Banking Bank Reviews

Best Banks With No Monthly Fees or Minimum Balance Requirements [2025]

Nearly all consumer banks offer checking accounts — the trick is to find a good balance between features and fees.

By Lindsay VanSomeren

Updated May 27, 2025

Banks with no monthly fee checking and no minimum balance are about as abundant as mosquitoes in a Minnesota summer. Some are better than others, though, depending on what you're looking for.

Whether you want to earn a good interest rate, use ATMs a lot, or ensure a good customer service experience, we'll point you to different banks to suit your needs.

Featured Checking Account

SoFi Checking and Savings

Visit SoFi Checking and Savings

Earn up to a $300 bonus and up to 3.80% APY¹ on your money

5.0

2025 award winner Best Checking and Savings Combo

Limited-Time Offer: New Accounts Can Earn up to 4.00% APY² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC. on Savings (3.80% APY³ 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 <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>. with +0.20% APY Boost) for 6 Months with Direct Deposit and up to a $300 Bonus. Terms Apply.¹ 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 <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is 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 <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.
No account, overdraft, or monthly fees⁴ 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 <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early⁵ 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.
Access additional FDIC insurance up to $3 million⁶ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Learn More

on SoFi's secure website

Key takeaways

These checking accounts don't charge monthly fees, but they can charge other fees for things like ATM withdrawals and overdrafts.
Common banking features vary with a monthly fee-free checking account. For example, you may not be able to write paper checks or visit an in-person branch.
Discover Bank is our top pick, while SoFi® and Ally are close runners up.

Compare the best banks with no monthly fees and no minimum balance

	Minimum deposit	Perks
Discover Cashback Checking	$0	1% cash back on up to $3,000 of debit card purchases per month Early paycheck deposit Excellent savings account 24/7 customer service
SoFi Checking	$0	Early paycheck deposit⁵ <p>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.</p> Sign-up bonus¹ <p>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 <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>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 <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Excellent savings account
Ally Spending Account	$0	Early paycheck deposit Excellent savings APY $10 monthly ATM fee reimbursements
Varo Bank	$0	Cashback on certain purchases Early paycheck deposit $500 in free overdraft coverage for qualified customers Free VantageScore credit score updates
Chime®⁷ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. <br></p>	$0	Cashback on certain purchases⁸ <p>Eligibility requirements and limits apply. See the Chime app for details. <a href="https://www.chime.com/chime-deals-terms/">Terms and Conditions</a>.</p> 24/7 phone support Offers products to build credit Fee-free cash deposit at certain retailers⁹ <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p>
Axos Bank Essential Checking	$0	24/7 customer service Early paycheck deposits Unlimited ATM fee reimbursements
Capital One 360 Checking	$0	Early access paycheck deposit¹⁰ <p>Early paycheck is available for 360 Checking customers that set up direct deposit with their employer or other payor to receive electronic deposits of regular periodic payments (such as salary, pension, or government benefits). Certain non-payroll and tax payments are not eligible for early paycheck. Early direct deposits may be available to you up to 2 days earlier, however, we are dependent on the timing of your payor’s payment instructions and therefore you may not always see your direct deposits arrive early. Early paycheck eligibility may vary between pay periods and daily/transaction limits apply. </p> Deposit actual cash to account Good security tools
Alliant Credit Union High-Rate Checking	$25	Large ATM network Make deposits at some ATMs $20 monthly ATM fee rebates

Discover Cashback Checking

Pros

Easy to reach customer service
Qualifying paychecks may be deposited up to two days early
Excellent customer satisfaction ratings
High APY on matching savings account

Cons

No physical branches
$30 outgoing wire transfer fee
No out-of-network ATM fee reimbursement

Discover is a household name thanks to its credit cards, but it actually offers a pretty spiffy suite of FDIC-insured online bank accounts as well. It doesn't have many bank accounts within each category (there's only one checking and one savings account, for example) — and while some might consider that a drawback, the truth is you won't get much better than the single checking account it offers.

Discover's online checking account was actually rated as the second best for overall customer satisfaction in 2023 by the independent reviewer J.D. Power. It's easy to see why — the company operates a 24/7 phone line for customer support with agents based in the U.S., and you can even reach someone via live chat once you have an account.

Rather than earning interest, Discover offers 1% cash back every time you use your debit card on up to $3,000 in purchases per month for a total potential cash back of $360 per year.

Visit Discover | Read our full Discover Cashback Checking review

SoFi Checking

Pros

No monthly fees⁴ 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 <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
No overdraft fees¹¹ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Qualifying paychecks deposited up to two days early⁵ 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.
Great rate on matching savings account
Extra benefits if you receive direct deposits

Cons

No in-person branches
Must open checking and savings accounts together
No reimbursement for out-of-network ATMs
Below-average customer satisfaction ratings

SoFi® is FDIC-insured⁶ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. and first launched in 2011 as a student loan lender but has since expanded into a full-service provider. It's an especially good pick if you get paid regularly via direct deposit since that unlocks the highest APY on your savings account (which you must also open with this checking account).

