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Some parents want their children to follow in their footsteps, and even choose the same career. Others, however, want their kids to aim higher, and achieve more. This can be especially true for parents that were not able to go to college.

Being a first-generation college student is something to be proud of, but it can also be nerve-racking. There might be high expectations that come with being the first in the family to attend school that add to the normal stress of attending college. On top of that, there’s the fact that, if nobody else in the family has done it yet, there are no family members to give advice or provide guidance.

Fortunately, there are a number of things you can do to not only survive but thrive as a first-generation college student. Below are some strategies that can help you prepare for college and manage the pressure of being the first in your family to have this opportunity.

Challenges of Being a First-Generation Student

What exactly is a first-generation college student? Being a first-generation college student means the student’s parents either did not earn a college degree or did not go to college at all. Since their parents may not understand much of the college experience, these students are embarking on a somewhat unknown path, which can lead to challenges that other students don’t face.

Lacking this direct source of advice can affect the student’s ability to complete school. It may be more difficult for a first-generation student to adequately prepare for college, both financially and socially. College can be stressful, and without a support system that understands these experiences, the student may find it difficult to continue with school.

Some first-generation students may have other demographic characteristics, such as low economic status or being enrolled in a less-than-full-time course load, that also increase their risk of not finishing college. The usual stressors of college are enough to make it a challenging experience for anybody, but first-gen students may find these factors make it even more difficult.

Another factor that makes being a first-gen student difficult is not understanding the financial aid system. Students whose parents have gone to college may be more familiar with the process of applying for aid and looking for scholarships and grants. If first-generation students are already from a lower socioeconomic background, as well as being the first person in their family to go to college, the financial strain could be more difficult to manage than it is for others.

There are other reasons that first-gen students may have difficulty completing their four-year degrees: They may be less prepared for the rigorous academics at the college level, they could be working full-time jobs, or they could be attending college later in life, after having children.

First-generation college students can still be successful despite these additional difficulties. With the proper preparation and support, they can not only achieve their four-year degrees, but thrive in college.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Thriving in College

The saying “C’s get degrees!” describes students who get by in college by simply passing their classes, not looking to achieve anything other than that piece of paper at the end of it all. But if you’re a first-generation student looking to make the most of your college years, here are some tips to keep in mind.

Study Tips

If you want to crush your academics, instead of being crushed by them, you’ll need to develop proper study techniques. The lessons will be more difficult in college, and students have to depend more on their own self-discipline than they did in high school. If it’s been a while since you have been in school, implementing good techniques and habits can help you adjust to the work again.

Here are some study tips that may help first-generation students adapt to college-level learning:

•   Pick a consistent study location, one that is comfortable and free of distractions. Once you’ve found the perfect spot, you might consider studying there consistently.
•   Write down deadlines and important dates in a planner — this may help prevent you from feeling overwhelmed and being caught by surprise when deadlines are approaching.
•   Schedule consistent study times instead of cramming the night before an exam. This has been proven to be a better method of remembering subjects for the long term.
•   Find a study group — this can make it easier to learn more difficult material.
•   Review notes each day. This repetition can help you remember them.
•   If you’re struggling with a certain class, ask professors for help during their office hours or seek out available tutoring services on campus.

Recommended: 5 Ways to Start Preparing For College

Building Relationships

The connections you make while in college can become invaluable after graduation. Getting to know professors and classmates can not only provide a source of social support during the stressful college years but may also provide opportunities for future networking.

Most professors will have regular office hours when they’re available to meet with students. These office hours can be used to talk about class material, get to know your professor better, or get their advice on your future. Usually, professors are happy to help students excel in class or discover the next steps in their journey.

Taking the time to get to know your classmates is also beneficial. When students make connections in class this helps give them support. Classmates can take notes for each other when someone needs to miss class, they can study together, and assist each other in the post-graduation job hunt.

Befriending classmates will not only provide academic support, but emotional support, too. Nobody understands what a college student is going through as well as another college student.

Avoiding Avoidance

Students who are juggling work, family, and school may feel overwhelmed by their college workload. Planning ahead and staying organized can help you stay successful in school despite these extra responsibilities.

Like all students, first-gen students might benefit from keeping a planner and scheduling study sessions ahead of time so they don’t fall into the trap of ineffective, last-minute cram sessions.

Staying ahead of schedule can also help in case other problems arise. Students who are parents might have child-related reasons for missing a class, but if they have assignments started ahead of time and are already on top of their study schedule, the absence will be less likely to negatively impact their grades.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Paying for College

College costs are an important piece of attending college, and it’s good to start planning as soon as possible. First-generation students may not have any immediate family members who have been through the process, possibly making information on how to pay for college more difficult to come by. There are a variety of ways students can finance college, including grants, loans, and scholarships.

The first step to financing your college education is filling out the FAFSA® (Free Application for Federal Student Aid). This application will determine your eligibility to receive federal aid for college, which includes scholarships, grants, work-study, and federal student loans. Federal grants usually don’t need to be repaid, but federal loans generally do.

Students must be able to demonstrate financial need to receive most federal aid, along with meeting other eligibility requirements .

If you aren’t eligible for federal aid, or if the federal aid you receive isn’t enough to cover all of your costs, you might also consider applying for private scholarships, which are available through a variety of sources, including schools, community organizations, and corporations. Eligibility varies for each one. Some scholarships are need-based, whereas some are merit-based. There are also scholarships available specifically for first-generation college students.

Another option available for financing college is private student loans. These are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Congratulations, you’ve graduated from high school. Now, you’ve got just a few more weeks to soak up all that home has to offer before heading off to college.

The summer before college can be a transformative time in its own right. It’s a time to reflect, wrap up loose ends, and spend quality time with the people you love at the places you love one last time before heading off on your own.

At the same time, there are a number of tasks you’ll need to complete to make sure your transition to school goes as smoothly as possible. Here’s a simple checklist that can help ensure you make the most of your last summer before college.

Getting Organized

Now is the time to clear out the old so you can bring in the new. The bedroom is a good place to start.

Clear out your closet: Use the summer to clean out your closet and dresser and get rid of any clothing you may no longer need or want for college. Start by pulling every single item out and making a giant pile on the floor, separating the clothing into piles to keep, toss, and donate. Donating gently used items to a local charity or second-hand shop will help them find a second life.

Toss old academic work: Go through notebooks, binders, and bookbags, using the same sorting method as with clothing. Cleaning out your computer and deleting any files you no longer need — perhaps moving some to cloud storage — can allow you to enter college with a clean desktop and plenty of space on your hard drive.

Start packing: To make the moving process a little smoother, try organizing your items and packing slowly over the summer instead of cramming it all into one day. Creating boxes labeled as bedding, kitchen, bathroom, academic, and miscellaneous — maybe limiting the size of that particular box, though — then adding items as you’re organizing will make moving easier when the time comes.


💡 Quick Tip: Private student loans offer fixed or variable interest rates. So you can get a loan that fits your budget.

Cleaning up Your Social Media

Just like cleaning out your closet, it’s probably time to think about cleaning up your social media presence, too. You may have joined Facebook groups or liked pages that no longer reflect your interests or what you believe in.

On Twitter and Instagram, it may be a good idea to look back at your content to make sure what you’re sharing is appropriate for future employers to see. If not, you might want to consider deleting it.

Finally, think about your social media handles and your email address. If possible, it might be a good idea to use your full name or a combination of first initial and last name — something clean and simple. Potential employers will likely look at this information before hiring for summer internships or future jobs, so presenting yourself as a professional might pay off in the long run.

Recommended: College Freshman Checklist for the Upcoming School Year

Spending Quality Time With Your Family

Even though your parents may have sometimes embarrassed you through your high school years and your siblings may have annoyed you since you became siblings, you’ll probably still miss them when you head off to college. Use this time to make memories with your family so you have something fond to look back on if you’re ever homesick.

