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Having a 9-to-5 gig is a great way to make your core income, but what if you want to earn more? Perhaps you need additional spending money to pay down your debt, build up your savings, or just keep up with your monthly bills.

If that describes your situation, a side hustle could be a great way to supplement your earnings. You’d hardly be alone if you’re looking for another way to bring in cash. According to two recent surveys, more than 35% of American adults are working side jobs to bring in more money.

One hurdle when trying to make ends meet: Some side hustles require a large investment, whether you need to purchase equipment, get some form of education or certification, or market yourself to a niche group of clients.

On the flip side, there are quite a few side hustles that could have lower barriers to entry. Read on to learn about these, including side hustles that build on your particular strengths as well as those that require no special skills. You could soon be on your way to earning some extra income.

Is It Possible to Start a Side Hustle With Little Money?

You may worry about start-up costs for launching a side hustle: Will you need to buy expensive software, or head back to school for a certain degree? Not necessarily.

It is possible to start a low-cost side business. Whether it’s delivering groceries, narrating audiobooks, or becoming a virtual assistant, many people are able to find a side hustle with a low startup cost to supplement their income.

Plus, if their side hustles qualify them as 1099 contractors, they can use those startup costs (and any recurring costs) as a tax deduction on their income.

Also remember that one of the benefits of a side hustle can be introducing you to what might grow as a steady ongoing source of money. Or it could introduce you to a new path for a full-time career that you love.

15 Inexpensive Side Hustle Ideas

So what are some low-cost side hustles that are easy to start? Here are 15 side gigs to consider without needing a large startup fund:

1. Selling an Online Course

Many people today are turning to the internet for learning opportunities. If you know more than the average person about a specific topic that you’re passionate about — be it makeup application, flipping houses, or writing code — you can make educational content with only your smartphone and some screen-recording software. It’s a great example of a side hustle with low startup costs.

You don’t even have to worry about designing a website to host the courses you create. Websites like Skillshare and Udemy may host your content (but will take a chunk of your sales). They already have built-in audiences browsing for courses. That can mean little or no marketing is necessary on your part.

2. Narrating Audiobooks

Websites like Fiverr and ACX.com have made it easy for aspiring voice-over artists (or just people looking to pick up some extra cash) to narrate audiobooks. To be successful, it’s a good idea to have a background in acting, an ability to use different voices and accents, and good enunciation.

As with many side gigs, you might have to start by taking unpaid work to establish a portfolio. Volunteering to read for the blind can be a great way to get your foot in the door, and it doesn’t hurt to have your own website promoting your skills; just make sure there are demos on the site.

Startup costs may include a high-quality microphone (with a pop filter to block out unwanted “mouth noises”), noise-canceling headphones, and the proper software (Audacity, which is free, and GarageBand are good options).
Since you’re just starting, it may be wise to look for high-quality, low-cost choices that keep costs under $100.

Recommended: Tips for Financially Surviving a Layoff

3. Tutoring

If you have a degree in a specific subject, such as math or science, and experience in and/or a talent for explaining concepts to others, you may be able to find work online or in person as a tutor. You can try posting on social media and running local ads, or you might find work on tutoring platforms like Wyzant or Varsity Tutors.

If you are interested in tutoring for standardized test prep, it can be a good idea to seek certification. Though not required, it can make it easier to land clients. Search online for options; SAT tutors can earn $100 or more an hour, depending on experience and location, and many parents want to help a child with SAT practice.

Recommended: How to Help Your Child with SAT Practice

4. Selling Handmade Items on Etsy

If you enjoy making crafts and artwork, you might find a market on Etsy or other online marketplaces to sell your stuff. Custom signs, homemade soaps and candles, knitted scarves and blankets, and handmade jewelry are just a few examples of what artists currently sell. This can be a good opportunity to turn a hobby you love into an income stream.

Your costs will include the price of materials and shipping, but you can set your own prices for your items to offset those. To get started, check the online platform’s selling guide for beginners.

5. Building Websites with WordPress

Though the number of active websites is always changing, there were more than 193 million in mid-August 2024. And someone had to make each one, which highlights more inexpensive side hustles you could pursue.

Platforms like WordPress, Squarespace, and Wix make it easier for non-coders to build semi-customized websites, but there’s still a learning curve. If you’re a fast learner or have some experience in website building, this could be an easy way for you to make some quick cash — by building websites for those who don’t want to learn how or do it themselves.

You can start by making your own website to advertise your offerings. It might be a good idea to connect with friends, family, classmates, colleagues, and even local nonprofits to offer your services for free so that you can build a portfolio. Once you have enough experience under your belt and examples to showcase, finding clients for actual paid work is the next step.

Ready to expand your skill-set and play a bigger role in building sites? Several educational websites offer web development courses with (some) free content, including W3Schools and The Odin Project. Worth noting: Coding bootcamps can be expensive, but they can be helpful for some.