The APY on SoFi's checking account isn't too shabby, though, at 0.50% (as of 01/24/25) with direct deposit.³ 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 <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

Although SoFi® is generally regarded as excellent, it does suffer a bit in overall customer satisfaction. J.D. Power actually rated SoFi's checking account as just below average in 2023. It may be a bit tougher to get help when you need it if you work strict hours since customer support is only available from 5 a.m. to 5 p.m. or 7 p.m. PST, depending on the day of the week. SoFi is a Member, FDIC⁶ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. .

Visit SoFi® | Read our full SoFi Checking and Savings review

Ally Spending Account

Pros

Easy "bucket" budgeting tools
Direct deposits available two days early
$10 ATM fee reimbursements per month
High ratings for overall customer satisfaction from J.D. Power

Cons

Can't deposit cash
Fees for outgoing wires, account research, and expedited delivery
Occasional short outages when logging into your account

Ally is a great all-around choice for anyone, but particularly if you prefer having tools to organize your finances. Ally offers "buckets" within its checking and savings accounts that let you earmark a portion of your balance for certain uses, such as bills or saving up for your next vacation. That way you know how much you can truly spend at any time without jeopardizing your long-term financial goals.

If you prefer spending with cash, Ally Bank is an excellent option because it'll reimburse you up to $10 each month if you happen to use an out-of-network ATM. Sometimes you just aren't around an in-network ATM, and you won't have to worry about paying those fees with this account.

Ally Bank is based out of Detroit, Michigan, and is FDIC-insured.

Visit Ally

Varo

Pros

Up to two days early paycheck deposit for qualifying direct deposits¹² Early access to direct deposit funds depends on timing of the payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
Offers cashback on some purchases
Offers VantageScore credit score updates

Cons

Poor customer satisfaction ratings
Doesn't provide much info on cashback program

Varo Bank is teeny tiny as far as banks stack up, officially landing in as the 1,531st-largest bank in the country. It launched in 2015 and is based out of San Francisco, California. Despite its small stature, it is FDIC-insured, so your money is safe. It offers many of the same perks as our other top fee-free banks, but it adds a unique benefit: you can actually deposit cash with local Green Dot retailers. The catch is you'll need to pay a fee of up to $5.95 to do it, however.

Other nice perks about Varo are its cashback program and its free overdraft service that offers to spot you up to $500 if you run your account in the red. Again, there are catches here too. Varo only offers cashback with certain retailers, but it doesn't tell you how much or who qualifies without having access to the app. And you don't get access to the full $500 in overdraft coverage right away — you need to gradually build up to that max mark, and Varo doesn't say how long this takes.

Visit Varo | Read our full Varo Bank review

Chime®

Pros

Get your paycheck up to two days early with direct deposit¹³ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Fee-free overdraft coverage of up to $200 for eligible members¹⁴ SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.
Fee-free cash deposits with certain retailers⁹ Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.

Cons

Difficult to use paper check system
Low APY on savings account (Note: savings accounts are optional and you must have a Chime checking account to open a savings account)¹⁵ Chime Checking Account is required to be eligible for a Savings Account.

Chime was one of the first app-based fintech companies to lead the transition to getting rid of overdraft fees as well as having access to your direct-deposit paychecks up to two days sooner. The mobile app has been downloaded over 10 million times on the Google Play store alone. Since then, it's also introduced several new services such as SpotMe®, which allows eligible customers to get fee-free overdraft coverage of up to $200 to cover overdrafts in their account.

Since it's not a bank, your money is actually stored with The Bancorp, N.A. or Stride Bank, N.A., two FDIC-insured institutions. You simply use the Chime app or website to manage your money. You can deposit cash fee-free at any Walgreen or Duane Reade store⁹ Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. and even send paper checks, although you won't get a checkbook — you'll need to manually submit a paper check request in your account.

Visit Chime | Read our full Chime review

Axos Bank Essential Checking

Pros

Unlimited ATM fee refunds
Get paychecks two days early
Good mobile app security tools
Customer service available 24/7

Cons

Uninspiring savings account
Poor J.D. Power customer satisfaction ratings

Axos Bank offers three different FDIC-insured checking accounts, one of which — the Essential Checking — comes with no rewards but charges no monthly or overdraft fees, either. It's a good choice if you like using cash to pay for things since you'll get unlimited ATM refunds at any machine in the U.S. Note that there is no way to deposit actual cash, however.