Over the summer, try creating family date nights. Play board games, cook together, go to your favorite restaurants, the movies, whatever makes you all happy. As a bonus, you’ll get to visit all your favorite hometown spots along the way, too.

Recommended: 5 Ways to Start Preparing For College

Connecting With Your New Roommate

If you’re living in a dorm in the fall, you likely already know who your roommate will be. You may want to use the few weeks before school begins to connect with them, via phone, text/email, Facetime, or, if possible, in-person.

Consider making a list of dorm room items that you can share, and try making a list of ground rules before you even move in. This could help alleviate any issues before they ever begin.

Recommended: A Guide to Making Friends in College

Preparing Your Dorm Essentials

After chatting with your roommate and figuring out what you both need, it’s time to make a full list of dorm essentials. This list should include bedding, toiletries that fit into a basket to carry to and from shared bathrooms, a pair of slippers to use in common areas (including shower areas), and office supplies like pens, paper, notebooks, labels, rubber bands, scissors, and sticky notes.

You’ll now be responsible for doing your own laundry, so make sure to add on a laundry basket and detergent. The list can also include decorations such as desk lamps, a bulletin board, and any fun decor that fits your style.

Becoming Familiar With Your College Town

You can get familiar with your new town even before you set foot in it by checking out local publications, including local news sites and your school’s newspaper. You might want to make a list of restaurants you want to try and local attractions you’d like to see.

You might also consider sharing the list with your new roommate so you can explore the town together.

Recommended: How to Get Involved on Campus in College

Registering for Classes

It could be prudent to check out class offerings before registration even opens. Familiarize yourself with the classes offered in your degree program, which ones are available to freshmen, and which electives you’d like to take. Make a list and have it handy for registration day.

Pro tip: Sign up for classes as soon as registration is open because popular classes may fill up fast.

Recommended: Understanding Lower Division Vs. Upper Division Courses

Checking out Your Professors Online

Once you’ve got your classes lined up, it’s time to check out your future professors. Doing a bit of online research on the people who will be teaching you could help identify any potential future mentors.

Getting to know professors can make asking for recommendations for internships and jobs easier. If they don’t know you well, it might be difficult for them to recommend you.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Getting Your Finances in Order

It’s time for the most adult step of all. During the summer before college, it’s probably time to get your finances in order. If you don’t already have a checking account, it’s a good idea to open one, ideally at a bank that you can access easily while at school.

Now is also a good time to explore — and discuss with your family — how you will finance all four years of your college education. If savings, financial aid, and federal student loans are enough to fully cover the cost of your education, you might also consider using private student loans to fill in any gaps.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Unlike federal student loans, private student loans will require a credit check. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Some of the best things in life are worth saving for, from an incredible vacation in Asia to the down payment on your dream house. A long-term savings account can keep your money safe and pay interest as you accumulate funds over time. This is in comparison to, say, a checking account which may have money constantly flowing in and out.

Long-term savings accounts can help you reach goals that take at least a few years or possibly decades to attain. They may be a savings account at a financial institution, a certificate of deposit (CD), a retirement fund, or other financial products.

Here, you’ll learn more about these options, including:

•   What are long-term savings accounts

•   What are the pros and cons of long-term savings accounts

•   What types of accounts are considered long-term savings accounts

Pros and Cons of Long-Term Savings Accounts

If you are wondering about long-term savings, consider the potential upsides and downsides of this kind of account.

Pros of Long-Term Savings Accounts

Here are some benefits of long-term savings accounts:

•   Your money makes money. Compounding interest turbocharges the impact.

•   Your money is safe. Look for an account that’s insured by the Federal Deposit Insurance Corporation, or FDIC, or NCUA (The National Credit Union Administration), and you’ll be covered for $250,000 per depositor, per insured bank, for every account ownership category. Some financial institutions may offer ways to cover even larger amounts.

•   Savings accounts are widely available and typically very easy to open.