6. Renting Your Clothes Out to Others

While renting out your home on Airbnb or your car on Turo might be a lucrative option, not everyone has a house or a car to rent out. But you can start smaller — quite literally with the clothes on your back.

If you have a sense of style that’s always garnering compliments or have invested in luxury label items over the years, you might find that others are willing to pay to borrow your clothes. Sites like Le Ora and Rent My Wardrobe offer platforms for listing your clothes and earning some cash. Since you already own the clothes and accessories, this could be a low-cost side business.

How much you make will depend on how much clothing you have to rent, how prestigious its label is, and how in demand the styles are.

7. Flipping Furniture

Flipping furniture can be as easy as watching neighborhood groups on social media to see people listing furniture for free or a very low price. If a piece seems to have any value, you can claim it and then list it for sale on Craigslist, Facebook Marketplace, or Nextdoor.

You can also shop for cheap used furniture at garage sales, thrift stores, and estate sales.

To make a little more per piece, it’s a good idea to slap on a fresh coat of paint and maybe install new hardware. This can be a fun, creative way to bring in money.

8. Get Paid for Your Social Media Posts

Not everyone can be a famous influencer, but if social media and video content are your forte, you might consider building on your social media presence, from TikTok to a YouTube channel. Even what are known as micro-influencers, with 10,000 to 100,000 followers on Instagram, can earn between $100 and $500 per post.

While it takes time, dedication, and some luck to have that many followers, it can be a path to making some cash from content you probably enjoy creating. Everything from DIY renovation to makeup tutorials to movie reviews could be fair game as your subject matter.

9. Being a Transcriptionist

Wondering, “How can I make money from home?” If you’re a fast typer, you might find side-hustle success as a transcriptionist. Companies like Rev and GoTranscript may be seeking your skills.

This is a job you can do from home (in sweat pants, no less) for as many or as few hours as you would like. Rev says its transcriptionists can make $156 monthly for 15 jobs, and some transcriptionists can make considerably more.

Your startup costs might only include a pair of noise-canceling headphones and audio player software.

10. Social Media Management

If you live and breathe social media, you might be able to turn it into a lucrative side gig. Consumers increasingly want their favorite brands and businesses to be on social media, but smaller, local companies might not know the first thing about creating Instagram Reels or going live.

You might start by updating your LinkedIn to show that you are looking for clients in the social media space. A website highlighting your own personal stats might be a good idea, too. To kick off your side hustle, you might consider building your portfolio by offering free services to a nonprofit or local business with a very limited (or non-existent) budget.

Keep in mind: Running your own personal Instagram will be very different from running social for businesses. Taking a few online courses on Udemy or another platform to learn best practices for social media management could be extremely valuable.

11. Driving With Rideshare Services

Startup costs for Uber and Lyft are arguably high; you need a car after all. But if you already own a vehicle that meets a rideshare program’s criteria (and you’re already paying for the car insurance requirements), you could start offering rides with nothing more than the cost of a tank of gas. Plus, this is a side hustle that can really fit your schedule; you could do it on weekends or whenever you have a day off.

12. Delivering Food and Groceries

If driving with people in your backseat doesn’t sound like your idea of a good time, consider freelance food delivery instead. Today, your options are plenty, including DoorDash, Grubhub, and Uber Eats.

Now is a great time to get in on the food delivery game; food delivery app usage skyrocketed 30% in 2020 and continued to grow in the following years, with a projected growth of almost 10% in 2024.

Fast food delivery isn’t your only option. You can also deliver groceries with apps like Instacart, as well at many grocery chains. Again, this is a great side hustle for those who like to set their own hours to earn a bit more money. While pay will vary, you might make $15 to $20 per hour, plus tips.

13. Proofreading and Writing

Who said an English degree couldn’t get you a job? If you are an avid reader and wordsmith, you might be able to find several freelance side gigs as a proofreader or even a writer. Some might be one-off projects, like proofreading someone’s novel; others could be recurring, like working as a contributing writer to a travel website.

Like with most side hustles of this nature, having an online portfolio is a good idea. That means you might take some low-paying (or free) gigs at first until you’ve proven to potential clients that you’re worth your rate. Clients often post job listings on sites like Indeed, Upwork, FlexJobs, and Fiverr.

Having a love of books might not be enough, however; you may need to spend some money on training courses and specific style guides, like AP and Chicago. But those are likely modest expenses. Proofreaders working part-time typically pull in about $22 per hour. Writers who are intermediate level currently average about $35 to $60 an hour for freelance work, while those who are experienced, may pull in $65 to $100 an hour.

Recommended: High-Paying Jobs That Don’t Require a Degree

14. Being a Virtual Assistant

At large companies, the executives typically have their own assistants. But leaders at small businesses often wear many hats, from scheduling to accounting to sales. These leaders often need help but can’t afford more full-time help.

