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One Number Separates $150 a Year From $1,600 on a $40,000 Balance

The same $40,000 can earn about $150 or about $1,600 a year, depending on where its APY lands.

By Laura Hohenstein , Edited by Melinda Sineriz, ABFP®

Updated Oct. 16, 2026

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Quick Read

$40,000 at 4.00% APY earns about $1,600 over one year, or roughly $133 a month.
The same $40,000 at about 0.38% APY earns about $152 over one year, or roughly $13 a month.
That's a gap of about $1,448 a year on the same $40,000, before you change a single spending habit.
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 ten times more with a SoFi account. See SoFi®'s current rate.

A healthy savings balance can feel like the hard part is done. You skipped a few extras, kept the bonus, maybe let a tax refund sit, and suddenly there's real money in the account.

But the account's annual percentage yield, or APY, decides what that money earns while it sits there. On a $40,000 balance, one rate points to about $150 a year, while another points to about $1,600.

So the useful question isn't whether $40,000 is enough to matter. It is. The useful question is whether the dollars that belong in savings are sitting in an account that pays enough to justify staying put.

Your APY does the work

APY turns your savings account balance into yearly earnings. A bigger balance helps, of course, but when two accounts hold the same $40,000, the rate does the heavy lifting.

That's why the headline gap looks so dramatic. The money doesn't work harder because it moved across town or into a fancier app. It earns more because the account pays a higher yield on the cash you already have.

If your savings account APY is tiny, $40,000 could still produce a surprisingly small annual interest credit. If your APY is closer to the 4.00% example, the same balance produces a different result entirely.

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.

$150 points to 0.38%

Start with the smaller number. If $40,000 earns about $150 in one year, the rate behind that result is low enough that the balance barely matters.

Here's the reverse math:

$150 / $40,000 = 0.00375, or about 0.38%.

Now run the same idea forward. A $40,000 balance at 0.38% APY for one year earns about $152, which is why the headline rounds that outcome to about $150.

The annoying part is how normal that can feel. A savings account can show interest every month, and the credit can still be small enough that you'd miss it if you weren't looking for it.

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

4.00% turns into $1,600

Now compare that with an account paying 4.00% APY in a simple savings example. The math is simple and a little rude to low-rate accounts.

A $40,000 balance at 4.00% APY for one year earns about $1,600. That's the same principal, the same one-year timeframe, and the same basic job for the money: stay accessible and earn interest while you're waiting to use it.

Put next to the 0.38% example, the difference is about $1,448 in one year. That gap doesn't require a bonus or a new savings habit. It comes from the account's APY.

Check your rate first

Before judging whether moving money is worth the hassle, find the APY on your current savings account. The easiest places to check are usually your account details in online banking, your monthly statement, or the account's rate page.

Look for APY specifically, because the posted interest rate and APY might appear in different spots. APY is the cleaner comparison number because it reflects the yearly yield on the account, including the effect of compounding.

Write the APY down next to your savings account balance. If you have $40,000, multiply $40,000 by your APY as a decimal to estimate one year of interest. For example, 1.00% becomes 0.01, so $40,000 at 1.00% earns about $400 in one year.

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

Move the right dollars

A high-yield savings account fits money that needs to stay available but doesn't need to pay a bill tonight. Emergency savings are the classic example, because you want the cash within reach when the car, the furnace, or your teeth decide to become expensive.

Short-term goals can fit, too. Money for taxes, tuition, a wedding, a vacation, or a home repair could belong in high-yield savings if you'll need it within months or a few years and you don't want stock market drama involved.

But some dollars should stay closer. This month's rent, mortgage payment, utilities, and credit card payments belong where you can reach them the same day. Money already committed to a closing, tuition bill, contractor payment, or tax deadline in the next few weeks needs convenience more than a higher yield.

The other side matters as well. Money you won't need for at least five years might be too long-term for a savings account, even a high-yield one, because the tradeoff for easy access is usually lower growth than riskier long-term options could offer. So your $40,000 might split into piles: bills, emergency savings, short-term goals, and longer-term money.

Details can make or break it

The rate gets your attention, but the account details decide whether the move works in real life. External transfers between institutions aren't always instant, so money for tomorrow morning's payment belongs somewhere more immediate.

You might also need to link accounts before moving money. That setup can be quick, but it's still a step, which matters if you're moving money because a deadline is already staring at you.

Then check access and coverage limits. FDIC deposit insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. At federally insured credit unions, NCUA share insurance covers up to $250,000 per depositor, per federally insured credit union, for each ownership category.

Fees and minimums deserve a quick look, too. Savings accounts can come with monthly maintenance charges, minimum opening deposits, and balance requirements. A $5 monthly charge is $60 a year, which doesn't ruin the 4.00% example on $40,000, but it's still your money leaving through a side door.

Bottom line

On a $40,000 balance, 0.38% APY earns about $152 over one year, while 4.00% APY earns about $1,600 over one year. Leaving the money in the lower-rate account costs about $1,448 in potential interest.

Keep bill money and cash you need immediately where access matters most. For emergency savings and short-term goals that don't need same-day access, moving from 0.38% APY toward the 4.00% APY example can turn the same $40,000 into real breathing room.

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