What’s the catch?

There isn’t much of one, but you do need to set up direct deposit or deposit at least $5,000 every 30 days to unlock the full APY. Without that, your savings rate drops to 1.00%, which is closer to average.

SoFi® is also online-only, meaning no branch access. Cash deposits must go through GreenDot retail locations (which can charge up to $4.95 per deposit). For most people who already live in a digital banking world, though, that’s a small trade-off for the higher rate.

A truly modern banking experience

The SoFi® app combines checking, savings, investing, credit cards, and personal loans in one place, and customers praise its ease of use and quick transfers.

You can get paid early, move money instantly, and watch your goals grow, all in a few taps. And if you ever need help, SoFi®’s support team is available by chat or phone seven days a week.

Why it’s an award winner

Our experts named SoFi Checking and Savings (Member FDIC) the Best Online Savings Account of 2026 for one simple reason: It pays top-tier rates without nickel-and-diming customers.

That combination — competitive APY, lack of monthly fees, and simple usability — is rare, especially from a bank that covers both sides of your balance sheet.

Who this account is best for

  • People with direct deposit: It’s the easiest way to earn SoFi®’s top savings rate.
  • Anyone tired of bank fees: No monthly, overdraft, or minimum balance fees.
  • Online banking fans: If you’re comfortable managing your money digitally, you’ll love how streamlined it feels.
  • Savers who want flexibility: Earn interest on both checking and savings while keeping your cash accessible.

It’s a no-brainer

If your current bank is paying you close to nothing, this is your sign to switch. The SoFi Checking and Savings (Member FDIC) account pays over 10X the national average, and gives you a checking account that earns, too.

Read our full review to learn more and open an account today to start letting your money pull its weight.

For award licensing inquiries, email [email protected].

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