The Online Bank Paying More Than 10x the National Average
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When I first saw the interest rate on my old bank account, I thought it was a typo.
Then I realized: Most banks really are still paying less than half a percent in interest.
That's why with rates up to 4.30% APY on savings and 0.50% APY on checking, the SoFi Checking and Savings (Member FDIC) account won our Best Online Savings Account award for 2026.
Why this account stands out
The national average savings rate still sits around 0.40% APY, according to the FDIC. That means SoFi®'s rate is more than 10X higher, and it comes with a checking account that actually earns interest, too.
A few highlights:
- Annual percentage yield (APY) up to 4.30% on savings (with direct deposit, terms apply)
- 0.50% APY on checking
- No monthly fees or minimum balance requirements
- Earn up to $300 as a welcome bonus
- Early access to direct deposits (up to two days early)
- FDIC insurance up to $3 million through SoFi®'s Insured Deposit Program after opt-in
In other words, it's not just a high-yield savings account, it's a full-service digital bank built for people who want every dollar to work harder.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
What's the catch?
There isn't much of one, but you do need to set up direct deposit or deposit at least $5,000 every 30 days to unlock the full APY. Without that, your savings rate drops to 1.00%, which is closer to average.
SoFi® is also online-only, meaning no branch access. Cash deposits must go through GreenDot retail locations (which can charge up to $4.95 per deposit). For most people who already live in a digital banking world, though, that's a small trade-off for the higher rate.
A truly modern banking experience
The SoFi® app combines checking, savings, investing, credit cards, and personal loans in one place, and customers praise its ease of use and quick transfers.
You can get paid early, move money instantly, and watch your goals grow, all in a few taps. And if you ever need help, SoFi®'s support team is available by chat or phone seven days a week.
Why it's an award winner
Our experts named SoFi Checking and Savings (Member FDIC) the Best Online Savings Account of 2026 for one simple reason: It pays top-tier rates without nickel-and-diming customers.
That combination -- competitive APY, lack of monthly fees, and simple usability -- is rare, especially from a bank that covers both sides of your balance sheet.
Who this account is best for
- People with direct deposit: It's the easiest way to earn SoFi®'s top savings rate.
- Anyone tired of bank fees: No monthly, overdraft, or minimum balance fees.
- Online banking fans: If you're comfortable managing your money digitally, you'll love how streamlined it feels.
- Savers who want flexibility: Earn interest on both checking and savings while keeping your cash accessible.
It's a no-brainer
If your current bank is paying you close to nothing, this is your sign to switch. The SoFi Checking and Savings (Member FDIC) account pays over 10X the national average, and gives you a checking account that earns, too.
For award licensing inquiries, email [email protected].
Our Research Expert
Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.