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The amount of money you bring home with each paycheck plays an important role in your overall financial picture. While there are likely several dollar amounts that appear on your paycheck, two of the most important are your gross income and your net income.

Your gross income represents the total amount of money that your employer has paid you. If you are an hourly employee, it will be your hourly wages multiplied by the number of hours you worked. If you are salaried, then it is a proportional amount of your total annual salary.

Your net income is your take-home pay. In other words, it’s the value left after taxes, employee benefits, retirement plan contributions, and other deductions are taken from your gross income.

What Is Gross Income?

Your gross income is the total amount you earn before any deductions or taxes are taken out of your paycheck. If you are a salaried employee, your gross income will be the portion of your salary that corresponds to the time period represented on your paycheck. For example, if your salary is $52,000 and you are paid every two weeks, your gross income may be $2,000 per paycheck. If you are paid monthly, your gross monthly income may be $4,333.33. (The numbers may vary slightly depending on how exact pay periods are handled.)

If you are an hourly employee, your gross income depends on the total number of hours you work and your hourly wage. If you work 80 hours during a pay period and have an hourly wage of $15/hour, your gross income will be $1,200.

In some cases, an employee might be eligible for overtime pay, which could also be reflected in their paycheck. Whether you are a salaried or an hourly employee, any tips, bonuses, or one-time additions must also be added to your total gross income.

Recommended: How Long Does a Direct Deposit Take to Go Through?

What Is Net Income?

Here’s the difference between gross income vs. net income: While your gross income represents the total amount you earn in a given pay period, your net income is the amount you’ll actually receive after taxes and deductions. Common payroll deductions may include:

•   Federal, state, and local taxes

•   Health insurance premiums

•   Retirement contributions, such as 401(k) plans

•   Wage garnishments

•   Charitable giving via workplace programs

The result is your net income, which may be sent to your bank account via direct deposit or given to you as a paper check.

Gross vs Net Income: What’s the Difference?

When comparing net and gross income, know this: Your gross income will always be equal to or more than your net income. If you don’t have any tax withholding or other deductions, your gross income and net income may be the same. But if money is withheld for taxes, insurance, retirement savings, or other common deductions, it will be subtracted from your gross income. The result is your net income and is also often referred to as take-home pay.

Why Do We Go by Gross Income?

When people compare earnings and salaries, they often focus on the gross amount rather than what they actually take home. This is because net income can vary greatly depending on a person’s situation, while gross income reflects the pay associated with a job or position and provides a more consistent basis for comparison across roles.

Consider two people who make the same salary. Their take-home pay may differ if:

•   One is married with children and has less tax withheld compared to a single person with no children,

•   One chooses to contribute 10% of their pay to a company-sponsored retirement plan, while the other does not

•   One is the account holder for family health insurance, resulting in higher deductions

Another reason that gross income is often a better comparison than net income is that the money withheld from your paycheck usually represents actual value you still receive. Money deducted for retirement savings is transferred to your 401(k) account, insurance premiums pay for medical or dental insurance, and taxes are paid to the government. These deductions serve an important and valuable purpose.

How Do Gross and Net Income Relate to Taxes?

It’s important to understand your taxes and how they relate to your gross and net income. Taxes, along with deductions, are amounts subtracted from your gross income to determine your net income. The more money withheld for taxes from your paycheck, the lower your net income will be. However, higher withholding may reduce the likelihood that you owe additional money to the federal or local government come tax season.

How Gross and Net Income Affect Your Finances

While your gross income can be a useful point of comparison in terms of how much you make, it’s your net income that directly affects your day-to-day budget and finances. When managing your money and deciding what to focus on, net income is often the figure to look at to understand how much money you have available to spend or save.

After all, it’s your net income that represents the money you actually receive each pay period. That amount can be a good starting point as you learn to spend wisely by budgeting.

You can then allocate funds to pay your living expenses, make discretionary purchases, pay off debt, and save towards future goals. A line item budget can help you balance your finances and meet your short-term and longer-term goals.

Recommended: 50/30/20 Monthly Budget Calculator

The Takeaway

Gross income and net income are two different points of reference for how much money you make. Your gross income represents the total wage or salary you earn during a particular pay period. Your net income is what remains after taxes and deductions are removed from your gross earnings. In other words, your net income is the money you actually take home and can use as a starting point for budgeting.

