What APY Does SoFi Bank Pay on Savings and Checking in 2026?
Updated August 24, 2026 · every figure carries the source it was read from and the date it was read
| Feature | Details |
|---|---|
| Savings APY | 3.80% (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 | Sign-up bonus with qualifying direct deposit — amount varies, confirm on SoFi’s own page |
| Withdrawal Limit | Unlimited (no Regulation D cap) |
| BanksYouPick Score | 9/10 |
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. Its savings APY is among the highest within the 9 institutions BanksYouPick currently tracks, though it is conditional — see below. SoFi also runs a direct-deposit sign-up bonus, whose amount and eligibility change often enough that it is not reproduced here. 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 headline APY is conditional. Requires qualifying direct deposit. Without it the rate drops sharply — check which tier applies before opening. Without meeting the condition the rate drops, and SoFi publishes several distinct rate states depending on eligibility and current promotions — so read the tier that applies to you on SoFi’s own page rather than relying on any single advertised number. 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 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.