Opening a SoFi Savings Account Takes About 10 Minutes Online
You can open a SoFi savings account entirely through their website or mobile app without visiting a branch. The process requires a valid government ID, your Social Security number, and proof of your current address. SoFi will verify your identity instantly in most cases, and your account becomes active the same day.
SoFi is an online bank, so there is no physical location to visit. Everything happens on your phone or computer, from the initial signup through your first deposit. You will need an existing bank account to fund the new savings account, though you can also deposit checks by photo through the app once your account is open.
Key Takeaways
- You need a valid government ID, Social Security number, and proof of address to open an account, and the whole process takes about 10 minutes.
- SoFi verifies your identity instantly in most cases, and your account is ready to use the same day you sign up.
- You can fund your account by transferring money from another bank, depositing a check by photo, or receiving a direct deposit.
- SoFi savings accounts have no monthly fees, no minimum balance requirement, and no overdraft fees.
What You Need Before You Start
Gather these documents before you open the app or visit SoFi's website: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. A utility bill, lease agreement, or recent bank statement dated within the last 90 days will work as proof of address.
You will also need access to an existing bank account if you want to transfer money into your new SoFi savings account right away. If you do not have another bank account yet, you can still open the SoFi account and fund it later through check deposit or direct deposit from your employer.
The Step-by-Step Signup Process
Go to SoFi's website or download their mobile app and tap "Sign Up" or "Open an Account." Enter your email address and create a password. SoFi will ask for your first and last name, date of birth, and Social Security number. This information is used to verify your identity and check for fraud.
Next, upload or photograph your government ID and proof of address. SoFi's system reads these documents automatically. If the upload is unclear, you may be asked to retake the photo. Once SoFi receives readable images, identity verification usually completes within minutes.
You will then choose your account type (savings, money market, or checking) and set up your initial deposit method. If you are transferring from another bank, you will enter that bank's routing number and your account number. SoFi will ask you to confirm two small deposits (usually under $1 each) that appear in your other bank account within one to two business days — you enter these amounts to verify you own that account.
After verification, your SoFi account is active and ready to use. You can begin transferring money or setting up direct deposit immediately.
Funding Your New Account
The fastest way to fund your SoFi savings account is an electronic transfer from another bank account you own. This usually takes one to three business days. You can also deposit checks by taking a photo through the SoFi app — the bank will credit most checks within one business day.
If your employer offers direct deposit, you can set up SoFi as your deposit destination by providing your employer with SoFi's routing number and your new account number. Direct deposits typically arrive on your regular payday. You can find your routing number and account number in the SoFi app under "Account Details."
What Happens After Your Account Opens
Your SoFi savings account is fully functional as soon as identity verification completes. You can transfer money out, set up automatic transfers, and begin earning interest on your balance. SoFi's savings account interest rate changes periodically — check the SoFi website for the current rate.
You will receive a debit card in the mail within 7 to 10 business days if you opened a checking account. Savings accounts do not come with a debit card, but you can transfer money to a linked checking account or to another bank whenever you need cash.
Fees and Account Features
SoFi savings accounts have no monthly maintenance fees, no minimum balance requirement, and no overdraft fees. There are no fees for transfers between your SoFi accounts or for transferring money to external bank accounts. If you need to close your account, there is no early closure penalty.
SoFi members also have access to their customer service team by phone, email, or in-app chat during business hours. If you have questions after opening your account, you can reach them through the app or their website.
Frequently Asked Questions
How long does it take to open a SoFi savings account?
The signup process takes about 10 minutes. Identity verification usually completes instantly, and your account is active the same day. If you are transferring money from another bank, that transfer takes one to three business days to arrive.
Can I open a SoFi account if I do not have a Social Security number?
SoFi requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can use that instead. Contact SoFi directly to discuss your specific situation.
What if my identity verification is declined?
If SoFi cannot verify your identity automatically, you may be asked to provide additional documents or verify your identity by video call. SoFi will explain what is needed and guide you through the next steps in the app or by email.
Can I open a SoFi account on my phone?
Yes. The SoFi mobile app has the full signup process, and you can photograph your ID and proof of address directly in the app. Many people complete the entire process on their phone in under 10 minutes.
Do I need to keep a minimum balance in my SoFi savings account?
No. SoFi savings accounts have no minimum balance requirement. You can open an account and leave it empty, or deposit any amount you choose.