SoFi savings account review

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!


In this section we explain in detail all the characteristics:


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.


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.


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:

CIT Bank Logo
  • 4,05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 3,75% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
  • 3,75% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 3,75% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 3,60% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 3,40% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 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:

Best savings accounts

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:

No feesCash deposits have fees
Interest rates up to 3,75% APY
No direct deposit
Pros and cons Sofi savings account


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:

Phone 855 456-7634
Interest information about Sofi

Related posts

Finally you have a related content about savings accounts:

Updated the day 16 February, 2023 by Alfredo Barandiarán

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