That’s where virtual assistants come in. These contracted administrative assistants might handle a wide range of tasks — often those that business decision-makers don’t want to do or don’t have time for. This could include data entry, scheduling, bookkeeping, travel arrangement, email management, or even social media posting.

If you’re organized and have done this kind of work before, it can be a good side hustle with no special equipment or training needed. The median hourly rate is typically $18 but could be closer to $35, depending on the exact role.

15. Giving Music Lessons

If you play an instrument and can read music, you might be able to teach music lessons on the side. Having a degree in music theory may be helpful in winning over potential clients.

You can set your own rates, but finding initial students may require lower prices or even free lessons for family and friends, just to build out a network of students who will offer referrals and testimonials on your website.

Banking With SoFi

Need a safe place to store your side gig income? Consider a SoFi bank account. You’ll earn a competitive APY when you open a checking and savings account with direct deposit, plus you’ll spend and save in one convenient place.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What side hustles pay the most?

Many side hustles allow you to set your own rates and hours, so any gig can be as lucrative as you make it, depending on the hours invested. That said, you might find that side hustles that lean on a higher level of education or experience — like teaching or marketing — pay more than those that anyone could do without a degree.

What are the costs of starting a side hustle?

Most side hustles come with their own set of startup costs. Common investments include the equipment you need to get started and the cost of building a website to advertise your services. It is possible to start a side hustle with minimal (or even no) startup costs.

Can you start a side hustle with $0?

Some side hustles may have no startup costs at all. Delivering food or being a grocery shopper, for instance, come with absolutely no expenses. Even gigs like driving a rideshare are virtually free if you’re already paying for a car and insurance.

Photo credit: iStock/Yana Iskayeva

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.

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.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

3.30% APY
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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

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

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

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

SOBNK-Q324-052

You know how important it is to budget and save. But every once in a while it’s okay to reward yourself for a job well done. Whether you got through a stressful week, completed a tough work project, or did a good deed for a friend or neighbor, it’s important to pat yourself on the back. And there’s room in almost any budget for a little reward. Low-cost and free treats can serve as positive reinforcement without launching you on that slippery slope of overspending.

Why Treating Yourself Is Essential

Treating yourself is a form of self-care, which is a way of showing yourself kindness by doing things that make you feel good. Studies on self-care have found it can help reduce or eliminate anxiety and depression, manage stress, and increase happiness.

Treats or self-rewards are a way of recognizing that you’re doing a good job and meeting goals. Fortunately, there’s room in almost any budget for them. Whether it’s an occasional bouquet of supermarket roses or a TGIF beer with friends, these purchases are unlikely to wreak havoc on your finances or trigger a situation in which you can’t stop overspending.

Rewarding Yourself: 16 Different Ideas

Maybe you asked for and got a raise at work, buckled down on your budget, finally cleaned out your closets, or just feel you need a lift after a draining week. It’s time to treat yourself. Consider these free or low-cost rewards:

1. Drop in for a Single Yoga Class

Yoga provides a plethora of physical and mental benefits, such as helping to relieve back and neck pain, improve sleep quality, and reduce stress. Many yoga studios offer drop-in classes, with the average price about $15 to $25 a class. If that’s a bit steep, YouTube features an array of free yoga videos led by experienced instructors.

2. Get a Cup of Fancy Coffee

Making coffee at home saves tons of money, but there’s nothing like the occasional barista-made cappuccino or flat white from your favorite coffee shop. Whether you have one as Monday motivation to start your week off right or reward yourself on a weekend AM, it can be a low-cost bit of self-care.

3. Pick up a Bouquet of Flowers

Treat yourself to some colorful blooms from your local grocery store. Research has shown flowers can improve mood and increase happiness.

4. Buy Yourself Your Favorite Ice Cream

Many of us have cheered up a kid with an ice cream cone. Why not do the same thing for yourself? Mint chip, strawberry, and good old vanilla just begin to describe the possibilities.

5. Go for an Inexpensive Mani-Pedi

Many nail salons offer weekly specials that include a manicure, pedicure, and perhaps a short massage. It can be an affordable way to help you look and feel good. Go ahead and pamper yourself on a budget.

Recommended: 15 Creative Ways to Save Money

6. Take a Nap

Few things feel as good as a power nap. A snooze of 30 to 60 minutes can refresh you, improve your mood, and increase alertness. It’s also a great way to treat yourself without spending money. Just beware of sleeping more than an hour though; it can leave you feeling groggy and interfere with your nighttime slumber.

7. Stream Some Shows

Heard about a great show but don’t subscribe to the service it’s on? Many streaming channels offer free trial periods ranging from a week to a month. That could be enough time to binge-watch those shows you’ve been hearing about without necessarily signing up for a monthly subscription.

Recommended: 7 Ways to Achieve Financial Self-Discipline

8. Camp Out

Camping for a night or two is typically an inexpensive pursuit. Being out in nature all day and looking up at the constellations at night can be a wonderful treat and spirit-reviver. Not for you? How about an afternoon of “forest bathing” near your home? All that means is spending time in nature, focusing on the sights, sounds, and smells of the woods.

9. Visit a Local Museum

Whether you look at classic paintings or challenging avant-garde works, a museum visit can immerse you in beauty and open you up to refreshing new perspectives. Many museums either have specific days or times when entry fees are free or reduced.

10. Get Crafty

Having a creative outlet is not only a way to relieve stress, it’s also fun. A good self-reward can be to spark your creativity with anything from an adult coloring book to a ceramics lesson.

💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).

11. Have a Nice Lunch or Dinner Out

If you’ve been working hard, you might treat yourself to a meal at a restaurant you’ve been wanting to try or a type of food you don’t usually eat. Invite a friend you’d like to catch up with; that can make it more memorable. To make your outing more affordable, check out special offers, like a prix fixe lunch menu or half-price cocktails before a certain hour.

12. Spend a Day at the Beach

Sun, sand, and surf have a way of restoring one’s spirits. If you live near the shore, consider making a day trip, even if it’s off-season. You might have to pay for parking, but otherwise, this outing can be a very low-cost way to treat yourself.

Recommended: Easy Ways to Save Money

13. Visit a Thrift Shop or Flea Market

Shopping second-hand can be a fun and a low-cost way to reward yourself, even better if the proceeds go to a charitable organization. Treat yourself to some inexpensive clothing, jewelry, books, cookware, or maybe even the perfect acoustic guitar. You’re also helping the environment since thrifting keeps items out of landfills.

Recommended: A Guide to Ethical Shopping

14. Take a Mental Health Day

It may take some planning and organization, but gifting yourself a day off to rest and recharge can help prevent burnout and reduce stress. Spend it however you like — lazing on the couch, taking nature photos, or visiting a friend you haven’t seen in a while.

Recommended: Making Money Through Social Media

15. Listen to Live Music

Sure, you could splurge on a major concert, but local bars, beer gardens, and other spots often have live music without any sticker-shock tickets. Whether it’s folk, Zydeco, or classic-rock covers, you’re likely to feel better for it. Music has been shown to reduce anxiety and improve one’s mood.

16. Buy a Good Book

A good story can transport you away from daily life. Why not treat yourself to one? You can stop by the bookstore and purchase that book you’ve been wanting. Or, you might borrow an audiobook from the library and listen to it while you’re taking a walk, driving, or relaxing at home.

The Takeaway

Everyone needs and deserves a treat now and then: a reward for saving money, getting kudos at work, or finally organizing your coat closet. Self-care can boost your mental health and keep you motivated with your goals. There are endless ways to treat yourself, and plenty of ways to do so without busting your budget. With the ideas described here, you can reward yourself and stay on track money-wise, which is a win-win.

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

FAQ

What is it called when you reward yourself?

People use a variety of terms, including a treat, self-reward, self-care, positive motivation, and positive reinforcement.

What if I feel guilty when rewarding myself?

Some people feel guilty when rewarding themselves. This may be because they were raised in a household that felt people should work hard without reward or because they believe rewards will make them “soft” and unmotivated. However, rewards can actually help people recharge, achieve more, and enjoy life more, so try giving yourself permission.

How do I not go overboard when rewarding myself?

It’s wise to have your self-rewards as a line item on your budget to avoid going overboard. That “fun money” doesn’t have to be a lot: Many treats are low-cost or even free.

Photo credit: iStock/Prostock-Studio

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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

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

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

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

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBNK-Q324-096

Online and mobile banking are now woven into many people’s daily lives. With just a few clicks or taps, you can check your balances, pay bills, and make other financial transactions from virtually anywhere, at any time. Nearly half of the respondents to SoFi’s April 2024 Banking Survey of 500 U.S. adults said they use online baking daily.

Banks are not only convenient, they also implement numerous security measures to help safeguard your accounts. With hackers finding increasingly sophisticated ways to try to access your information, however, it’s also important to be aware of steps you can take on your own to keep your financial and personal details out of the hands of cyber thieves and hackers. Here’s what you need to know.

Tips on Securing Your Bank Account from Hackers

These days cyber thieves are getting increasingly savvy, even setting up fake bank websites and banking apps designed to steal your personal information — and, in turn, the contents of your checking or savings account. In the SoFi survey, 42% of people said they were very or somewhat concerned about the security of their online bank accounts. More specifically, the survey found that:

•   21% are very concerned

•   21% are somewhat concerned

•   29% are neutral

•   16% aren’t very concerned

•   13% aren’t concerned at all

No matter what your level of concern, it’s important to know that there are a few simple things you can do to help secure your accounts. What follows are six easy strategies that can help you stay ahead of scammers and hackers and protect your hard-earned cash.

💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).

1. Choose Trustworthy Financial Apps

Whether it’s your bank’s mobile app or any other type of financial app (like a budgeting app), be sure to only download verified apps from a trusted platform, like the App Store for iPhone or iOS users or the Google Play Store for Android users. Fraudulent activity can often occur through fake apps or those downloaded from unofficial sources.

Before downloading a third-party money management app, it’s also a good idea to look up online reviews of the providers from reliable sources, research the app’s security policies, and look for any past data breaches.

Recommended: 50/30/20 Budget Rule: What It Is and Tips On Using It

2. Choose Strong and Unique Passwords

It’s wise to choose a unique password for every bank account, and avoid repeating any ones you use for other online accounts, even non-financial ones. That way, if a fraudster is able to uncover your Facebook password, they won’t be able to access your savings account.

To create a secure password, try to combine uppercase and lowercase letters, numbers, and special characters. You generally want to avoid using easily guessable information such as birthdates, kids’ names, or sequential numbers. To keep the login information for all of your accounts organized, you might want to use a physical or online password manager.

3. Use Multi-Factor ID

Whenever possible, it’s a good idea to enable two- or multi-factor authentication. This adds another layer of security by requiring one or more forms of verification in addition to a password, such as a pin sent to your mobile device via email or SMS. If hackers are able to access your bank account login credentials, it would be difficult for them to log in without your second verification.

You may also want to take advantage of biometric authentication methods, such as fingerprint or facial recognition, if offered by your bank. Biometrics protect your account by using unique physical characteristics to verify your identity, making it harder for hackers to gain unauthorized access.

Recommended: Avoiding Mobile Deposit Scams, Fakes, and Hacks

4. Set Up Account Alerts

You can typically set up banking alerts via email, text, or your bank’s app to monitor unusual activity, such as large withdrawals, a profile/password update, new linked external account, or an unusual login attempt. This allows you to identify suspicious activity quickly and report any unusual or unauthorized transactions to your bank right away. You can then work with the bank to swiftly resolve the issue.

5. Watch Out for Phishing Attempts

Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.

For example, you could receive an email, supposedly from your bank, saying there’s been a problem with your account and sharing a link where you are asked to login and update your information. The website you are led to could look just like your bank’s website. If you input your details, hackers will have access to your login information. A few ways to avoid online bank scams:

•   If you get a communication that says it’s from your bank and asks you to click a link, don’t. Log into your banking website or app, and check messages there to see what’s going on. Or call your bank to ask if the message is legitimate.

•   Hover over the email sender’s address. You may be surprised to see the message is coming from a different identity than the one it’s pretending to be. If that’s the case, don’t click on anything; mark the email as spam.

•   Never download attachments from unknown sources, as they may contain malware designed to steal your login credentials.

Recommended: Are Online Savings Accounts Safe?

6. Be Wary When Using Public Wifi

The public wifi at your favorite coffee shop or local library can help you stay connected when you’re out and about, but you can’t count on it to be entirely secure. While it’s generally fine to use public wifi for browsing the web, it’s best to avoid using it for any activities that require login information, such as signing in to your bank account. The open connection could potentially give cyber thieves a chance to grab your username and password as they move between you and your bank’s website.

To make public wifi more secure, consider putting a virtual private network (VPN) app on your device. A VPN encrypts your data as it passes to and from your device and acts as a protective pathway so that your data is not visible as it passes through a network.

Recommended: What Do You Need to Open a Bank Account?

The Takeaway

Online banking is generally safe and convenient, but it’s also important to take precautions to minimize the risk of getting hacked or scammed. Luckily, there are steps you can take to reduce the risk of your bank account being compromised. These include using strong passwords and multi-factor authentication, only downloading apps from reputable platforms, never clicking on links in communications that are (supposedly) from your bank, and never logging into your bank account using public wifi.

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

FAQ

Can hackers steal money from a bank account?

Hackers may be able to steal money from a bank account if they gain access to your account credentials. They might be able to do this by using deceptive emails and websites to trick you into revealing your bank details or exploiting vulnerabilities in a bank’s security systems to access sensitive data.

Fortunately, banks implement numerous security measures to safeguard your accounts. You can also help keep your accounts safe by using strong passwords, enabling multi-factor identification, and being wise to phishing scams.

Who pays if your bank account is hacked?

If your bank account is hacked and unauthorized transactions occur, the bank will likely reimburse the stolen funds, provided you report the incident quickly.

As soon as you see something suspicious, you’ll want to call the number on the back of your bank card and go through the fraud department’s recovery process.

Am I protected if my bank account is hacked?

Yes, you are usually protected if your bank account is hacked, as long as you let the bank know about the fraudulent transaction in a timely manner.

