Checking vs Savings vs HYSA
Not all accounts are created equal. Here's how they stack up side by side.
| Feature | Checking | Traditional Savings | High Yield Savings |
| APY | 0.01% | 0.01 – 0.10% | 4.00 – 5.00%+ |
| Monthly Fees | $5 – $15 | $0 – $5 | $0 |
| Min Balance | $500+ | $25 – $300 | $0 |
| FDIC Insured | Yes | Yes | Yes |
| Debit Card | Yes | No | No |
| Best For | Daily spending | Basic saving | Maximizing earnings |
| $10K Earned / 1 Year | +$1 | +$1 – $10 | +$400 – $500 |
Sofi Checking and Savings
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Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
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APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
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ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
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Early Access to Direct Deposit Funds Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
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Overdraft Coverage Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
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0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC
American Express® Savings
*The Annual Percentage Yield (APY) as advertised is accurate as of 05/19/2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.
1. There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
2. iOS and Android™ only. See app store listings for operating system info.
Barclays Bank Savings Account
* Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC's National Rates and Rate Caps, accurate as of 09/16/2024.
Synchrony Bank
*Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