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

How can I increase my net income?

Your net income largely depends on your gross income, so increasing your gross income could increase your net income. You might do this by finding a higher-paying job or by starting a side hustle. Another way to raise your net income is to lower the amount of taxes and deductions that are taken out by adjusting your tax withholding or decreasing other deductions, such as how much you contribute to retirement savings.

What are some budgeting tips to help me with my income?

One budgeting tip is to make sure you start with your net income and list out all of your expenses. Make sure that your total expenses are less than your total income (this may involve making some cuts) and create a plan to save at least some of the difference. You might want to research budget guidelines, such as the 50/30/20 rule, for inspiration.

Is gross income more important than net income?

Gross income and net income are both useful in different circumstances. Gross income can be used to compare salaries for different jobs and roles, while net income is more useful when budgeting.

Photo credit: iStock/Vasyl Faievych

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 3/31/26. 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.

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 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/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

*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.

SOBNK-Q126-041

It can be a good move to keep one to two months’ worth of living expenses in your checking account, plus a buffer of about 30% of that amount.

For some people, that will be a stretch. For others, the preference may be to keep more there. While you may like to see a healthy balance in your checking account, you want to have “just enough” on deposit (or enough to meet the minimum balance requirement).

Here’s why: A checking account typically pays low or even no interest, so additional funds are better stowed elsewhere, so your money can grow. Read on to learn more about this topic and how to determine the right amount to keep in your checking account.

What Is a Checking Account?

First things first: A checking account is a type of deposit account held at a traditional bank, online bank, or credit union. It provides a secure spot for your funds, since most banks and credit unions are covered by Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance, and it can be the foundation of your daily financial life.

For instance, your paycheck can land there by direct deposit, you can withdraw funds from your account by using an ATM or making a transfer, and more. And you will likely have a debit card linked to the account, which allows you to easily spend as you stock up at the supermarket or grab a coffee.

A few other details to note:

•   Checking accounts typically allow you unlimited transactions, but they probably earn no or very low interest. The average checking account currently earns 0.07% in interest, according to the FDIC. You may see a higher return by opening a high-yield checking account or premium account.

•   Some checking accounts are available fee-free, but they may have minimum deposit requirements and some surcharges. It’s wise to read the fine print on an account you currently have or are contemplating opening to know the full story.

If you’re curious as to how much others keep in their checking accounts, the Federal Reserve’s most recent Survey of Consumer Finances (based on 2022 data) found that Americans keep a median balance of $8,000 in their transaction accounts, which include checking and savings accounts, among others. The average amount in checking and other transaction accounts is $62,410, but that number’s pulled up by those with higher net worth.

Factors to Consider

When deciding how much money you should keep in a checking account, there’s no one-size-fits-all number. Instead, consider these factors.

Monthly Expenses and Income

To determine how much cash to keep in your checking account, you’ll first want to tally your monthly income and expenses — those two numbers are vital. For example, if you net $8,000 a month in pay and your usual expenses (housing, utilities, food, health care, discretionary spending, etc.) are $7,000 a month, you might want to aim for a balance of $10,000 to $15,000 in the account at any time.

This would give you one to two times your monthly expenses, plus a little overage. That overage is important, as it’s your buffer in case your spending were to increase one month (say, a large dental bill). You don’t want to wind up in overdraft.

If you need help tallying or tweaking your monthly expenses vs. income, there are a variety of budgeting methods that can help you.

Upcoming Large Expenses

When deciding how much money to keep in your checking account, you may want to account for any major expenses coming your way. Perhaps you pay your homeowners’ insurance annually, or your partner’s big birthday is coming up. You’ll want enough money accessible to cover these expenses.

Savings Goals

On the other hand, you don’t want to let too much cash just sit in your account when it could be working harder for you. You can transfer any excess funds into a savings account where you will likely find much higher interest rates.

For instance, the average savings account earns 0.39% interest as of February 2026, which is an improvement over checking’s 0.07%. Also, online-only banks may offer close to 3.00% to 4.00% APY for their savings accounts. Higher interest (and more frequent compounding) may help boost your savings over time for a summer vacation, a new car, or a down payment on a house.

In addition, you may want to prioritize stockpiling some money in an emergency fund, which financial experts say should have at least three to six months’ worth of living expenses in it.

