What APY Does SoFi Bank Pay on Savings and Checking in 2026?
Updated July 3, 2026. Reviewed July 3, 2026. Rates verified from each bank.
| Feature | Details |
|---|---|
| Savings APY | 4.00% (with qualifying direct deposit) |
| Checking APY | 0.50% |
| Monthly Fee | $0 |
| Minimum Deposit | $0 |
| Compound Frequency | daily |
| FDIC Insured | Yes — Certificate #26881 |
| FDIC Coverage | Up to $3,000,000 via Sweep Insurance Deposit Program (SIDP) |
| Sign-Up Bonus | $300 with $5,000+ direct deposit |
| Withdrawal Limit | Unlimited (no Regulation D cap) |
| BanksYouPick Score | 9.4/10 |
Who is SoFi Bank best for?
SoFi Bank is best for savers who want an all-in-one mobile banking platform that combines checking, savings, investing, and lending in a single app. The 4.00% savings APY (with direct deposit) is among the highest tracked by BanksYouPick, and the $300 sign-up bonus adds significant first-year value. SoFi's Sweep Insurance Deposit Program (SIDP) provides up to $3 million in FDIC coverage by distributing funds across partner banks — substantially more than the standard $250,000 per institution.
What are the drawbacks of SoFi Bank?
The 4.00% APY requires qualifying direct deposit of at least $1,000 per month. Without direct deposit, the base savings rate is lower. SoFi has no physical branches — all banking is mobile and online. Cash deposits require using the Allpoint ATM network or mobile check deposit. BanksYouPick recommends SoFi for savers comfortable with fully digital banking.
How has this bank's savings APY changed over time?
| Month | APY | Change |
|---|---|---|
| Dec 2025 | 4.40% | — |
| Jan 2026 | 4.35% | -5 bps |
| Feb 2026 | 4.30% | -5 bps |
| Mar 2026 | 4.20% | -10 bps |
| Apr 2026 | 4.10% | -10 bps |
| May 2026 | 4.05% | -5 bps |
| Jun 2026 | 4.00% | -5 bps |
Source: BanksYouPick proprietary daily rate tracking. Data verified from bank product pages.
How does SoFi compare to other savings accounts?
See the full BanksYouPick SoFi vs Marcus comparison for a head-to-head analysis. Or browse all BanksYouPick savings account rankings for the latest rates across 50+ banks.