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SoFi

SoFi Checking and Savings

Combined checking and savings with one of the best direct-deposit yields around

9.0
Our Rating
APY
Up to 3.80% savings with direct deposit (3.10% base + 0.70% promo boost); 4.50% on first $20k with SoFi Plus; ~0.50% checking
Monthly Fee
$0
Minimum to Open
None
ATM Access
55,000+ fee-free Allpoint ATMs; no rebates for out-of-network operator fees

Insurance: SoFi Bank, N.A. is a direct FDIC member; coverage extendable to $3 million via the Insured Deposit Program sweep

Live Bonus

This account currently pays a $300 opening bonus: $50 with $1,000 to $4,999.99 in DD, $300 with $5,000+ in DD. See the full requirements.

Plan Options

No direct deposit

$0

~1.00% savings, minimal checking APY

  • ▸Still fee-free with no minimums
  • ▸No overdraft coverage and no early paycheck
  • ▸Misses the rates that make SoFi worth opening

With direct deposit (any amount)

$0

3.10% savings, ~0.50% checking; 0.70% APY boost promo brings savings to 3.80% through 12/31/26

  • ▸Paycheck up to 2 days early
  • ▸Fee-free overdraft coverage up to $50 ($1,000+/month in deposits)
  • ▸Unlocks new-member cash bonuses up to $400

SoFi Plus

$10 every 30 days (paid subscription; direct deposit no longer unlocks it as of 3/30/26)

4.50% on the first $20,000 in savings, 3.10% above that

  • ▸Premium rate tier on savings
  • ▸Loan rate discounts, bigger SoFi Invest match, and member perks bundled in
  • ▸Only pencils out if you park close to the full $20k

Features

  • ▸Checking and savings open together as one product with one app
  • ▸Savings Vaults for goal buckets, with round-ups
  • ▸Early direct deposit up to 2 days
  • ▸No account fees, no overdraft fees, no minimums
  • ▸Cash deposits via Green Dot retail network (retailer fees up to ~$4.95 apply)
  • ▸Up to $3M FDIC coverage through the deposit sweep network
  • ▸Self-service wires and Zelle; full loan/invest/credit-card ecosystem attached

Pros

  • +Top-tier savings APY for a one-product checking/savings combo
  • +Recurring $50-$400 direct deposit bonus stacks with the rate
  • +Real chartered bank, not a fintech veneer
  • +Vaults, early pay, and overdraft coverage cost nothing

Cons

  • −Rates without direct deposit are forgettable
  • −SoFi Plus became a paid $10/month subscription in March 2026
  • −No out-of-network ATM rebates
  • −Checking APY is low; you must let the app sweep cash to savings

Our Take

SoFi is the strongest direct-deposit play in consumer fintech: move your paycheck and you get a near-top savings rate, a recurring cash bonus, and a fee-free account in one shot. The promo boost to 3.80% through the end of 2026 makes the math even easier. The $10/month SoFi Plus tier is only worth it if you hold close to $20k in savings, since roughly $14k at the 1.4-point spread just covers the subscription. Without direct deposit, skip it.

Best for: Direct depositors who want bonus cash plus a top savings rate in one account

Open at SoFi →

Last verified 2026-06-11

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