Account Fees and Requirements

As you compare checking accounts, be sure to drill down on account fees and requirements. Fees can nibble away at your money, and there are quite a number that can be assessed. There are account maintenance fees, overdraft fees (averaging close to $27.00 per transaction, according to a recent survey), out-of-network ATM fees, and more. Read the fine print (or look at your statement if you already have an account) to see where you stand. Then you can make a choice that helps you avoid bank fees.

Also note that there may be requirements for your account, such as keeping a certain amount on deposit or using your debit card a certain amount per month. If you don’t meet the guidelines, you could wind up paying more fees.

The Basic Living Expenses Approach

As mentioned above, one popular approach for how much money you should keep in a checking account is to have one to two months’ worth of living expenses on deposit.

Need help calculating that number? Tracking your expenses can be done fairly simply by reviewing a couple of months of your current checking account statements and totaling how much flowed out. Some accounts have a dashboard that makes it easy to see your spending.

Or you could add up your typical expenses the old-school way, using an online spreadsheet or pencil and paper. Include costs such as housing, transportation, food, utilities, clothing, health care, loan payments, credit card payments, dining out, entertainment, streaming services, insurance, and any other regular expenses.

If your usual expenses were, say, $6,000 a month, you might want to keep somewhere between $8,000 and $14,000 in your checking account.

Recommended: Checking vs Savings Accounts: A Detailed Comparison

Earning Interest vs Liquidity

Another way to look at how much money you should keep in your checking account is to balance two financial forces: earning interest and liquidity.

Typically, in order to pay out higher interest, a financial institution needs to feel confident that money will be accessible for them to use for other business purposes. That is why savings accounts, which used to allow only a limited number of transactions per month (incidentally, some banks still enforce this guideline), will typically pay a higher interest rate.

Similarly, a certificate of deposit (CD) will likely pay more interest than a checking account, because the customer agrees to keep their funds in the account for a specific period of time.

The other side of the coin is liquidity, meaning that you can access money on demand, without fees or penalties. This is what a checking account excels at. You may not earn much (or any) interest, but you know you can withdraw funds and pay bills from it as often as you like.

For this reason, you probably want to keep just enough cash in checking to pay bills without overdrafting, while moving any additional funds into savings (perhaps earmarked as an emergency fund) to reap a higher interest rate.

Recommended: Checking Account Pros and Cons

Tips for Right-Sizing Your Balance

As you fine-tune the amount of money you keep in your checking account, try these tactics.

Track Spending Closely

You may think you know how much your monthly expenses are, but tracking the exact amount can be a very helpful exercise as you think about your bank account balances. For instance, you may not be accounting for spending such as gifts for friends and family, subscriptions, prescription medications that refill every three months, contact lenses, and charitable donations.

Some banks provide tools to help you track your spending, or some apps and websites can also give you a full picture. As you comb through your spending, you may also find places where you can easily trim some money.

Automate Savings Transfers

One way to make sure you are building your savings is to set up automatic transfers from your checking account to your savings. This can be a seamless, no-effort way to make sure money doesn’t just sit in checking.

You might automate your money by having recurring transfers from checking to savings right after you are paid. This can help you avoid spending when you see money piling up in your checking account, and it moves money to where it can earn interest.

Take Advantage of Personal Finance Apps

As noted above, there are personal finance apps that can help you manage your money. First, check your current bank, as it may offer helpful tools. There are also paid apps available for budgeting, typically ranging from around $2.00 to $25.00 a month.

Or you might want to take advantage of round-up apps that can help build your savings as you spend. These round up the price of purchases to the next dollar and send the difference into your savings account (or investments) so it can help build your wealth, bit by bit.

The Takeaway

Keeping slightly more than one to two months’ worth of living expenses in your checking account can be a good rule of thumb. Any additional funds can work harder for you when transferred to a savings account, where they can earn interest and help your money grow.

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

Is too much money in a checking account a bad idea?

While not exactly a bad idea, keeping too much money in your checking account could mean you are missing out on the potential opportunity to earn more interest and help your money grow. Consider different ways, including banking round-up apps and automatic transfers, to move funds into higher interest-bearing accounts.

What is the average checking account balance?

The average transaction account balance (which includes checking and savings accounts) is over $62,410, but that skews high due to the balances of those who are wealthier. The median figure is $8,000.

What does it mean for money to be liquid?

