SoFi Checking & Savings Review

3.30% APY on savings with direct deposit or qualifying deposits, and up to 4.20% for new members for six months.

By Michael Hewitt, Founder & Editor-in-Chief. Rates last checked September 28, 2026.

Our verdict

SoFi is for someone who will run checking and savings in one place: the 3.30% APY needs a direct deposit or qualifying deposits, and new members can earn up to 4.20% for up to six months. No account fees and a $0 minimum are why it rates near the top, though Bread pays more with nothing attached.

Skip it if you want a branch, or if you can't move your direct deposit.

About SoFi Checking & Savings

3.30% APY on savings with direct deposit or qualifying deposits, and up to 4.20% for new members for six months. SoFi Checking & Savings is offered by SoFi Bank, N.A. Our editorial rating is 4.1 out of 5.

Best for: All-in-one high-yield savings + checking.

Editorial grade: B+ (composite score 82/100).

Highlights

3.30% APY with Eligible Direct Deposit or Qualifying Deposits (SoFi's own figure, as of September 23, 2026)
A limited-time 0.90% boost takes new members to up to 4.20% for up to six months (offer runs September 3 to December 31, 2026)
Earn up to $400 with eligible direct deposit. Terms apply.
No account fees, no-fee overdraft coverage, and $0 minimum balance to earn the APY

What we like

Competitive APY with $0 minimum
FDIC insurance up to $3M via SoFi insured deposit network
Get paid up to 2 days early with direct deposit

Where it falls short

The 3.30% APY requires a direct deposit or qualifying deposits; SoFi's rate page does not show the rate without them
The 4.20% boost is promotional: it runs up to six months, for new members only
No physical branches

Fees, minimums, and rates

Monthly fee: $0/month. Minimum to open: $0. Current APY: 3.30%. New-customer bonus: Up to $400. Rates and fees last checked on September 28, 2026.

How we reviewed it

This is a desk review: we have not opened an account with SoFi Bank, N.A.. It is built from SoFi Bank, N.A.'s published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the High-Yield Savings shortlist. Our bank-account reviews weight APY (30%), fees (20%), access and convenience (15%), account features (15%), trust and safety (10%), and customer support (10%). The rubric is the same for every brand.

The bank behind this account

SoFi Bank, FDIC certificate 26881: capital, loan quality, every office and the complaint record.

Similar products to compare

Read our full editorial methodology for how we review products.