Exploring SoFi
SoFi HYSA is a Winner
SoFi’s high-yield savings account is one of the best on the market due to the combination of a competitive interest rate, an attractive sign-up bonus, and SoFi’s suite of other offerings that mean you can manage you money across savings, loans, and investing, all in one place. SoFi’s robo-advisor service, in particular, appears to be a great deal, especially for those new to investing.
SoFi Savings Breakdown
The name of the game with HYSAs is the interest rate, which SoFi’s latest offer puts it right near the top of. You can get up to 4.50% Annual Percentage Yield via a savings boost (+0.70% boost on savings APY to up to 4.50% for up to 6 months on new accounts with eligible direct deposit*). On top of that, the welcome bonus, worth up to $300, bumps the overall yield in the first year well above the typical rate on the market. To put it in perspective, if you deposit the $5,000 necessary to receive the full bonus, it will take you close to 10 years to earn $300 from another bank via the gap in interest rate alone.
Plus, with SoFi, you get easy access to other financial services offerings, so it’s a get institution to work with if you need accounts beyond just the core savings account.
SoFi Advantages
The most significant advantage is the combination of competitive interest rates, a great starter savings rate boost, a strong intro bonus, and a suite of other services under the same roof. For savings, the up to $300 intro bonus is huge piece of the puzzle. It’s well worth surrendering the small portion of interest rate upside for the up-front bonus. Plus, SoFi has a highly rated to help you manage your money in a clean and easy to use interface.
SoFi Disadvantages
SoFi’s limited track record as a bank is a concern to some, but that can be said of many of the best HYSA offerings. If you’re looking for just a savings account, SoFi loses some of its luster, especially if you’re looking to put a very large amount into the account and/or earn interest over a very long time horizon.
Conclusion
Intro bonus + competitive interest rate + savings boost offer = this is a win. 10 years of interest on $5,000 is a long time to make-up the game on that intro bonus, especially with the rate boost.
Disclaimer: Rates and terms are subject to change. Please verify the latest details with the respective banks before making a decision. The market is volatile. No investment is a guarantee of returns.
*0.70% Savings APY Boost – Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
