Getting a credit card with no deposit can be easy if you have an established credit history with a good or excellent credit score. But if you’re just establishing your credit history or are trying to build your credit score, it can be much more challenging to apply for a credit card with no deposit.
For some, a secured credit card (one requiring a security deposit) might seem like the only option, but there are other paths to building your credit history. In this guide, we’ll cover how to find and apply for credit cards with no deposit — and what steps you can take to get closer to approval if you’re getting denied.
What Is a Credit Card Security Deposit?
Because of their established credit history and decent credit scores, many borrowers can open credit cards with no money down (or any other kind of collateral). This is called an unsecured credit card. However, if you don’t have any credit history or have a low credit score, you might find that credit card issuers will only offer you a secured credit card — meaning it requires a security deposit.
A credit card security deposit is refundable and often equal to the value of the credit limit on the card. Typically, the deposit amount ranges from $50 to $300.
While going this route can’t help you with unexpected expenses (as with a debit card, you are technically only able to spend money you already have), it can be a good way to build credit. However, you’ll want to ask the card issuer if they report to the credit bureaus, just to ensure they do.
Eventually, you may be able to graduate to an unsecured card if you consistently make on-time payments — one of the cardinal credit card rules.
Applying for a Credit Card With No Security Deposit
Applying for a secured credit card requiring a deposit might not be appealing to every potential borrower, especially because you need the money for the deposit upfront. These cards also typically have higher interest rates and fees. Fortunately, you have other options when shopping for a credit card.
Checking Your Approval for a Card
There’s no such thing as guaranteed credit card approval with no deposit. However, if you’re receiving emails or snail mail with credit card offers saying you’re preapproved, you might find success when you apply. You’ll still have to go through the formal application process and could ultimately get rejected, but getting a preapproved offer is a good start towards getting a credit card.
You can also proactively check your approval for a credit card online. Take a look at your credit score and then search online for offers for credit cards with no deposit that include your credit score in their target range.
Becoming an Authorized User
If you aren’t having success getting approved for a credit card on your own, ask a parent, family member, or trusted friend about being an authorized user on their credit card. As an authorized user, you’ll receive a credit card with your name on it and can use it like a traditional credit card, but you will not be the primary account holder.
The primary account holder is the one responsible for making on-time payments and monitoring credit usage. As an authorized user, you won’t have control over things like credit limit, and the primary cardholder can even set spending limits on your card.
However, if the primary cardholder uses the credit card responsibly — making regular, on-time payments and keeping credit utilization low — you will likely see a positive impact on your own credit score. Eventually, your score might improve enough for you to try applying for your own card again.
If someone makes you an authorized user on their card, however, it’s important to pay them what you owe each month. Never rack up credit card charges beyond what you’ve discussed with the cardholder. If you abuse your card privileges, it will affect your credit score and the score of the account holder — and the friend or family member will be solely liable for paying off your debts.
Getting a Student Credit Card or a Subprime Card
If the thought of affecting someone else’s credit score as an authorized user makes you uncomfortable, you aren’t out of options. You might be eligible to apply for a student card or a subprime card.
• Student credit card: Most student cards do not require a security deposit and are designed for students who have no credit history. Some cards might even offer cash back rewards and no annual fees. However, as the name implies, you must be able to prove you are a student as part of the application process.
• Subprime credit card: A subprime card is an unsecured card (i.e., no-deposit card) designed for borrowers with bad credit (generally a score below 580 in the FICO® score model). While subprime credit cards provide a way for bad-credit borrowers to get a credit card with no deposit, they often come with their own drawbacks. Typically, subprime cards charge an application fee; some might have annual or even monthly fees. Credit limits tend to be low.
Transitioning to an Unsecured Card
If you have no luck with a student or subprime card and can’t become an authorized user, you may need to consider applying for a secured credit with a deposit after all. Although it might not be ideal, it can be a good first step toward building your credit history.
If you make regular on-time payments, the credit card issuer might eventually transition you to an unsecured card. Alternatively, you can be proactive: After building your credit history and score over several months with a secured credit card, you can apply for a credit card with no deposit through another issuer. You might find that you’re more successful this time around.
What to Know About the Effects of Your Credit Score
An unsecured credit card can potentially affect your credit score if the credit card issuer reports to the credit bureaus. Before opening a credit card with a security deposit, ask the issuer if they report to the bureaus.
If they do, regular on-time payment could build your score over time. On the flipside, late or missed payments could adversely affect your score.
Getting a No-Deposit Credit Card: What You Should Know
So, should you get a no-deposit credit card? In general, these unsecured cards offer greater flexibility at the start because you aren’t required to pay a security deposit.
However, opening a credit card of any type is a big decision — and not one to be taken lightly. It’s important to consider the potential effects of opening a credit card and to be aware of how much a credit card costs. For example, if you max out a credit card with a high interest rate, you might find yourself drowning in the fast-growing debt it creates.
Before opening a no-deposit credit card (or any credit card), think about the implications it can have on your finances. You might consider alternate ways of establishing credit, like credit-builder loans or even small personal loans.
However, these options don’t offer some of the same perks and protections that a credit card does, such as credit card chargebacks. If a credit card feels like the right step for you, begin your research process online.
Credit cards without a security deposit, called unsecured credit cards, can be appealing because there is no money down at the start of the loan. However, borrowers without a credit history or who are struggling with bad credit may find it challenging to get approved for a no-deposit credit card. If applying for a secured credit card (i.e., one with a security deposit) is not ideal for your financial situation, you can ask to become an authorized user on someone else’s card or apply for a student or subprime credit card.
Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
Do all credit cards require a deposit?
Only secured credit cards require a security deposit. Those with no credit history or bad credit scores might only be eligible for secured credit cards. If you have a good credit score, you can apply for a credit card without a deposit.
Can I get a credit card if I have no credit history?
It is possible to get a credit card with no credit history. A secured credit card requires a security deposit but makes it easier for borrowers with no credit history to get approved. Students can also consider student credit cards, which are often issued to student borrowers without any credit history.
What credit score is required for approval?
While having a good to excellent credit score (typically 670+) is ideal for getting the best credit cards with the lowest rates, some credit card issuers do offer cards for borrowers with fair or even poor credit (meaning scores between 580 and 669). These cards might have higher fees and fewer perks and may require a security deposit.
Photo credit: iStock/Prostock-Studio
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
There are plenty of budgets out there that promise to help you manage your money more efficiently, and some of them can get quite complicated. That’s why many people opt for the 70-20-10 budget rule. It’s a simple, percentage-based formula that can help you get and keep your personal finances in good order.