Cons of Long-Term Savings Accounts

As you might expect, there are also some disadvantages to long-term savings accounts. These include:

•   Relatively low interest rates. If you have your money in a traditional savings account, you may not earn that much. You might do better with a high-interest savings account or investing in the market.

•   There’s no tax advantage to putting your money in a savings account, while some retirement accounts may offer you an advantage on that front.

•   Restrictions and fees. Some savings accounts may limit you to six withdrawal transactions per month, and there’s a possibility that you’ll pay minimum balance or other charges.

4 Long-Term Savings Options

While savings accounts are one popular way to stash cash, they aren’t the only game in town. Here are five options, along with some pros and cons of each of them.

1. High-Interest Savings Accounts

This type of savings account can provide considerably higher interest rates than the average savings account.

You may hear it referred to as a high-interest, high-yield, premium, or growth savings account.

It’s generally just as easy to access a high-interest savings account as it is a standard checking account, although there may be limits on the number of withdrawals you can make per month with this type of savings account. They often offer ATM access, sometimes with fee reimbursement, mobile check deposit, and online account management via an app.

Financial institutions that offer these accounts include regional banks and local credit unions; online savings accounts will also often offer these benefits.

To open and maintain this type of account, there are often certain requirements that need to be met. This could include setting up a direct deposit, maintaining a minimum balance, or limiting the number of withdrawals per month. Some high-interest savings accounts also offer tiered interest rates for different balance ranges. For instance, a bank might offer a base tier on balances up to $25,000, and an upper tier with a higher rate on balances greater than $25,000.

One item to check for in the fine print: the balance cap on interest earned. If that’s included, this means that there’s a limit to the balance on which interest can be earned. For example, if the interest rate is 4%, but the balance cap is at $2,500, then the interest rate is only earned on money up to the cap. Any amount above the balance cap will not earn a high interest rate.

2. Money Market Accounts

A money market account is similar to a high-interest savings account, but it will likely have more requirements for keeping it open. For example, some accounts require initial deposit minimums, and a certain minimum balance may be required to prevent monthly fees from being charged.

With both high-interest savings accounts and money market accounts, funds can typically be deposited and withdrawn fairly easily.

3. Certificates of Deposit

A certificate of deposit (CD) is a deposit account that typically offers higher interest rates than a regular savings account and pays compounding interest. In other words, interest is paid on the interest.

One challenge with a CD, though, is that it’s a time deposit. You’ll usually know the interest rate in advance, but you must agree to keep the funds in the account for a predetermined amount of time. (The range is often from a few months to several years.) So this may not provide the liquidity — the ability to quickly turn the account into cash — that some people want and need. If funds are withdrawn before the maturity date, a penalty will likely be assessed.

Interest rates on CDs are typically structured in tiers, based upon how long a person agrees to keep the money in the account. A short-term vs. long-term CD will probably pay a lower interest rate. A six-month CD, for instance, will likely pay a bit less in interest than a two-year CD.

4. Retirement Accounts

Retirement accounts have one thing in common: they are investment vehicles designed to help people save for their post-working years. They typically have tax advantages. Here are three of the types.

1.    Traditional Individual Retirement Accounts (IRAs)

The account holder opens this account and makes contributions on their own instead of through an employer. There may be an income tax deduction allowed on contributions made, and the funds are tax-deferred, meaning the contributions aren’t taxed but the withdrawals are. For tax year 2023, the maximum allowable contribution amount is $6,500 annually or $7,500 if age 50 or older. If funds are withdrawn before the account holder is 59 and a half, there is a 10% penalty levied on the amount withdrawn in addition to the usual tax on the withdrawal.

Contribution limits and how much is tax-deductible will depend upon factors such as whether you are filing singly or jointly, how much you earn (your modified adjusted gross income, or MAGI), and whether you are covered by a retirement plan at work.

2.    Roth IRA

A Roth IRA is another type of individual retirement account that a person opens and funds without the involvement of an employer, this time using after-tax money to contribute. This means that account holders cannot deduct contributions on their income tax. However, the balance grows tax-free, and when funds are withdrawn during retirement, they are also tax-free. Annual contribution caps are the same as a traditional IRA.

