SoFi Bank
Last Updated: 4/1/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
SoFi Savings: 3.80% APY(Rank 63 out of 75 HYSAs)
Minimum Deposit: $1,000 | Bundled Savings & Checking Account | Online Only | Direct Deposit: Without direct deposit or "Qualifying Deposits" the APY will be significantly lower
National Savings Interest Rate: 0.41% (as of 3/17/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Location: San Francisco, California
Founded: 2011
App Store Rating: 4.8/5
Google Play Rating: 4.1/5
Website: Visit SoFi Bank
Savings Account
Savings Accounts Offered by SoFi Bank
| Feature | SoFi Savings |
|---|---|
| APY | 3.80% (as of 4/1/2025) |
| APY Trend | Stable |
| Minimum Deposit | $1,000 |
| Minimum Balance for APY | $1,000 |
| FDIC-insured | Yes |
| Online Only | Yes |
| Bundled Account | Yes |
| Direct Deposit Required | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower |
| Compound Frequency | Daily |
| Maintenance Fee | $0 |
| Eligibility | United States |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. |
No deposit agreement summary available for this bank. | |
Calculate Savings for SoFi Bank
SoFi Savings (APY: 3.80%)
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
SoFi Bank Savings Rates Over Time
Historical APY Insights
| Metric | SoFi Savings |
|---|---|
| Highest APY | 4.00% |
| Lowest APY | 3.80% |
| Latest APY | 3.80% |
| Trend | Decreasing |
| Volatility | 0.05% |
Compare SoFi Bank's Savings Account
- Affirm - 3.85% APY
- All America Bank - 1.50-3.49% APY
- Ally Bank - 3.60% APY
- Amalgamated Bank - 2.25% APY
- American Express - 3.70% APY
- Axos Bank - 4.66% APY
- Bank5 Connect - 4.15% APY
- Bank of America - 0.01% APY
- Barclays - 4.15-4.40% APY
- Bask Bank - 4.35% APY
- Betterment - 4.00% APY
- BMO Alto - 3.70% APY
- Bread Savings - 4.40% APY
- BrioDirect - 4.50% APY
- Capital One - 3.70% APY
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- Chase Bank - 0.01% APY
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- Citibank - 3.70% APY
- Citizens Access™ - 3.70% APY
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- Quontic Bank - 3.85% APY
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- Rising Bank - 4.40% APY
- ROGER - 5.00% APY
- Salem Five Direct - 4.01% APY
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| Feature | SoFi Bank | Select a bank... |
|---|---|---|
| Product | SoFi Savings | N/A |
| APY | 3.80% (as of 4/1/2025) | N/A |
| Bundled Account | Yes | N/A |
| FDIC-insured | Yes | N/A |
| Online Only | Yes | N/A |
| Compound Frequency | Daily | N/A |
| Minimum Deposit | $1,000 | N/A |
| Minimum Balance for APY | $1,000 | N/A |
| Maintenance Fee | $0 | N/A |
| Direct Deposit Required | No | N/A |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | N/A |
SoFi Bank vs. Major Banks: Savings Accounts
Click on the items below to view the comparisons
| Feature | SoFi Bank | Bank of America |
|---|---|---|
| SoFi Savings | Advantage Savings | |
| APY | 3.80% APY) (as of 4/1/2025) | 0.01% APY (as of 4/1/2025) |
| Bundled Account | Yes | No |
| FDIC-insured | Yes | Yes |
| Online Only | Yes | No |
| Compound Frequency | Daily | Monthly |
| Minimum Deposit | $1,000 | $100 |
| Minimum Balance for APY | $1,000 | N/A |
| Maintenance Fee | $0 | $8 |
| Direct Deposit Required | No | No |
| Eligibility | United States | United States |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. |
| Feature | SoFi Bank | Citibank | |
|---|---|---|---|
| SoFi Savings | Citi® Savings Account | Citi Accelerate Savings | |
| APY | 3.80% APY) (as of 4/1/2025) | 0.03% APY (as of 4/1/2025) | 3.70% APY |
| Bundled Account | Yes | No | No |
| FDIC-insured | Yes | Yes | Yes |
| Online Only | Yes | No | Yes |
| Compound Frequency | Daily | Daily | Daily |
| Minimum Deposit | $1,000 | $0 | $0 |
| Minimum Balance for APY | $1,000 | $0.01 | $0.01 |
| Maintenance Fee | $0 | $4.50. Waived for average monthly balances > $500 | $4.50. Waived for average monthly balances > $500 |
| Direct Deposit Required | No | No | No |
| Eligibility | United States | California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia (partial), Washington D.C., and select parts of Florida and Illinois. In addition, promotional rates may be available if requirements are met. | Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (select parts), Georgia, Hawaii, Iowa, Idaho, Illinois (select parts), Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia (partial), Washington (partial), Wisconsin, West Virginia, Wyoming. |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | N/A | N/A |