Generally, if you report an unauthorized bank transaction within 48 hours, your liability will be limited to no more than $50. However, if you wait months to report an incident, you might have difficulty recovering any of your lost funds.

Can someone hack your bank account with a routing number and an account number?

Having access to your routing number and account number can potentially lead to some negative outcomes, such as fraudulent payments, the creation of checks for your account, and possibly online shopping with retailers that only require bank account information.

However, a routing number and account number is typically not sufficient on its own for hackers to gain direct access to your bank account. Most banks employ multiple layers of security measures, including authentication protocols and monitoring systems, to prevent unauthorized access to customer accounts.

Photo credit: iStock/insjoy

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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

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

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

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

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.

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.

SOBK-Q224-1855753-V1

Neobanks are online-only financial technology (“fintech”) companies that offer traditional banking services in a digital-first format. Though they are called neobanks, these fintechs are not actually banks. They are able to provide online banking services only by partnering with an established bank. Read on for a closer look at how neobanks work, how they make money, and the pros and cons of using a neobank vs. a traditional or online bank.

What Is a Neobank?

A neobank, also sometimes referred to as a “challenger bank,” is a fintech that offers traditional banking services through a digital platform, usually online and via a mobile app. Neobanks typically do not operate physical locations or branches, meaning they’re a digital-only experience. This lack of physical branches means their overhead is lower — which may allow them to offer higher annual percentage yields (APYs) on bank accounts and charge low (or no) banking fees.

The big caveat with neobanks: They aren’t banks at all. Instead, they offer access to banking services and products that are overseen by true, federally regulated and insured banking institutions.

Recommended: Is Mobile Banking Safe?

How Do Neobanks Work?

Because of their digital-first strategy, neobanks are able to keep costs low and pass those savings on to consumers. Often, neobanks target their services at those who are frustrated with the traditional banking experience — those who may not qualify for a traditional credit card or loan, or who have been burned by a mountain of fees on past checking accounts.

Tech-savvy users are often drawn to the advanced apps and platforms of neobanks in the same way they’ve been drawn to other digital disruptors, like Uber and Lyft in the rideshare space and Airbnb and VRBO in the lodging space.

Here’s an important distinction to note when thinking about what a neobank is: Just because a bank operates online doesn’t mean it’s a neobank. There are many online banks that are licensed banks and directly offer FDIC insurance on deposit accounts. They typically provide an easy-to-use digital app and a full suite of banking services, and should not be considered neobanks.

But as we’ve pointed out, neobanks are not actually banks. So what does that mean?

•   While you can access traditional banking features like checking accounts and high-yield savings accounts through a neobank’s online platform and mobile app, the neobank typically partners with larger traditional banks to offer those services.

•   Notably, neobanks do not typically offer a full suite of services, such as loans and investments, that full-fledged banks do.

•   Neobanks exist in a regulatory gray area. Many offer FDIC insurance through their partner banks, but the neobanks themselves do not answer to a primary regulator. The Consumer Financial Protection Bureau (CFPB), however, recently announced that it will enact stricter supervision of nonbank fintechs going forward. And in recent years, the CFPB and state regulators have investigated certain neobanks for isolated events.

That said, a neobank must typically comply with its partner bank’s own standards and practices, dictated by federal and state regulation. Thus, indirectly, neobanks may face some regulation.

Pro Tip: While many neobanks offer consumers FDIC insurance through the banks with which they partner, it’s always a good idea to read the fine print before opening a deposit account to make sure it offers insurance. While bank failures are rare, that insurance can provide real peace of mind.

Recommended: Money Management and Setting Your Financial Goals

How Do Neobanks Make Money?

While each neobank is unique and likely to have its own varied revenue streams, these challenger banks commonly make money through merchant fees from debit and credit card purchases. Such fees are also called “interchange fees.” Consumers don’t pay these fees; instead, businesses bear the burden.

Neobanks that offer credit cards and/or loans also make money on interest they charge borrowers.

Pros and Cons of Neobanks

Neobanks may make sense for some consumers, but they’re not for everybody. Before opening an account, it’s a good idea to weigh the pros and cons:

Recommended: How to Keep Your Online Bank Account Safe

Examples of Neobanks

In the last decade-plus, the fintech market has been teeming with myriad newcomers. Here are some examples of popular neobanks, whose names you may recognize:

•   Chime

•   GoBank

•   Aspiration

•   Current

Recommended: How to Manage a Checking Account

Neobanks vs Traditional Banks

So how do neobanks compare to traditional banks? The table below breaks down common differences, but remember: Each bank (or neobank) is different and offers varying levels of services, rates, and fees. These are broad generalizations and may not apply to every financial institution.

What About Online Banks?

