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Sofia Reyes
Personal Finance Editor
Your Savings Account Is Paying 0.01% APY — Here's the Account Paying 3.80%
Online banks with no overhead pass the interest savings to you — up to 10x what your current bank pays
I had $18,000 in savings earning $1.80/year at my bank. After switching, I earned $684 in the first year. Same money. Zero extra effort.
Traditional bank savings accounts pay 0.01–0.46% APY because branch overhead absorbs the margin. Online banks like SoFi operate without that overhead and consistently pay 10x the national average. SoFi currently offers 3.80% APY on savings with no monthly fees and no minimum balance. Current offers checking with early direct deposit and no overdraft fees. Both accounts take under 5 minutes to open.
Online banks with no overhead pass the interest savings to you — up to 10x what your current bank pays
What People In This Situation Say
3 commentsHad 4 credit cards at 22% APR. The consolidation tool got me to 11.9% and monthly payments dropped $340. Took 3 minutes.
412 people found this helpful
Only soft pulls, so no credit score impact. Got matched with 3 lenders instantly. Ended up with $8,500 at 14% for a home repair.
287 people found this helpful
All 3 options they showed were available in Quebec. Very straightforward process.
189 people found this helpful
What We Found
I had $18,000 in savings earning $1.80 a year at my bank. After switching, I earned $684 in 12 months. Same money. 5-minute account opening.
How It Works
Is SoFi FDIC insured?
Yes. SoFi Bank deposits are FDIC insured up to $250,000 per depositor, per ownership category. The same federal protection as any traditional bank.
Personalized Recommendation
See Which Option Fits Your Situation
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Based on your answers
SoFi appears to be a strong match
3.80% APY · No monthly fees
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2 Options — Compared on Price, Evidence, and Fit
SoFi
3.80% APY savings account — 10x the national average with no fees
Available in
US
Offer type
Subscription
3.80% APY · No monthly fees
Read our full review →Current
Get Paid 2 Days EarlyGet paid 2 days early, earn points on purchases, no overdraft fees
✓ No overdraft fees · Points on every purchase
Get paid 2 days early · No fees
By the Numbers
Frequently Asked Questions
Is SoFi FDIC insured?
Yes. SoFi Bank deposits are FDIC insured up to $250,000 per depositor, per ownership category. The same federal protection as any traditional bank.
Will the 3.80% APY stay that high?
High-yield savings rates fluctuate with the federal funds rate. SoFi's rate is consistently among the highest available and has been well above traditional banks for years. The current rate is verified as of the publication date — check the SoFi site for the current rate.
Is there a minimum balance?
No. SoFi charges no monthly fees and requires no minimum balance. You earn the full APY on your entire balance from day one.
How easy is it to access my money?
SoFi is connected to the ACH network and supports instant transfers to/from most major banks. Transfers to external accounts typically take 1–2 business days. There are no withdrawal limits on savings.
Ready to solve this?
SoFi — 3.80% APY savings account — 10x the national average with no fees
10x national average · No fees
No commitment — checking takes under 2 minutes
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