I’ve been a customer of SoFi Bank since early 2020, using their easy digital-only banking to both save and invest in the market. Both their app and website are super user-friendly, which takes out a lot of confusion when banking. When I travel, having easy use of my funds is important, so both SoFi Savings and Checking accounts are a no-brainer, especially when they are free.
One of their standout offerings is their high-yield savings account, which currently offers a 4.2% APY – significantly higher than the national average for savings accounts. Here are some of the benefits of signing up for a SoFi Savings account:
- High-interest rate – As mentioned, the SoFi Savings account offers an impressive 4% APY (up to 4.2% APY with direct deposit enabled), which can help your savings grow much faster than with a traditional savings account that typically earns around 0.05% APY. Even their free Checking account earns up to 1.2% APY.
- No account fees – Unlike some banks that charge monthly maintenance fees or other account fees, the SoFi Savings account has no fees at all, including overdraft fees! This means you can keep more of your savings and earn even more interest over time.
- Easy access to funds – With a SoFi Savings account, you can access your funds easily and quickly whenever you need them. You can make unlimited transfers and withdrawals, and there are no restrictions or penalties for doing so.
- FDIC insurance – Your funds in a SoFi Savings account are FDIC-insured up to $1.5 million, which means your money is protected in case of bank failure.
- Additional features – In addition to a high-interest rate and no fees, SoFi also offers some additional features to help you manage your savings. For example, you can set up automatic transfers to help you save more consistently, and you can track your progress toward your savings goals using the SoFi mobile app.
- Easy sign-up process – Opening a SoFi Savings account is quick and easy. All you need to do is visit the SoFi website, enter some basic information, and link an external bank account to fund your new account.
- No fee Checking – If you also sign up for a SoFi checking account, that account also has no fees, including at 55,000+ ATMs worldwide. ATMs are fee-free at any ATM within the Allpoint® Network.
If you’re looking for a high-yield savings account with a competitive interest rate and no fees, a SoFi Savings account is definitely worth considering. With a 4% APY, FDIC insurance, and additional features to help you save, SoFi is a great option for anyone looking to grow their savings more quickly and efficiently.
SIGN UP HERE FOR A FREE SoFi Savings Account, Checking Account, or both.
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