The previous table does not capture all the nuances of online banks. The differences between online banking and neobanking were briefly noted above. However, it’s worth taking a closer look at how online banks compare to traditional brick-and-mortar ones. While they may offer the same breadth of products, online banks typically offer better rates and lower fees than traditional banks. Online banks also usually offer leading-edge mobile apps as well as FDIC insurance.

Online banks can afford to pay those higher interest rates and charge lower fees because, unlike traditional banks, they don’t have to pay for physical locations and on-premises staff. They can then pass some of those savings on to their customers.

Wondering if an online bank is right for you? Do your research on the pros and cons of online banking before making your decision.

The Takeaway

Neobanks may be appealing to tech-savvy consumers who want high interest rates on their savings accounts, low fees, and easy-to-use apps. Traditional banks, however, may offer more stability and are formally regulated. The convenience of in-person banking and the full suite of banking services offered by traditional brick-and-mortar banks can also be appealing.

In some ways, online banks offer the best of both worlds — they are licensed as banks and have FDIC insurance directly, but also typically offer higher-than-average APYs, lower (or no) fees, and state-of-the-art banking platforms and apps.

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

FAQ

What’s the difference between a traditional bank and a neobank?

Traditional banks usually offer in-person branches, are licensed as banks, and offer FDIC insurance directly. They typically offer a full suite of banking services, including loans. Many neobanks are more narrowly limited to checking and savings accounts delivered digitally only. However, they often offer more competitive interest rates and lower fees.

Are neobanks regulated like regular banks?

Neobanks do not face the same regulation as regular banks simply because they are not charted as banks with federal and state regulators. Instead, neobanks often partner with chartered banks. That said, the Consumer Financial Protection Bureau has announced that it will increasingly supervise and regulate the activity of neobanks.

Is your money FDIC-insured with a neobank?

Some neobanks offer their banking services through chartered financial institutions. Through those institutions, the neobanks may be able to offer FDIC insurance for their accounts and services, but some don’t. It’s therefore a good idea to read the fine print of a neobank before opening an account so you know where you stand.

Photo credit: iStock/Prostock-Studio

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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

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

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

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

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

SOBNK-Q324-067

If you are like many people, you may have asked yourself at some point in life, “Will I be rich one day?” No one knows for sure what the future holds, but there are a few things you can do to increase your chances of becoming a millionaire.

One of the best ways to amass wealth is to invest in assets that will appreciate over time. But while that sounds good, finding a starting point can be challenging for some. For example, you can start your own business or work hard to climb the corporate ladder, but which is the better option? And you’ll want to invest the money you earn. But where?

Whatever you do, it’s smart to remember that it’s okay to take risks and make mistakes; learning from your experiences is a critical component of success. Above all, remember that wealth accumulation is a marathon, not a sprint. It takes patience, commitment, and perseverance to achieve financial security.

What Is a Sign of Wealth?

Often, specific aspects of one’s physical appearance such as luxury cars and designer clothes are taken as a sign of being rich or wealthy. Unfortunately, these signs aren’t always reliable. For example, some people may live in an extravagant home, giving off the appearance of wealth, but it may simply mean that they can access money — perhaps through credit, savings, or even family.

Real signs of wealth are often more attitudinal, and many can be cultivated through patience and practice. Here are a few people who were early millionaires due, in large part, to their drive and focus.

Recommended: What Credit Score is Needed to Buy a Car

Examples of Millionaires Under 30

With the advent of the tech industry, smart investments, business ventures, or inheritances — i.e., the great wealth transfer — millionaires under 30 are becoming increasingly common. Here are three examples of millionaires who earned their fortunes before turning 30.

Mark Zuckerberg: Zuckerberg created Facebook at age 19 while attending Harvard University. The idea was to match photos with the names of other students. And in just a few short years, Zuckerberg became a self-made millionaire at age 22.

Sergey Brin: Brin is a Russian American computer scientist who, at the age of 25, co-founded Google, Inc., and became a millionaire. Google is one of the world’s most valuable companies, and today, Brin’s net worth is estimated to be upwards of $120 billion.

Alexandr Wang: Wang founded Scale AI in 2016 as a way to analyze data far faster than any human could. Today, Scale AI’s technology has been used by the U.S. Airforce and U.S. Army, as well as 300+ companies. Today, Wang’s net worth is estimated to be over $2 billion, and at age 27, he’s among the youngest self-made billionaires.

Recommended: Does Net Worth Include Home Equity?

9 Signs of Wealth to Look Out For

In the U.S. 1% of earners take home nearly 30% of the country’s income, so it’s essential to know what signs to look for when trying to identify if someone is wealthy. While there’s no one-size-fits-all definition of wealth, some cues can give you a good idea of whether you or someone you know is doing well financially. (And a net worth calculator can help you tally up your own assets.)

