TL;DR
- Online banks offer competitive rates, often exceeding 4% APY, surpassing traditional banks.
- They feature low fees, user-friendly digital interfaces, and strong customer service.
- Leading online banks like American Express, Zynlo Bank, and Quontic Bank offer diverse accounts and bonuses.
- Online banks are ideal for tech-savvy consumers seeking to maximize savings with minimal charges.
For those looking for a bank that offers substantial interest rates and minimal charges, online banks are the ideal choice.
While most banks today let you manage your accounts with minimal effort on your chosen device, online-only banks restrict your banking activities to your computer, smartphone, or the occasional ATM. Customers can benefit from reduced fees and better rates due to savings from physical store closures.
Online banks are a logical choice for the tech-savvy consumer aiming to maximize their earnings. Discover our leading five online bank selections, featuring offerings such as high-yield savings accounts, certificates of deposit, and others from these financial institutions.
Top Online Banks for November 2025
| Institution | Top savings APY | See details |
|---|---|---|
| Bank5 Connect | 4.05% with Jumbo Savings | View offer at MoneyLion |
| Zynlo Bank | 4.20% with Tomorrow Savings | View offer at MoneyLion |
| Quontic Bank | 3.75% with High Yield Savings | View offer at MoneyLion |
| SoFi® Checking and Savings (Member FDIC) | Up to up to 3.80%1 with a High Yield Savings Account. New accounts with Eligible Direct Deposit can receive a 0.70% boost on savings APY, reaching up to 4.50% for a maximum of 6 months. Conditions apply. Conditions are applicable.4 | View offer at SoFi |
| American Express National Bank | 3.50% with High Yield Savings | View offer at MoneyLion |
| Bank5 Connect | View offer at MoneyLion |
|---|---|
| Top savings APY | 4.05% with Jumbo Savings |
| Zynlo Bank | View offer at MoneyLion |
| Top savings APY | 4.20% with Tomorrow Savings |
| Quontic Bank | View offer at MoneyLion |
| Top savings APY | 3.75% with High Yield Savings |
| SoFi® Checking and Savings (Member FDIC) | View offer at SoFi |
| Top savings APY | Up to up to 3.80%1 with a High Yield Savings Account. New accounts with Eligible Direct Deposit can receive a 0.70% boost on savings APY, reaching up to 4.50% for a maximum of 6 months. Conditions apply. Conditions are applicable.4 |
| American Express National Bank | View offer at MoneyLion |
| Top savings APY | 3.50% with High Yield Savings |
Terms apply. Bank details reviewed Nov. 4, 2025.
Bank5's digital access
Bank5 Connect operates as the digital arm of BankFive, a community bank headquartered in Massachusetts that has been providing services to its clientele since 1855. It provides checking and savings accounts, along with high-yield certificates of deposit (CDs).
Bank5's new connection
| Top savings APY | 4.05% with Jumbo Savings |
| Minimum opening deposit | $25,000 balance |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 2013
- Company Headquarters: Fall River, MA
- CEO: Anne P. Tangen
Why we like this bank
Bank5 Connect, though a smaller online institution, provides competitive interest rates for its offerings, such as a notable 2% annual percentage yield (APY) on its checking account and 1.50% APY on savings accounts. To open both checking and savings accounts, a $10 minimum deposit is needed, though a $100 balance is necessary to earn the highest APY.
This bank also makes it easy to get in touch if you need help, offering customer support via phone, email, and live chat.
What you should know
Bank5 Connect has great high-yielding deposit accounts but it does not have any branded ATMs. However, you do get access to thousands of ATMs through its partnership with SUM Network, and the bank will reimburse up to $15 per statement cycle in ATM fees.
Also, the bank has limited hours during the day when you can chat with a representative by phone or virtually.
Rates and products from Bank5 Connect
Bank5 has solid options for different accounts that offer high APYs, such as a jumbo savings account and CDs topping 4% APYs.
| Account Type | APY range | Term lengths | Minimum opening deposit | Monthly maintenance fee |
|---|---|---|---|---|
| Jumbo Savings | 4.05% | N/A | $25,000 | $0 |
| Connect money market | 3.03% | N/A | $100 | $0 |
| CDs | 0.85% to 3.90% | 3 months to 36 months | $500 | $0 |
| Jumbo Savings | |
|---|---|
| APY range | 4.05% |
| Term lengths | N/A |
| Minimum opening deposit | $25,000 |
| Monthly maintenance fee | $0 |
| Connect money market | |
| APY range | 3.03% |
| Term lengths | N/A |
| Minimum opening deposit | $100 |
| Monthly maintenance fee | $0 |
| CDs | |
| APY range | 0.85% to 3.90% |
| Term lengths | 3 months to 36 months |
| Minimum opening deposit | $500 |
| Monthly maintenance fee | $0 |
Bank5 Connect details reviewed on Nov. 4, 2025.
Zynlo Bank opens
A division of PeoplesBank, Zynlo is a fully digital bank that provides special perks, such as market-leading deposit rates, earlier access to paychecks, and rewards on debit card purchases.
Zynlo Bank
| Top savings APY | 4.20% with Tomorrow Savings |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 2020 (division of PeoplesBank which was founded in 1885)
- Company Headquarters: Holyoke, MA
- CEO: Tom Senecal
Why we like this bank
Zynlo’s More Spending checking account offers an impressive 2% APY. Pair this with its high-yield Tomorrow Savings account, which earns a whopping 4.20% APY, and you can participate in the ZYNG Round up and Match bonus program. Every debit card purchase is rounded up to the nearest dollar, Zynlo matches that round up, then the total is deposited to your savings account. This allows you to earn an additional 4.11% return or more on your money.
Zynlo customers can manage their accounts from any smartphone, tablet, or computer. As part of the Allpoint ATM network, you’ll always have nearby access to your cash.
What you should know
While Zynlo has competitive rates on savings, checking, and money market accounts (MMAs), it does not offer CDs. There are competitors that have a wider set of deposit products and banking options.
Rates and products from Zynlo Bank
Zynlo offers only offers a savings account, checking account, and MMAs, all of which earn interest.
| Account Type | APY | Minimum opening deposit | Monthly maintenance fee |
|---|---|---|---|
| Savings | 4.20% | $0 | $0 |
| Checking | 2% | $0 | $0 |
| Money market | 4.25% | $0 | $0 |
| Savings | |
|---|---|
| APY | 4.20% |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
| Checking | |
| APY | 2% |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
| Money market | |
| APY | 4.25% |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
Zynlo Bank details reviewed on Nov. 4, 2025.
Quontic Bank's services
Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is a Federal Deposit Insurance Corp (FDIC)-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers several checking accounts, savings accounts, and mortgage products.
Quontic: Your Bank
| Top Savings APY | 3.75% |
| Minimum Opening Deposit | $100 |
| Monthly Maintenance Fee | $0 |
- Year Founded: 2009
- Company Headquarters: Astoria, NY
- CEO: Steve Schnall
Why we like this bank
Quontic Bank made our list for its competitive deposit rates, low fees, and massive ATM network. A major selling point: Quontic doesn’t charge overdraft fees. For the online bank customer who isn’t always diligent about checking their account balance, this could be a lifesaver. What’s more, Quontic offers multiple customer support options and mortgage products in addition to its checking and savings accounts.
What you should know
Quontic Bank is a community development financial institution (CFDI) with several high-yielding deposit products. Its mortgage products are built for outside-the-box borrowers, offering waived underwriting fees. While Quontic has CDs with high APYs, the terms are limited to six options.
Rates and products from Quontic Bank
Quontic Bank offers three types of checking, a high yield savings, an MMA, and CDs with terms from three months to five years.
| Account Type | APY range | Term lengths | Minimum opening deposit | Monthly maintenance fee |
|---|---|---|---|---|
| High Interest Checking | 0.01% or 1.10% contingent on 10 qualifying monthly transactions | N/A | $100 | $0 |
| High Yield Savings | 3.75% | N/A | $100 | $0 |
| Money market | 4.25% | N/A | $100 | $0 |
| CDs | 3% to 3.85% | 3 months to 5 years | $500 | $0 |
| High Interest Checking | |
|---|---|
| APY range | 0.01% or 1.10% contingent on 10 qualifying monthly transactions |
| Term lengths | N/A |
| Minimum opening deposit | $100 |
| Monthly maintenance fee | $0 |
| High Yield Savings | |
| APY range | 3.75% |
| Term lengths | N/A |
| Minimum opening deposit | $100 |
| Monthly maintenance fee | $0 |
| Money market | |
| APY range | 4.25% |
| Term lengths | N/A |
| Minimum opening deposit | $100 |
| Monthly maintenance fee | $0 |
| CDs | |
| APY range | 3% to 3.85% |
| Term lengths | 3 months to 5 years |
| Minimum opening deposit | $500 |
| Monthly maintenance fee | $0 |
Quontic Bank details reviewed on Nov. 4, 2025.
SoFi
SoFi (which stands for Social Finance, Inc.) Began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.