If you're the type of person who's paranoid about data breaches, Axos may be a good choice. It offers plenty of cool security features such as biometric logins. Unfortunately, while Axos does staff its call center 24/7, it does suffer from a poor reputation when it comes to happy customers. In 2023, J.D. Power ranked it lowest on its list for overall customer satisfaction when it came to its checking account.

Read our full Axos Bank review

Capital One 360 Checking

Pros

Ability to lock debit card from spending
Can use paper checks with this account
Deposit cash at any CVS, Duane Reade, or Walgreens

Cons

No ATM fee reimbursements
Piddly interest rate on deposits
Fees ranging from $10 to $30 for various services

In 2023, Capital One ranked just above average — barely — in customer satisfaction. Still, there's a lot to like about these accounts. It's one of the few big banks with free checking and no minimum balance that operates mostly online. It does run some physical branches, although they're relatively limited with just 278 locations around the country.

It's a good choice if you want to be extra safe as the company offers several tools, such as biometric logins and the ability to lock your debit card from further spending within the app in case you lose it or it's stolen. Capital One is FDIC insured.

Read our full Capital One 360 review

Alliant Credit Union High-Rate Checking

Pros

80,000 ATMs in network
Up to $20 per month in ATM fee rebates
Membership in credit union open to anyone

Cons

Charges fees on some services such as outgoing wire transfers

Alliant is another great choice if you're an ATM fiend. Like all credit unions, you'll need to meet membership requirements to join, but Alliant makes it easy — it'll make a $5 donation on your behalf to its partner charity, allowing you to get in the door for free. It offers an extremely robust network of 80,000 ATMs, and in the event you do use an out-of-network machine and incur a charge, Alliant will reimburse you up to $20 per month.

It's common to find online banks that let you access cash at ATMs but less so to deposit paper currency. Alliant doesn't go into detail about how widespread this is, but you can technically deposit cash at some ATMs (you can find these on its website). All of your cash is held safe since the credit union is insured by the NCUA, similar to an FDIC-insured bank.

Visit Alliant Credit Union

How to choose the best bank

It's not hard to find banks with no minimum balance. What is sometimes difficult is finding a good bank. The best banks all have a few features in common, which you can find by taking a few minutes to do some research in advance. Here's what to look for.

Compare interest rates offered on savings accounts.
Read reviews online from Trustpilot, Yelp, Google, Reddit, etc.
Consider how many ATMs are in the bank's network if you'll be using cash a lot.
Consider the bank's mobile app or online account offerings, especially for online banks.
Look for the bank's "fee schedule" of other charges you might have to pay such as ATM fees.
Check recent complaints listed with the Better Business Bureau and the CFPB Complaint Database.

One point that's worth calling out specifically is paper checks. Many banks don't allow you to write paper checks with their checking accounts. If you want to have this option available to you, even if you don't regularly use it, make sure you double-check this in advance.

FAQ

What bank offers a bonus for opening an account?

Many banks, such as Chase and Axos Bank, frequently offer sign-up bonuses on new checking accounts. These offers are for a limited time only and are constantly changing, so you'll need to do a quick search to see what's currently being offered when you're ready to apply.

Are there any banks that don't require a minimum balance?

Yes, many banks offer at least one basic checking account with no minimum balance requirement. It may be easier to find a checking account with no minimum balance at an online bank, such as Ally Bank, Capital One, or Discover Bank.

What are the easiest banks to open an account with?

It's usually very easy to open a checking account with most online banks such as Ally Bank, Capital One, or Discover Bank. All banks are required to verify your identity in the U.S., and they do this in various ways (such as by scanning or taking a photo of your official government I.D.).

Bottom line

You have many options when it comes to banks with no monthly fees and no minimum balance. The tricky part will be figuring out which one is right for you. For the best customer service, we recommend Discover Bank, and SoFi® is the winner hands-down in terms of best interest rate. Make a list of your priorities when it comes to banking as this can serve as a key tool to help you choose the best option for your unique situation.

Methodology

The companies we chose for our best banks with no monthly fees and no minimum balance list may be current or past FinanceBuzz partners. We did not review all companies in the market. When evaluating these companies, we considered factors such as fees, minimum opening deposit, and whether the account pays an APY.

Reach Your Savings Goals Faster

5.0

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

Earn up to 3.80% APY³ 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 <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>. and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits¹ 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 <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is 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 <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.
Limited-Time Offer: +0.20% Boost on Savings APY for 6 months on new accounts with Direct Deposit. Terms Apply.² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.
No account, overdraft, or monthly fees⁴ 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 <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early⁵ 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.
Access additional FDIC insurance up to $3 million⁶ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

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Author Details

Lindsay VanSomeren

Lindsay VanSomeren is a writer for FinanceBuzz based in Suquamish, Washington. Originally a wildlife biologist, Lindsay became passionate about helping others learn smart financial moves after seeing how positive money habits made a big difference in her own life.