SoFi’s savings account offers competitive interest rates that can surpass the national average when you set up an eligible direct deposit. New account holders can also enjoy a bonus ranging from $50 to $300.
SoFi’s Checking and Savings account stands out for its absence of standard bank fees, including monthly maintenance fees, overdraft fees, and ATM fees. Qualifying for fee waivers is straightforward compared to other institutions.
Before choosing a savings account, it’s essential to compare interest rates offered by various financial institutions with national averages. SoFi boasts rates higher than the national average.
While SoFi’s interest rates are competitive, exploring other options like certificates of deposit and money market accounts may lead to even higher returns.
To unlock the highest APY on your SoFi savings account, direct deposits or monthly qualifying deposits are required. Notably, SoFi imposes no withdrawal limits on the account.
Understanding the features of a savings account is crucial. Consider factors like APY rates and other benefits to determine if SoFi’s Checking and Savings account aligns with your financial goals.
- SoFi’s savings account rates outperform the national average and stay competitive in the market.
- With SoFi, enjoy fee-free banking, including no monthly fees and ATM fees within the Allpoint Network.
- Earn a bonus of up to $300 by setting up direct deposits on your SoFi Checking and Savings account.
- Utilize SoFi Savings Vaults to set and track smaller financial goals conveniently.
- Opt for roundup debits to save extra change automatically.
SoFi’s evolution from a lending program in 2011 to a comprehensive financial services provider includes offerings in lending, investing, credit cards, insurance, and limited banking services.
Apart from the combined checking and savings account, SoFi doesn’t provide additional savings options or deposit accounts.
Ensure you meet SoFi’s deposit requirements to maximize the benefits of the high-interest savings account. Freelancers and contractors should be mindful of these criteria to fully leverage the account’s potential.
If SoFi doesn’t suit your needs, explore alternative savings options:
- Credit unions may offer higher rates than local banks.
- Online banks may have more accessible deposit requirements for increased interest rates.
- Consider investment brokerages or U.S. Treasuries for higher returns with varying risks.
- Certificates of deposit (CDs) offer competitive returns for long-term savings.
For detailed information about various financial topics, refer to our comprehensive guide to savings accounts with insights on interest rates, account types, and safety measures.