When money is liquid, that means it can be accessed on demand. For example, cash in the bank is liquid; the equity you have in real estate is not, since it would require effort to secure funds related to that investment.

Photo credit: iStock/JLco – Julia Amaral

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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 3/31/26. 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.
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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

*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.

SOBNK-Q126-045

Are you wondering, “How much cash should I have on hand?” There are two ways to think about this question. One is how much actual currency, such as $20 bills, you should keep in your wallet or at home. The other is how much liquid money you should have available in case of an emergency, such as cash in a savings account vs. equity in your home, which can be a challenge to access quickly.

This guide will cover both of those scenarios and help you understand the importance of having some cash accessible when it’s needed, whether in case of an emergency or everyday spending. Read on to learn the specifics.

How Much Cash Should You Have if You’re Still Working?

First, consider how much cash the typical person who’s working should have available. You may be at a stage of life when you are putting away money towards certain financial goals, such as retirement or your child’s college education. That’s money you don’t want to touch.

You also likely need to have money in an emergency fund. This is money you can quickly access if you have an unexpected medical or car repair bill or if you were to lose your job. This money can help you cover expenses and help you avoid resorting to using your credit cards. Credit card debt is high-interest debt, with interest rates currently over the 20% mark on average.

Financial experts usually advise that people add up their monthly expenses, including housing, food, healthcare, utilities, and discretionary spending, and set aside at least six months’ worth of those costs. You don’t have to accumulate that amount all at once. You might automate your savings and have a small amount transferred from your checking account into an emergency savings account every time you get paid.

What’s nice about an emergency fund is that the money is highly liquid, meaning you can access it quickly when a surprise expense arises, unlike the equity in your home, your invested funds (the value of which can rise and fall), or a valuable family heirloom. A good place to keep your emergency fund might be in a high-yield savings account, where it will be insured up to the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) limits.

Recommended: Find out how much you should save for unexpected expenses with our emergency fund calculator

How Much Cash Should You Have if You’re Retired?

If you are retired, the same basic thinking holds true about how much cash to have available. Whether your income comes from fixed benefits, passive income, or a paycheck, you will want to have at least six months’ worth of living expenses available.

Some experts suggest that those who are retired should keep more than that amount in cash available. They believe that 18 to 24 months is a wiser number. That way, if you are hit with a major medical bill that you can’t negotiate down, you can use your cash rather than sell your investments. That’s an example of why an emergency fund is a priority.

How Much Cash Should I Keep at Home?

Now that you understand how much cash to have available in a liquid form, consider how much literal cash (as in the bills you get when using an ATM) to keep on hand.

Of course, you don’t want too much cash sitting in a drawer when it could be in a bank or credit union, earning interest. But it can be wise to keep at least $100 or $200 on hand.

For instance, imagine a major storm came through and knocked out power in part of your town and forced many businesses to close. You might need to fill your gas tank to drive to the next town to get food, or you might have to pay for some emergency supplies or to refill a medication prescription.

While some people may want to keep more than that amount for added security, the prevailing wisdom is to have no more than $1,000. If you keep that much cash in your house, you may want a home safe. Otherwise, theft, fire, and simply forgetting where you stashed it could create issues.

How Much Cash Should I Keep in My Wallet?

The amount of cash you keep in your wallet will vary. Many people today use their debit cards and payment apps for daily spending and carry very little or even no cash. But having some money, perhaps $100 or so, is a sensible approach.

You might need to buy something at a local, cash-only business. Or you may shop at a store that adds a surcharge for cards or mobile payment apps to cover processing fees. Keeping some cash in your wallet could be useful in these and other situations.

Where Should I Store My Cash?

You might consider keeping day-to-day money in a checking account and emergency money in a separate savings account. That way, you don’t need to battle the constant temptation to spend it. Keeping cash in an FDIC-insured account that earns a solid interest rate is a wise move as well. Online banks typically offer these features.

The Takeaway

Determining the right amount of cash to have on hand requires considering factors such as how much money to keep in a savings account for emergencies and how much to keep in a checking account and in physical currency for day-to-day necessities. Ultimately, the goal is to strike a balance: ensure your funds are accessible when needed, while keeping them safely stored and earning a higher interest when possible.

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

How much cash should the average person keep at home?

Many experts suggest keeping a modest amount of cash at home for emergencies, often a few hundred dollars, and recent data indicates that the typical household stores around $300. Having some cash available can be helpful if electronic payments are unavailable during an emergency.