This system can help you get better acquainted with what you earn and where it goes, while tracking your daily spending (that’s the 70% of your after-tax earnings) plus debt repayment and saving (the 20% and the 10%). These aspects of the 70-20-10 budget are part of its appeal, and it can guide you to better money habits. Read on to learn how it works and can be adapted for your particular needs.
Key Points
• The 70-20-10 budget rule simplifies money management by allocating income into three categories: living expenses, savings/debt repayment, and investments/donations.
• Living expenses should consume 70% of after-tax income, covering necessities and discretionary spending.
• Savings and debt repayment are prioritized at 20%, focusing on high-interest debts and building emergency funds.
• The remaining 10% is designated for investments or charitable donations, supporting long-term financial growth and personal values.
• This budgeting framework can be adjusted based on individual financial situations and goals, ensuring flexibility.
What Is the 70-20-10 Rule?
The 70-20-10 rule is a way to allocate your monthly income into three categories:
• Living expenses
• Debt repayment and short-term savings
• Investing and donations.
Using these categories can help organize the way you think about your income — how it comes in, and importantly, how it goes out. It’s a simple and often very successful way to get a personal budget in place.
Note: If it sounds very familiar, it’s worth noting that there is also the 50/30/20 budget rule, a slightly different spin on budgeting that also works with easy-to-calculate percentages. To see a breakdown using this method, check out the 50/30/20 rule calculator.
Now, take a closer look at each of the three components of this budget tool.
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70% for Living Expenses
Living expenses are exactly what they sound like — expenditures you need or want to make each month. To see how much of your post-tax dollars go toward these costs every month, you’ll do a little math. You’ll add up the monthly payments that cover essentials such as housing, utilities, food, childcare, and medical expenses.
It also includes expenditures made only once or twice a year, such as auto or home insurance premiums or yearly car tune-ups. In those cases, you simply figure the total paid for the year, divide by 12, and add that number to the monthly figure.
For the purposes of the 70-20-10 rule budget, living expenses also include discretionary spending on things like shopping, entertainment, travel, gym memberships, and other non-essential items.
To get started, scan through a couple of months of your bank statements, credit card, utility, medical, housing, insurance, and cable and internet bills to see how you’re tracking. Use the common living expenses listed below as a guide.
Housing
• Rent or mortgage and property tax
• Utilities
• Maintenance
• Insurance
Transportation
• Car payments
• Maintenance
• Gas and tolls
• Parking
• Public transportation costs
• Taxis and ride shares
• Auto insurance
Childcare
• Day care
• After-school programs
• Tuition
• Babysitting
• Clothes, personal care, and related expenses
Insurance
• Health insurance premiums (if not deducted from your paycheck)
• Auto and home insurance premiums
• Life insurance premiums
• Disability income insurance premiums
Food
• Groceries
• Takeout and restaurants
Health
• Deductibles, copays, and coinsurance
• Medical and dental appointment costs not covered by insurance
• Prescriptions and over-the-counter drugs
• Eyeglasses and contacts
Entertainment
• Concert, theater, and movie tickets
• Paid streaming and podcast services
• Books
• Travel
Pets
• Food, equipment and accessories, and toys
• Flea and tick prevention/other medications
• Vet bills
• Pet insurance
Personal
• Clothing/shoes/accessories
• Hair care and other grooming
• Toiletries/cosmetics
• Gym membership
If your monthly number hits the 70% mark or less, congratulations. You’re living within your means. For most people, however, this first calculation will likely exceed 70%. More on what to do when that happens below. For now, keep looking at the big picture of tallying your 70-20-10 numbers.
20% for Saving and Debt Repayment
Next, you want to calculate how much it will take to hit the 20% goal of saving and debt repayment. (If you don’t have debt, hooray; you can zoom straight to saving. But many people need to use this bucket to pay off debt and save.)
If you have credit card debt, you’ll likely want to focus all or part of this 20% on paying that down so you can avoid the high interest payments. If you have college debt, the monthly repayment amount should be included here in the 20% category.
Once that’s done, you’ve cleared the decks for other savings, whether for an emergency fund (aim for three to six months’ worth of expenses) or a near-term goal such as a vacation or down payment for a home.
Depending on what and why you are saving, different kinds of savings accounts may make sense. Consider these smart options to get extra benefits:
• High-yield savings accounts make sense if you need your money liquid (accessible) but want to earn more interest than the current rate on traditional savings accounts. Online banks vs. traditional banks often offer the best rates.
• A certificate of deposit (CD) is another option. These accounts lock up your money at a specific interest rate for a period of time, usually from six months to a few years. What’s nice is you know how much money your money will earn, but keep in mind, if you pull your money out early, you’ll typically face penalty fees.
• Money market accounts (MMAs) combine some aspects of a savings account with features of a checking account. You’ll earn interest on your savings (possibly in the ballpark of high-yield accounts), and you may be able to access funds via debit card or checks.
Once you’ve taken a look at your savings/debt picture, you’ll determine how best to handle the 20% rule. Depending on the size of your debts and your living expenses, you may need to temporarily allocate more or less funds to this category. More on that below.
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10% for Donation or Additional Savings
The remaining 10% can be allocated to investing in your future, usually for retirement. Contributions to an IRA, 401(k) 403(b), self-employed retirement savings vehicles, or other long-term, tax advantaged savings plan can be best for this category. This is money that you won’t need in the short term, so it can be invested more aggressively than the savings in your 20% category.
In addition, part of this allocation can go to charitable donations. Perhaps there’s a cause you want to support, from animal rescue to medical research, or you like to donate to your college; it’s your call.
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Example of the 70-20-10 Budget Rule
In terms of calculations, say your monthly income after taxes is $6,000. Here’s how that money would look on the 70-20-10 budget plan.
• For living expenses, you would multiply 6,000 x 0.70, and see that you have $4,200 of after-tax dollars for housing, utilities, food, entertainment, and all the other items listed above.
• For savings, you would multiply 6,000 x 0.20, or $1,200 to put toward savings and debt.
• Lastly, you would multiply 6,000 x 0.10, and see that you have another $600 to put toward additional savings and/or donations.
Here’s the math: $4,200 + $1,200 + $600 = $6,000.
How to Customize the 70-20-10 Rule to Fit Your Needs
The beauty of the 70-20-10 plan is its simplicity — and flexibility. Once you create a budget this way, you can customize the allocations within reason to meet your own needs and financial goals over time. Creating a budget can give you peace of mind, because you’ll know you are taking care of your financial health. Here, a few tips for increasing your likelihood of success in following this plan:
Include Side Hustle Earnings and Windfalls
Bonuses, tax refunds, money from side hustles and other income should be factored in later, as they are earned; don’t consider them as part of your base income. The bulk of the extra income can be designated toward the area most in need of attention, such as paying off credit card debt or boosting emergency savings. But do feel free to set aside a small percentage of those earnings as a reward for your hard work and have some fun with it.
