SoFi Checking & Savings

SoFi Checking & Savings pairs checking and savings with a direct-deposit cash bonus and a new-member APY boost. The honest verdict: the 4.20% headline depends on a new account, eligible direct deposit and a window of up to 6 months, and the ongoing savings APY is 3.30% with direct deposit or $5,000 in deposits every 31 days, and 0.80% without. As of 9/23/26, SoFi's page states 3.30% APY on savings with eligible direct deposit or at least $5,000 in deposits every 31 days; otherwise savings earns 0.80% APY. We read the page on October 14, 2026. New members who open their first SoFi Checking and Savings account by December 31, 2026 and set up eligible direct deposit within 60 days get a 0.90% boost for up to 6 months, up to 4.20% in total, which continues only while direct deposit is maintained. SoFi Checking pays 0.50% APY. There is no minimum balance and no account, overdraft or monthly fees, and a direct-deposit cash bonus of up to $400 is offered, terms apply. SoFi Bank, N.A. provides direct FDIC insurance to $250,000, plus up to $3M additional FDIC insurance through a network of participating banks (opt in, no cost). Access includes 55,000+ fee-free Allpoint ATMs, 2-day early paycheck, Zelle and vaults with round-ups. The catches: the 4.20% rate needs eligible direct deposit (or $5,000 in deposits every 31 days) on a new account opened by December 31, 2026, savings earns 0.80% APY without direct deposit or those deposits, and the boost lasts up to 6 months.