The Fed has cut rates at the last couple meetings, and savings APYs everywhere are starting to slide. Banks that were bragging about “high yield” six months ago have quietly lowered their rates.
But one bank hasn’t flinched.
SoFi Checking and Savings (Member FDIC) continues to offer one of the highest annual percentage yields (APYs) available — up to 4.50% for 6 months when you set up direct deposit.
And even after the promo period ends, the standard rate is 3.80%, which still beats most savings accounts today.
Why SoFi® stands out in a sea of savings accounts
SoFi Checking and Savings (Member FDIC) is a two-in-one setup that blends daily banking convenience with top-tier APY potential.
It’s a hybrid checking and savings account in one place. And right now, it’s offering one of the strongest value combos we’ve seen all year.
Here’s what you get when you set up direct deposit:
- APY of up to 4.50% on savings (standard 3.80% APY on savings, plus a 0.70% APY boost for six months with direct deposit. Terms apply.)
- Welcome bonus up to $300 (direct deposit required)
- No account fees or minimum balance requirements
- FDIC insured (up to $3M with opt-in to SoFi® Insured Deposit Program)
You can also transfer money instantly between checking, savings, and even your SoFi® Invest account.
SoFi®’s clean, app-first design makes it feel more like a financial dashboard than a bank account. You can manage your bills, grow your emergency fund, and track savings goals — all from one place.
So if you’re tired of stitching together a Frankenstein mix of apps, banks, and brokerages, SoFi®’s unified setup is refreshingly simple.