This account offers the highest yield of any savings account we recommend right now -- and frankly, it’s not even close.
Right now, SoFi® is giving new customers a 0.70% APY boost on savings for up to 6 months when you set up direct deposit -- up to 4.50% APY for the first 6 months. That elevated rate puts it well above the rest -- one of the most competitive offers on the market, and one of the best we’ve seen in years.
Even better? You can also earn up to a $300 cash bonus just for signing up and setting up direct deposit. Terms apply.
It’s a powerful combo of high yield and high reward, with FDIC insurance up to $3 million and built-in tools to help you grow your savings faster.
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Member FDIC.
4.50/5
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Limited-time offer: Earn up to 4.50% APY
Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.70% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.50% APY!
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
APY
up to 3.80%
Rate info
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. To Earn APY
$0
- 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.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
6 features we love that do more for your money
Limited-time welcome offer: New customers earn an extra 0.70% APY on savings for up to 6 months + up to a $300 bonus with qualifying direct deposit. Terms apply.
High ongoing APY: After the promo period, you can still earn up to up to 3.80% APY on savings and 0.50% APY on checking. That's still a strong rate -- miles ahead of what most national banks are offering.
No fees: SoFi doesn't charge monthly maintenance fees on either of its accounts. There are also no overdraft fees on its checking account and no fees for withdrawals at any of the 55,000-plus ATMs within the Allpoint Network.
Early access to direct deposits: Customers can receive their direct deposit paychecks up to two days early through SoFi. Access to this benefit depends on when their employer's payroll service provider processes payments.
Savings tools: SoFi Checking and Savings (Member FDIC) provides access to some helpful tools to maximize savings efforts. Vaults are pockets you can set up within your savings account to earmark specific funds for savings goals you set. Customers can create up to 20 Vaults at a time. RoundUps automatically deposit the extra change from rounded-up debit card purchases to the Vault of your choice.
FDIC insured: SoFi deposits are insured for amounts up to $3 million through the SoFi Insured Deposit Program. Most bank accounts are only insured up to $250,000, so this covers you well beyond the typical.
This bank account could be right for you if…
Between the elevated APY and the $300 cash bonus, this is one of the most rewarding savings offers right now. If you’re looking to grow your money faster with zero monthly fees and no minimum balance requirements, SoFi checks all the right boxes.
This account is a smart move if you:
- Want a high-yield account that stays competitive even after the intro rate ends
- Are ready to set up direct deposit to qualify for the best rate and bonus
- Don’t want to mess with account fees or balance minimums
- Prefer saving online with a trusted, FDIC-insured institution
Don’t wait -- offers like this may not stick around.
Our Banking Experts
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