An important note: If not already evident, this budget technique works best for those with a steady income, who are on a payroll. If you are freelance, a gig worker, or seasonal employee and your income is variable, this may not be the best technique for you.
Adjust the Percentages When Needed
After tracking your spending and making possible cuts, you may find you still can’t fit living expenses into the 70% category. Maybe you are just starting your post-grad life, earn a lower income, or live in an area with a high cost of living.
Don’t stress out over this! If you have limited funds and lots of bills, you may have to allocate a bit more to that category and put less in short-term savings until that next raise or other income spurt comes through.
Protect the 10%
A quick note for people with lots of credit card debt: Those hefty bills are a sign that you may be spending more than your income level allows. You’ll probably do better with the 70-20-10 budget if you increase the paying debt/savings percentage to higher than 20% till your debt is lower. Take steps to reduce discretionary spending, perhaps even more than you have already.
In addition, you may find you need to make more drastic cost-cutting moves too, such as finding an apartment with less expensive rent or ditching the expensive car payments and switching to mass transit. The goal is to get costly debt under control so you can start saving for your priorities and peace of mind.
Prioritize High-Interest Debt
Whenever you find the need to adjust percentages, it may be best to avoid tampering with the 10% investing for the future allocation. The sooner you start saving for retirement, the more that money will add up over time. By the same token, older people who may need to catch up on retirement savings may want to increase this 10% allocation. One of the reasons the 70-20-10 plan can be successful is that it helps you balance both short-term needs with long-term financial planning.
If you do make percentage adjustments, be sure to continue to track expenses so you can see when you can readjust allocations back to the original 70-20-10 plan.
The Takeaway
The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis. You can also take steps toward achieving your financial goals in the short- and long-term.
As you establish a budget that works for you, don’t forget to find the right banking partner.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found 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.
If you’re looking for a career that makes a lot of money, you might want to start your search in the health and medical field. Healthcare jobs are the highest-paid jobs in the U.S., and overall employment in this sector is expected to grow faster than the average for all occupations over the next eight years, according to the U.S. Bureau of Labor Statistics (BLS).
Outside of healthcare, professional athletes and corporate chief executive officers (CEOs) are among the highest-paid professions. Three other fields that also made the top 25: Airline pilots, computer/information systems managers, and financial managers.
Read on for a snapshot of the highest-paying jobs across the U.S., followed by a listing of the best-paying occupations by state.
Key Points
• Healthcare professions dominate the highest-paying jobs in the U.S., with cardiologists and orthopedic surgeons leading the list.
• Professional athletes and CEOs also rank among the top earners nationwide.
• The list of top-paying jobs includes various medical specialists such as pediatric surgeons and anesthesiologists.
• Each state has different top-paying jobs, with healthcare roles typically offering the highest salaries.
• The data for this ranking was sourced from the Bureau of Labor Statistics and includes projections for job growth and educational requirements.
25 Highest Paying Careers in the U.S.
To compile this list of highest-paying jobs, we reviewed data from BLS’s most recent National Occupational Employment and Wage Estimates report (May 2022). We also used government data to cite the minimum education requirements, projected growth, and which industries provide employment for each occupation. For more job description details, we tapped the Occupational Information Network (O*NET).
Here’s a look of the highest-paid jobs in the U.S., ranked from highest average salary to lowest.
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1. Cardiologist
Cardiologists diagnose, treat, manage, and prevent diseases or conditions of the cardiovascular system. They may further subspecialize in interventional procedures (e.g., balloon angioplasty and stent placement), echocardiography, or electrophysiology.
Average Salary
$421,330
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Administer emergency cardiac care for life-threatening heart problems.
• Advise patients about diet, activity, and disease prevention.
• Calculate valve areas from blood flow velocity measurements.
• Compare measurements of heart wall thickness and chamber sizes to standards to identify abnormalities using echocardiogram results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Management of companies and enterprises
2. Orthopedic Surgeon
Orthopedic surgeons diagnose and perform surgery to treat and prevent rheumatic and other diseases in the musculoskeletal system.
Average Salary
$371,400
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.
• Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes related to musculoskeletal injuries and diseases.
• Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care Centers
• Colleges, universities, and professional Schools
3. Pediatric Surgeon
Pediatrics surgeons diagnose and perform surgery to treat fetal abnormalities and birth defects, diseases, and injuries in fetuses, premature and newborn infants, children, and adolescents.
Average Salary
$362,970
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze patient’s medical history, physical condition, and examination results to verify operation’s necessity and to determine best procedure.
• Conduct research to develop and test surgical techniques that can improve operating procedures and outcomes.
• Consult with patient’s other medical care specialists to determine if surgery is necessary.
• Describe preoperative and postoperative treatments and procedures to parents or guardians of the patient.
• Direct and coordinate activities of nurses, assistants, specialists, residents, and other medical staff.
Projected growth (2022-2032)
Little or no change
Top Industries
• Hospitals
• Offices of physicians
4. Athletes and Sports Competitors
Athletes and sports competitors compete in athletic events.
Average Salary
$358,080
Typical Entry-Level Education
No formal educational credential
Primary Duties
• Participate in athletic events or competitive sports, according to established rules and regulations.
• Assess performance following athletic competition, identifying strengths and weaknesses and making adjustments to improve future performance.
• Attend scheduled practice or training sessions.
• Maintain optimum physical fitness levels by training regularly, following nutrition plans, or consulting with health professionals.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Spectator sports
• Other amusement and recreation industries
• Promoters of performing arts, sports, and similar events
• Colleges, universities, and professional schools
5. Surgeons
Surgeons operate on patients to treat injuries, such as broken bones; diseases, such as cancerous tumors; and deformities.
Average Salary
$347,870
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
Varies with specialty
Projected growth (2022-2032)
3% (as fast as average)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
6. Radiologists
Radiologists diagnose and treat diseases and injuries using medical imaging techniques, such as x rays, magnetic resonance imaging (MRI), nuclear medicine, and ultrasounds. They may also perform minimally invasive medical procedures and tests.
Average Salary
$329,080
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Perform or interpret the outcomes of diagnostic imaging procedures including magnetic resonance imaging (MRI), computer tomography (CT), positron emission tomography (PET), nuclear cardiology treadmill studies, mammography, or ultrasound.
• Prepare comprehensive interpretive reports of findings.
• Communicate examination results or diagnostic information to referring physicians, patients, or families.
• Obtain patients’ histories from electronic records, patient interviews, dictated reports, or by communicating with referring clinicians.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Medical and diagnostic laboratories
• Outpatient care centers
• Colleges, universities, and professional schools
7. Dermatologists
Dermatologists diagnose and treat diseases relating to the skin, hair, and nails. They may perform both medical and dermatological surgery functions.
