SoFi High Yield Savings Account: Rates and Rules

As of SoFi Bank's rate sheet effective October 20, 2026, SoFi Savings pays 3.30% APY with Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 days, and 0.80% APY with neither. The bigger headlines, 4.40% with a new-member boost and 4.70% for SoFi Plus, come with conditions and caps.

SoFi savings rates at a glance

The SoFi high yield savings rate you receive depends on your deposits, membership and balance. These are the rates on SoFi Bank's October 20, 2026 rate sheet.

Rates are variable and can change at any time. The Plus balance tiers have separate rules for joint accounts, covered below.

What you have to do to earn 3.30%

You have two ways to qualify: receive Eligible Direct Deposit or bring in at least $5,000 in Qualifying Deposits every 31 calendar days. The definitions differ, so a transfer that counts for one route may not count for the other.

Eligible Direct Deposit

This means a recurring ACH deposit of regular income from an employer, payroll or benefits provider, or government agency. Payroll, pensions and government benefits such as Social Security can qualify. The deposit must arrive every 31 calendar days.

Check deposits, peer-to-peer transfers, merchant transactions and bank ACH funds transfers don't qualify as Eligible Direct Deposit. Neither do wire transfers from external accounts or IRS tax refunds.

The $5,000 alternative

Qualifying Deposits can total $5,000 or more across the 31-day period. They include:

• ACH transfers and inbound wires.
• Peer-to-peer transfers and check deposits.
• Instant funding or push payments to the SoFi debit card.
• Cash deposits.

Transfers between your own SoFi checking, savings, Invest or Vaults accounts don't count. Interest, SoFi bonuses, credits, reversals and refunds are also excluded. Moving money between your SoFi accounts won't satisfy the requirement.

Keeping the rate

Each qualifying deposit starts a new rolling 31-day window. You can see the end date on the account's APY Details page. SoFi may grant a grace period, but don't assume you'll receive one.

If you have no qualifying activity within the window and any grace period, the standard savings rate is 0.80%. A large balance alone doesn't keep the 3.30% rate.

The 1.10% APY boost for new members

The SoFi APY boost adds 1.10% to the qualifying 3.30% rate, bringing it to as much as 4.40% for up to six months. It applies to members new to SoFi Checking and Savings who open their first account between October 20, 2026 and December 31, 2027.

Within 60 days, you must receive Eligible Direct Deposit or $5,000 in Qualifying Deposits. You then need to keep meeting the requirement every 31 days. The six-month limit runs from when the boost starts.

Miss a 31-day period and you lose the boost for that period. You can regain it during the remaining six months, but the missed period doesn't extend the promotion.

The boost applies to one savings account per member. If you have both individual and joint savings, it goes to the individual account. It can't be combined with other promotional rates or added to SoFi Plus balances earning 4.70%. SoFi can change or end the promotion at any time.

SoFi Plus and the 4.70% tier

SoFi Plus means paying a monthly subscription fee. See the SoFi Plus terms for that charge when comparing the extra interest with the cost.

For an individual savings account, Plus pays 4.70% APY on the balance up to $20,000. The portion above $20,000 earns 3.30%. The higher rate doesn't apply to the whole balance once you cross the threshold.

For example, $25,000 splits into $20,000 earning 4.70% and $5,000 earning 3.30%. The blended APY is 4.42%, giving about $1,105 over a year if rates stay unchanged, before the subscription cost.

If both joint holders have only a joint account and both are Plus members, the 4.70% tier extends to $40,000. If a Plus member has individual and joint savings, the higher tier applies to individual savings, while joint savings earns 3.30%.

Fees, minimums and how interest is paid

SoFi Checking and Savings has no account, service or maintenance fees and no minimum balance requirement. There are transaction fees for outgoing wires, Instant Transfers and global remittance transfers. Fees may reduce earnings.

No minimum balance doesn't mean no conditions. The deposit requirements still determine whether a non-Plus member receives 3.30% or 0.80%.

Interest uses the daily balance method, accruing on your end-of-day balance. It's compounded monthly and credited monthly. SoFi Savings automatically comes with a SoFi Checking account. You get both accounts even if savings is your main reason for considering SoFi.

Is SoFi FDIC insured?

SoFi Bank, N.A. is a Member FDIC. Standard FDIC coverage is $250,000 per depositor, per insured bank, for each ownership category, according to the FDIC's Your Insured Deposits guide.

