Do you want to know all the features of the SoFi savings account? Responsible Economy has carried out an analysis with all the fees, requirements, advantages and disadvantages of the SoFi savings account. You can also see a comparison with the best savings accounts and an explanatory video. Welcome!
Features
In this section we explain in detail all the characteristics:
Fees
SoFi savings accounts does not have any commission. Both opening the account and annual maintenance are free. You can open the account, not use it and never pay commissions.
Rates
You can get a maximum interest rate of 3.75% APY. To get this interest you must make a monthly direct deposit. Valid direct deposits are payroll, government or Social Security payments.
In the case of not making a direct deposit, the interest rate is 2.50% APY.
Minimum deposit
It is not necessary to make a minimum deposit to open the account. You also do not need an average monthly balance.
Bonus
If you make a monthly direct deposit greater than $1,000 but less than $5,000 you will have a bonus of $50. Direct deposits over $5,000 have a $250 bonus.
How to deposit cash in sofi
You can make cash deposits at thousands of participating locations nationwide including:
- 7-Eleven
- Safeway
- Walmart
- Walgreens
- Rite Aid
- Dollar General CVS/Pharmacy
- Ace Cash Express
Each cash deposit has commissions up to $4.95.
Best savings account in 2023
We have made a comparison of the SoFi savings account with the best savings accounts you can open in the United States in 2023:

- 4,05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC

- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC

- 3,75% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC

- 3,60% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 3,40% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus

- 3,40 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
Here you a video with the best 7 savings accounts that you can open in 2023:
Pros and cons
Once we have seen SoFi’s analysis and we have compared it with the best savings accounts, we have made a table with all the advantages and disadvantages:
Pros | Cons |
---|---|
No fees | Cash deposits have fees |
Interest rates up to 3,75% APY | |
No direct deposit |
Requirements
To open the SoFi savings account we need to meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
- Open the savings account online
Conclusion and opinions
After all the review and seeing the comparison of all the savings accounts, our opinion is that SoFi offers a competitive savings account because it does not have commissions without having to make a direct deposit, the interest rate is high and you can withdraw money without commissions in more than 55,000 ATMs. On the other hand, you must take into account that it does not have branches and depositing cash has very high commissions.
Frequent questions
Here we answer all the questions you may have about the SoFi savings account:
More information about SoFi
Here you have a table with interest information about SoFi:
Information | Description |
---|---|
Website | https://www.sofi.com/ |
https://www.facebook.com/SoFi | |
https://twitter.com/SoFi | |
Phone | 855 456-7634 |
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Updated the day 16 February, 2023 by Alfredo Barandiarán
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