Average Salary
$327,650
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Conduct complete skin examinations.
• Diagnose and treat pigmented lesions, such as common acquired nevi, congenital nevi, dysplastic nevi, Spitz nevi, blue nevi, or melanoma.
• Perform incisional biopsies to diagnose melanoma.
• Perform skin surgery to improve appearance, make early diagnoses, or control diseases such as skin cancer.
• Counsel patients on topics such as the need for annual dermatologic screenings, sun protection, skin cancer awareness, or skin and lymph node self-examinations.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Outpatient care centers
• Offices of other health practitioners
• Medical and diagnostic laboratories
• Personal care services
8. Emergency Medicine Physicians
Emergency medicine physicians make immediate medical decisions and act to prevent death or further disability. They provide immediate recognition, evaluation, care, stabilization, and disposition of patients. They may also direct emergency medical staff in an emergency department.
Average Salary
$316,600
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Analyze records, examination information, or test results to diagnose medical conditions.
• Assess patients’ pain levels or sedation requirements.
• Collect and record patient information, such as medical history or examination results, in electronic or handwritten medical records.
• Communicate likely outcomes of medical diseases or traumatic conditions to patients or their representatives.
• Conduct primary patient assessments that include information from prior medical care.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• General medical and surgical hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• Management of companies and enterprises
9. Oral and Maxillofacial Surgeons
Oral and maxillofacial surgeons perform surgery and related procedures on the hard and soft tissues of the oral and maxillofacial regions to treat diseases, injuries, or defects. They also diagnose problems of the oral and maxillofacial regions, and may perform surgery to improve function or appearance.
Average Salary
$309,410
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Administer general and local anesthetics.
• Collaborate with other professionals, such as restorative dentists and orthodontists, to plan treatment.
• Evaluate the position of the wisdom teeth to determine whether problems exist currently or might occur in the future.
• Perform surgery to prepare the mouth for dental implants and to aid in the regeneration of deficient bone and gum tissues.
• Remove impacted, damaged, and non-restorable teeth.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of dentists
• Hospitals
• Outpatient care centers
10. Anesthesiologist
Anesthesiologists administer anesthetics and analgesics for pain management prior to, during, or after surgery.
Average Salary
$302,970
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine patient, obtain medical history, and use diagnostic tests to determine risk during surgical, obstetrical, and other medical procedures.
• Administer anesthetic or sedation during medical procedures, using local, intravenous, spinal, or caudal methods.
• Monitor patient before, during, and after anesthesia and counteract adverse reactions or complications.
• Record type and amount of anesthesia and patient condition throughout procedure.
• Provide and maintain life support and airway management and help prepare patients for emergency surgery.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
[bls]
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• Offices of other health practitioners
11. Obstetricians and Gynecologists
Obstetricians and gynecologists provide medical care related to pregnancy or childbirth. They diagnose, treat, and help prevent diseases of women, particularly those affecting the reproductive system. They may also provide general care to women, and perform both medical and gynecological surgery functions.
Average Salary
$277,320
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Treat diseases of female organs.
• Care for and treat women during prenatal, natal, and postnatal periods.
• Analyze records, reports, test results, or examination information to diagnose medical condition of patient.
• Perform cesarean sections or other surgical procedures as needed to preserve patients’ health and deliver babies safely.
• Collect, record, and maintain patient information, such as medical histories, reports, or examination results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
12. Ophthalmologists
Ophthalmologists diagnose and perform surgery to treat and help prevent disorders and diseases of the eye. They may also provide vision services for treatment including glasses and contacts.
Average Salary
$265,450
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Perform comprehensive examinations of the visual system to determine the nature or extent of ocular disorders.
• Diagnose or treat injuries, disorders, or diseases of the eye and eye structures including the cornea, sclera, conjunctiva, or eyelids.
• Provide or direct the provision of postoperative care.
• Develop or implement plans and procedures for ophthalmologic services.
• Prescribe or administer topical or systemic medications to treat ophthalmic conditions and to manage pain.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Offices of other health practitioners
• Outpatient care centers
• Colleges, universities, and professional schools
13. Neurologists
Neurologists diagnose, manage, and treat disorders and diseases of the brain, spinal cord, and peripheral nerves, with a primarily nonsurgical focus.
Average Salary
$255,510
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Interview patients to obtain information, such as complaints, symptoms, medical histories, and family histories.
• Examine patients to obtain information about functional status of areas, such as vision, physical strength, coordination, reflexes, sensations, language skills, cognitive abilities, and mental status.
• Perform or interpret the outcomes of procedures or diagnostic tests, such as lumbar punctures, electroencephalography, electromyography, and nerve conduction velocity tests.
• Order or interpret results of laboratory analyses of patients’ blood or cerebrospinal fluid.
• Diagnose neurological conditions based on interpretation of examination findings, histories, or test results.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
14. Pathologists
Pathologists diagnose diseases and conduct lab tests using organs, body tissues, and fluids. Includes medical examiners.
Average Salary
$252,850
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine microscopic samples to identify diseases or other abnormalities.
• Diagnose diseases or study medical conditions, using techniques such as gross pathology, histology, cytology, cytopathology, clinical chemistry, immunology, flow cytometry, or molecular biology.
• Write pathology reports summarizing analyses, results, and conclusions.
• Communicate pathologic findings to surgeons or other physicians.
• Identify the etiology, pathogenesis, morphological change, and clinical significance of diseases.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of physicians
• Medical and diagnostic laboratories
• Colleges, universities, and professional schools
• Local government, excluding schools and hospitals
• Scientific research and development services
15. Psychiatrists
Psychiatrists diagnose, treat, and help prevent mental disorders.
Average Salary
$247,350
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe, direct, or administer psychotherapeutic treatments or medications to treat mental, emotional, or behavioral disorders.
• Gather and maintain patient information and records, including social or medical history obtained from patients, relatives, or other professionals.
• Design individualized care plans, using a variety of treatments.
• Collaborate with physicians, psychologists, social workers, psychiatric nurses, or other professionals to discuss treatment plans and progress.
• Analyze and evaluate patient data or test findings to diagnose nature or extent of mental disorder.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• State government
16. Chief Executives
Chief executives determine and formulate policies and provide overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. They plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers.
Average Salary
$246,440
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Direct or coordinate an organization’s financial or budget activities to fund operations, maximize investments, or increase efficiency.
• Confer with board members, organization officials, or staff members to discuss issues, coordinate activities, or resolve problems.
• Direct, plan, or implement policies, objectives, or activities of organizations or businesses to ensure continuing operations, to maximize returns on investments, or to increase productivity.
