What is SoFi's minimum balance?

SoFi Checking and Savings has no minimum balance requirement. You can open the account with $0 and maintain it at any balance — including $0 — with no fee or penalty. There is no minimum balance to earn interest on the checking account (0.50% APY) or savings account.

Does SoFi have a minimum balance to earn the high APY?

SoFi does not require a minimum balance to earn its savings APY. However, the highest savings rate (up to 4.60% APY in 2026) requires setting up qualifying direct deposit ($1,000 or more per month or pay period). Without direct deposit, SoFi savings earns approximately 1.20% APY. There is no minimum balance in either case.

What is the minimum deposit to open a SoFi account?

SoFi Checking and Savings can be opened with $0. There is no opening deposit requirement. Once approved, the account is active and you can fund it via external transfer, direct deposit, or mobile check deposit.

SoFi Bank Minimum Balance 2026: $0 — No Minimum Required

SoFi Checking and Savings has no minimum balance and no monthly fee. Open with $0, maintain any balance, and never pay a maintenance fee. The only caveat: SoFi’s top savings rate (up to 4.60% APY) requires setting up qualifying direct deposit — there is no minimum balance threshold to unlock it.

SoFi Minimum Balance Summary

Account	Min to Open	Ongoing Minimum	Monthly Fee
SoFi Checking	$0	$0	$0
SoFi Savings	$0	$0	$0

How SoFi’s APY Works

SoFi offers two savings rates depending on direct deposit status:

Savings APY Tier	Requirement	Rate
High APY	$1,000+/month direct deposit	Up to 4.60%
Base APY	No direct deposit	~1.20%
Checking APY	Always (regardless of DD)	0.50%

There is no minimum balance in either tier. Even $1 in your savings account earns interest at the applicable rate.

Example: A member with $15,000 in SoFi savings who sets up direct deposit earns: $15,000 × 4.60% APY ÷ 12 = approximately $57.50/month in interest

Compare to $15,000 at a traditional bank savings account earning 0.01% APY = $0.13/month.

SoFi vs Traditional Banks: No Minimum vs Monthly Fee

Bank	Monthly Fee	Balance to Waive
SoFi	$0	N/A
Chase Total Checking	$12	$1,500
Bank of America	$12	$1,500
Wells Fargo	$10	$500
Citibank	$12	$1,500
PNC	$7–$25	$500–$2,000

Setting Up Direct Deposit to Unlock the High APY

To qualify for up to 4.60% APY on SoFi savings:

Log into SoFi app → tap Money → Checking
Tap Direct deposit → generate the direct deposit form
Provide to employer: Routing number 084106768 + your account number
SoFi activates the high APY once a qualifying direct deposit arrives

A qualifying direct deposit is one received as payroll, government benefits, or other income — not peer-to-peer transfers or ATM deposits.

SoFi savings rate 2026 — up to 4.60% APY with direct deposit
SoFi fees 2026 — $0 monthly, $0 in-network ATM
SoFi routing number 2026 — 084106768 for direct deposit setup
SoFi vs Ally 2026 — rates, ATM, and minimum balance compared

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy