SoFi

Switching banks doesn’t have to be a difficult process, and it can benefit your financial health. For instance, one reason you might make a change is to earn a more favorable interest rate or pay lower (or no fees). Or you might get a sign-up bonus at a new financial institution. There might be other reasons to switch banks, such as finding one with branches or ATMs that are more convenient to your daily life or one that offers other financial services you are seeking.

While changing banks isn’t usually an instantaneous process, here are the simple steps to follow to make the switch as quickly and easily as possible.

How to Switch Banks in 6 Steps

If you think changing banks is the right path for you, here are the six steps that can make it happen.

Step 1. Research and Find a New Bank

Identify the key benefits you want but currently don’t have and do an online search to compare options. Here are some points to consider as you evaluate options:

•   Interest rates earned on money on deposit. For instance, you might want to look for a high-yield savings account to help your money grow. These can offer several times the interest rate of standard savings accounts. Also, some checking accounts may pay interest, though most do not.

•   Minimum deposit and balance requirements. Certain accounts require you to open the account with a particular sum of money and/or keep an amount on deposit to earn a specific interest rate and/or avoid fees.

•   Fees assessed for accounts. There can be various fees that can eat away at your money, such as monthly maintenance fees, overdraft and NSF (non-sufficient funds) fees, out-of-network-fees, and more.

•   Convenience. If you want a traditional vs. online bank, make sure the branches are near your home and work. Also, if you use ATMs often, check to make sure in-network machines are easily accessible. If you travel frequently, look at the reach of the financial institution’s network.

•   Customer service. Read reputable online reviews and check availability (24/7? Only on weekdays?) for customer support.

•   If you are planning to buy a home soon, you might want to bank with an institution that also offers mortgages to streamline that process. Or you might prefer a bank where you can access personal financial and investing services. Consider your needs carefully.

Step 2: Open a New Account

Found a new home for your cash? Go and open that checking account to get started. You can typically fill out the information needed online, in the bank’s app, or (with traditional banks) in person. Here’s what you will usually need:

•   Valid ID. This typically means government-issued photo identification, such as your state driver’s license or a passport. Other forms of ID may be accepted. When opening an account online, you may be asked for such details as your name, Social Security number, and birthdate, with an image of your ID needing to be uploaded on the spot or in the future. (Worth noting: You usually must be at least age 18 to open your own bank account.)

•   Contact information. This means your address, phone number, and email address will likely need to be provided.

•   An opening deposit. Some banks will allow you to open an account with no money at first (say, you might sign up to have your paychecks direct-deposited going forward) or others will require you to make a deposit of anywhere from $1, $25, $100, or more to start your bank account. If you are signing up for a premium checking account or high-yield account, there may be higher minimums involved.

Now that you know what’s needed to open a bank account, don’t overlook this important point: Don’t whisk every last cent out of your old account into the new account, though you may be tempted to do so to feel as if you are making progress. You may have pending transactions and autopays coming up that will take time to sort out.

Recommended: Interest APY Calculator

Step 3: Make a List of Automatic Payments and Direct Deposits

Here’s a closer look at those pending money movements. If you’re like most of us, you rely on autopay to simplify your banking; the pros of automatic payments are hard to ignore. This means that each month your various bills and subscriptions are seamlessly deducted from your primary account on their due date.

To avoid falling behind on bills or accidentally getting your streaming service suspended, you need to turn off or redirect every automatic payment that currently comes out of the account you wish to close. As you plan to make the switch, here are items you should keep track of:

•   Automatic payments: Take a careful look at which payments are made automatically from your bank account, such as mortgage, utilities, student loans, and more.

•   Recurring payments: Consider what subscription payments you have automatically coming out of your checking account, such as yoga studio memberships or streaming services

•   Recurring outgoing transfers: Look for payments that move to external accounts, such as funds being funneled into a retirement account or a health savings account.

•   Automatic deposits: This might include the direct deposit of paychecks, alimony, Social Security benefits, a tax refund, and other sources of income (such as payouts via P2P transfers, such as PayPal or Venmo for a side hustle).

Take a look at your monthly account statement and make a list of every automatic deduction. Also scan for those irregular automatic deductions (perhaps a quarterly insurance premium payment?). Once you’ve made your list, log in to each of your service provider accounts and change your payment information.

Step 4: Transfer Funds and Update Automatic Payments

You may have already made an opening deposit to your new account, but if not, now it’s time to transfer some funds from your old one to the new one.

It’s often possible to do this online; check with both banks involved to find the best way to transfer the funds. (Keep in mind, you’ll need to leave a bit of cash in your soon-to-be former account, to cover any pending transactions and miscellaneous charges or fees.)

You’ll also want to update any automatic payments you typically receive. This can involve contacting your job’s HR team about changing your direct deposit details or contacting Social Security about how to redirect your benefits.

Recommended: 7 Tips for Managing Your Money Better

Step 5: Monitor Pending Transactions

After you’ve canceled or rerouted all the automatic payments that deduct from the account you want to close, you will need to wait for any pending transactions to clear. These pending transactions are usually for bills or subscriptions that have one remaining payment left before the company can change your payment information. Or it could require an extra pay cycle for your salary to go into your account by direct deposit.

Waiting for all pending transactions to clear ensures that your bills will be paid and your subscriptions will continue without facing any overdraft fees. Make sure there is enough money in the account you wish to close to cover any pending payments. Wait two weeks to one month for any automatic payments to be deducted. Otherwise, you risk incurring fees for overdrafting.

Step 6: Close Your Old Bank Account

Once you have transferred all automatic payments and possible deposits and waited a cycle for those to update, you’re done. It’s time to close your old account.

•   Depending on where it’s held, you may be able to finalize this online or by phone. In other cases (usually at smaller local banks or credit unions), you may have to send a written request or turn up in person.

•   Be sure to transfer out any remaining funds or get a check for the amount left in the account.

•   Whether you close your account online or in person, make sure to request written confirmation that the account has been closed, says the Consumer Financial Protection Bureau. This is a safety-net move to protect you if some issue were to arise. When you receive the letter confirming your bank account is closed, make sure to save it somewhere safe for future reference.

You’re done! You’ve completed the process and switched banks.

Challenges and Considerations When Switching Banks

There are many good reasons to switch banks, but there are times when changing banks may not be worthwhile. So before diving in, think about the following:

•   If you are switching banks to get a sign-up bonus or short-lived perk, is it worth the trouble? Make sure that the amount of money you will gain is worth the effort, and that you won’t be hit with fees that negate the extra money you bring in. (You might look at what online banks offer; they often have lower or no fees.)

•   Check if the new account will require a hard credit inquiry to gain approval. Typically, financial institutions only do a soft pull, but if you are focused on maintaining or building your credit score, you should make sure.

•   Take extra care in tracking your automatic payments and deposits. It’s not uncommon to have more of these electronic financial transactions than you expect, and some can be infrequent or irregular, such as annual payment of a subscription or insurance premium. Forgetting to redirect payments or direct deposits can create a hassle down the road.

The Takeaway

As the personal banking market becomes ever more competitive, you may find yourself thinking about changing banks for the sake of better services, greater convenience, lower fees, higher interest rates, or other features. If you do find a new home for your money, it takes just six steps to make the switch. Yes, it’s a bit of effort, but the payoff can be well worth it.

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

Are there downsides to switching banks?

If you’re wondering about cons or how hard it is to switch banks, know that changing banks requires just a bit of effort and patience. You will need to complete some forms and move any automatic payments or deposits to your new account, as well as wait a cycle while these update. But changing financial institutions should not involve a charge or impact your credit score.

Is it difficult to switch banks?

To switch banks, you’ll need to identify a new financial institution and fund your new account. Then, you will need to transfer automatic payments, deposits (say, via direct deposit or PayPal), and wait for them to update. Once that happens, you are ready to transfer any remaining funds and officially close your old account.

What is the easiest way to switch banks?

The easiest way to switch banks can be to identify a new financial institution, complete your application, monitor and redirect automatic deposits and payments, wait a billing cycle, and then transfer any remaining funds and close your old account.

How long does it take to switch banks?

While it can take just a few minutes to open a new bank account, it usually is wise to wait a full billing cycle or two so that automatic payments and deposits can be transferred to your new account. Once that happens, you can feel confident in closing your old account.

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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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

SOBNK-Q424-102

Managing your everyday expenses as part of a household can sometimes get complicated. Your finances have been on track, say, but then a frigid winter arrives and sends your heating bill soaring. Or you suddenly have to account for a new sofa purchase and realize you’re perilously close to overdrafting.

Wrangling one’s cash flow and meeting financial goals can be simpler (and often less stressful) if you have a home budget, which is a method of tracking and managing your money as it comes in and goes out. Creating a realistic household budget can help you find the right balance. Learn the ropes of creating your own home budget here.

How to Create a Household Budget

A household or home budget is a plan for how you will utilize the money coming in to cover expenses and savings goals. It typically covers one month at a time, but it can be smart to tweak it to reflect how spending varies over the year. Here are the steps that can help you create a flexible, helpful household budget.

Have a partner? Collaborate on your household budget together so you can be aligned on your financial management, which may mean keeping some aspects of your money separate (say, you might have one shared pool of money and also each have your own checking account as well). And if you have roommates, a household budget can help you identify and divvy up shared expenses appropriately.

1. Choose an Ideal Budget for the Household

A vital first step for creating a household budget is picking a good system. There are many ways to budget, and the right one is the one that works for your personal money style and financial goals. It can be helpful to review some of the options such as:

•   The 50/30/20 budget rule: With this popular system, you divide your take-home earnings as follows. Half or 50% is allocated for the needs in life; food, shelter, health care, minimum debt payments, and the like. Then, 30% goes toward wants: dining out, vanilla lattes to go, entertainment, travel, and fun purchases. The last 20%? That’s for savings or additional debt payments.

•   The envelope budgeting method: With this technique, you think about the different categories of spending in your household and create an envelope for each with the amount of money needed per month in it. Then, each month, you use those funds to pay your bills. So if you have an envelope with $100 in it for dining out and use it all up on the 15th of the month, that’s it! You stop spending in that category or else borrow from a different envelope that has excess funds.

•   The zero-sum budget: With this budget, every dollar has a job to do. The goal is to spend each dollar (and that can mean applying some to, say, building an emergency fund in a savings account.

It’s often wise to review a few different budget methods (you can likely find more online), and pick what looks like the right fit. It may be great, or you may want to pivot and try something else. Or create your own home budget method that uses the best of various techniques. Trial and error can be a valuable part of the process as you find a system that works for you.

2. Identify All Household Expenses

An integral part of almost any household budget will be accounting for your expenses. Many people are well aware of exactly how much money they earn (which is also an important component of a budget), but expenses can be variable and somewhat hard to capture.

While not an exhaustive list, here are some typical ones to note. You can tally up how each category tracks for a few months, and then divide by the number of months to get an appropriate sum for your budget.

•   Housing: This category can include rent or mortgage payments and property taxes. If you are a homeowner, you may have various infrastructure expenses, such as annual HVAC inspections and the like. Don’t forget about your renters or homeowners insurance either. Need a new mattress? That can land in this category, too.

•   Food: It can make sense here to consider how much you spend on groceries in one bucket and dining out (which includes things like wine with colleagues after work) in another.

•   Entertainment: This can include books, movie tickets, streaming platforms, sports events, concerts, plays, downloaded music or e-books, and the like.

•   Utilities: Here’s where you account for heating and cooling costs, phone, wifi, and other expenses that keep your household connected and comfortable.

•   Transportation: This may include a mix of car payments, auto insurance, gas costs, public transportation, rideshare payments, and other expenses.

•   Clothing: With this category, you may want to divide expenses up into necessary expenditures (a new winter coat) and fun purchases, such as an outfit to wear to a holiday party. This can help you determine how much to spend on needs vs. wants.

•   Debt payments: Make sure to include such expenses as credit card payments, student loans, car payments, and the like.

As you consider your spending, don’t forget about those annual or somewhat random expenses that crop up, such as money for the holiday party you always host or gutter cleaning every year.

You’ll want to do your best to accommodate those expenses. If you don’t budget for them, you could wind up dipping into savings or adding to any credit card debt you are carrying.

3. Get the Right Tools to Track Your Expenses

Budgets involve accounting for expenses vs. your income. After reviewing at least a few months’ worth of expenses, you’ll be creating guidelines for spending vs. your income. You can chart different expenditure categories and see how much you can allocate toward them and where you can make some cuts. You might focus on lowering spending on, say, dining out so you can put more money toward debt repayment or rising property taxes.

To help you with this, you may also want to select the right tools to help you track your expenses as monthly variations can impact on your financial standing. A few options:

•   A good place to start can be to check out the tools your financial institution offers. Many traditional and online banks have dashboards, trackers, alerts, and other ways to monitor (and then adjust) your spending.

•   Another option is to try third-party tools available online and as apps. These can be free or may involve a fee for premium features.

•   For some people, setting up a budget in Excel works well. This can involve logging your expenses regularly to see how you’re tracking.

•   For others, the right tools could simply be a dedicated notebook and colored pens or an accordion folder to keep receipts.

These tools can help motivate you to dive in, similar to the way buying back-to-school supplies used to get you psyched up for the start of classes. They can keep you engaged as you work with the guardrails your budget provides.

Recommended: 50/30/20 Budget Calculator

4. Monitor and Change Your Budget As Needed

Setting up a budget is all about having a framework for managing your money. It helps you keep spending in check and achieve your financial goals. A few points to note as you live with a household budget:

•   It often takes tweaking to get your budget balanced. For instance, when inflation is surging, you may find expenses like groceries, gas, and utilities rising. You might have to trim elsewhere to keep your budget humming nicely along. Or life happens: Your sister gets engaged, and you run out and buy her a great gift that requires some budget retooling.

•   It can be wise to check in with your budget every week or so to see how you’re tracking and make any changes needed. For instance, if your rent goes up when you renew your lease, you might find a lower-priced health insurance and be able to rebalance your household budget.

•   If you discover that you’ve made your home budget too intricate and are avoiding it for any reason, switch to a different system.

At the end of the day, how to set up a household budget is about making your money work for you, so that you can spend it on the things (and people) you love. Make changes as you see fit. Flexibility in a budget is important to its success. If you find that you are having a hard time sticking to your budget, you might decide to work with a financial counselor to help you with professional advice.

Recommended: 10 Most Common Budgeting Mistakes

The Takeaway

Creating a household budget can be a good way to monitor your earnings and expenses. The process typically involves picking a budgeting method, accounting for expenses (such as utilities and food costs), using tools to track your spending, and then adjusting your budget as needed. Developing a household budget can be a path to managing your money better and meeting your financial goals.

FAQ

What is the 50/30/20 budget rule?

This popular budget technique involves allocating 50% of one’s take-home pay to the needs of life (such as food, shelter, transportation), 30% to the wants of life (fun spending on dining out, entertainment, and more), and 20% to savings or additional debt payments.

How do you start a household budget?

To start a household budget, a person can pick a budgeting method and then allocate their earnings toward expenses each month. Tracking one’s spending and working toward goals (such as an emergency fund) can be an important part of the process.

What is usually the biggest household expense?

For most Americans, the biggest household expense is housing. Research shows that this can typically account for 33% or more of the average person’s spending, and that figure can soar higher in certain areas, such as major cities.

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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q424-065

It’s one of life’s major OMG moments: An ATM takes your cash or check and miscalculates or doesn’t acknowledge your deposit. While errors like this are uncommon, they do occasionally happen. If you find yourself in this situation, it’s best to move quickly, document the details of the event, and contact your bank immediately. Read on to learn the exact steps to take if an ATM eats your deposit.

Reasons Why an ATM Might Not Accept Your Deposit

There are hundreds of thousands of ATMs in the United States, helping customers skip the line at a bank branch when making deposits and withdrawals and managing their bank accounts. But even machines make mistakes. While a cash-eating ATM is not a common disaster, you could potentially find yourself in a “the ATM took my money but did not deposit it” moment.

Here are some of the unfortunate ways an ATM deposit can go wrong:

•   Misread your check amount. An ATM’s Optical Character Recognition (OCR software) may have read the handwritten or printed amount on your check incorrectly.

•   Miscounted the cash amount. If you deposited $800 in cash and the ATM only registers $600, there’s an obvious issue.

•   Power outage. A sudden power outage can cause a technical glitch to occur during the transaction. The unfortunate timing can mean a real headache for you.

•   Deposits are too much. It may feel like your lucky day if an ATM erroneously deposits an extra $20 in your account, but you are legally obligated to report it, or face consequences down the line.

What to Do if the ATM Takes Your Money

A money-gulping-ATM can make you feel as if you’ve been robbed. Fortunately, there’s no need to call the cops. There are actionable things you can do to gain power over the situation.

Here’s what to do if an ATM eats your deposit:

•   Don’t panic. The situation is fixable. The calmer you are, the better you’ll be able to think and communicate the problem to a bank employee without getting angry.

•   Note the time. When dealing with an ATM malfunction, time is of the essence. Make note of the time of deposit. It can be wise to write it down.

•   Note the place. You’ll need to know the address/branch info of the ATM when you file a report, especially if you’re at a branch of your bank you don’t normally frequent or at a stand-alone ATM with no bank employee to help you.

•   Snap a photo of any error message, whether it appears on the screen or on a printed receipt. You may need to submit it as evidence.

•   Report the incident to an employee right away if possible. If you are at your bank branch, approach a customer service representative immediately.

•   Call your bank. If you are not at your bank, contact yours right away using the number on the back of your debit card. Or look on the ATM itself for a customer-service phone number for the machine’s owner.

•   Be patient. Under the Electronic Funds Transfer Act, your financial institution is obligated to investigate the ATM mishap within 10 days (45 days if the bank is willing to credit the missing fund amount). They are required to notify you in writing once the inquiry is resolved.

•   File a complaint. If you are struggling to get your funds back, you can contact the Consumer Financial Protection Bureau (CFPB). They can help by connecting with your bank to get a direct response and resolve the issue.

Remember: If an ATM took your money deposit, keep your cool, and take immediate action, whether in person, by phone, customer service chat, or email.

Alternatives to an ATM for Depositing Checks

ATMs have been a historically reliable way for customers to deposit cash and checks. They’ve evolved to perform a myriad of functions, including paying your mortgage or making cardless ATM withdrawals via an app and QR code.

But if you want to completely avoid the possibility of an ATM taking your money, there are alternative ways to deposit your funds.

•   Remote deposits. Most banks offer a mobile app that allows you to take a picture of your checks with your smartphone and deposit them without ever having to visit an ATM or bank branch in person.

•   Go to a teller. It might sound pretty old-school, but handing your cash to a bank teller vs. a machine can provide a sense of security. Tellers can also perform other services, such as providing your balance so you don’t go over your withdrawal limits.

Recommended: How to Deposit a Check

Tips for Using an ATM Safely

There’s no way to know when an innocent-looking ATM could potentially go rogue on you. But you can take steps to protect yourself in case an ATM deposit encounters issues, as well as practice certain ATM safeguards against other security threats.

•   Let the camera see your cash. If you are in a secure setting, try to count your money where the machine’s camera can catch it when depositing cash at an ATM. Having the recording can add to your body of evidence if an error occurs.

•   Get that receipt. It might sound pretty old-school, but handing your cash or check to a bank teller vs. a machine can provide a sense of security.

•   Ask for a check copy. Many ATMs can provide you with an image of your check on the printed receipt.

•   Protect your PIN number. Be aware of who’s watching when you punch in your PIN. Don’t share your PIN number with anyone.

•   Look out for card skimmers. Some scammers are using card skimmers — small, plastic devices placed over a card scanner that can steal your debit card information. Double-check anywhere you might insert a card, including ATMs, grocery stores, and gas stations; if something looks off, head elsewhere.

The Takeaway

If an ATM accepts your cash or check without depositing your funds or registers an incorrect amount, don’t worry! Take a breath, gather evidence, and report it to your bank immediately. Doing so will improve your chances of a quicker resolution and getting the money back where it belongs — in your account.

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 should you do if an ATM eats your deposit?

If an ATM eats your money without depositing the correct amount, note the time and location, get a transaction receipt or photograph any error messages, and contact a customer service representative right away.

How often do ATMs eat deposits?

While there is no exact data on how often ATMs eat deposits, most of the more than 10 billion ATM transactions that occur in the U.S. each year happen without incident.

Is it possible to prevent an ATM from taking your money?

It is typically beyond your control to stop an ATM error. The only way to avoid one is to use a bank teller or make remote deposits.

Photo credit: iStock/MIGUEL ANGEL PARTIDO GARCIA

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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q424-079

You can typically use a debit card when traveling in another country as long as the merchant accepts transactions from the card issuer. Debit cards are especially useful when withdrawing cash from ATMs internationally, but cash and credit cards may make more sense for other purchases abroad.

Can You Use a Debit Card Internationally?

Yes, you can typically use your debit card internationally. This means you can spend money directly from your checking account, rather than run up a balance on your credit card.

Debit cards are usually linked to a processing network, such as Visa or Mastercard, which allows them to be used anywhere cards in that network are accepted. Visa and Mastercard are almost universally accepted anywhere you can pay with plastic. However, some networks are not accepted internationally, so it’s a good idea to carry cards from more than one issuer, as well as cash, when traveling abroad. Just be sure you have details like the customer service phone numbers in case you were to lose your cards or be the unfortunate victim of a pickpocket (see more safety tips below).

Recommended: How to Deposit Cash at an ATM

Will I Face Fees If I Use My Debit Card Internationally?

While you can typically use a debit card in another country, you may have to pay a foreign transaction fee. Though these fees vary by bank and card issuer, they are usually around 1-3% of any transaction abroad.

In addition, you may be given the option by a merchant to pay in local or U.S. currency. If you opt for the latter, it is known as dynamic currency conversion (DCC), and you will likely face an upcharge, possibly a steep one. It’s usually wiser to pay in local currency.

If you want to avoid foreign transaction fees, you may need to open an international credit card designed for travelers or find a bank account offering a debit card without these fees.

While you can use a debit card for purchases abroad, experts often recommend paying with cash or a credit card as it can offer better protection if a thief gets their hands on your plastic.

Instead, debit cards are ideal for taking cash out of an ATM. If your bank offers in-network ATMs in foreign countries, you can avoid ATM fees by withdrawing money from those specific ATMs — though you may still contend with foreign transaction fees.

What to Do Before You Travel to Another Country

Traveling to another country is exciting, but there’s a lot to do before you hop on that plane. You may have to find a pet sitter, book hotels, or renew your passport, but there are also a lot of important financial moves to make before traveling internationally:

•   Informing your bank: Banks and credit unions offer a wealth of services to prevent fraud. Unexpected transactions in foreign countries can be a red flag to your financial institution; in attempting to protect you from fraud, they may decline the transaction or freeze your card. It’s a good idea to let your bank and/or credit card issuer know where and when you’ll be traveling so there aren’t any interruptions to your banking service.

   It can also be wise to note customer service numbers for your bank and credit cards in a safe place but not in your wallet in case you were to lose your wallet or be robbed while traveling. You can then spring into action quickly to report losses.

•   Exchanging your money: You’ll want cash in the local currency for your trip, but it’s a good idea to exchange your money before setting out on your travels. Airport kiosks, hotels, and train stations have notoriously high exchange rates; you’ll likely get a better rate if you exchange in advance with a bank or credit union near you.

   That said, you don’t want to carry too much cash on you when traveling in another country, meaning you’ll need to exchange money as you go. You can avoid high exchange rates abroad by getting cash from an in-network ATM using your debit card. Just keep your ATM withdrawal limits in mind.

•   Getting travel insurance: If you’re paying for your travel with a rewards credit card, you may already carry special credit card travel insurance. But if cash and debit cards are your primary resources, you may want to find travel insurance through a third party. Travel insurance can help with the challenges and costs of trip cancellations, lost luggage, rental car issues, and even medical care in foreign countries.

•   Getting an international phone plan: Even the best laid plans can go wrong. If you get lost, want to use a translator, or need to call your bank to troubleshoot an issue with your debit card, it helps to have an international call, text, and data plan. It’s a good idea to ask your provider in advance about their international plans and see if you can work it into your travel budget.

Recommended: How to Wire Money in 5 Steps

Tips for Safely Using Your Debit Card Internationally

Taking your debit card with you abroad can be convenient, but it’s important to prioritize safety when spending money in another country. Here are a few tips for safely using your debit card internationally:

•   Wear a money belt: Pickpockets can ruin a vacation in a matter of seconds. Keep your valuables (wallet, passport, smartphone, etc.) safe by keeping them out of your pockets. It’s also a good idea to avoid lugging around a purse on your shoulder. Instead, consider wearing a money belt — a pouch on a belt that keeps your money securely attached to your person. You can store your debit cards, credit cards, cash, and more in the pouch.

•   Tell your bank you’re traveling: Avoid becoming stranded in another country without access to your funds by alerting your financial institution of your travels. This should prevent them from freezing your card because of unusual activity.

•   Bring multiple forms of payment: Because something can go wrong — lost or stolen funds, payment type not accepted, etc. — it’s wise to have multiple forms of payment with you when traveling internationally. Ideally, your money belt may have a credit card, a debit card (from a different issuer), and cash in the foreign currency.

•   Practice ATM safety: When using your debit card to withdraw funds at an ATM, there are a few things you can do to protect yourself and your money.

◦   Don’t use the ATM alone, if possible.

◦   Don’t use the ATM at night.

◦   Memorize your PIN (and make sure it’s unique); don’t write it down anywhere.

◦   Watch someone else use the ATM first; if they can successfully retrieve their card and their money, that’s a good sign that criminals haven’t tampered with the machine.

◦   Learn to check ATMs for card skimmers. If a machine looks like it’s been tampered with or has an extra bit of plastic around the card slot, don’t insert your card and find another source of cash.

Can You Withdraw Money at an International ATM?

If you’re wondering if you can use your debit card internationally, you may well be thinking about withdrawing money from an ATM while abroad. That is a top reason to bring your debit card with you when traveling overseas. Before traveling, you can research which ATMs are in your bank’s network in the country you’re visiting — and even make a list of their locations so you know where to go during your trip.

While using an in-network ATM may help you avoid ATM fees, some banks and card issuers may still charge foreign transaction fees. If you regularly travel abroad, it may be worth opening a checking account with a debit card that has no or very low foreign transaction fees.

Pro Tip: If you are worried about ATM fees abroad, you may be able to use your debit card at a store and request cash back at the register. However, foreign transaction fees may apply.

What to Do If Your Debit Card Does Not Work?

If you’re in a foreign country and your debit card isn’t working, don’t panic. There are a few things you can do to ensure you can safely spend your money abroad, like:

•   Calling your financial institution. Making an international call might be expensive, but talking to someone at your bank can usually rectify any issue with your debit card. Also, some financial institutions have numbers to use when traveling internationally. It can be wise to note that information down in advance so it’s handy.

•   Using another form of payment. If you’re in the midst of a transaction, it might make sense (at least temporarily) to pay with a credit card or cash until you’re in a calmer place. Then, when you’re back at your hotel or another quiet place, you can resolve your debit card issues.

•   Finding a U.S. embassy. As a last resort, if you have no way of getting money and are stranded abroad, find a U.S. Embassy or Consulate. In emergencies, they may offer temporary loans to travelers.

The Takeaway

You can typically use your debit card overseas to make purchases and/or withdraw cash at an ATM. Just keep in mind that not all U.S. debit cards are accepted internationally, and your bank may charge a foreign transaction fee. If you use an ATM that is not in your bank’s network, you may also get hit with an ATM fee.
If you’re looking for a new banking partner, it’s a good idea to consider not only interest rates but also any fees you may encounter both at home and abroad.

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 it better to use cash instead of a debit card internationally?

When traveling internationally, it’s a good idea to have a mix of payment methods: cash, credit cards, and debit cards. Some experts advise using credit cards and cash for purchases and relying on your debit card exclusively for ATM transactions.

Can I use my debit card in all countries?

In most cases, you can use your debit card in other countries, as long as the merchant takes credit cards and accepts cards with your logo. Visa and Mastercard are the most universally accepted, with Discover and American Express following closely behind. When you use your debit card abroad, you may have to pay foreign transaction fees and ATM fees.

Is it better to use a credit card or debit card internationally?

When traveling abroad, you may want to prioritize payment methods that do not charge foreign transaction fees, whether that’s a credit card or a debit card. However, it’s a good idea to carry both kinds of cards (plus cash). Experts generally recommend using a credit card for cash for purchases and utilizing a debit card to withdraw more money at ATMs as needed.

Photo credit: iStock/Anchiy

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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank 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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOBNK-Q424-078

If you enjoy driving and have access to a reliable vehicle, you may be able to use that everyday skill to make money. There are numerous ways to earn money while driving, whether through ridesharing, delivering food, or being a tour guide.

Not only is this an easy way to bring in some cash, it can be a very flexible gig. You can set your own hours or get behind the wheel when your schedule allows.

Want to learn more about all the ways you can get paid for driving? Then read on, and get ready to start your engine. Here are 11 tips on how to make money while driving.

What to Consider Before Using Your Car to Make Money

Before you set out on your new road to earning extra income, it’s wise to make sure that driving to make money is right for you. There are risks and complications when using your personal vehicle that may outweigh the potential side hustle benefits you would reap.

Consider the following before embarking on using your car to make money:

•   Wear and tear on your car. Using your car to earn money while you drive can rack up a lot of miles. An uptick in use will put stress on your vehicle, leading to its overall depreciation and potentially more trips to the mechanic.

•   Age of your vehicle. The age of your car may impact your ability to earn money. For example, some rideshare companies require newer cars.

•   Car insurance. You will need proper insurance to cover yourself and possibly a passenger. There are usually specific insurance requirements to be eligible for ridesharing and other driving gigs, so scrutinize your policy to see how car insurance works for you in this situation.

•   Taxes. If you earn more than $400 while driving your car to make money, the IRS considers you an independent contractor. Along with a Form 1040, you’ll have to fill out a Schedule C form. You’ll also be subject to the self-employment tax.

•   Cost of doing business. This isn’t necessarily a low-cost side hustle, since you’ll be responsible for gas, vehicle maintenance, and repairs. But as a self-employed worker, you’ll be able to write off those expenses and others, such as mileage, on your tax return.

Bottom line: Make sure you know what you and your car are getting into. You don’t want a scenario where you end up wasting money and your valuable time instead of earning more income.

11 Ways to Earn Money by Driving

How can I make money driving my own car?

How can I make money driving my own car? The answer depends on where you live, the kind of car you own, other skills you may have, and your personal preferences. But whether you own your car or lease it, the opportunities are out there if you’re willing to grab them.

Here are 11 suggestions on how to make money by driving:

1. Ridesharing

If you’ve ever hopped in an Uber, then you likely understand what ridesharing is all about. A driver uses their car to pick up passengers on demand. This has become a popular way to earn money while driving in recent years. You can drive as suits your schedule, and rideshare companies such as Uber and Lyft strive to make the driver sign-up process as streamlined as possible.

If you have a good driving record, a flexible schedule, and newer four-door vehicle, working for a rideshare app can potentially be a great source of extra income, especially if you’re willing to give up your Friday and Saturday nights to earn prime-hour cash. Your specific earnings will depend on how often you drive, when, and for how long, as well as where you are located. Uber drivers can earn anywhere from $7.70 to $38.65 per hour, with the average coming in at $20.29, according to Indeed.

Recommended: How to Make Money From Home

2. Food Delivery Service

Another way you can be driving to make money: by delivering anything from a smoothie to Pad Thai and back again. When you sign up with food delivery apps such as Uber Eats, Seamless, and Grubhub, you’ll get notifications to pick up food from participating restaurants and drive them to hungry patrons. For every delivery, you’ll get paid.

Drivers for Door Dash can earn anywhere from $7.25 to $40.00 per hour, but the national average hourly pay is $17.14, according to Indeed.

3. Delivering Groceries

If you want to earn money driving without the smell of takeout in your car, consider delivering groceries instead of prepared meals. Apps such as Instacart rely on independent drivers to shop and deliver groceries to people’s homes.

Grocery deliverers can make between $14 and $43 an hour, depending on how busy the local area where you live is. Be sure and check for any requirements. For example, to work for Instacart, you need to be age 18 or older, have a bank account, and be able to lift at least 40 pounds.

4. Delivering Goods to Others

Food isn’t the only thing you can deliver to earn money while driving. There’s a whole world of goods out there that people want delivered. Apps such as Shipt work with drug stores (like CVS) and large retailers (like Target and Lowe’s) to get people what they need.

Looking for another idea? Amazon Flex allows independent drivers to deliver packages on their own schedules for an hourly wage. They do require you to have a mid-size, four-door sedan or larger.

5. Moving Large Items for Others

If you own a van, SUV, or truck and can do some heavy lifting, you could use your vehicle and your strength to make big bucks by helping move items.

Maybe a recent grad can finally afford to move out from their parents’ place, or someone is moving to a new, nearby neighborhood. People like these often need help moving oversized items such as furniture or multiple heavy boxes a short distance.

You can check out websites like Taskrabbit or Craigslist to see if someone needs moving assistance, or register with an online service such as Dolly or GoShare that will connect you with clients.

6. Shuttling Children

With the proper qualifications, you can drive to make money by transporting children. Many working parents need help getting their kids to and from school or to their after-school activities. You can search Care.com or other childcare employment sites for part-time gigs, driving children where they need to be.

Companies such as HopSkipDrive work with school districts and independent drivers to solve child transportation issues. Most of these types of jobs require around five years of experience working with kids, in-person interviews, and background checks.

Recommended: 8 Great Flexible Part-time Jobs for Gen Z and Millennials

7. Transporting Elderly People

Some seniors need help getting around town but prefer not to use rideshare services. Check with elder-care services in your community. They may need drivers to help get their clients to a store, an activity, or a doctor’s appointment.

You will likely need similar vetting to that mentioned for chauffeuring children.

8. Driving Tours

If you have the gift of gab and knowledge of your area, being a tour guide could be a fun way to make money while driving. You could register with online companies such as ToursByLocals and create a private driver profile to promote your insider savvy. This could involve showing tourists local highlights so they can take some photos for social media, or sharing hidden treasures that they might not otherwise learn about. It’s a win-win when you use your hometown smarts to boost your financial security.

9. Putting Advertising on Your Car

Here’s a passive income idea that works, though it’s not for everyone: Consider turning your car into a mobile billboard. Companies such as Wrapify and Carvertise will match you with a local advertising campaign and supply you with temporary “wraps” for your car that promote a product. Depending on where you drive and the size of your car, you could make between $264 and $452 a month.

Typically, these businesses want to wrap cars that are on the road and visible for much of the time. If you are doing deliveries by car, this might be a way to bring in more cash.

10. Renting Out Your Car

You can make money off your car without even driving it. Companies such as Turo and Getaround allow you to rent out your vehicle à la Airbnb. They will vet borrowers, cover insurance, and provide you with a device that allows renters to unlock your car without a key.

If you don’t want to do ridesharing, let others do it for you. Companies like HyreCar arrange to lend your car to other vetted drivers who want to earn money for Lyft or Uber. But to really make some dough, you would have to be willing to part with your vehicle often.

11. Being a Safe Driver

Here’s another way that driving can bring in some cash: If you are a safe driver, you may be eligible for a bit of money. For example, Allstate will reward you with a Safe Driving Bonus every six months if you don’t get in a fender-bender.

The State Farm insurance app will track your car to determine if you are driving safely — it monitors things like staying within the speed limit and coming to a complete stop versus a rolling one. You could get up to a 30% discount on your auto insurance.

Recommended: How to Deposit Cash at an ATM

The Takeaway

If you have a vehicle, you can make extra money. Signing up with the right apps and online services can get your car (and your new income stream) up and running. Whether it’s doing deliveries, transporting a sofa, or helping a person get to their destination, you can turn your vehicle (plus your driving skills) into a profit-mobile.

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 are the pros of making money while driving?

By using your car to make money, you may be able to set your own hours and be your own boss. It’s also a pursuit that doesn’t require much specialized training. In many cases, you are using a skill you already have.

What are the cons of making money while driving?

Using your car to make money can place a lot of stress and miles on your vehicle. Gas and maintenance prices can really add up. Plus some pursuits, such as helping people move furniture, can be physically challenging.

Is making money with your car better as a side hustle?

Earnings from most car-driving gigs can be sporadic and unpredictable, unless you live in a major city with consistent high demand. For this reason, it may be best to have another form of steady income and drive for cash on the side.

How much can you potentially earn with your car?

How much you can make driving your car depends on the type of job and where you live. On average, Uber drivers earn $20.29 per hour, according to Indeed.

Photo credit: iStock/Hispanolistic

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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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 Bank 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.

SOBNK-Q424-085