SoFi offers a savings account, but it works differently than a traditional bank account

Yes, SoFi has a savings product, but it is not a separate account you open like you would at a traditional bank. Instead, SoFi offers a cash management account that combines checking, savings, and money market features into one place. The savings portion earns interest, but the money sits in the same account as your checking funds—there is no separate savings account number or login.

SoFi's savings feature is built into their cash management account, which is FDIC-insured through multiple partner banks. This means your money is protected up to $250,000 per bank partner, so if you have $500,000 in the account, it may be spread across two banks for full protection. The interest rate on the savings portion changes with market conditions, so you will want to check SoFi's website for the current rate before opening.

The account has no monthly fees, no minimum balance requirement, and no limits on how many times you can move money between the checking and savings portions. You can deposit money via direct deposit, bank transfer, mobile check deposit, or cash deposit at partner ATMs.

Key Takeaways

  • SoFi's savings feature is part of a cash management account, not a standalone savings account, so checking and savings funds sit together in one place.
  • The savings portion earns interest that varies with market rates, and you can move money between checking and savings portions as often as you want.
  • Your deposits are FDIC-insured through multiple partner banks, with coverage up to $250,000 per bank.
  • There are no monthly fees, no minimum balance, and no withdrawal limits on the savings portion.
  • You can fund the account through direct deposit, bank transfer, mobile check deposit, or ATM cash deposits at partner locations.

How the savings portion works within the cash management account

When you open a SoFi cash management account, you get one account number and one login. Inside that account, you can designate portions of your balance as "savings" and portions as "checking." The savings portion earns interest; the checking portion does not. You move money between the two sections yourself through the SoFi app or website—there is no separate transfer process or waiting period.

This structure is different from a traditional bank, where savings and checking are separate accounts with separate account numbers. With SoFi, it is one account with internal divisions. That means you cannot set up automatic transfers to a separate savings account at another bank directly from the savings portion—you would have to move the money to the checking portion first, then transfer out.

The interest rate on the savings portion is variable, meaning it changes when market conditions change. SoFi publishes the current rate on their website, and you can see what you are earning in the app. Interest is typically deposited monthly.

Interest rates and how they compare to other options

SoFi's savings interest rate varies depending on market conditions. To know the exact rate, you need to check their website directly, as rates change frequently and differ from what other banks offer. Some online banks and credit unions offer higher rates, while others offer lower ones—the landscape shifts constantly.

The rate you earn is the same for all customers; SoFi does not offer tiered rates based on balance size. If you have $1,000 or $100,000 in the savings portion, you earn the same percentage. There is no penalty for withdrawing money from savings, and no limit on how many times you can move money out per month (unlike some traditional savings accounts, which used to cap withdrawals at six per month).

If you are comparing SoFi to a traditional bank savings account, consider that traditional banks often have lower rates but may offer perks like in-person branches or paper statements. SoFi has no physical branches and operates entirely online, which is how they keep fees low.

FDIC insurance and how your money is protected

SoFi's cash management account is FDIC-insured, but the insurance works through multiple partner banks, not through SoFi itself. SoFi does not hold your money directly—it is held at partner banks like Axos Bank, Customers Bank, and others. Each partner bank insures your deposits up to $250,000 per depositor per bank.

If you have $500,000 in your SoFi cash management account, SoFi automatically spreads it across partner banks so that no single bank holds more than $250,000 of your money. This means your full balance is protected. SoFi handles this distribution automatically; you do not have to do anything.

The FDIC insurance covers the account in case a partner bank fails, not in case SoFi itself fails. SoFi is a financial technology company, not a bank, so it does not hold deposits directly. This structure is common among fintech companies and is designed to give customers bank-level protection without requiring SoFi to be a bank itself.

Funding and withdrawing money from the savings portion

You can fund the SoFi cash management account through direct deposit, ACH transfer from another bank, mobile check deposit, or cash deposit at partner ATMs. Direct deposit typically takes one business day to appear. ACH transfers from another bank usually take two to three business days. Mobile check deposits typically clear within one to two business days.

To move money out of the savings portion, you can transfer it to the checking portion (instant), then transfer from checking to another bank via ACH (two to three business days), or withdraw cash at a partner ATM. SoFi does not charge fees for these transfers, and there are no limits on how many you can make per month.

If you need cash immediately, you can withdraw from partner ATMs. SoFi offers access to a large ATM network, though the specific network varies by region. Check the SoFi app to find ATMs near you before opening the account.

When a SoFi cash management account makes sense for you

A SoFi cash management account works well if you want one account that handles both checking and savings, earn interest on your savings, and avoid monthly fees. It is especially useful if you already use SoFi for other products like personal loans or investing, because you can see all your money in one place.

It may not be the best fit if you need a separate savings account for psychological reasons (some people find it easier to save when the money is in a different account), if you want higher interest rates than SoFi currently offers, or if you need in-person banking services. In those cases, a traditional bank or a high-yield savings account at a different online bank might work better.

The account also works well if you want to avoid overdraft fees—SoFi does not charge overdraft fees on the checking portion, so if you spend more than you have, the transaction simply declines rather than triggering a fee.

How to open a SoFi cash management account

To open a SoFi cash management account, go to SoFi's website or download the app, then select "Cash Management Account" or "Checking and Savings." You will need to provide your name, address, date of birth, Social Security number, and employment information. SoFi will verify your identity and run a soft credit check (which does not affect your credit score).

The process typically takes 5 to 10 minutes. Once approved, you can fund the account immediately via ACH transfer or mobile check deposit. Direct deposit can be set up right away, though the first deposit may take a business day to appear.

You do not need to maintain a minimum balance, and there are no setup fees. You can close the account at any time without penalty, though SoFi may ask you to transfer out any remaining balance before closing.

Frequently Asked Questions

Can I have a separate savings account at SoFi?

No. SoFi only offers the cash management account, which combines checking and savings in one place. You cannot open a standalone savings account at SoFi. If you want savings and checking in separate accounts, you would need to use a different bank.

What happens to my savings if SoFi goes out of business?

Your money is protected by FDIC insurance through SoFi's partner banks, not by SoFi itself. If a partner bank fails, the FDIC covers your deposits up to $250,000 per bank. SoFi automatically spreads your balance across multiple banks, so larger deposits are fully protected.

Can I set up automatic transfers from my savings to another bank?

Not directly from the savings portion. You would need to move money from savings to the checking portion first, then set up an ACH transfer from checking to your other bank. This takes two steps but is still free and takes a few business days total.

Does SoFi charge fees for moving money between checking and savings?

No. Moving money between the checking and savings portions is free and instant. There are also no monthly maintenance fees, no minimum balance fees, and no overdraft fees on the account.

How often does the interest rate change?

SoFi's savings rate is variable and can change at any time. SoFi publishes the current rate on their website and in the app. You will see the rate you are earning displayed in your account, and interest is typically deposited monthly.