SoFi Bank

Last Updated: 6/20/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

SoFi Savings: 3.80% APY(Rank 59 out of 74 tracked HYSAs)

Minimum Deposit: $0 | Bundled Savings & Checking Account | Online Only | Direct Deposit: Without direct deposit or "Qualifying Deposits" the APY will be significantly lower

National Savings Interest Rate: 0.42% (as of 5/19/2025)

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

BBB Rating: A+

App Store Rating: 4.8/5

Google Play Rating: 4.5/5

Website: Visit SoFi Bank

Our Take on SoFi Bank

Highlights

  • Current APY of 3.80% is competitive among high-yield accounts.
  • No maintenance fees or minimum balance requirements.
  • A+ BBB rating indicates strong trustworthiness.
  • High App Store rating of 4.8 and Google Play rating of 4.5.

Considerations

  • APY significantly lower without direct deposit or $5,000 qualifying deposit.
  • Online-only bank may lack in-person support.
  • No physical branch locations for customer service.
  • Direct deposit requirement may limit account accessibility.
Summary: SoFi Bank offers a high-yield savings account with a competitive 3.80% APY, requiring direct deposit or a $5,000 qualifying deposit to maintain that rate. The bank has no maintenance fees and an A+ BBB rating, reflecting its reliability. However, it operates online only, with no physical branches, which may deter some customers. Additionally, the direct deposit requirement could limit accessibility for potential savers.

Savings Account

Savings Account Offered by SoFi Bank

FeatureSoFi Savings
APY
3.80% (as of 6/20/2025)
APY TrendStable for the last month
Minimum Deposit$0
Minimum Balance for APY$0
FDIC-insured
Yes
Online OnlyYes
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
EligibilityUnited States
NoteThe 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

All calculations are based on APY.

SoFi Savings (APY: 3.80%)

Deposit Frequency:

Total savings breakdown:

  • Interest earned: $4 (3.85%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $100 (96.15%)

Your total balance

$104.00

Effective APY: 3.80% (based on your deposit and contributions)

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

MetricSoFi Savings
Latest APY3.80 %
TrendSideways
Slope (bps/mo)-0.2
Rate Changes / Mo0.20
Days Since Last Change148
High (-5 m)4.00 %
Low (-5 m)3.80 %
Draw-down from High-5.0 %
Volatility (CV)0.005
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-5 m)
Highest APY in the last 150 days.
Low (-5 m)
Lowest APY in the last 150 days.
Draw-down from High
How far today sits below the 5-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Compare SoFi Bank's Savings Account

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  • TD Bank - 0.05-3.00% APY
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  • Varo Bank - 2.50-5.00% APY
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FeatureSoFi BankSelect a bank...
ProductSoFi SavingsN/A
APY
3.80% (as of 6/20/2025)N/A
Bundled Account
YesN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$0N/A
Minimum Balance for APY$0N/A
Maintenance Fee$0N/A
Direct Deposit Required
NoN/A
NoteThe 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

Bank-to-Bank Comparisons

Compare SoFi Bank's APY of 3.80% with other banks