Does SoFi Have a Minimum Balance? No — How Rates and Fees Work

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: non-SoFi-Plus members earn 3.30% APY with an Eligible Direct Deposit or $5,000+ in Qualifying Deposits (0.80% without), and SoFi Plus subscribers ($10/month) can reach a tiered 4.50% APY on balances up to $20,000-$40,000. This is an activity/subscription requirement rather than a balance requirement – see the SoFi savings account guide for the full structure and sourcing.

SoFi Account Minimums at a Glance

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 Eligible Direct Deposit (or $5,000+ in Qualifying Deposits) and whether you pay for SoFi Plus – not based on your balance level. Non-Plus members earn 3.30% APY with qualifying direct deposit activity, or 0.80% APY without. SoFi Plus subscribers ($10/month) can reach 4.50% APY, but only on balances up to $20,000-$40,000. All of these rates apply regardless of how much money is in the account, including $1.

Eligible Direct Deposit includes payroll from an employer, government benefit payments, and certain other recurring ACH deposits. Transfers between your own bank accounts and peer-to-peer payments through Venmo or Zelle do not qualify. As an alternative, $5,000 or more in Qualifying Deposits within a rolling 31-day period also unlocks the 3.30% non-Plus rate.

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.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.