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So much more than just a savings account

by:  The Ascent Staff | June 26, 2024
The Ascent is 100% free thanks to commissions we receive from our partners including for the offers on this page, but this never influences our opinions. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Review Updated
The Ascent Staff
By: The Ascent Staff
The Ascent Staff
The Ascent Staff
The Ascent brings financial expertise, trusted advice, and unbiased analysis to the world of daily personal finance decisions. Our mission is to help you live more richly.

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Our Banking Experts

What’s better than a stand-alone high-yield savings account?

An account that offers both high-yield savings and high-yield checking!

This combination account from SoFi offers an incredible up to 4.60% on your savings -- that’s over 10X the national average APY for savings accounts. Plus you’ll get 0.50% APY on your checking account to boot.

But that’s only the beginning of what this account offers. There’s a big welcome offer. There’s wildly helpful savings tools. There’s an FDIC insurance program of up to $2 million (standard accounts only insure up to $250,000).

Check out the full details for all the features of this all-in-one banking solution below or click here to apply for a SoFi Checking and Savings account now.

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SoFi Checking and Savings

Open Account for SoFi Checking and Savings
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4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Open Account for SoFi Checking and Savings
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees
  • Welcome bonus up to $300 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings 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, there's the opportunity for a bonus of up to $300 and a long list of extra account features. 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

Competitive APY: As of October 24, 2023, SoFi customers can earn up to up to 4.60% APY on savings and 0.50% APY on checking balances. You can earn the maximum APY by setting up direct deposits for checking or savings, or by depositing $5,000 or more every 30 days. Customers who don't meet these qualifications earn 1.20% APY on savings accounts.

Welcome offer: New customers can earn up to $300 with a qualifying direct deposit. Terms apply.

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 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 $2 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…

If you need both a checking and savings account, this combination SoFi account could make sense, especially if you can meet the requirements to earn its highest interest rate. As a closer look, this combo account is a good fit for individuals who want:

  • No fees or minimums for their bank accounts
  • Tools designed to maximize your savings
  • To do most of their banking in one place, online
  • Flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
Open an account with SoFi today