• Prepare or present reports concerning activities, expenses, budgets, government statutes or rulings, or other items affecting businesses or program services.
Projected growth (2022-2032)
Decline (-2% or lower)
Top Industries
• Local and state government
• Management of companies and enterprises
• Elementary and secondary schools
• Computer systems design and related services
17. Dentists
Dentists examine, diagnose, and treat diseases, injuries, and malformations of teeth and gums. They treat diseases of nerve, pulp, and other dental tissues affecting oral hygiene and retention of teeth. They may also fit dental appliances or provide preventive care.
Average Salary
$233,430
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine teeth, gums, and related tissues, using dental instruments, x-rays, or other diagnostic equipment, to evaluate dental health, diagnose diseases or abnormalities, and plan appropriate treatments.
• Administer anesthetics to limit the amount of pain experienced by patients during procedures.
• Use dental air turbines, hand instruments, dental appliances, or surgical implements.
• Formulate plan of treatment for patient’s teeth and mouth tissue.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of dentists
• Federal executive branch
• Hospitals
• Outpatient care centers
18. Airline Pilots, Copilots, and Flight Engineers
Airline pilots, copilots, and flight engineers pilot and navigate the flight of fixed-wing aircraft, usually on scheduled air carrier routes, for the transport of passengers and cargo. This job requires a Federal Air Transport certificate and rating for the specific aircraft type used.
Average Salary
$225,740
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Start engines, operate controls, and pilot airplanes to transport passengers, mail, or freight, adhering to flight plans, regulations, and procedures.
• Work as part of a flight team with other crew members, especially during takeoffs and landings.
• Respond to and report in-flight emergencies and malfunctions.
• Inspect aircraft for defects and malfunctions, according to pre-flight checklists.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Scheduled air transportation
• Couriers and express delivery services
• Federal executive branch
• Support activities for air transportation
• Management of companies and enterprises
19. General Internal Medicine Physicians
General internal medicine physicians diagnose and provide nonsurgical treatment for a wide range of diseases and injuries of internal organ systems. They provide care mainly for adults and adolescents, and are based primarily in an outpatient care setting.
Average Salary
$225,270
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Treat internal disorders, such as hypertension, heart disease, diabetes, or problems of the lung, brain, kidney, or gastrointestinal tract.
• Analyze records, reports, test results, or examination information to diagnose medical condition of patient.
• Prescribe or administer medication, therapy, and other specialized medical care to treat or prevent illness, disease, or injury.
• Manage and treat common health problems, such as infections, influenza or pneumonia, as well as serious, chronic, and complex illnesses, in adolescents, adults, and the elderly.
• Provide and manage long-term, comprehensive medical care, including diagnosis and nonsurgical treatment of diseases, for adult patients in an office or hospital.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Colleges, universities, and professional schools
• Outpatient care centers
20. Family Medicine Physicians
Family medicine physicians diagnose, treat, and provide preventive care to individuals and families across the lifespan. They may refer patients to specialists when needed for further diagnosis or treatment.
Average Salary
$224,460
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury.
• Order, perform, and interpret tests and analyze records, reports, and examination information to diagnose patients’ condition.
• Collect, record, and maintain patient information, such as medical history, reports, or examination results.
• Monitor patients’ conditions and progress and reevaluate treatments as necessary.
• Explain procedures and discuss test results or prescribed treatments with patients.
Projected growth (2022-2032)
Average (2% to 4%)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional schools
• State government
21. Orthodontists
Orthodontists examine, diagnose, and treat dental malocclusions and oral cavity anomalies. They design and fabricate appliances to realign teeth and jaws to produce and maintain normal function and to improve appearance.
Average Salary
$216,320
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Examine patients to assess abnormalities of jaw development, tooth position, and other dental-facial structures.
• Study diagnostic records, such as medical or dental histories, plaster models of the teeth, photos of a patient’s face and teeth, and X-rays, to develop patient treatment plans.
• Fit dental appliances in patients’ mouths to alter the position and relationship of teeth and jaws or to realign teeth.
• Adjust dental appliances to produce and maintain normal function.
Projected growth (2022-2032)
Faster than average (5% to 8%)
Top Industries
• Offices of dentists
• Hospitals
22. Nurse Anesthetists
Nurse anesthetists administer anesthesia, monitor patient’s vital signs, and oversee patient recovery from anesthesia. They assist anesthesiologists, surgeons, other physicians, or dentists. They must be registered nurses who have specialized graduate education.
Average Salary
$205,770
Typical Entry-Level Education
Master’s degree
Primary Duties
• Manage patients’ airway or pulmonary status, using techniques such as endotracheal intubation, mechanical ventilation, pharmacological support, respiratory therapy, and extubation.
• Respond to emergency situations by providing airway management, administering emergency fluids or drugs, or using basic or advanced cardiac life support techniques.
• Monitor patients’ responses, including skin color, pupil dilation, pulse, heart rate, blood pressure, respiration, ventilation, or urine output, using invasive and noninvasive techniques.
• Select, order, or administer anesthetics, adjuvant drugs, accessory drugs, fluids or blood products as necessary.
• Select, prepare, or use equipment, monitors, supplies, or drugs for the administration of anesthetics.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Offices of other health practitioners
• Colleges, universities, and professional schools
23. Pediatricians
Pediatricians diagnose, treat, and help prevent diseases and injuries in children. They also refer patients to specialists for further diagnosis or treatment, as needed.
Average Salary
$203,240
Typical Entry-Level Education
Doctoral or professional degree
Primary Duties
• Prescribe or administer treatment, therapy, medication, vaccination, and other specialized medical care to treat or prevent illness, disease, or injury in infants and children.
• Examine children regularly to assess their growth and development.
• Treat children who have minor illnesses, acute and chronic health problems, and growth and development concerns.
• Examine patients or order, perform, and interpret diagnostic tests to obtain information on medical condition and determine diagnosis.
Projected growth (2022-2032)
Little or no change
Top Industries
• Offices of physicians
• Hospitals
• Outpatient care centers
• Colleges, universities, and professional Schools
24. Computer and Information Systems Managers
Computer and information systems managers plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming
Average Salary
$173,670
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Direct daily operations of department, analyzing workflow, establishing priorities, developing standards and setting deadlines.
• Meet with department heads, managers, supervisors, vendors, and others, to solicit cooperation and resolve problems.
• Review project plans to plan and coordinate project activity.
• Assign and review the work of systems analysts, programmers, and other computer-related workers.
• Provide users with technical support for computer problems.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Computer systems design and related services
• Management of companies and enterprises
• Software publishers
• Management, scientific, and technical consulting services
• Computing infrastructure providers, data processing, web hosting, and related services
25. Financial Managers
Financial managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.
