Are you one of the millions of Americans earning next to nothing on your savings account?
Right now, the average savings account interest rate is just 0.39%, per the Federal Reserve. That means for every $1,000 in your account, you’re earning $3.90 a year in interest. That’s not making you rich anytime soon.
On the other hand, there’s my favorite savings account: a SoFi Checking and Savings account (Member FDIC), which is offering up to 4.00% annual percentage yield (APY) and a $50 or $400 bonus today with direct deposit. Terms apply. It’s the easiest way I’ve found to supercharge your savings — and it only takes minutes to open.
Here’s what to know.
Unlock a $50 or $400 bonus and up to 4.00% APY today
SoFi®’s been my personal bank of choice for a full year now — and to be honest, I was pretty late to the game.
For years, I stuck with my dusty old Wells Fargo savings account, which earned me just 0.01% APY. I was overdue for an upgrade. If you want to join me, SoFi® can get you:
- APY of up to 4.00% on savings
- Limited-time offer: Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
- Up to $50 in no-fee overdraft coverage
- Access to paychecks up to two days early
- No account fees or minimum deposits
Wondering how SoFi®’s APY works? Right now, you can unlock a 0.70% boost on your savings APY for your first six months, all by hitting a few deposit requirements. Once that ends, you’ll earn the standard 3.30% APY (subject to change).
You can also get a bonus of $50 or $400 — free money, just for taking a few minutes to open your account, move your cash, and set up direct deposits.
All told, that’s the best bonus I’ve seen yet from SoFi® — which means now’s definitely the time to open an account.