SoFi® Checking & Savings
Member FDIC
| Top savings APY | Up to up to 3.80%% |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at SoFi
- Year Founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
at SoFi
Why we like this bank
Although SoFi does not offer money market or CD accounts, it does have a range of diversified financial products. It offers high-yield checking and savings accounts as well as various loan (including mortgages) and insurance products, and small business financing.
Earn an even higher APY for a limited time
New customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by Jan. 31, 2026 have an opportunity to earn a 4.50% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard 3.80% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)
SoFi Plus is available at no extra cost for customers with eligible direct deposit. Otherwise, the cost of membership is $10 per month as of this writing.
Benefits for Plus members include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.
What you should know
In terms of banking, SoFi only offers high-yield savings and interest checking accounts, so its products are limited compared to other financial institutions.
Rates and products from SoFi
SoFi has one checking and savings account that earn interest. There is also a $300 cash back offer2 on the checking account for new customers who set up direct deposit.
| Account Type | APY range | Minimum opening deposit | Monthly maintenance fee |
|---|---|---|---|
| Online Checking | 0.50% contingent on a monthly qualifying direct deposit | $0 | $0 |
| High Yield Savings | 1% up to up to 3.80%%1 contingent on a monthly qualifying direct deposit | $0 | $0 3 |
| Online Checking | |
|---|---|
| APY range | 0.50% contingent on a monthly qualifying direct deposit |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
| High Yield Savings | |
| APY range | 1% up to up to 3.80%%1 contingent on a monthly qualifying direct deposit |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 3 |
SoFi details reviewed on Nov. 4, 2025.
Amex National Bank
American Express has a history that stretches back to 1850 and has since become globally recognized for its credit cards, rewards, personal, and business banking products. It also has a wide network of over 37,000 free ATMs.
American Express National Bank
| Top savings APY | 3.50% with High Yield Savings |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
at MoneyLion
- Year Founded: 1850
- Company Headquarters: New York City, NY
- CEO: Stephen Squeri
Why we like this bank
American Express landed a spot on our list for its competitive APY on its savings account, high mobile app rating, and wide range of product offerings. Amex offers personal bank accounts, credit card products with robust rewards programs, and a suite of business products and solutions for consumers who need the best of both worlds.
What you should know
American Express offers a unique combination of both an interest-bearing account plus a membership rewards program linked to the checking account. The program yields 1 Membership Rewards point for every $2 of eligible debit card purchases. Points can then be redeemed from various retail, travel, and entertainment websites. The checking account also earns a 1% APY on the balance.
Rates and products from American Express National Bank
American Express offers several high-yield savings, personal and business checking accounts, and CDs—all at little to no cost.
| Account Type | APY range | Term lengths | Minimum opening deposit | Monthly maintenance fee |
|---|---|---|---|---|
| Rewards Checking | 1% | N/A | $0 | $0 |
| High Yield Savings | 3.50% | N/A | $0 | $0 |
| CDs | 3.25% to 4.00% | 11 months to 5 years | $0 | $0 |
| Rewards Checking | |
|---|---|
| APY range | 1% |
| Term lengths | N/A |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
| High Yield Savings | |
| APY range | 3.50% |
| Term lengths | N/A |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
| CDs | |
| APY range | 3.25% to 4.00% |
| Term lengths | 11 months to 5 years |
| Minimum opening deposit | $0 |
| Monthly maintenance fee | $0 |
American Express National Bank details reviewed on Nov. 4, 2025.
What is online banking?
Online banking allows you to perform most banking services online via computer or mobile app. But, unlike traditional banks, with an online bank, that’s the only way you can do your banking as there are no physical branches.Through online banks, customers can perform nearly all of the actions of a traditional bank, like accessing accounts electronically to check balances, make mobile check deposits, transfer money between accounts, pay bills and, often, apply for loans. The biggest difference is that you can’t do these transactions in-person with a teller.
The pros and cons of online banks
Like any financial product, there are pros and cons to online banking. Here’s what to consider before deciding to bank with a digital-first institution.
Pros
- Online banks are typically light on fees. Online banks without the overhead of a brick-and-mortar presence save on the overhead costs that traditional banks are responsible for. These savings are often passed on to customers in the form of reduced fees.
- Online banks may offer higher APYs. Without the expenses required to run a physical branch, most online banks can offer Fewer higher APYs on savings products.
- Fast application process. With an online bank, you’ll likely find that everything, including opening a new account, is streamlined since it’s all online.