Average Salary
$166,050
Typical Entry-Level Education
Bachelor’s degree
Primary Duties
• Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
• Oversee the flow of cash or financial instruments.
• Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
• Recruit staff members.
• Evaluate data pertaining to costs to plan budgets.
Projected growth (2022-2032)
Much faster than average (9% or higher)
Top Industries
• Credit intermediation and related activities
• Management of companies and enterprises
• Securities, commodity contracts, and other financial investments and related activities
• Accounting, tax preparation, bookkeeping, and payroll services
• Insurance carriers
Highest Paying Jobs by State
The top-paying occupations in the U.S. vary by location, so here’s a look at the best-paid jobs by state based on the BLS’s State Occupational Employment and Wage Estimates. This listing goes in alphabetical order and includes all 50 states plus the District of Columbia.
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Alabama
Career: Cardiologist Average Salary: $466,030
Alaska
Career: Surgeon Average Salary: $311,440
Arizona
Career: Plastic Surgeon Average Salary: $430,870
Arkansas
Career: Orthopedic Surgeon Average Salary: $365,580
California
Career: Dermatologists Average Salary: $371,450
Colorado
Career: Anesthesiologists Average Salary: $384,860
Connecticut
Career: Dermatologists Average Salary:$308,230
Delaware
Career: Orthopedic Surgeons Average Salary: $509,820
District of Columbia
Career: Orthopedic Surgeons Average Salary: $509,820
Florida
Career: Cardiologist Average Salary: 428,810
Georgia
Career: Neurologists Average Salary: $332,760
Hawaii
Career: Orthopedic Surgeon Average Salary:$554,520
Idaho
Career: Cardiologists Average Salary: $521,690
Illinois
Career: Dermatologists Average Salary: $360,560
Indiana
Career: Athletes and Sports Competitors Average Salary: $702,270
Iowa
Career: Dermatologists Average Salary: $398,590
Kansas
Career: Surgeons Average Salary: $374,300
Kentucky
Career: Orthopedic Surgeons Average Salary: $410,760
Louisiana
Career: Surgeons Average Salary: $534,920
Maine
Career: Surgeons Average Salary: $450,330
Maryland
Career: Cardiologists Average Salary: $456,280
Massachusetts
Career: Dermatologists Average Salary: $414,270
Michigan
Career: Orthopedic Surgeons Average Salary: $412,260
Minnesota
Career: Dermatologists Average Salary: $514,330
Mississippi
Career: Surgeons Average Salary: $362,430
Missouri
Career: Cardiologists Average Salary: $370,910
Montana
Career: Surgeons Average Salary: $435,940
Nebraska
Career: Anesthesiologists Average Salary: $422,040
Nevada
Career: Dermatologists Average Salary: $344,980
New Hampshire
Career: Orthopedic Surgeon Average Salary: $425,620
New Jersey
Career: Chief Executives Average Salary: $414,350
New Mexico
Career: Emergency Medicine Physicians Average Salary: $332,590
New York
Career: Pediatric Surgeons Average Salary: $415,810
North Carolina
Career: Surgeons Average Salary: $429,010
North Dakota
Career: Psychiatrists Average Salary: $390,140
Ohio
Career: Athletes and Sports Competitors Average Salary: $648,120
Oklahoma
Career: Emergency Medicine Physicians Average Salary: $312,940
Oregon
Career: Anesthesiologists Average Salary: $395,060
Pennsylvania
Career: Cardiologists Average Salary: $478,340
Rhode Island
Career: Radiologists Average Salary: $343,450
South Carolina
Career: Ophthalmologists Average Salary: $386,460
South Dakota
Career: Oral and Maxillofacial Surgeons Average Salary: $347,390
Tennessee
Career: Surgeons Average Salary: $324,550
Texas
Career: Cardiologists Average Salary: $413,510
Utah
Career: Dermatologists Average Salary: $402,230
Vermont
Career: Orthopedic Surgeon Average Salary: $413,870
Virginia
Career: Neurologists Average Salary: $368,650
Washington State
Career: Anesthesiologists Average Salary: $419,950
Washington, D.C.
Career: Surgeons, Except Ophthalmologists Average Salary: $286,160
West Virginia
Career: Surgeons Average Salary: $365,560
Wisconsin
Career: Dermatologists Average Salary: $455,200
Wyoming
Career: Family Medicine Physicians Average Salary: $295,570
The Takeaway
Whether you look at the top-paying fields nationally or by state, healthcare professions dominate the list. However, a few other careers also consistently show up in the highest-paid job rankings, including professional athletes, chief executives, airline pilots, and computer/information systems managers.
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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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A cardless ATM allows you to withdraw cash from your bank account without using a debit card. While these ATMs may look like regular ATMs and still have a slot to insert a debit card, they have the technology to identify an account holder without a debit card. To get cash without a debit card, you generally need a smartphone, the bank’s app, and a checking account that supports cardless cash.
Key Points
• Cardless ATMs allow cash withdrawals without a debit card, using a smartphone and the bank’s app.
• These ATMs may use QR codes, NFC, or biometrics for user identification.
• Users can schedule withdrawals in advance through their bank’s app, enhancing convenience.
• Cardless transactions offer the same options and rules as traditional card-based ones, including withdrawal limits.
• The technology provides increased convenience and security but requires access to compatible ATMs and possibly a newer smartphone.
🛈 Currently, SoFi does not offer cardless ATM withdrawals. Members need their physical debit and PIN number to withdraw cash at ATMs.
What Is a Cardless ATM?
A cardless ATM is similar to a regular ATM except it allows you to withdraw cash without using a debit card. You can do the same things you can with a card, like get cash and find out your account balance. Cardless ATMs display a distinctive contactless sticker, to make them easy to identify. Otherwise they look and perform like regular ATMs.
What Is a Cardless Withdrawal?
Thanks to technology, you can often withdraw money from an ATM without a debit card and instead use your cell phone. This is good news for those who don’t like to carry around cards or would rather not have to search through their wallets to find the right card when they get to an ATM.
Cardless withdrawal allows you to use an app to get your cash. Cardless ATMs use different types of technology (such as QR codes, NFC, and biometrics) to securely identify an account holder and dispense their cash without the presence of a debit card. Below, we’ll take a closer look at how exactly this works.
How to do a cardless withdrawal? First, you’ll need an ATM that has cardless access and a bank account that allows cardless cash. Then, you’ll follow these steps.
Withdrawals With a Cardless ATM App
With your phone, you initiate a withdrawal using your bank’s mobile app. There’s variation in how these apps work: The bank may send you a code to plug into the ATM or one that you can scan at the ATM. Either way, you need to press the cardless ATM acceptance mark. You’ll then be prompted to enter a code or scan the QR code on the ATM screen.
