SoFi's current savings account interest rate

SoFi's savings account rate changes based on Federal Reserve decisions and market conditions, so the rate you see today may differ from the rate next month. As of now, SoFi advertises a rate that is competitive with other online banks, but you should check SoFi's website directly for the exact percentage before opening an account, because rates shift frequently and this guide cannot track real-time changes.

The rate SoFi offers applies to all balances in the account—there are no tiers where you earn more on higher amounts. Money deposited into a SoFi savings account begins earning interest immediately, and interest compounds daily, meaning you earn interest on the interest you've already accumulated.

SoFi also offers a Money Market account with a separate rate, which may be higher or lower than the savings account rate depending on current market conditions. If you're comparing SoFi to other banks, check both products to see which one fits your situation.

Key Takeaways

  • SoFi's savings account rate changes when the Federal Reserve adjusts interest rates, so you need to check their website for the current rate rather than relying on any fixed number.
  • Interest compounds daily on all balances, with no minimum deposit required to earn the advertised rate.
  • SoFi's Money Market account has a separate rate that may be higher than the savings account rate.
  • Your rate is locked in when you open the account, but SoFi can change the rate on existing accounts with notice.

How SoFi's rate compares to other online banks

Online banks like Marcus, Ally, and Wealthfront typically offer rates in the same range as SoFi because they all have low overhead costs and compete directly for deposits. The exact ranking changes month to month as each bank adjusts rates independently. To find the best rate for your money, visit each bank's website and compare the current rates side by side—don't rely on a comparison article, because rates move faster than articles can be updated.

Traditional banks (Chase, Bank of America, Wells Fargo) usually pay much lower rates on savings accounts, often under 0.01%, because they rely on branch networks and don't need to compete aggressively for deposits online. If you have money sitting in a traditional bank savings account, moving it to SoFi or a similar online bank will almost certainly earn you more interest.

What happens to your rate if the Federal Reserve changes policy

When the Federal Reserve raises or lowers its benchmark interest rate, online banks typically adjust their savings rates within days or weeks. SoFi will notify you of any rate change, though the notification may come by email and easy to miss. Your existing balance is not locked into the old rate—SoFi can lower your rate on money already in the account, and they will do so when market conditions shift.

If SoFi lowers your rate and you want to move your money elsewhere, you can transfer your balance to another bank without penalty. SoFi savings accounts have no early withdrawal fees or account closure fees, so you're free to leave if a competitor offers a better rate.

How to open a SoFi savings account and start earning interest

You can open a SoFi savings account online in about 10 minutes. You'll need a Social Security number, a valid ID, and a current mailing address. SoFi will verify your identity electronically—you don't need to mail in documents or visit a branch.

Once your account is open, you can deposit money by linking a bank account and transferring funds via ACH (which typically takes one to three business days), or by having your employer deposit your paycheck directly. SoFi also offers a debit card tied to your savings account, so you can withdraw cash at ATMs nationwide without fees.

There is no minimum deposit to open the account, and no monthly maintenance fee. You can deposit as much or as little as you want, and interest begins accruing immediately.

Whether SoFi savings makes sense for your money

A SoFi savings account works well if you have money you want to keep safe and accessible while earning more interest than a traditional bank offers. The money is FDIC-insured up to $250,000, so your deposits are protected even if SoFi fails. You can withdraw your money anytime without penalty, making it suitable for an emergency fund or money you might need within the next few months.

SoFi savings is less useful if you're trying to save for a specific goal years away—in that case, a certificate of deposit (CD) or a money market fund might lock in a higher rate for longer. It's also not the right tool if you need to earn a may provide return, because rates can drop at any time.

If you already have a SoFi checking account, adding a savings account to the same login makes it easy to move money between the two and see your full balance at a glance.

Understanding daily compounding and how your interest grows

When SoFi compounds interest daily, it means the bank calculates how much interest you've earned each day and adds it to your balance. The next day, you earn interest on that larger balance—including the interest from the previous day. Over time, this compounding effect makes your money grow faster than simple interest would.

The difference is small in the short term but meaningful over months or years. For example, if you deposit $10,000 and earn 4% annually with daily compounding, you'll earn slightly more than you would if interest were calculated once a year. The exact amount depends on the rate SoFi is offering at the time you deposit.

You can see your interest earnings in your account statement each month. SoFi also reports interest earned to the IRS on a 1099-INT form if your interest exceeds $10 in a calendar year, which means you'll owe income tax on that interest.

Frequently Asked Questions

Does SoFi charge a fee to hold a savings account?

No. SoFi savings accounts have no monthly maintenance fees, no minimum balance requirements, and no fees for transfers or withdrawals. You only pay if you overdraft a linked checking account or use out-of-network ATMs outside the US.

Can I withdraw money from my SoFi savings account anytime?

Yes. There are no withdrawal limits or penalties. You can move money out to another bank, withdraw it as cash, or transfer it to a SoFi checking account instantly. The money is yours to access whenever you need it.

Is my money safe in a SoFi savings account?

Yes. SoFi savings accounts are FDIC-insured up to $250,000 per account holder. If SoFi fails, the FDIC will reimburse you for your full balance up to that limit. Your money is as safe as it would be in any bank.

What's the difference between SoFi's savings account and Money Market account?

Both earn interest and are FDIC-insured, but the Money Market account may offer a higher rate and usually requires a higher minimum deposit. Check SoFi's website to compare the current rates on both products and decide which fits your needs.

How often does SoFi change its interest rate?

SoFi can change rates anytime, but in practice they adjust when the Federal Reserve moves or when market competition shifts. You'll receive notice of any rate change by email. If the new rate is lower and you're unhappy, you can transfer your money to another bank without penalty.