News & Trending Banking News

A Saver Moved $60,000 Before the Holidays - Here’s the First Statement

A $60,000 move can earn real interest by the first statement, as long as your holiday bills still have room to land.

By Laura Hohenstein , Edited by Melinda Sineriz, ABFP®

Updated Nov. 11, 2026

Add Us On Google

Quick Read

$60,000 at a 4.00% annual percentage yield (APY) earns about $2,400 over one year, or roughly $200 a month.
The same $60,000 at the FDIC national average savings rate of 0.38% APY (as of 06/15/26) earns about $228 a year, or about $19 a month.
That's a gap of about $2,172 a year on cash you could still reach when you need it.
At the national average savings rate of 0.38% (as of 06/15/26), $20,000 earns $76 a year. The same balance could earn up to nine times more with a SoFi Checking and Savings account. See SoFi®'s current rate.

Holiday money can look spoken for before the first gift receipt hits your inbox. Travel, cards, rent, groceries, and the January bill hangover all want a place in line.

That's why the first statement after moving a large balance into a high-yield savings account is more useful than the rate alone. The real question is whether the account earned meaningful interest without putting seasonal cash in the wrong place.

You can use the same timing split for your own cash: money that needs to stay close, money that could work harder in savings, and money that probably belongs in a longer-term plan.

What the first statement could show

The first statement is where a savings move stops being theoretical. Instead of judging the move by the listed rate, look at when the funds arrived, when the statement period started and ended, and how many days the balance actually earned interest.

The key line is posted interest. The statement may also show the annual percentage yield (APY) earned, any service charges, and the length of the statement period or the beginning and ending dates. Those items matter because a monthly charge would sit right next to the interest line and change what the move actually produced.

The statement result also needs the calendar beside it. A full month of interest and a partial first statement are different animals, even when the balance and rate are exactly what you expected.

$60,000 makes rates visible

A big balance makes a good savings rate easy to notice. Say you find an account paying 4.00% APY. On $60,000, that earns about $2,400 over one year before tax effects, using simple interest for an easy estimate.

Divide that yearly estimate by 12, and the same $60,000 at 4.00% APY earns about $200 for a full month before tax effects. The same balance at the FDIC national average savings rate of 0.38% APY (as of 06/15/26) earns about $228 over one year, or about $19 a month.

So the eye-catching part of the statement isn't magic. It's the balance doing the work, helped by a rate that doesn't round down to pocket change.

If you have	One year at 0.38% APY (national average)	One year at 3.80% APY (example)	You are leaving behind
$10,000	$38	$380	$342
$25,000	$95	$950	$855
$40,000	$152	$1,520	$1,368
$50,000	$190	$1,900	$1,710
$100,000	$380	$3,800	$3,420

We did the research for you. Having your checking and savings accounts with the same financial institution can make money management a lot simpler. SoFi® was our 2026 award winner for Best Checking and Savings Combo because it delivers on interest and additional features.

For example, you could earn up to 4.40% APY on your savings balance with direct deposit. (3.30% APY¹ with +1.10% APY Boost) for up to 6 months on new accounts.²

SoFi also offers more special features than any other account combo we looked at: No account fees: No overdraft fees.³ No minimum balance fees. No monthly fees.⁴ Get paid up to two days early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.⁵ Access additional FDIC insurance up to $3M: Typically, single-member deposit accounts are federally insured up to $250,000. With SoFi, FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁶

Open an account with SoFi here.

A partial month pays less

The first statement can look smaller than the full-month math because interest generally starts when the money is actually earning in the account. If a transfer is initiated before the funds are received or posted for interest purposes, the earlier click date doesn't necessarily create interest.

For a plain example, $60,000 at 4.00% APY for 15 days earns about $99 before tax effects:

$60,000 × 0.04 × 15 / 365 = about $99.

So if your first statement looks light, check the dates before blaming the rate. A smaller first interest line could simply mean your money arrived halfway through the cycle.

When this money belongs here

High-yield savings fits best when the money needs safety and access, but doesn't need to sit in checking for tomorrow morning. Emergency savings, a cushion beyond your regular checking needs, and one- to 24-month goals often fit that description.

Holiday cash needs a boundary. Rent due next week, card payments already scheduled, gifts already budgeted, and travel charges hitting before the end of the month should stay where you can reach them fast. If you want a refresher on the account split, this checking vs. savings breakdown can help you decide what belongs where.

The answer also doesn't have to be all $60,000 or nothing. You might keep $8,000 in checking for December bills, move $42,000 into high-yield savings for emergencies and near-term goals, and set aside $10,000 for a tuition bill or down payment with a fixed date.