Next, you’ll see if any ATM fees are associated with the transaction. Then, you can accept and authenticate the transaction (which may involve using your phone’s biometrics, which are typically, fingerprints, voice recognition, iris scanning, or face recognition). You can also choose to decline and cancel the transaction. If you move ahead, the ATM receives authorization of the transaction and issues the cash you requested — no card needed.
Another option is to use a contactless payment or digital wallet option like Samsung Pay, Google Pay, or Apple Pay. If you use one of these payment providers, they will likely use near-field communication (NFC). In this situation, you’ll hold your phone close to the ATM so your phone and the ATM can “talk” to each other. You’ll then be able to access the bank account linked to the app.
Scheduling a Cardless ATM Withdrawal in Advance
Many of us enjoy using apps to complete a mobile order and then have it waiting when we zip past the pickup spot. Think about how you might buy an espresso at the cafe in your office lobby while you’re commuting in to work, order a salad at lunchtime and then snag it after running an errand, or refill a prescription so it’s ready as you head home.
Guess what? Depending on your bank, you may be able to schedule a withdrawal in advance through your bank’s mobile app. You choose how much you want to take out before you get to the ATM. Once you schedule your withdrawal, you typically have 24 hours to retrieve it. It makes the whole process that much quicker.
You can access the same options for transactions with a cardless ATM as you would if you had a physical card, and the rules are similar. For example, if you have withdrawal limits for ATM use with a debit card, those same limits would be applicable for a cardless transaction.
Always be mindful of ATM withdrawal limits. They vary at each bank, with some capping at $300 and others as high as $5,000 a day. Your ATM withdrawal limit can also vary depending on your banking history or account type. For example, a new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account.
Pros of a Cardless Cash Withdrawal
For sure, there are some upsides to being able to get cash without your debit card. Here are some to consider.
Convenience
It’s handy to be able to get your cash and conduct other transactions without your debit card. As long as you have your phone, you’re good to go. No need to make a trip back home if you discover when you get to the bank that you left your card at home. Cardless cash also allows you to carry around fewer cards. That can be helpful should you lose your wallet or it gets stolen.
Simplicity and Savings
With cardless ATMs, you can have access to all your bank accounts at multiple financial institutions. Say you have two different bank accounts, and the card you need for one is at home. No worries. Your phone will unlock your banking for you.
Also, if you’re not near an in-network ATM for the card you have on you, you can use a different account and avoid an out-of-network ATM fee.
Less Contact
In these times when there are still some concerns about COVID-19 and germs in general, not having to insert your card into an ATM is a plus. Less touching of surfaces that have seen a lot of potentially germy fingertips can be a good way to go.
Security
You may sleep easier at night because there’s no chance of card skimming since you’re not swiping your card. What’s more, you may be able to avoid entering your PIN. That’s a plus since you don’t have to worry about hidden cameras or lurkers getting your digits.
Cons of a Cardless Cash Withdrawal
Carldess cash withdrawals also have some downsides. Here’s a closer look.
Accessibility
Not every ATM has cardless capabilities, and your bank may not have cardless ATMs that are convenient to where you live or work. Before you decide to go the cardless route, you’ll want to investigate what your financial institution offers in terms of cardless ATM access. Also, if you travel frequently, you may not always be able to find a cardless ATM when you need one. While cardless ATMs aren’t rare, they also aren’t everywhere.
Potential for Scams
Your phone will contain additional sensitive information if you go the cardless route. If you lose your phone or it is stolen, that information could be at risk. While there are plenty of safeguards and security measures, like biometric security and two-factor authentication, you’ll want to report a lost or stolen phone to your bank immediately.
May Need a Phone Upgrade
Are you one of those people who stand in long lines for the latest, greatest smartphone release? You’re probably If you regularly upgrade your phone to the latest model, you’re probably going to do fine with cardless withdrawals. But if you tend to hold onto your phone for a long time, you may need an upgrade that can handle your bank’s app and NFC, when required. Otherwise, your device may not be capable of cardless transactions.
Pros of Cardless Withdrawals
Cons of Cardless Withdrawals
Convenience
Need a cardless ATM
Simplicity and savings
Potential for scams
Less ontact
May need a newer phone
Security
The Takeaway
Cardless withdrawals are another way technology can help simplify your finances. All you need to access the cash in your checking or savings account is a smartphone, your bank’s app, and an ATM — no debit card required.
FAQ
Do banks do cardless withdrawals?
Yes. Some ATMs offer cardless withdrawals. Cardless ATM machines look like any other ATM but allow you to get cash even if you don’t have a debit card. You just use your smartphone and banking app. To find a cardless ATM, look for the contactless sticker.
How do I use a cardless ATM?
You begin a cardless withdrawal by using your bank’s mobile app. Depending on the particular app and bank network, your transaction may involve entering a PIN, scanning a QR code, and/or implementing biometrics (such as fingerprints, voice recognition, iris scanning, or face recognition) to initiate your transaction. You can then receive your funds.
If you use a payment provider like Apple Pay, which uses near-field communication (NFC), you’ll hold your phone close to the ATM and access the bank account linked to the app.
Can I withdraw money without an ATM card?
Yes. Many ATMs and checking accounts allow cardless withdrawal, which means you can get cash without a debit card. You just use your smartphone and your banking app to access your account. You can also complete any other tasks that you would do at a typical ATM.
Photo credit: iStock/hsyncoban
SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found 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.
Returned item charges are bank fees that are assessed when you don’t have enough money in your account to cover a check (or online payment) and the bank doesn’t cover that payment. Instead, they return the check or deny the electronic payment, and hit you with a penalty fee. Returned item fees are also called non-sufficient funds (NSF) fees. While these fees used to be ubiquitous, some banks have chosen to eliminate them.
Read on to learn exactly what NSF/returned item fees are and how you can avoid paying them.
Key Points
• Returned item fees, also known as non-sufficient funds (NSF) fees, are charged when an account lacks enough funds to cover a check or electronic payment.
• These fees can be avoided by closely monitoring account balances and setting up bank alerts for low balances.
• Linking a savings account to a checking account can provide a backup to cover shortfalls, potentially avoiding NSF fees.
• Using a debit card strategically can prevent large holds that might lead to NSF fees for other transactions.
• Choosing a bank that offers no-fee overdraft protection can also help avoid these fees.
What Is a Non-Sufficient Funds (NSF) Fee?
A non-sufficient fund or NSF fee is the same thing as a returned item fee. These are fees banks charge when someone does not have enough money in their checking account to cover a paper check, e-check, or electronic payment. They are assessed because the bank has to put forth additional work to deal with this situation. They also serve as a way for banks to make money. The average NSF fee is $19.94.
