SoFi does not let you open a savings account alone
SoFi requires you to open a checking account first if you want a savings account with them. You cannot open just a savings account by itself. The savings product is tied to the checking account — they function as a linked pair in your SoFi membership.
This is different from some other banks, where savings and checking are separate products you can choose independently. At SoFi, the savings account is an add-on feature available only to people who already have or are opening a SoFi checking account at the same time.
If you do not want a checking account, SoFi is not the right place to put your savings. You would need to look at banks or credit unions that offer standalone savings accounts without requiring a checking account first.
Key Takeaways
- SoFi savings accounts are only available to members who have a SoFi checking account, either existing or opened at the same time.
- You cannot open a SoFi savings account without also having a SoFi checking account active on your membership.
- If you want savings only and no checking account, you will need to use a different bank or credit union.
- Opening both accounts together takes the same time and uses the same sign-up process as opening checking alone.
What happens when you sign up for SoFi checking
When you create a SoFi account and open checking, the savings account option appears in your account settings. You can turn it on immediately or leave it off and add it later. The savings account has no separate sign-up step — it is part of the same membership.
The savings account comes with its own account number and routing number, separate from your checking account. Money you deposit into savings stays separate from your checking balance. You can move money between the two accounts whenever you want through the SoFi app or website.
SoFi does not charge a monthly fee for the savings account, and there is no minimum balance requirement to keep it open. The interest rate on savings changes based on market conditions, so check the current rate before you open.
Why SoFi bundles checking and savings together
SoFi's business model focuses on membership — one account that holds multiple products. Checking is the entry point, and savings is one of several features available to members. This approach lets SoFi offer perks like no overdraft fees and no minimum balance across all products at once.
Other banks separate checking and savings so you can pick and choose. SoFi decided the opposite way: you get a checking account as your base, and then you can add savings, investment accounts, or borrowing products on top of it. If you only want savings, their structure does not match what you need.
Banks and credit unions where you can open savings only
If you need a savings account without a checking account, several large banks and online banks offer standalone savings accounts. Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings all let you open a savings account without checking. Credit unions often have the same flexibility — you can call your local credit union and ask whether they offer savings-only membership.
Standalone savings accounts work the same way as SoFi savings: you get an account number, a routing number, and the ability to move money in and out. The main difference is that you are not required to have checking at the same institution. Interest rates vary by bank, so compare a few before deciding.
If you think you might want checking later, opening savings first at one of these banks does not lock you in. You can open checking at the same bank whenever you want, or keep checking somewhere else and savings here.
Moving money into a SoFi savings account
Once your savings account is open, you can deposit money by linking an external bank account and transferring from there. SoFi also accepts direct deposit — you can have your employer send part or all of your paycheck to your savings account instead of checking. Transfers from external accounts usually take one to three business days.
You can also deposit cash at an ATM if you have a SoFi debit card, though not all ATMs accept cash deposits. Check the SoFi app to find ATMs near you that take deposits. The fastest way to move money in is usually a transfer from another account you already control.
Withdrawing from SoFi savings
You can withdraw money from your SoFi savings account by transferring it to an external bank account, which takes one to three business days. You can also transfer money to your SoFi checking account instantly if you have one. There is no limit on how many withdrawals you can make per month — SoFi does not restrict savings withdrawals the way some banks do.
If you need cash immediately, transfer to your checking account first, then use your debit card or visit an ATM. This two-step process takes a few minutes in the app but gets you access to the money faster than waiting for an external transfer.
Frequently Asked Questions
Can I close my checking account and keep just the savings?
No. If you close your SoFi checking account, the savings account closes too. They are linked as one membership. If you want to keep savings, you have to keep checking open as well, even if you do not use it.
What if I already have a SoFi checking account — can I add savings later?
Yes. Log into your SoFi app, go to your account settings, and turn on the savings account. It takes a few seconds and does not require a new sign-up or approval process. You can start using it immediately.
Does SoFi savings have FDIC protection?
Yes. SoFi savings accounts are FDIC insured up to $250,000, the same as checking accounts. Your savings and checking balances are insured separately, so you have up to $250,000 protection in each.
What is the interest rate on SoFi savings right now?
Interest rates change frequently and vary based on market conditions. Check the SoFi website or app for the current rate before you open. Rates are typically competitive with other online savings accounts, but you should compare a few options to be sure.