SoFi Bank itself provides no more than $250,000 of coverage per depositor, per ownership category. Additional coverage comes through the SoFi Insured Deposit Program, which places cash at participating banks. Deposits may then be insured up to $3 million. Program participation doesn't change your interest rate.

Check SoFi's participating bank list if you already hold deposits elsewhere. Under FDIC rules, deposits in the same ownership category at the same bank are added together. Existing deposits at a participating bank can therefore matter when you check your total coverage.

Joint accounts

A SoFi joint savings account is available. If you hold both individual and joint savings, the new-member boost applies to the individual account.

Plus treatment also depends on which accounts you hold. Two Plus members with only a joint account get the 4.70% tier up to $40,000. A Plus member with both individual and joint savings gets the higher tier on individual savings; joint savings earns 3.30%.

For insurance, the FDIC joint ownership category provides up to $250,000 per co-owner. Keep the insurance limits separate from the balance tiers used to calculate interest.

How SoFi compares with the average savings account

The FDIC national average savings rate was 0.38% as of October 19, 2026. Both SoFi's 3.30% qualifying rate and its 0.80% standard rate were above that dated average.

Here's a simple one-year example for $10,000, ignoring rate changes:

The difference makes recurring deposits worth checking before you estimate earnings. Use the high yield savings calculator with the rate you'd actually qualify for. A temporary boost shouldn't stand in for the rate you'll receive after it ends.

Other homes for cash include money market accounts and Treasury bills. See today's T-bill yields for the Treasury comparison. T-bill interest is subject to federal income tax but exempt from state and local income tax, according to TreasuryDirect. The guide to T-bill taxes explains that treatment.

Taxes on SoFi interest and bonuses

Savings interest is taxable income. Under IRS Topic no. 403, you should receive Form 1099-INT if you earn $10 or more in interest. The earnings examples above don't subtract taxes.

SoFi says its direct deposit cash bonuses are miscellaneous income and may be reported on Form 1099-MISC. That's separate from the APY boost, which raises the savings rate temporarily.

The cash bonus promotion runs from May 15, 2026 to December 31, 2027. It covers new and existing members who haven't previously set up direct deposit. Total Eligible Direct Deposits during the 25 days after the first deposit determine the bonus: $1,000 to $4,999.99 earns $50, while $5,000 or more earns $400. Payment goes to checking within seven business days.

Who it suits and who it doesn't

SoFi may suit you if:

• You can route recurring payroll, pension or benefits deposits to the account.
• You can instead bring in $5,000 in Qualifying Deposits every 31 days.
• You're comfortable tracking the deposit window and any promotional end date.

It may be a poor fit if:

• You're parking a lump sum with no recurring qualifying deposits, leaving you at 0.80% without Plus.
• You're relying on the new-member boost for ongoing earnings beyond six months.
• You expect the Plus 4.70% rate to cover an entire individual balance above $20,000.

FAQ

Is SoFi a high yield savings account?

SoFi Savings pays 3.30% APY with qualifying deposits, above the FDIC's 0.38% national average dated October 19, 2026. Without those deposits or Plus, it pays 0.80%. Your SoFi savings APY depends on the conditions you meet.

Is a SoFi High Yield Savings account FDIC insured?

Yes, SoFi Bank, N.A. is a Member FDIC, with standard coverage subject to ownership-category limits. Its Insured Deposit Program may extend coverage to $3 million through participating banks.

Does SoFi offer a joint high yield savings account?

Yes, joint savings accounts are available. The boost goes to individual savings if you have both. Plus joint tiers depend on both holders' membership and account setup.

How does SoFi's APY compare with a standard savings rate?

The qualifying 3.30% rate exceeds the FDIC national average of 0.38% as of October 19, 2026. On $10,000 for one year, those rates mean about $330 versus $38, assuming no rate changes.

Are there fees or minimums to earn the advertised APY?

There's no minimum balance or account, service or maintenance fee. The 3.30% rate requires qualifying deposits, while Plus requires a monthly subscription. Certain transactions carry fees.

What happens to my SoFi rate if my direct deposit stops?

You can still qualify for 3.30% with $5,000 in Qualifying Deposits every 31 days. Without qualifying activity during the window and any grace period, a non-Plus account drops to 0.80%.

Rates were checked on November 13, 2026; confirm them on SoFi's rate sheet before moving money.