To contribute to a Roth, the account holder must be earning an income. Once that person’s MAGI reaches a certain level — for the 2023 tax year, this is $153,000 — then the ability to continue to contribute will begin to phase out. If the account holder is filing joint federal income taxes, then the amount is $228,000 for the 2023 tax year.

As noted above, the maximum total annual contribution to all your IRAs when combined is $6,500 for those under age 50 in tax year 2023; $7,500 if you are 50 or older.

This type of account is typically best for someone who appreciates the ability to withdraw funds in retirement without paying taxes, and a Roth IRA can work especially well for people currently earning a lower income than they expect to earn in the future.

3.    401(k) Retirement Account

What is a 401(k)? It’s a retirement plan offered by an employer to qualifying employees. Contributions are made with pre-tax money, which means they will reduce the person’s taxable income. The money grows tax-free, with taxes paid when funds are withdrawn in retirement.

For the 2023 tax year, the maximum annual contribution amount is $22,500; an additional catch-up contribution of up to $7,500 can be made by account holders over the age of 50. These contributions are taken from the employee’s paycheck, and some companies provide matching funds up to a certain amount. Sometimes these accounts have fees that must be paid.

Although these are not the only kinds of retirement accounts available, they are among those most commonly used.

Long-Term Financial Goals

By setting long-term financial goals, people can create a plan for a more comfortable future and make a commitment to stay on track with savings goals. The reality is that, according to a recent survey, 37% of Americans have no retirement savings at all.

Creating a long-term financial plan and focusing on that plan can help people reach money goals. Keeping cash in a savings account long-term can help you reach those aspirations.

Steps include setting goals with these five components:

•   Clarity

•   Challenge

•   Commitment

•   Complexity

•   Feedback

These components are included in “A Theory of Goal Setting and Task Performance,” published by Edwin Locke and Gary Latham.

•   First, be clear about what, specifically, you want to accomplish — and don’t be afraid to dream big.

•   What challenges might you face? Break your goals into smaller parts to simplify the journey.

•   Prioritize them and make a commitment to follow shorter-term goals, one step at a time, which also helps to gain momentum on the longer-term ones.

•   The excitement that may be felt about this process can help to solidify a sense of commitment.

•   For some people, it can help to partner with another person and share goals, keeping one another accountable. Or perhaps a mentor can be helpful. Other people may find it more effective to reward themselves when certain goals are met. Whichever method is chosen, it typically works best when progress is regularly reviewed and adjusted, as needed.

Emergency Savings Account

Although saving for long-term goals is wise, it can make sense to prioritize creating an emergency fund if one doesn’t already exist. It’s usually wise to choose an account type that offers liquidity because this is one where you’ll want quick access if an emergency occurs.

A typical recommendation is to keep three to six months’ worth of living expenses in this account. That way, if someone in the household loses a job, an emergency home repair seems to come out of nowhere, or medical bills need to be paid, money in these funds can help to keep all on track or at least mitigate the impact of the expenses.

Opening a Savings Account With SoFi

If using separate savings accounts for different financial goals isn’t something you want or need to do, consider using one main account that lets you save for your financial goals, spend money, and earn money. You might want to take a closer look at what SoFi offers.

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

FAQ

What type of account is best for long-term savings?

If you are interested in a highly liquid account that is insured, you might look for a high-yield savings account. These are typically found at online banks and can offer significantly higher interest rates than traditional banks.

What is a long-term savings account called?

You may see different terms used for long-term savings accounts, such as high-yield, high-interest, and premium savings.

What is considered long-term savings?

Long-term savings are typically money that is being set aside for a goal that is at least several years or possibly a few decades away. If you are starting to save for the down payment on a house, your child’s college education, or your retirement, those might be considered long-term goals.

Photo credit: iStock/AndreyPopov

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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

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

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

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

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

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

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

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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