Money meant for five years or longer is a different conversation. A savings account keeps the cash available, but long-term money might need a plan built around growth, risk, and time.

Your money is already saved. Now see how it could be earning you hundreds per year.

What could slow the move

The practical friction is real, and it matters more during the holidays. External ACH transfers between institutions can take one to three business days, and timing can vary with bank cutoffs, weekends, holidays, and account verification. Money moved out of checking on Monday might not be back instantly if a surprise bill lands on Wednesday.

Emergency access also depends on how the account lets you move money. Some savings accounts connect easily to outside accounts, while others can have limits, slower transfers, or fewer withdrawal options. Before moving cash, check the transfer buttons, the linked account setup, and whether you can pull money back the way you expect.

Insurance is another box to check. In general, FDIC deposit insurance uses a $250,000 limit per depositor, per FDIC-insured bank, per ownership category. NCUA share insurance similarly uses a $250,000 standard share insurance amount per share owner, per insured credit union, for each account ownership category. That framework is helpful, but you still need to confirm the institution and ownership category for your own account.

Then look for minimums, monthly costs, and rate language. Minimum deposits, balance requirements, transfer options, and account terms vary by account, and a high-yield savings rate can move after you open the account. That variable rate is the tradeoff for keeping the money accessible.

Read the statement, not just the rate

Give the first statement five minutes before deciding whether the move worked. The APY line matters, but the posted interest line tells you what actually landed in the account for that statement period.

Check these fields together:

Statement start and end dates.
Posted interest for the period.
Average daily balance, if the statement shows it.
Ending balance.
Any account cost or service charge line.
APY or interest rate line.

Those fields explain most surprises. A lower average daily balance can mean the money arrived after the period began, while an account cost line can explain why the ending balance didn't rise by the full posted interest amount.

Savings interest is generally taxable interest income, so the posted interest line could also show up on a tax form later. That's another reason to save the statement instead of relying on the headline rate from the day you opened the account.

Bottom line

A $60,000 balance at 4.00% APY earns about $2,400 over one year, or about $200 for a full month before tax effects. At the FDIC national average savings rate of 0.38% APY (as of 06/15/26), the same balance earns about $228 a year.

The move makes sense only for the part of your cash that doesn't need to cover immediate bills and doesn't belong to a long-term plan. Keep near-term holiday spending close, move suitable savings where the rate is stronger, and use your first statement to check the balance, dates, interest, and any account costs.

Saving for a down payment, a wedding, or next April's tax bill? That money could be earning up to 4.40% APY for up to 6 months while it sits.² Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.

Would You Spend Ten Minutes for $1,465?

That's roughly the year's difference on $40,000 between the national average and the up-to-4.00% rates available now. And ten minutes isn't a figure of speech. You just provide some information, like your name, address, Social Security number, and the account your deposit money's coming from. But rates are variable and follow the market, which is why the only number worth acting on is today's. Compare the current top accounts here.