In addition to being hit with an NSF fee from the bank, having bounced checks and rejected electronic payments can cause you to receive returned check fees, late fees, or interest charges from the service provider or company you were attempting to pay.
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How Do Non-Sufficient Fund Fees Work?
Here’s a basic example. Let’s say that someone has $500 in the bank. They withdraw $100 from an ATM and forget to record that transaction. Then, they write a check for $425, believing that those funds are available:
• Original balance: $500
• ATM withdrawal: $100
• New actual balance: $400
• Check amount: $425
• Problem: The check is for $25 more than what is currently available.
The financial institution could refuse to honor this check (in other words, the check would “bounce” or be considered a “bad check”) and charge an NSF fee to the account holder. This is not the same thing as an overdraft fee.
An overdraft fee comes into play when you sign up for overdraft protection. Overdraft protection is an agreement with the bank to cover overdrafts on a checking account. This service typically involves a fee (called an overdraft fee) and is generally limited to a preset maximum amount.
Are NSF Fees Legal?
Yes, NSF or returned item fees are legal on bounced checks and returned electronic bill payments. However, they should not be charged on debit card transactions or ATM withdrawals.
If you don’t opt in to overdraft coverage (i.e., agree to pay overdraft fees for certain transactions), then the financial institution cannot legally charge overdraft (or NSF) fees for debit card transactions or ATM withdrawals. Instead, the institution would simply decline the transaction when you try to make it.
No federal law states a maximum NSF fee. But The Truth in Lending Act does require banks to disclose their fees to customers when they open an account.
The Consumer Financial Protection Bureau has been pushing banks to eliminate NSF fees, and their efforts have paid off. Many banks have done away with NSF fees and others have lowered them.
Are NSF Fees Refundable?
You can always ask for a refund. If you’ve been with a financial institution for a while and this is your first NSF fee, you could contact the bank and ask for a refund. The financial institution may see you as a loyal customer that they don’t want to lose, so they may say “yes.” That said, it’s entirely up to them — and, even if they agree the first time, they will probably be less willing if it becomes a pattern. (Or, they may say “no” to the very first request.)
Not directly, no. Banking history isn’t reported to the consumer credit bureaus. Indirectly, however, NSF fees could hurt your credit. If a check bounces — say, one to pay your mortgage, car payment, credit card bill, or personal loan — this may cause that payment to be late. If payments are at least 30 days late, loans and credit cards can be reported as delinquent, which can hurt your credit.
And if a payment bounces more than once, a company might send the bill to a collections agency. This information could appear on a credit report and damage your credit. If you don’t pay your NSF fees, the bank may send your debt to a collection agency, which could be reported to the credit bureaus.
Also, keep in mind that any bounced checks or overdrafts could be reported to ChexSystems, a banking reporting agency that works similarly to the credit bureaus. Too many bounced checks or overdrafts could make it hard to open a bank account in the future.
What Happens if You Don’t Pay Your NSF Fees?
If you don’t pay your NSF fees, the bank could suspend or close your account and report your negative banking history to ChexSystems. This could make it difficult for you to open a checking or savings account at another bank or credit union in the future. In addition, the bank may send your debt to a collection agency, which can be reported to the credit bureaus.
How Much Are NSF Fees?
NSF were once as high as $35 per incident but have come down in recent years. The average NSF is now $19.94, which is an historical low.
When Might I Get an NSF Fee?
NSF fees can be charged when there are insufficient funds in your account to cover a check or electronic payment as long as the bank’s policy includes those fees.
What’s the Difference Between an NSF and an Overdraft Fee?
An NSF fee can be charged if there aren’t enough funds in your account to cover a transaction and no overdraft protection exists. The check or transaction will not go through, and the fee may be charged.
Some financial institutions, though, do provide overdraft protection. If you opt in to overdraft protection and you have insufficient funds in your account to cover a payment, the bank would cover the amount (which means there is no bounced check or rejected payment), and then the financial institution may charge an overdraft fee. So with overdraft, the transaction you initiated does go through; with an NSF or returned item situation, the transaction does not go through and you need to redo it. Fees may be assessed, however, in both scenarios.
If you know your bank balance, including what’s outstanding in checks, withdrawals, and transfers, then a NSF situation shouldn’t arise. Using your bank’s mobile app or other online access to your accounts can streamline the process of checking your account. Try to get in the habit of looking every few days or at least once a week.
Keep a Cushion Amount
With this strategy, you always keep a certain dollar amount in your account that’s above and beyond what you spend. If it’s significant enough, a minor slip up still shouldn’t trigger an NSF scenario.
💡 Quick Tip: If your checking account doesn’t offer decent rates, why not apply for an online checking account with SoFi to earn 0.50% APY. That’s 7x the national checking account average.
Set Up Automatic Alerts
Many financial institutions allow you to sign up for customized banking alerts, either online or via your banking app. It’s a good idea to set up an alert for whenever your balance dips below a certain threshold. That way, you can transfer funds into the account to prevent getting hit with an NSF fee.
Link to a Backup Account
Your financial institution may allow you to link your savings account to your checking account. If so, should the checking balance go below zero, they’d transfer funds from your savings account to cover the difference.
Use Debit Cards Strategically
If you use your debit card to rent a car or check into a hotel, they may place a hold on a certain dollar amount to ensure payment. It may even be bigger than your actual bill. Depending upon your account balance, this could cause something else to bounce. So be careful in how you use your debit cards.
Look for No-Fee Overdraft Coverage
You can avoid NSF fees by shopping around for a bank that offers no-fee overdraft coverage.
The Takeaway
Returned item fees (also known as NSF fees) can be charged when there are insufficient funds in your account to cover your checks and electronic payments. When you get hit with an NSF fee, you’re essentially getting charged money for not having enough money in your account — a double bummer. To avoid these annoying fees, keep an eye on your balance, know when automatic bill payments go through, and try to find a bank that does not charge NSF fees.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.
FAQ
What happens when you get an NSF?
If you get charged an non-sufficient funds (or NSF) fee, it means that a financial transaction has bounced because of insufficient funds in your account. You will owe the fee that’s listed in your bank’s policy.
Is an NSF bad?
If a financial transaction doesn’t go through because of insufficient funds, then this can trigger returned item charges (NSF fees). This means you’re paying a fee for not having enough money in your account to cover your payments, a scenario you generally want to avoid.
Does an NSF affect your credit?
An NSF fee does not directly affect your credit, since banking information isn’t reported to the consumer credit agencies. However, if a bounced check or rejected electronic payment leads to a late payment, the company you paid could report the late payment to the credit bureaus, which could impact your credit.
Photo credit: iStock/MicroStockHub
SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found 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.
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
