SoFi Checking and Savings offers up to 3.30% APY plus, no fees, and up to $400 with direct deposit

Digital personal finance company SoFi is continuing to expand its product offerings with SoFi Checking and Savings.

Accountholders who set up eligible direct deposit, or make $5,000 or more in qualifying deposits during the 31-day evaluation period, currently can earn up to 4.00% APY with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months*. Account holders without direct deposit earn 1.00% APY on both savings and checking balances.

Here's what else Sofi Checking and Savings customers can expect.

SoFi Checking and Savings is currently offering up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking. SoFi Bank, N.A. Member FDIC.

The SoFi Checking and Savings offers new account holders up to a $400 cash bonus when you sign up and set up direct deposit, wait for direct deposit to hit account (typically 2-4 weeks) and collect cash bonus of $50 to $400 depending on direct deposit amount. Having your paycheck go directly into your bank account is a no-brainer, especially since you'll earn interest on that money, plus a cash bonus.

SoFi doesn't charge account, overdraft, minimum balance or monthly fees and you can get automatic 2-day early paychecks so payday comes a little sooner. There are no limits on transfers between your checking and savings accounts.

There are also special features offered by this SoFi account, such as Vaults and Roundups, to help you better budget and organize your goals. If you enable these two automatic savings features, each purchase on your SoFi debit card will be rounded up to the next whole dollar. For example, if you buy a coffee for $2.75, it'll automatically round the charge up to $3 — that extra 25 cents will automatically be transferred from your spending account to one of your chosen saving account "Vaults."

Existing SoFi Banking members should take note that they've been invited to upgrade from their cash management account to SoFi Checking and Savings either via email or through the SoFi app. However, users who were grandfathered in from the old SoFi Banking account that offered ATM-fee reimbursements may want to consider that they would lose this feature if they did upgrade.

SoFi Checking and Savings members have no fee ATM access through the Allpoint® Network, which has over 55,000 locations across the country.

Accountholders who become a SoFi Plus member within 60 days of opening their account are eligible to earn an additional 0.70% APY. To earn this perk, you must open a SoFi Checking and Savings account by 1/31/26 and set up an eligible direct deposit (or just simply pay the $10/month subscription for SoFi Plus). You'll earn the 0.70% APY boost for up to six months as long as you maintain the membership. Terms apply.

There are no monthly maintenance fees or foreign transaction fees on this account. If you use an out-of-network ATM, you won't have the ATM fee reimbursed, however.

The SoFi Checking and Savings account is just one of many strong banking solutions on the market. Here's how it stacks up against a few other high-yield savings accounts.

The Marcus by Goldman Sachs High-Yield Online Savings account is known for not charging any fees however, one key difference between this and the SoFi account is the SoFi account offers a checking account option but Marcus does not. This can be a dealbreaker if you were hoping to also have a corresponding checking account to go with your new savings account.

Additionally, while Marcus also offers a strong APY, there is no welcome bonus like with the SoFi account.

The CIT Bank Platinum Savings* account does also offer a checking account option and a strong APY like SoFi, but this account has a $100 minimum deposit required to open the account. There is no overdraft fee or monthly fee and only balances of $5,000 or more can earn the highest APY offer.

You may get more bang for your buck with a $5,000+ deposit at SoFi since it'll let you earn the highest sign up bonus this way ($300). Keep in mind that the $5,000 would need to be made as a direct deposit over the course of the bonus period.

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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

*Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.