How much cash does the average person carry?

The average American carries $67 in cash, but that figure can vary widely. Consider your daily habits and where you use cash regularly to help you decide how much to keep in your wallet.

Why do people keep large amounts of cash at home?

Some people feel their money is safest at home, close at hand. Others may be unbanked, meaning they do not have a traditional bank account. Some simply want the reassurance of knowing they have some dollars available in case of an emergency.

Is it wise to keep cash at home?

It can be wise to keep some cash at home. You might want to run to the farmers’ market and make a purchase in cash without stopping at an ATM. Or if you need cash urgently during an emergency, local ATMs may be unavailable or empty. In situations like these, having cash on hand can be very helpful.

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 3/31/26. 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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
*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.

SOBNK-Q126-044

Checking accounts generally aren’t known for their high interest rates. But the days of earning nothing (or practically nothing) on the money sitting in checking may be coming to an end. While the average annual percentage yield (APY) on checking is still a scant 0.07%, many banks and credit unions now offer significantly higher rates for their checking accounts. These high-yield checking accounts often pay more than many savings accounts, and some even rival high-yield savings accounts.

However, you may need to follow certain strict rules to earn the high rate. If you don’t, you may earn little or no interest for the month. Are high-yield checking accounts worth it? Here’s what you need to know.

What Are High-Yield Checking Accounts?

High-yield checking accounts (also known as high-interest checking accounts) are checking accounts that offer higher interest rates than standard checking accounts. Like any other checking account, you can use it for everyday transactions, such as paying bills online, receiving your paycheck, writing checks, and making purchases with a debit card.

The key difference between a traditional checking account and a high-yield checking account is that the latter offers a higher interest rate. Although rates vary, you can currently find high-yield checking accounts from banks with APYs of approximately 0.25%-2.00%, as well as others that range from about 3%-5%, though these tend to come with strict requirements. The current national average rate for checking account APYs, however, is 0.07% APY.

Some high-yield checking accounts offer the same APY on all balances, while others offer a tiered rate with higher APYs for higher balances. You may also have to meet certain requirements to access the advertised rate, such as making a certain number of transactions each month, signing up for direct deposit of your paycheck, maintaining a higher balance, and enrolling in electronic statements.

How High-Yield Checking Accounts Work

You can use a high-yield checking account as you would a standard checking account. That means you can deposit and withdraw funds, pay bills, transfer money to and from linked bank accounts, use a debit card for purchases and cash withdrawals at ATMs, and more.

At the same time, your checking account balance earns interest each statement period. To earn the highest APY or waive a monthly account maintenance fee, however, you may need to meet certain requirements. For example, you may have to:

•   Use your debit card for a certain number of transactions each month

•   Maintain a minimum balance for the statement period

•   Have a minimum amount in direct deposits each month

•   Use bill pay a minimum number of times each month

•   Enroll in online banking and electronic statements

•   Have other accounts at the same financial institution, such as a savings account or investment account

If you can’t meet your financial institution’s requirements, you likely won’t be able to earn a competitive interest rate, or you might get hit with a fee that can outweigh the benefits of a high interest rate.

Advantages of High-Yield Checking Accounts

Deciding whether high-yield checking accounts are worth it means considering both the benefits and drawbacks of these accounts. Here’s a look at two key advantages.

Extra Interest

A high-yield checking account allows you to earn significantly more interest than you could in a regular checking account. The best high-yield checking account rates may be competitive with high-yield savings accounts or certificate of deposit (CD) rates (though, again, these tend to be more restrictive).

While you likely have money moving in and out of your checking account, it may be worth earning as much as you can on the money that sits in the account. This is especially true if you tend to keep a large balance in checking and can easily meet the bank’s requirements to earn the higher rate.

Liquidity

High-yield checking accounts offer the interest often associated with savings accounts combined with the accessibility of a checking account. Though the Federal Reserve no longer requires banks to limit savings account transactions to six per month, many banks have continued to impose the rule and will charge you a fee if you exceed the limit. Checking accounts don’t impose these limitations, however. You can write checks, use a debit card, and make withdrawals as needed.

Recommended: Checking vs Savings Accounts: A Detailed Comparison

Potential Disadvantages of High-Yield Checking Accounts

Although you may earn a competitive interest rate with a high-yield checking account, these types of accounts also come with a few drawbacks.

Transactional Requirements

To earn the high interest rate, high-yield checking accounts typically require you to meet specific transactional requirements. These may include making a certain number of debit card purchases per month, having direct deposits, or logging into online banking regularly. The requirements may be complex, and if you’re unable to meet them at any time, you may risk not earning any interest or earning a much lower rate than you anticipated.

Rate Caps

Many high-yield checking accounts cap the balance eligible for the high interest rate. For example, the high rate might only apply to balances up to $10,000, with any amount above that earning a significantly lower rate or no interest at all. This can limit the overall interest you can earn in the account, especially if you maintain a higher balance.

Who Benefits Most From These Accounts?

Those who can easily meet the requirements to earn the highest interest rate may stand to benefit the most from a high-yield checking account.

For example, if you frequently make debit card purchases or get your paycheck from your employer through direct deposit, you may already meet the requirements for the top rate without putting in any extra effort. In this case, a high-yield checking account earns interest on money that would otherwise sit there earning little to nothing.

However, a high-yield checking account probably doesn’t make sense if you’ll struggle to meet the bank’s criteria to earn a high rate or avoid fees. In that case, you might be better off with a regular checking account and a high-yield savings account, which can pay as much as and typically more than high-yield checking accounts but with less hassle.

Comparing High-Yield vs Regular Checking

High-yield checking accounts serve the same basic purpose as regular checking accounts, but they have different benefits and requirements. Here’s a look at how they compare.

Interest Earnings Examples

•   High-yield checking: If you have a $10,000 balance earning a 0.50% APY in a high-yield checking account, you could earn $50 in one year.

•   Regular checking: If you have a $10,000 balance earning the national average rate for checking accounts, which is about 0.07% APY, you could earn $7 in one year.

•   Total difference: The high-yield checking account would provide $220 more in interest over the course of a year.

Other Considerations

•   Fees: Regular checking accounts may have fewer or lower bank fees compared to high-yield accounts.

•   Accessibility: Both types of accounts offer similar access to funds through checks, debit cards, and ATMs.

•   Requirements: High-yield checking accounts often have stricter usage requirements to qualify for the higher interest rate.

Alternatives to Consider

High-yield checking accounts are a useful financial tool, but they aren’t for everyone. If you’re interested in a bank account that pays a higher-than-average APY, here are some alternatives to consider.

•   High-yield savings accounts: The interest rate you can earn in a high-yield savings account can be the same or higher than a high-yield checking account, but without the stringent requirements. While you generally can’t pay bills and make purchases directly from a savings account, you can easily transfer the funds to your checking account when you need to make payments.

•   Money market accounts (MMAs): MMAs typically offer higher APYs than traditional savings accounts while providing some of the conveniences of a checking account, like a debit card and checks. These hybrid accounts may have certain requirements, however. For example, some institutions require high minimum balances to open an account or avoid fees. MMAs can also be subject to transaction limits, so they aren’t a perfect substitute for a checking account.

•   Certificates of deposit (CD): Certificates of deposit offer a fixed APY that’s usually higher than regular savings accounts. In exchange, you agree to leave the money untouched for a set term, which can range from a few months to several years. If you have a large chunk of cash you won’t need for several months or more but want a guaranteed rate of return, a CD may be worth considering.

The Takeaway

If you want the features of a checking account, such as a debit card and frequent access, while growing your money, a high-yield checking account may be worth looking into. However, you’ll want to make sure that you can meet the requirements of the account. If you can’t, you could end up earning little or no interest and/or getting hit with fees. In that case, you may be better off with a regular checking account and a savings account that pays a competitive APY.

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 is a good high-yield checking rate?

A good high-yield checking account rate is typically 0.25%-2% APY or higher. This is significantly higher than the current average APY for checking accounts, which is 0.07%.

Keep in mind, though, that in order to earn the advertised rate on a high-yield checking account, you may need to meet certain conditions, such as a minimum number of debit card transactions, a minimum amount in monthly direct deposits, or maintaining a certain balance.

Do these types of checking accounts have debit cards?

Yes, high-yield checking accounts typically come with debit cards, just like regular checking accounts, allowing you to make purchases, withdraw cash from ATMs, and manage your daily transactions.

In fact, using the debit card is often a requirement to qualify for the high interest rates offered by these accounts. A bank or credit union may specify a minimum number of debit card transactions per month as part of the account’s conditions to earn the advertised high yield.

What are the disadvantages of using a high-yield checking account?

High-yield checking accounts may have some disadvantages, including stringent requirements to earn the high interest rates. For example, you may need to maintain a high balance or make a minimum number of debit card transactions and direct deposits per month. If you don’t meet the requirements, you may earn very low (or no) interest for that month or get charged a fee.

Some of these accounts also have rate caps, which means that the high interest rate only applies to a specific balance limit, with amounts above that earning lower or no interest.

Photo credit: iStock/Dilok Klaisataporn

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 3/31/26. 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.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SOBNK-Q126-026

It’s often, but not always, possible to deposit cash at an ATM. Whether you can feed bills into the machine depends on your bank, the specific ATM you’re using, and other factors. If you’re able to make the deposit, you might be charged fees.

It’s important to understand the rules for depositing cash at an ATM so you can get your money where you want it to go, with minimum hassle.

How to Deposit Cash at an ATM

Here are the usual steps for depositing cash at an ATM, once you have your bills counted and ready.

Locate an ATM

In order to avoid wasting time at an ATM that won’t accept cash, it’s a good idea to do a bit of research beforehand. Log onto your financial institution’s website or app and look for an ATM locator, which will show you all nearby machines and may also specifically mention which services those ATMs can perform.

It’s worth noting that those convenient ATMs that you may see at your local grocery store or at a concert venue may not accept cash. They are primarily there to provide people with spending money.

Insert Your Bank Card

When you arrive at an ATM that accepts cash deposits, you’ll most likely use your debit card, or another bank card, and your PIN to confirm your identity. This gives you access to the ATM’s service options. Some banks may offer access to ATMs using cardless withdrawal technology, which lets you use your phone instead of your bank card to complete transactions.

Follow the On-Screen Instructions

Next, you’ll follow the instructions on the ATM screen to make a cash deposit. If you have multiple accounts, such as a checking and a savings account, you’ll typically be asked to select which one you want the money to be deposited into.

Feed Your Money Into the ATM

Ready for the main event? It’s now time to feed your bills into the machine. Depending on the bank and the machine, the ATM may have limits on how many bills it will accept per deposit (often around 30 to 50 notes). Some older ATMs still require you to put bills into the provided envelope before making your deposit. Most ATMs typically don’t take coin deposits.

When inserting the bills, you can usually confirm the deposit amount, giving you the chance to double-check the transaction details.

As with any cash-accepting machine, a bill may be rejected if it appears damaged or potentially counterfeit. And, of course, any time you are handling cash, it’s important to remain aware of your surroundings and make sure you feel safe.

Sign Out

Once you’ve made your deposit, you’ll usually be offered the option of a printed or an emailed receipt (either of which can help with record-keeping). Finally, always make sure you’re signed out of the ATM and have collected your debit card before you leave.

Can You Deposit Cash at Any ATM?

You can’t necessarily deposit cash at any ATM. If you are a customer of the bank that operates its own ATMs, you can likely utilize those machines if they accept deposits. You may not be able to deposit bills at an out-of-network machine at all, even if it can accept deposits.

For this reason, it’s important to check which ATMs are part of your bank’s network and accept cash. This can save you a wasted trip to an ATM that doesn’t accept deposits for your financial institution or doesn’t accept bills at all.

If you are permitted to deposit cash in an out-of-network ATM, you may have to pay a fee. Currently, out-of-network fees are on average close to $5.00 per transaction, according to a recent study. In addition, you may have to wait longer for the funds to become available in your account.

Can You Deposit Cash at an ATM for an Online Bank?

If you’re a customer at an online-only bank, you may be wondering whether you can deposit cash at an ATM. Some of the leading online-only banks partner with ATM networks to offer their customers access to tens of thousands of machines around the world. However, it is important to note that cash deposits are usually restricted to specific, deposit-enabled machines within those networks, and oftentimes deposits at ATM machines are not an option.

Recommended: 12 Top Mobile and Online Banking Features

Will My ATM Cash Deposit Be Available Immediately?

Some banks will make cash deposits immediately available when you use their own branded ATMs. Others offer same-day availability if you make a deposit before the bank’s daily cutoff time. If you use an out-of-network ATM or make a large deposit, you may experience longer processing times before the funds become available.

The Federal Deposit Insurance Company requires banks to make cash deposits available within a certain amount of time. If you use an in-network ATM, your funds must be available on the second business day after the deposit. When using an out-of-network ATM, however, funds don’t have to be made available until the fifth business day. Take this into account if you’re making a cash deposit and need the funds within a shorter time frame.

It’s a good idea to contact your bank or visit its website for more information about its specific policies.

Things to Consider When Depositing Cash at an ATM

Most of the time, depositing cash into an ATM goes smoothly and often without added service fees if you use your own bank’s network. But there are a couple of scenarios to be aware of and potential hiccups to be prepared for.

Depositing Cash at an ATM That Isn’t Your Bank

As mentioned above, you may or may not be able to deposit cash at an out-of-network ATM. This means that, if you have a bank account with one bank, you may not be able to deposit bills into an ATM operated by a different financial institution.

What’s more, if you can make a deposit at an out-of-network ATM, there may be fees involved. The funds will also likely take longer to process before becoming available than if you stay within your bank’s network.

If you use an online-only bank, you will need to determine what deposit services are available. You can usually locate in-network machines or other options for making cash deposits by checking your bank’s app or website or by calling their customer service number. Another option may be to transfer money into the online account from a separate bank account that accepts cash deposits.

Potential Problems

Technology offers many benefits, such as speed and convenience, but it isn’t perfect. When depositing cash at an ATM, you may very occasionally encounter an issue. Perhaps the machine retains your card, or miscounts the amount deposited.

If this happens, make sure to note the details, including the date, time, location, and what occurred. You can then report the issue to your bank or the ATM owner for help resolving the matter. If you lose money as a result, you may want to contact the Consumer Financial Protection Bureau to file a complaint.

Fees

You’re unlikely to encounter a fee if you make a deposit at your bank’s own ATM machines (if they have them). However, you may need to deposit cash when an in-network device isn’t anywhere nearby. In that case, you’re likely to incur an out-of-network ATM fee from the bank. As noted above, these are currently averaging about $5.00 per transaction, so this can really add up.

Check with your bank ahead of time to get a better grasp of their specific ATM fee policies and avoid these unnecessary costs when possible.

Limits

There may be limits on how much you can deposit at a given time at an ATM. You’re typically limited to inserting 30 to 50 bills per transaction. If you need to deposit more bills, you can make multiple transactions, but there may be a daily transaction limit. Dollar limits are less common but do exist at some financial institutions.

Recommended: How to Avoid ATM Fees

The Takeaway

You can usually insert bills into an ATM in a few simple steps, and this can be a convenient way to get money into your checking or savings account. Depending on whether you deposit your cash at an out-of-network or an in-network machine, the transaction may involve fees and a potential delay in the funds becoming available. Researching your options and understanding the deposit services your bank provides can help you make financially sound cash deposits.

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

How do you deposit cash at an ATM?

To deposit cash at an ATM, you’ll need an ATM that accepts cash, your bank card, and your PIN (or, if the machine allows cardless transactions, you’ll need your mobile device). Then you simply follow the instructions on the machine’s screen. Before going to a machine, it’s a good idea to locate your nearest in-network ATM or find out about the fees you’ll be charged to deposit cash at an out-of-network ATM.

Can you deposit checks at an ATM?

Yes, but financial institutions almost always require you to use their own ATMs for check deposits. Independent ATMs found in convenience stores, gas stations, and hotels generally lack the technology needed to process checks.

Are there ATM deposit fees?

If you use an ATM that belongs to your bank or the network of ATMs it partners with, you won’t typically be charged a fee for making a deposit. However, if you use an out-of-network machine for any transaction, whether withdrawal or deposit, you’ll likely be charged a fee.

How much cash can be deposited in an ATM?

The limit on the number of bills you can insert in one cash deposit transaction is usually 30 to 50. If you need to insert more bills than this, you can complete multiple transactions. Some ATMs may have a dollar limit, but this is less common.

How can I deposit money without going to the bank?

You can often deposit cash at an ATM that’s owned by your bank or is part of your bank’s network. In addition, an easy way to deposit money into your bank account without leaving your home is to make a mobile check deposit through your bank’s app. Mobile check deposits may take one or more days to clear, however.

Photo credit: iStock/RgStudio

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.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 3/31/26. 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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

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 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/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

*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.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOBNK-Q126-046