SoFi Checking and Savings has no minimum balance requirement and no monthly fee. You can open the account with $0 and maintain it at any balance without penalty. The key nuance at SoFi is how the savings APY is structured: the highest rate, up to 4.60% in 2026, requires setting up qualifying direct deposit of $1,000 or more per month. This is an activity requirement rather than a balance requirement, and it applies to both the savings and checking portions of the account.
SoFi Account Minimums at a Glance
| Account | Minimum to Open | Ongoing Minimum | Monthly Fee | Savings APY |
|---|---|---|---|---|
| Checking and Savings (with direct deposit) | $0 | $0 | $0 | Up to 4.60% |
| Checking and Savings (without direct deposit) | $0 | $0 | $0 | Approx. 1.20% |
No Minimum Balance
SoFi Checking and Savings requires no minimum balance at any point. There is no monthly fee, no low-balance fee, and no activity threshold to avoid charges. A customer who opens the account, deposits $20, and leaves it dormant pays $0. A customer who opens the account and never funds it also pays $0.
This is consistent with other online banks such as Ally, Discover, and Capital One, where the absence of monthly fees means the concept of a minimum balance to avoid fees does not apply.
The Direct Deposit APY Distinction
SoFi’s savings APY differs based on whether you have qualifying direct deposit set up, not based on your balance level. With qualifying direct deposit of $1,000 or more per month, the savings account earns up to 4.60% APY. Without direct deposit, the savings account earns approximately 1.20% APY. Both rates apply to any balance, including $1.
Qualifying direct deposit includes payroll from an employer, government benefit payments, and certain other recurring ACH deposits of $1,000 or more per month or pay period. Transfers between your own bank accounts and peer-to-peer payments through Venmo or Zelle do not qualify.
For a customer without qualifying direct deposit who still wants a competitive savings rate, dedicated high-yield savings accounts at Ally, Marcus, or Capital One offer competitive rates without a direct deposit requirement.
Checking Account Features
The checking portion of SoFi Checking and Savings earns 0.50% APY regardless of balance or direct deposit status. There is no monthly fee and no minimum balance. The account provides access to over 55,000 fee-free ATMs through the Allpoint network and does not charge foreign transaction fees on international debit card purchases. Early direct deposit allows access to payroll up to two days before the standard settlement date.
For current rates and a full feature comparison, see the SoFi savings account guide.
For a complete overview of SoFi accounts and features, see the SoFi banking complete guide.
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