how easily you can purchase them at common locations all around town. You can even purchase digital money orders without leaving the couch.

If you’re looking for a traditional paper money order, however, here are your main options:

Banks and Credit Unions

You can purchase a money order from most banks and credit unions. Often, you don’t even need to be a member of that financial institution, though you can inquire about discounts if purchasing from a bank or credit union where you’re already a customer.

Recommended: Can You Buy a Money Order With a Credit Card?

Post Office

The United States Postal Service (USPS) also sells both domestic and international money orders at many locations. You’ll want to visit its website to find a location near you that offers money orders; use the filter function to find offices that sell domestic and/or international money orders.

Grocery Stores and Retail Outlets

Many grocery stores, convenience stores, and other retail outlets (such as Walmart) also sell money orders, often through financial transfer services such as Western Union or MoneyGram. It’s a good idea to call a specific location in advance before driving there, just to be sure.

Step-by-Step Guide for Cashing a Money Order

Here’s how to cash a money order in four simple steps.

1. Verify the Money Order

Look over the money you received to ensure it appears valid. The USPS offers several tips to verify that your Postal Service money order isn’t a fake:

•   Check the limit: Domestic money orders are capped at $1,000. A money order for more than that might not be legitimate.

•   Look for security features: You should see a Benjamin Franklin watermark and a dark line (vertical) repeating USPS when holding the money order to the light.

•   Check the dollar amount for discoloration: If the money order looks odd, specifically where the dollar amount appears, it’s possible the payer changed the dollar amount after purchasing.

•   Make sure your name is correct: The name on the money order needs to match the name on your ID.

Other money order providers like banks and Western Union recommend such methods of verification as:

•   Double-check any watermarks that should be present for authenticity. Western Union and other providers may have watermarks or holograms to ensure their validity.

•   Verify the accuracy of the name and the dollar amount.

•   For Western Union money orders, you can phone For Western Union money orders, you can call 800-999-9660 to verify the funds.

•   For bank-issued money orders, you can visit a branch of the bank for authentication.

These steps can help ensure that your money order is legitimate and avoid issues down the line.

2. Endorse the Money Order

Assuming the money order is legitimate, take it to a bank or credit union, post office, qualifying retailer, or check-cashing location to cash it. You can cash it wherever it was issued (this should be evident on the money order), but you may be able to avoid fees by taking it to your own financial institution.

Once you’re there and at the counter, sign the money order to endorse it.

3. Present Valid Identification

Present your ID to the person behind the counter. They’ll compare your name to the name on the money order.

4. Pay Any Applicable Fees

Depending on where you are cashing the money order, you may have to pay a fee. Walmart, for instance, says it won’t charge more than $4 to cash a money order. However, fees can be particularly high at check-cashing services and retailers. To avoid these charges, you can take the money order to your own bank or credit union — or make sure the payer proactively sends extra funds with the money order to cover the cost of cashing it.

In addition to cashing a money order in this way, it’s worth noting that you can often cash a money by depositing it in an ATM. You can deposit an endorsed money order at an ATM at many bank once you’ve endorsed it, like a check.

Important Tips and Precautions

If you’ve received a money order, here are some tips to keep in mind:

Expiration Dates and Time Limits

While money orders don’t expire, it’s a good idea to cash or deposit yours as soon as possible. The longer you wait, the more you risk losing the money order or having it stolen. In addition, the value of the money order could decline due to fees being deducted if it sits for over one to three years.

Recommended: Tips for Tracking a Money Order

Fees and Charges

Where you choose to cash a money order can impact how much you pay in fees, if any. Your best bet for avoiding fees is taking it to your own bank or credit union. Go elsewhere, and the fees can cost a few dollars or more to cash a money order.

Handling Lost or Stolen Money Orders

If you’ve lost a money order you received or had it stolen, you’ll need to reach out to the money order’s issuer. That typically allows you to track the status of the money order or fill out a search request if the receipt is missing (which can involve a higher fee) if you don’t have the necessary details to quickly track it. Depending on what you learn, you might request a replacement and/or request a replacement if it’s been cashed fraudulently.

Avoiding Fraud and Scams

Fraudsters frequently use money orders to scam people out of money. If you’re selling goods online, don’t ship the items until you’ve received the money order and verified that it’s legitimate. Sometimes scammers will use the “overpayment” ruse in which they send you a money order for more than you were expecting and ask you to refund the difference. This should always be a red flag. The money order could prove to be fraudulent and, if you “paid back” the overpayment, you’ll be out some money.

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The Takeaway

Cashing a money order is fairly easy, involving just a few steps, including bringing it to a cashing location with valid ID. Always thoroughly review the money order to ensure it is legitimate before endorsing it and attempting to cash it. Also, to avoid potential fees, try cashing it at your own bank or credit union.

Speaking of banks, see what SoFi offers.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


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

FAQ

What is the difference between a money order and a cashier’s check?

While both a money order and a cashier’s check offer secure ways of sending money to another person, there are several key differences between the two. Cashier’s checks are available in larger sums than money orders, which are typically capped at $1,000 each. However, you can purchase money orders at more locations (making them accessible to those who are unbanked) — and usually at a lower fee.

How long is a money order valid for?

Money orders do not expire. The funds that are attached to the money order remain in an account until they are claimed by the recipient. However, if a money order stays uncashed for more than one or three years, a service fee could be assessed and could eat away at its face value.

Can I cash a money order at any bank or credit union?

You may be able to cash a money order at any bank or credit union, but you could also be charged a fee to do so. You can typically avoid this kind of fee by taking it to your own bank or credit union or the issuing institution.

Photo credit: iStock/Sergey Dementyev

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.

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.
*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.


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.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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