SoFi savings account review 2023
The economy is going through some growing pains. Inflation is still elevated, and thanks to the Federal Reserve's attempts to tame it, interest rates are up quite a bit. While that's not great if you're taking out a loan or credit card, it is positive for savers, as rates on certificates of deposit and savings accounts have soared in recent years.
Online bank SoFi's high-yield savings account is no outlier, boasting a current APY of up to 4.30%. Are you currently looking to find a good savings account to grow your money in? Below, we'll break down what to know about SoFi's account as you compare your options.
See how much interest you could be earning with an account from SoFi here now.
SoFi savings account overview
SoFi offers a high-yield savings account that's insured by the Federal Deposit Insurance Corp. on up to $2 million in deposits. The account also offers cash bonuses (up to $300, and there's an early payday feature that lets you access your paycheck days before it's deposited.
SoFi's savings account also comes with overdraft coverage (for no extra fee) and a round-up program that lets you round up your debit card purchases to the nearest dollar and deposit that extra cash directly into your savings.
Finally, with a SoFi savings account, you also get a SoFi checking out, which offers up to a 0.50% APY on your balance.
Get started with a SoFi savings account here.
SoFi savings account rates and fees
The interest rate on SoFi's savings account is much higher than the national average. According to the FDIC, the current average rate on savings accounts is 0.46%. At SoFi, members with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period can earn an APY of 4.30%) on savings balances (including Vaults) and an APY of 0.50% on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
During the 30-day evaluation period, members without either direct deposit or qualifying deposits will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
As for fees, SoFi doesn't charge any — for its savings accounts or its checking accounts. That means no monthly maintenance fees, no overdraft fees and no account minimum fees. As long as you use one of the 55,000-plus ATMs within its nationwide network, there are no third-party ATM fees either.
Pros and cons of SoFi savings accounts
The biggest upside to SoFi's savings account is that it comes with a high interest rate, especially when compared to the national average. It also comes with an interest-earning checking account and there are no fees to open or utilize your accounts.
SoFi is also a standout with customers. According to Trustpilot, 88% of customers give their experience with SoFi either four or five stars. The bank also has an A+ rating with the Better Business Bureau.
The downsides are that SoFi is only an online bank — so there are no physical locations to visit should you need in-person assistance, and you will also need to set up direct deposit to qualify for the highest interest rates. This may not be possible depending on your job and how you earn your money.
Learn more about opening an account with SoFi online today.
Compare your options
Though SoFi's savings account is a standout, it's not the only option on the market. If you want to ensure you get the best account for your needs, budget, and savings goals, consider at least a few banking institutions before opening your account.
Compare each one's fees, account minimums, ATM network, rates, and customer ratings and call up a representative if you need more information. You can also ask a financial planner or investment advisor for help.