- A wider range of digital tools. Online banks with a strong digital presence may invest more in online and mobile banking platforms to make up for the lack of a brick-and-mortar presence. As a result, you could have access to a more robust suite of digital budgeting and account management tools, customer service options, and more.
Cons
- No in-person customer service. Sometimes, resolving an issue related to your account is handled better by working with a teller face-to-face, especially for customers who aren’t as digitally savvy.
- Potentially limited access to an ATM network. Because online-only banks don’t have physical branches, you’ll need to ensure that you find one that offers a fee-free ATM network. Otherwise it could be challenging to get cash and make deposits.
How to choose the best online bank for your needs
Online banks come in a wide variety, each with their own unique offerings, benefits, rates and fees. Think about what matters the most to you when it comes to your bank. Is it convenience and fee-free access to ATMs? Or are you looking to earn the most possible on your savings without making many transactions? Here are the key attributes to consider.
- FDIC (or NCUA) insured: Arguably the most important feature in any bank or credit union you’re considering giving your money to is that the financial institution is insured. This means if it fails, your money is protected up to the maximum insurable amount of $250,000 per depositor, per bank, per ownership category.
- Fees: Most online banks offer low or no fees for basic services, such as monthly maintenance and ATM usage. Others may have a minimum balance requirement to have those fees waived. Make sure you understand any potential fees associated with the account.
- APYs: Compare the APYs on the savings, checking, money market accountss, and other account types you’re looking to open across different banks to ensure any bank you’re considering is offering a competitive rate.
- Account opening minimums: Some online banks require a minimum deposit to open an account or a monthly balance requirement. You may also have to maintain a minimum balance to earn the highest APY rate, so be sure to find one that matches your financial capability.
- ATM access: If you plan on using an ATM to deposit and withdraw cash from the account, make sure the network allows cash deposits. Ideally, the bank you choose to hold your account will include a wide network of fee-free ATMs and/or offer ATM fee reimbursements if their network is limited.
- Check out customer reviews. It’s worthwhile to take a look at user reviews to see if existing customers are happy or there are some red flags behind the scenes.
- Mobile banking experience: Make sure the bank’s mobile app is user-friendly and offers a wide range of capabilities through the app, especially if you think this will be your primary method of banking.
- Safety: Verify that the online bank uses robust security measures, such as encryption and multifactor authentication (MFA), to protect your personal and financial information.
How to open an online bank account
Opening an online bank account is similar to opening any bank account online and can be done in just a few simple steps. Here’s what to do.
- Choose the bank that matches your needs: Research the available online bank options to narrow it down to the one that aligns with your financial goals, budget, and preferences.
- Visit the bank’s website or app: Access the bank’s official website or download its mobile app to begin the account opening process.
- Fill out the application form: Enter the required information, such as your name, address, Social Security number, and email. You’ll also have to make sure you don’t have a freeze on your credit with any of the credit reporting bureaus so the bank can run a credit check.
- Verify the account: Complete the verification process, which may include submitting legal identification documents and answering security questions.
- Deposit money: Fund your new account by transferring money from an existing bank account or depositing a check via the mobile app.
Online banks vs. Traditional banks
Online banks and traditional banks have similarities in terms of the products and services they can offer, but they each have some distinct features that cater to different customer needs. Here’s a side-by-side comparison of the two.
| Traditional Banks | Online Banks |
|---|---|
| Can conduct in-person banking at a physical location | Limited or no physical locations |
| Usually offer a wide range of banking services | May have a limited range of services compared to traditional banks |
| May have higher fees and lower rates compared to online banks | Usually offers lower fees and higher APYs due to lower overhead costs |
| Offers easy access to cash deposits and withdrawals | Cash transaction options may be limited |
| May have more established customer service infrastructure | May have a more robust banking app and online tools then a traditional bank |
| Can conduct in-person banking at a physical location | |
|---|---|
| Online Banks | Limited or no physical locations |
| Usually offer a wide range of banking services | |
| Online Banks | May have a limited range of services compared to traditional banks |
| May have higher fees and lower rates compared to online banks | |
| Online Banks | Usually offers lower fees and higher APYs due to lower overhead costs |
| Offers easy access to cash deposits and withdrawals | |
| Online Banks | Cash transaction options may be limited |
| May have more established customer service infrastructure | |
| Online Banks | May have a more robust banking app and online tools then a traditional bank |
Online banks suit whom?
Online banks are ideal for digital-savvy customers who don’t mind exclusively banking via mobile apps, online platforms and ATMs. One of the biggest advantages of an online-only bank is that they generally offer higher APYs and lower fees than traditional banks, which can help you maximize your savings.
If you rarely have the need to visit a bank branch and value the convenience of 24/7 access to your accounts, an online bank could be the right choice for you.
However, if you prefer in-person banking services, whether it’s to make cash deposits or for face-to-face financial advice, a traditional bank might better suit your needs. It’s also worth considering how comfortable you are with technology and whether you have reliable internet access to manage your banking online.
Frequently asked questions
Secure your online bank account
The same rules apply for keeping your online bank account safe as for any bank account you can access online. Never share your password and log-in information with anyone and change your password regularly to be less susceptible to hackers. You may also want to set daily transaction limits if they aren’t already established and/or account withdrawal notifications so you’re aware of any transactions as they happen.
You can also opt to use multi-factor authentication on your phone or laptop, which adds another layer of security each time you log into your account by asking for a verification code sent to you via text, email, or Telephone conversation.
Do online banks impose greater fees?
While bank fees differ, online-only financial institutions typically impose fewer charges compared to those with physical branches, as they avoid the substantial operational expenses associated with maintaining brick-and-mortar establishments. Physical sites do.
Your funds are protected in an online bank.
Funds held with an online bank or credit union are just as secure as those kept at a physical branch. A crucial aspect to consider is a bank's deposit insurance. Ensure your financial institution has complete backing from the FDIC or National Credit Union Administration (NCUA). Your funds are protected by insurance, covering up to $250,000 for each depositor, at each bank, and for each ownership type.
To deposit funds into your online bank account, you can typically use methods like electronic transfers (ACH), mobile check deposit, or direct deposit. For withdrawals, you can usually transfer money to another bank account, use an ATM, write a check, or sometimes opt for a wire transfer.
Funding an account with an online bank usually involves options like mobile check deposits, direct deposits, or electronic transfers originating from a different financial institution. Funds can usually be accessed through bank transfers or by utilizing an ATM connected to the bank's system.
Yes, online banks are FDIC-insured.
Some online banks might not have FDIC insurance. To check if a bank is suitable, find the “member FDIC” logo on the bottom of their homepage. You can also check this by performing a bank search by name on the FDIC’s website. Deposits in an FDIC-insured bank are safeguarded up to $250,000 for each depositor, at each bank, within each ownership category in the event of a bank's failure.
Online banks: ATMs?
Many online banks partner with ATM networks to provide fee-free access to cash withdrawals. Additionally, some online banks offer reimbursement for ATM fees.
Deposit cash to online bank account
It's often harder to put cash into an online bank account since the majority of them don't allow cash deposits. Alternatives involve utilizing a network of affiliated ATMs for cash deposits, acquiring a money order and submitting it through mobile check deposit, or moving funds from a conventional bank account where you've previously deposited them. The money.
Our methodology
To assist you in identifying the ideal financial institution for your requirements, the Coins2Day team evaluated around 30 online banks. Customers throughout the U.S. Can access our premier selections, provided they meet the stipulations of their account, product, and service agreements. While all our selections function mainly via the internet, some might also have physical stores.
Our final selection of top online banks was determined by ranking them across these specific categories:
- Checking and savings APY: This percentage represents the real rate of return on your checking and savings account balance, and the higher the APY, the better. We estimated a minimum balance of $1 for accounts featuring tiered APYs.
- Account and product offerings: We rewarded each online bank with a point for each account type and service it offered. This included additional deposit accounts, investment accounts, lending services, credit cards, and more.
- Overdraft fee: Most banks will charge you a fee when you spend more than what you have in your account. Online banks that charge minimal or no overdraft fees were given a better position in our rankings.
- Monthly service fees: Some banks charge monthly maintenance fees. We ranked banks with lower or zero monthly fees higher on the list.
- Mobile application rating: We calculated the average mobile application rating for each bank using ratings from the App Store and Google Play. Online banks with superior average mobile app ratings received rewards.
- Free ATM access: Banks with larger networks of surcharge-free ATMs ranked higher on our list than those that did not offer free ATM access.
- Customer service: Top picks offer customers three ways to get in contact: Chat support, phone, and email. Of the three choices, we prioritized phone support the highest.
- Security: As online banks, digital security is of utmost importance. We evaluated which institutions offer two-factor authentication (2FA) and have been free of data breaches within the past five years.
The account features, charges, and benefits provided by these digital financial institutions might only be offered for a finite duration. Interest rates are subject to change at the discretion of the bank, which could impact how much interest you earn. All the banks on this list are insured by the FDIC.
SoFi notes
1
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. No minimum Eligible Direct Deposit amount is necessary to qualify for the specified interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2
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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3
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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.