Bank/Institution	APY Annual Percentage Yield	Bonus Offer	Open Account	Bonus Offer
AWARD WINNER Best Checking and Savings Combo
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.40 % APY With $0 min. balance² <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>	Limited-Time Offer: +1.10% boost on Savings APY to up to 4.40% for up to 6 months on new accounts² <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $400 Bonus with direct deposit.¹ <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 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 12/31/2026. 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 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply.	Learn More on SoFi's secure website Member FDIC	Limited-Time Offer: +1.10% boost on Savings APY to up to 4.40% for up to 6 months on new accounts² <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $400 Bonus with direct deposit.¹ <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 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 12/31/2026. 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 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply.
4.3 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.35 % APY With $5,000 min. balance⁷ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>	Limited-Time Offer: Earn up to 4.35% APY (3.75% APY⁷ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> with +0.60% APY Boost) on balances of $5,000 or more for up to 6 months.⁸ <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.60% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on November 3, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> Enter code Boost60 to qualify. $100 minimum opening deposit.	Learn More on CIT Bank's secure website Member FDIC	Limited-Time Offer: Earn up to 4.35% APY (3.75% APY⁷ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> with +0.60% APY Boost) on balances of $5,000 or more for up to 6 months.⁸ <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.60% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on November 3, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> Enter code Boost60 to qualify. $100 minimum opening deposit.
4.9 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.25 % APY With $0 min. balance⁹ <p>Select Savings from Barclays Annual Percentage Yield (APY) on all balance tiers is accurate as of 10/07/2026. Rates may change at any time without prior notice, before or after the account is opened.</p>	Special Offer: Earn a $400 Bonus when you deposit at least $40,000 within 30 days and maintain that balance for 120 consecutive days.¹⁰ <p>$400 Bonus Offer: To qualify for this bonus offer, you must be a new Select Savings from Barclays customer, open an account through 1/31/2027, fund your new savings account with at least $40,000 within the first 30 days of opening the account, and maintain the balance of at least $40,000 for 120 consecutive days.  After you maintain the $40,000 balance for 120 consecutive days, the $400 bonus will be added to your account in approximately 60 days. The bonus will be applied and treated as interest for tax purposes and could require Barclays to send you a Form 1099-INT (Interest Income) and file it with the IRS for the year in which you earn the bonus.  Offer expires 1/31/2027.</p> <p>You may make multiple deposits to your account from another financial institution(s) to meet the offer requirements, provided these deposits all occur no later than 30 days after opening the new Select Savings account.  The funds deposited into your Select Savings account will earn the current annual percentage yield listed on Barclays Select Savings for the Select Savings account.  Withdrawals could affect your eligibility to earn the bonus if the withdrawal causes the account balance to drop below $40,000. The 120 consecutive days will not start until the $40,000 is deposited within 30 days from opening the account.  While there is no minimum balance required to open a Select Savings account, as described above there is a minimum balance required to earn the bonus offer. Offer subject to change or cancellation without notice.</p> ¹¹ <p>You'll need your current AARP membership number to open an AARP Digital Banking from Barclays account.</p><p>AARP member benefits are provided by third parties, not by AARP or its affiliates. Barclays Bank Delaware (Barclays) pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. Some Barclays offers are subject to change and may have restrictions. Please contact Barclays directly for details.  AARP Digital Banking is provided by Barclays, Member FDIC. AARP is not a FDIC insured institution.</p>	Learn More on Barclays' secure website Member FDIC	Special Offer: Earn a $400 Bonus when you deposit at least $40,000 within 30 days and maintain that balance for 120 consecutive days.¹⁰ <p>$400 Bonus Offer: To qualify for this bonus offer, you must be a new Select Savings from Barclays customer, open an account through 1/31/2027, fund your new savings account with at least $40,000 within the first 30 days of opening the account, and maintain the balance of at least $40,000 for 120 consecutive days.  After you maintain the $40,000 balance for 120 consecutive days, the $400 bonus will be added to your account in approximately 60 days. The bonus will be applied and treated as interest for tax purposes and could require Barclays to send you a Form 1099-INT (Interest Income) and file it with the IRS for the year in which you earn the bonus.  Offer expires 1/31/2027.</p> <p>You may make multiple deposits to your account from another financial institution(s) to meet the offer requirements, provided these deposits all occur no later than 30 days after opening the new Select Savings account.  The funds deposited into your Select Savings account will earn the current annual percentage yield listed on Barclays Select Savings for the Select Savings account.  Withdrawals could affect your eligibility to earn the bonus if the withdrawal causes the account balance to drop below $40,000. The 120 consecutive days will not start until the $40,000 is deposited within 30 days from opening the account.  While there is no minimum balance required to open a Select Savings account, as described above there is a minimum balance required to earn the bonus offer. Offer subject to change or cancellation without notice.</p> ¹¹ <p>You'll need your current AARP membership number to open an AARP Digital Banking from Barclays account.</p><p>AARP member benefits are provided by third parties, not by AARP or its affiliates. Barclays Bank Delaware (Barclays) pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. Some Barclays offers are subject to change and may have restrictions. Please contact Barclays directly for details.  AARP Digital Banking is provided by Barclays, Member FDIC. AARP is not a FDIC insured institution.</p>
4.6 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.00 % APY With $0.01 min. balance¹² <p>Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 10/12/2026. No minimum opening balance or deposit required. Rates may change at any time without prior notice. Customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.</p>	—	Learn More on Live Oak Bank's secure website Member FDIC	—

Limited-Time Offer

2026 AWARD WINNER Best Checking and Savings Combo

SoFi Checking and Savings

5.0

Open Account on SoFi's secure website, Member FDIC

APY

4.40%

Minimum Balance for APY

Bonus Offer

Up to $400

Why We Like It

Limited-Time Offer: Earn a $50 or $400 cash bonus¹ 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 12/31/2026. 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 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. plus a boosted up to 4.40% APY² Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC. on Savings (3.30% APY¹ 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 12/31/2026. 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 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. with +1.10% APY Boost) for up to 6 months when you open a new account and set up eligible direct deposits. Terms apply.
No account, overdraft, or monthly fees.⁴ We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank 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 early with direct deposit.⁵ 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 million.⁶ 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>.
Excellent 4.3/5