| Feature | SoFi Bank | Chase Bank |
|---|---|---|
| SoFi Savings | Chase Savings℠ | |
| APY | 3.80% APY) (as of 4/1/2025) | 0.01% APY (as of 4/1/2025) |
| Bundled Account | Yes | No |
| FDIC-insured | Yes | Yes |
| Online Only | Yes | No |
| Compound Frequency | Daily | Monthly |
| Minimum Deposit | $1,000 | $0 |
| Minimum Balance for APY | $1,000 | $0 |
| Maintenance Fee | $0 | $5 |
| Direct Deposit Required | No | No |
| Eligibility | United States | United States |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | APY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc. |
| Feature | SoFi Bank | Capital One |
|---|---|---|
| SoFi Savings | 360 Performance Savings | |
| APY | 3.80% APY) (as of 4/1/2025) | 3.70% APY (as of 4/1/2025) |
| Bundled Account | Yes | No |
| FDIC-insured | Yes | Yes |
| Online Only | Yes | No |
| Compound Frequency | Daily | Daily |
| Minimum Deposit | $1,000 | $0 |
| Minimum Balance for APY | $1,000 | $0 |
| Maintenance Fee | $0 | $0 |
| Direct Deposit Required | No | No |
| Eligibility | United States | United States |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | N/A |
Alternatives to SoFi Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Affirm
Affirm Money Account: 3.85% APY
Minimum Deposit: $0
Online Only
Bank5 Connect
Connect Savings: 1.50% APY
Minimum Deposit: $10
Online Only
Jumbo Savings: 4.15% APY
Minimum Deposit: $25,000
Online Only
Barclays
Tiered Savings: 4.40% APY
Minimum Deposit: $0
Online Only
Online Savings: 3.90% APY
Minimum Deposit: $0
Online Only
Bask Bank
Interest Savings Account: 4.35% APY
Minimum Deposit: $0
Online Only
Betterment
Cash Reserve: 4.00% APY
Minimum Deposit: $10
Online Only
Bread Savings
High-Yield Savings Account: 4.40% APY
Minimum Deposit: $100
Online Only
Savings Accounts with Lower Minimum Deposit
For a top list of savings accounts with no/low deposits or balance minimums, see No "Fuss" Savings Accounts
Affirm
Affirm Money Account: 3.85% APY
Minimum Deposit: $0
Online Only
Ally Bank
Savings Account: 3.60% APY
Minimum Deposit: $0
Online Only
American Express
High Yield Savings Account: 3.70% APY
Minimum Deposit: $0
Online Only
Barclays
Tiered Savings: 4.40% APY
Minimum Deposit: $0
Online Only
Online Savings: 3.90% APY
Minimum Deposit: $0
Online Only
Bask Bank
Interest Savings Account: 4.35% APY
Minimum Deposit: $0
Online Only
BMO Alto
Savings Account: 3.70% APY
Minimum Deposit: $0
Online Only
Banks Offering Bundled Savings & Checking
For a top list, see Bundled High-Yield Savings & Checking Accounts
Axos Bank
Axos ONE: 4.66% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Direct Deposit: Min. $1,500/month to ONE Checking.
High Yield Savings: 0.61% APY
Minimum Deposit: $0
Online Only
Chime
Chime Savings Account: 3.75% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Direct Deposit: You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days
Fitness Bank
Fitness Savings Account: 4.55% APY
Minimum Deposit: $100
Online Only
Fitness Elite Checking & Fitness Savings Combo: 5.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $100
Online Only
OMB Bank
High Interest Online Savings Account: 4.56% APY
Minimum Deposit: $5,000
Online Only
High Interest Savings Account: 1.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $25
Presidential Bank
Advantage Savings: 4.50% APY
Bundled Savings & Checking Account
Minimum Deposit: $5,000
Direct Deposit: To earn the higher APY you need a monthly direct deposit into an Advantage Checking Account of $500.
ROGER
ROGER Savings: 5.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Banks with Branch Access
For a top list, see High-Yield Savings Accounts with In-Person Access
All America Bank
Regular Savings: 1.50% APY
Minimum Deposit: $50
Super Savers MMDA: 3.49% APY
Minimum Deposit: $2,500
Amalgamated Bank
Online Savings: 2.25% APY
Minimum Deposit: $100
Bank of America
Advantage Savings: 0.01% APY
Minimum Deposit: $100
Capital One
360 Performance Savings: 3.70% APY
Minimum Deposit: $0
Charles Schwab Bank
Schwab Bank Investor Savings™: 0.15% APY
Minimum Deposit: $0
Chase Bank
Chase Savings℠: 0.01% APY
Minimum Deposit: $0