Here are six signs of wealth to look out for that indicate you’re on track to becoming wealthy:

1. You’re an Overachiever

It’s hard to be modest when you’re an overachiever. You know you’re good at your work and are not afraid to let everyone know. Overachievers work hard and try harder. While this may make some people uncomfortable, it comes naturally to you.

2. You Started Making Money At a Young Age

It is not uncommon to see young adults with successful careers in today’s society. While some people played with toys as a child, others learned how to make money. For example, it could mean that you had a paper route or a babysitting business.

Making money at a young age, or any age for that matter, is not always easy. But an early start in earning, tracking your money, and investing can put you on an accelerated schedule when it comes to building your wealth and becoming a millionaire.

3. You Take Action

There will be times when things happen that are out of your control. You may feel stuck and as if you have no way to change your circumstances. However, these are the times when you must take action to create the life you want to live. For example, it might mean organizing your finances to get what you want. And, sometimes you’ll have to take some risks and go for it. It can be scary, but it’s worth it to achieve your goals.

When faced with a difficult situation, it’s essential to remember that you always have a choice. You can choose to give up, or you can choose to fight for what you want. Only by taking action can you make progress and take a step towards achieving financial wellness. So don’t be afraid to step up and take on whatever life throws your way — you can do it!

4. You Are Outspoken

In a society where people get judged by how much money they have, it is no surprise that many go out of their way to keep up appearances. And while some may try to blend in with the wealthy crowd, a wealthy person will often stand out with his unique style or outgoing sense of humor. Wealthy people tend to feel less inhibited and are more likely to speak their minds. They may also be less concerned with the rules and more likely to take risks.

5. You Possess a Sense of Urgency

When it comes to the wealthy, there are a few telltale signs that set them apart. One of these is their sense of urgency — they don’t like wasting time and are always moving forward. This urgency allows them to set financial goals, achieve them, and maintain their wealth. It’s also one of the reasons why they may seem constantly stressed out — they’re always trying to do more.

6. You’re Focused More on Saving Than Earning

It doesn’t matter if you earn $50,000 or $250,000 a year. Unless you consistently spend less than you make, you’ll never get ahead financially. People who focus on their budget and saving their disposable income understand how to live within their means and focus on what’s most important: saving money for the future.

7. You Know the Difference Between Needs and Wants

In our materialistic society, getting caught up in the “must-have” mentality is easy. Advertisements are everywhere, and social media posts tell us we need the next latest and greatest products. It can be challenging to discern between the things we need and want.

A sign of a wealthy person is their ability to distinguish between the two. They know which items are essential for their well-being and those which would be nice to have. Advertising or peer pressure doesn’t work on rich people, and their possessions don’t rule them.

Recommended: Should I Sell My House Now or Wait?

Spiritual Signs You Will Be Rich

Are there spiritual signs that you can be a wealthy person? Some people believe steadfastly in spiritual and other signs of wealth and luck. Here are a couple of examples:

Gravitating to the Lucky Number, 8

In Chinese culture, the number 8 is considered a lucky number. Individuals who gravitate toward this number may believe it will bring them good fortune. Some people might even go as far as to change their phone number or social media handle to include the digit 8.

A Psychic Confirms Wealth is Coming

Some people consult psychics to get guidance on anything from love to health and even money. While many psychics will say they can tune into your energy and give you specific information about your future, and many people believe their predictions, you may be better off putting the money you’d pay the psychic into savings.

Pros and Cons of Having Signs of Wealth

There are very few times when it can be helpful to show off your wealth to others. Indeed, showing off can make others feel intimidated. Additionally, it can attract unwanted attention from criminals or others who want to take what you have. And having too many signs of wealth can make you a target for scams or other fraudulent schemes.

The Takeaway

If you identify with any of these habits you’re likely well on your way to building a significant amount of wealth. However, it is essential to remember that wealth accumulation is not a one-time event; it’s a way of life. It’s something you’ll need to make a habit of, if you want to succeed. For many people who work hard, stay focused, and are disciplined, it is possible.

And as you’re building your wealth, tracking your income and expenses is one of the primary ways to manage your money. SoFi’s money tracker app can help you keep track of your funds so you can make the best spending decisions and start building your very own fortune today.

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

FAQ

At what point is someone considered wealthy?

There is no magic dollar amount that indicates someone is wealthy and one person’s definition may not be the same as another’s. But in 2022, the top 1% of earners took home an average of $785,968, according to the Economic Policy Institute. Of course the amount you earn is only part of the wealth story. How much of your income (or inherited wealth) you retain is affected by your spending habits.

What are invisible signs of wealth?

People who are stealthily wealthy still might have a “tell” that gives them away. Use of private banking or wealth management services would be one example. Another might be not working but being able to maintain an expensive hobby such as riding horses or boating. Buying bespoke products, whether tailor-made clothing or custom-designed furniture, is another subtle giveaway.

Photo credit: iStock/miniseries

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

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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