SoFi Bank savings rates
SoFi Bank advertises up to 4.20% APY on its SoFi Savings account. That 4.20% is a promotional rate for six months. The account advertises 3.30% after it ends. Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days.
A checking account at the bank is required. Direct deposit is required. On a $10,000 balance the account earns 3.75% overall, about $375 in a year, which is 3.38 percentage points above the national savings average of 0.37% (FDIC, Sep 2026).
Ranked #36 of 2767 tracked savings rates by advertised APY. For a $10,000 balance it would rank #75. It was #42 three months ago.
SoFi Bank at a glance
| Savings | |
|---|---|
| Top savings APY | Up to 4.20% · SoFi Savings · checking account required · requires direct deposit · promotional rate |
| Minimum to open | $0 · SoFi Savings |
| Against the national average | 3.83 percentage points above the 0.37% FDIC savings average (Sep 2026) |
| FDIC certificate | 26881 · Cottonwood Heights, UT |
|---|---|
| Website | www.sofi.com |
| Branches | 4 branches in CA, UT |
| Availability | Nationally available |
SoFi Bank savings rates
Rates are APY. The national savings average is 0.37% (FDIC, Sep 2026). The top tracked savings rate on Banksparency is 5.50%. Across 60 savings accounts from 59 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.16% or more. See the highest savings rates.
Interactive Tool
Calculate Savings for SoFi Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,290.30(8.4%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,290.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What SoFi Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, 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. That 4.20% is a promotional rate for six months. The account advertises 3.30% after it ends. Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days.
In Q2 2026, SoFi Bank paid a higher average rate on savings and money market deposits than 96% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- SoFi Bank, savings and money market
- 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 savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
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 savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. 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 rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. 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. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| SoFi Savings | 4.20% | $0 | $0 | None | $0 | Direct deposit · Checking account | Promotional (six months) | |
| Promotional terms: Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days. | ||||||||
| Sign-up bonus: Up to $400 bonus. Set up a first eligible direct deposit by December 31, 2026. $50 for $1,000 or more in 25 days, $400 for $5,000 or more. Offer ends December 31, 2026. Terms at SoFi Bank | ||||||||
| Fine print: Offer ends 2026-12-31: an APY boost for up to six months, for members new to SoFi Checking and Savings who keep an eligible direct deposit or $5,000 in qualifying deposits every 31 days. Savings is bundled with checking. | ||||||||
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
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 Store rating | 4.7 out of 5 |
| Google Play rating | 3.7 out of 5 |
| Zelle | Available |
| Eligibility | not stated |
How SoFi Bank behaves over time
- 12-month high
- 4.50%
- 12-month low
- 3.80%
- Advertised now
- 4.20%
- 0.30 percentage points below the 12-month high
- Observed cuts, 12 months
- 0
- In a window with 2 Federal Reserve cuts
The advertised SoFi Savings rate, observed through Oct 5, 2026. The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Sep 24, 2026SoFi SavingsRaise:4.00%to4.20%
- Obs. Sep 23, 2026SoFi SavingsRaise:3.10%to3.30%
- Obs. Sep 4, 2026SoFi SavingsRaise:3.80%to4.00%
- SoFi Savings
- Up 0.20 percentage points from 30 days ago.
At the top advertised rates we observed for SoFi Bank's SoFi Savings, $10,000 would have grown to about $10,403 over the past year. Prices rose 3.4% in the year to August 2026 (Consumer Price Index (CPI)). So it buys as much as $10,061 did a year ago. The top rate requires direct deposit and is promotional. The series includes promotional tiers where one applied. See how the federal funds rate shapes savings rates.
- SoFi Savings APY
- Banksparency savings index
- Consumer price index, year over year
- Fed rate cut
Who is SoFi Bank?
| Headquarters | Cottonwood Heights, UT |
|---|---|
| Founded | 2011 |
| Scale | $56.8B assets · $46.8B deposits, $46.6B of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 26881 |
| BBB rating | A+ · Not BBB Accredited |
| Charter state | Utah · one of 44 insured banks chartered there (Q2 2026, FDIC) |
| Size | 46th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 99% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
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 Oct 5, 2026. Check the bank's current terms before you open an account.
Is the 4.20% at SoFi Bank a promotional rate?
That 4.20% is a promotional rate for six months. The account advertises 3.30% after it ends. Rates are as observed on Oct 5, 2026.
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 on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| SoFi Bank | 4.20% | 3.19% | $0 | 4 branches in CA, UT |
| EverBank | 4.20% | 3.32% | $0 | 43 branches in CA, FL, MO, NY |
| Happen Bank | 4.20% | 3.54% | $0 | 2 branches in CA, UT |
| Newtek Bank | 4.20% | 4.02% | $100 | 1 branch in FL |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to SoFi Bank's.
Compare SoFi Bank with another bank
Each link opens a full comparison page, with the two banks side by side and their current savings rates.
- SoFi Bank vs Marcus by Goldman Sachs
Axos Bank last changed its rate on February 2, 2026, down 10 basis points, while SoFi Bank last changed its rate on September 23, 2026, up 20 basis points.
SoFi Bank vs Axos Bank- SoFi Bank vs American Express
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- SoFi Bank vs Capital One
- SoFi Bank vs EverBank
Compare SoFi Bank with another bank as a whole
These pages compare more than savings: checking, branches, the other products each bank sells, and their apps.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Utah, nearest to SoFi Bank in deposits:
Rate hubs: today's highest savings rates.