SoFi Bank savings rates, reviewed
SoFi Bank advertises 3.80% APY on its SoFi Savings account. That is 342 basis points above the national savings average of 0.38% (FDIC, Aug 2026).
Ranked #42 of 337 tracked savings rates. It was #25 three months ago. The bank has cut this rate once in the last 12 months.
SoFi Bank at a glance
| Top savings APY | 3.80% · SoFi Savings |
|---|---|
| Minimum deposit | $0 |
| FDIC certificate | 26881 · Cottonwood Heights, UT |
| Website | www.sofi.com |
| Branches | 4 branches in CA, UT |
| Availability | Nationally available |
SoFi Bank savings and CD rates
Rates are APY. The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%.
Interactive Tool
Calculate Savings for SoFi Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,207.60(7.9%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,207.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What SoFi Bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced all of its deposits over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined.
In Q1 2026, SoFi Bank paid a higher average rate than 79% of U.S. banks (all-bank median 2.27%).
- SoFi Bank, avg rate paid
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers every account that earns interest: savings, interest checking, money market accounts, CDs, and personal and business accounts at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older balances at the rates of earlier years, everyday transaction balances, and CDs that were priced in a different rate environment. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rate paid on interest-bearing deposits, quarterly. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated.
So what is the catch?
| Product | Min to open | Min to earn | Monthly fee | Direct deposit | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|
| SoFi Savings | $0 | $0 | $0 | Required | Promotional |
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
Opening and using the account
| Availability | Nationally available |
|---|---|
| Footprint | 4 branches in CA, UT |
| App ratings | 4.7 iOS · 3.9 Android |
| Zelle | Available |
| Eligibility | not stated |
How SoFi Bank behaves over time
- 12-month high
- 4.50%
- 12-month low
- 3.80%
- Advertised now
- 3.80%
- 70 basis points below the 12-month high
- Observed cuts, 12 months
- 1
- In a window with 3 Federal Reserve cuts
The advertised SoFi Savings rate, observed through Aug 22, 2026. The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Aug 12, 2026SoFi Savings▼ 3.80% → 3.10%
- Obs. May 28, 2026SoFi Savings▲ 3.30% → 3.80%
- Obs. May 28, 2026SoFi Savings▼ 4.00% → 3.80%
- SoFi Savings APY
- Effective federal funds rate
- Fed rate cut
Who is SoFi Bank?
| Headquarters | Cottonwood Heights, UT |
|---|---|
| Scale | $49.7B assets · $42.3B deposits (Q1 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 26881 |
Financial detail is in What SoFi Bank pays on deposits above.
Common questions about SoFi Bank
Is SoFi Bank FDIC insured?
Yes. SoFi Bank is FDIC insured under certificate 26881, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at SoFi Bank?
SoFi Bank requires no minimum deposit to open its SoFi Savings account, as observed on Aug 22, 2026. Check the bank's current terms before you open an account.
Does SoFi Bank have branches?
Yes. SoFi Bank operates 4 branches according to FDIC branch records, in addition to its website and mobile apps.
SoFi Bank against its closest alternatives
| Bank | Savings APY | Rate paid (Q1 2026) | Min deposit | Branches |
|---|---|---|---|---|
| SoFi Bank | 3.80% | 2.83% | $0 | 4 branches in CA, UT |
| Openbank | 3.80% | 2.65% | $500 | not stated |
| Western Alliance Bank | 3.80% | 2.68% | $500 | 38 branches across 6 states |
| High Plains Bank | 3.82% | 2.71% | $25 | 9 branches in CO |
Alternatives are the three tracked banks whose best savings APY is closest to SoFi Bank's.
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