SoFi Bank offers a combined checking and savings account with no monthly fee and no minimum balance. Non-SoFi-Plus members with an Eligible Direct Deposit or $5,000+ in Qualifying Deposits earn 3.10% APY on savings (0.80% without); checking earns a flat 0.50% APY regardless of direct deposit status. SoFi Plus subscribers ($10/month) can unlock a tiered rate up to 4.50% APY on savings balances up to $20,000–$40,000, and a current limited-time promotion (through 12/31/2026) can bring new members with direct deposit to 4.00% APY.
Correction note (September 19, 2026): This page previously stated a flat “4.50% APY with direct deposit, 1.20% without.” That was incorrect. SoFi’s own official bank rate sheet shows a tiered structure — see the table below and the full SoFi savings account guide for the complete breakdown and sourcing.
The direct answer: SoFi’s standing non-Plus savings rate is 3.10% APY with Eligible Direct Deposit (or $5,000+ in Qualifying Deposits), 0.80% APY without. SoFi Plus subscribers can earn up to 4.50% APY on balances up to $20,000–$40,000. Checking pays a flat 0.50% APY. A current promotion can push new members to 4.00% APY through 12/31/2026 — confirm it’s still active at sofi.com.
SoFi Bank Account: Key Details
| Feature | Non-Plus, with Eligible DD or $5K+ Qualifying Deposits | Non-Plus, neither | SoFi Plus (≤$20K–$40K balance) |
|---|---|---|---|
| Savings APY | 3.10% | 0.80% | 4.50% |
| Checking APY | 0.50% | 0.50% | 0.50% |
| Monthly fee | $0 | $0 | |
| Minimum balance | $0 | $0 | |
| Overdraft fee | $0 | $0 | |
| ATMs | 55,000+ Allpoint (free) | 55,000+ Allpoint (free) | |
| Early direct deposit | Up to 2 days early | N/A | |
| FDIC insured | Yes | Yes |
The Direct Deposit Requirement — What You Need to Know
SoFi’s 3.10% non-Plus savings APY requires an Eligible Direct Deposit or $5,000+ in Qualifying Deposits within a rolling 31-day period. For direct deposit, the rate is not conditional on the deposit amount — a $500/month direct deposit qualifies the same as a $5,000/month direct deposit. Reaching the higher 4.50% tier requires a separate $10/month SoFi Plus subscription, and only applies to balances up to $20,000 (individual) or $40,000 (certain joint accounts).
What qualifies:
- Employer payroll (any amount)
- Social Security, disability, unemployment benefits
- Pension payments
- Gig economy payments via ACH (Uber, DoorDash, Lyft, etc.)
What does NOT qualify:
- Bank-to-bank ACH transfers you initiate yourself
- Transfers from investment accounts
- Venmo, PayPal, Cash App deposits
If you work full-time or part-time with direct deposit, you almost certainly qualify for the 3.10% non-Plus rate. If you’re self-employed and receive irregular payments, verify your payment method qualifies, or aim for $5,000+ in Qualifying Deposits within a rolling 31-day period instead.
The Checking Account: 0.50% APY
SoFi’s checking account earns 0.50% APY on all balances — regardless of direct deposit status. This is the highest yield of any major online bank checking account. For comparison:
- Capital One 360: 0.10% APY
- Ally Spending: 0.10% APY
- Chase: 0% APY
- SoFi: 0.50% APY
On a $5,000 average checking balance: SoFi earns $25/year; Chase earns $0.
The SoFi Plus Tier and the Current Promotion
SoFi Plus is a separate $10/month subscription. Plus subscribers earn a tiered savings rate of 4.50% APY on balances up to $20,000 (individual accounts) or $40,000 (certain joint accounts), with the portion above that earning 3.10%. Separately, SoFi has been running a limited-time promotional “APY boost” (0.90%, through 12/31/2026) that can bring new, non-Plus members with direct deposit to as much as 4.00% APY for up to 6 months. Confirm both the SoFi Plus terms and whether the promotion is still active at sofi.com before opening an account based on either.
No Overdraft Fees and SoFi’s Overdraft Policy
SoFi charges no overdraft fees. For members with direct deposit, SoFi offers up to $50 in fee-free overdraft coverage. For larger overdrafts, transactions are declined rather than processed with a fee.
This is consistent with online bank norms — Ally, Capital One, and Chime have all moved to zero overdraft fees, while big banks still charge $10–$35 per occurrence.
What SoFi’s Rates Earn
On different savings balances at SoFi’s standing 3.10% non-Plus rate (with direct deposit), compared to Ally’s flat rate:
| Balance | SoFi 3.10% (non-Plus, w/DD) | SoFi 4.50% (Plus, ≤$20K) | Ally ~4.10% (confirm current rate) |
|---|---|---|---|
| $10,000 | $310 | $450 | $410 |
| $20,000 | $620 | $900 | $820 |
| $50,000 | $1,550 | N/A (above Plus tier ceiling) | $2,050 |
SoFi’s standing 3.10% non-Plus rate trails Ally’s flat rate on a like-for-like basis. SoFi only pulls ahead if you either catch the current promotional boost (up to 4.00%, limited time) or pay for SoFi Plus and keep your balance under the $20,000–$40,000 tier ceiling — do the math on your own balance and factor in the $120/year Plus subscription cost before assuming SoFi wins.
SoFi’s Other Banking Features
Early direct deposit: SoFi processes payroll ACH up to 2 days before your scheduled payday.
Vault savings buckets: Like Ally’s Buckets, SoFi Vaults let you partition savings into labeled goal categories within one account.
No-fee debit card: Visa debit card accepted worldwide, no foreign transaction fee.
Zelle integration: SoFi has integrated Zelle — send and receive instantly from any Zelle-enrolled bank.
Paycheck calculator: SoFi’s app includes financial planning tools including a spending tracker, credit score monitoring, and budgeting features.
SoFi vs. Ally: Which Is Better?
| SoFi (non-Plus) | SoFi Plus | Ally | |
|---|---|---|---|
| Savings APY (with DD/Qualifying Deposits) | 3.10% | 4.50% (≤$20K–$40K) | ~4.10% (confirm current rate) |
| Savings APY (without) | 0.80% | N/A | ~4.10% (confirm current rate) |
| Checking APY | 0.50% | 0.50% | 0.10%–0.25% (confirm current rate) |
| Cash deposits | Via Green Dot | Via Green Dot | No |
| ATMs | 55,000+ (Allpoint) | 55,000+ (Allpoint) | 43,000+ (Allpoint) + $10 reimb |
| Savings features | Vaults | Vaults | Buckets + Surprise Savings |
Ally’s flat rate beats SoFi’s standing non-Plus rate. SoFi only wins if you catch the current promotional boost (up to 4.00%, limited time) or pay for SoFi Plus and stay under its balance tier ceiling. Ally wins on not requiring direct deposit or a subscription for its top rate, and on ATM reimbursements.
See also: SoFi savings account | SoFi review | SoFi vs. Ally | SoFi vs. Marcus
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy