Effort Level: Very Low
Earning Potential: Depends on Your Savings Balance
My Verdict: A simple way to earn interest on money you're already saving, without having to actively manage it.
Most of the apps I review on Go Pick Up Pennies involve doing something to earn extra money. Maybe you're playing a game, walking a certain number of steps, or completing an offer.
SoFi is a little different.
The idea is simple: If you have money sitting in a savings account, why not make sure it's earning a competitive interest rate?
A high-yield savings account lets your money earn interest without requiring much ongoing effort. You don't have to play games, complete daily tasks, or constantly check for new offers.
For me, that's exactly the kind of opportunity Go Pick Up Pennies is about.
Click here for a free $50 sign up promotion.
How Does SoFi Work?
SoFi is an online financial services company offering checking and savings accounts, investing services, loans, and other financial products.
For this review, I'm focusing specifically on its high-yield savings account.
Unlike a traditional savings account that might pay very little interest, a high-yield savings account offers the opportunity to earn a more competitive return on your deposits.
The money remains in your bank account, and interest is credited automatically.
The important number to understand is APY, or Annual Percentage Yield.
APY represents the amount of interest an account would earn over a year, including the effect of compounding, assuming the rate and balance remain constant.
A higher APY generally means more interest earned on the same savings balance.
How Much Can You Earn?
This is where SoFi becomes interesting.
Your earnings depend primarily on three things:
How much money you have in savings.
The APY you qualify for.
How long you keep the money in your account.
For example, someone maintaining a $40,000 savings balance can earn a meaningful amount of annual interest at a competitive high-yield savings rate.
The great thing is that the interest is earned without needing to make trades, complete offers, or take on the market risk associated with investing in stocks.
Of course, savings rates are variable and can change. Your actual earnings also depend on eligibility, account terms, and any applicable membership fees.
For the latest rates and account requirements, visit SoFi's official savings page.
What Is SoFi Plus?
SoFi also offers a paid membership called SoFi Plus.
The membership provides access to certain additional benefits, which may include enhanced savings rates, rewards, and other financial services.
Whether the membership is worth paying for depends on your situation.
If you maintain a larger savings balance, an enhanced interest rate might provide enough additional earnings to justify a membership expense.
If you have a smaller balance, the extra interest may not outweigh the cost.
I would always compare the expected additional earnings with the membership price before signing up.
You can review the current membership benefits and fees directly on SoFi's website.
Why I Like High-Yield Savings Accounts
One of the biggest themes behind Go Pick Up Pennies is that small financial decisions can add up over time.
This is a perfect example.
You could spend hours looking for ways to earn an extra few dollars, but sometimes the better opportunity is simply making smarter use of money you already have.
A high-yield savings account can be particularly useful for money you're saving for shorter-term goals.
That might include an emergency fund, a future home purchase, a vacation, or another large expense.
Rather than leaving those funds in an account earning minimal interest, you can put them in a savings account where they have the opportunity to earn more.
The interest won't make you rich overnight, but it can be a meaningful addition to your savings over time.
Is My Money Safe?
This is one of the most important differences between SoFi and some of the other money-making apps I've reviewed.
SoFi Checking and Savings accounts are offered through SoFi Bank, N.A., Member FDIC.
Eligible deposits receive FDIC insurance within applicable coverage limits.
That protection is very different from investing in stocks or participating in casino-style rewards games.
Your savings balance isn't subject to the daily price fluctuations of the stock market, although the interest rate can change.
It's still important to understand your account terms and applicable deposit insurance limits.
What Are the Downsides?
As much as I like the simplicity of earning interest, there are a few things worth considering.
Interest rates can change. The APY you're earning today may not be the rate you receive six months from now.
Higher rates may have conditions. You may need eligible deposits or a paid membership to qualify for certain benefits.
Membership fees matter. Paying for additional benefits only makes sense if you actually receive enough value from them.
Interest is taxable. Interest earned on savings generally counts as taxable income.
And finally, a savings account serves a different purpose than a long-term investment portfolio.
I think of high-yield savings as a place for money I want to preserve and keep accessible, rather than money I'm investing for long-term growth.
Is SoFi Worth It?
I think a competitive high-yield savings account is one of the easiest financial improvements someone can make.
There's no need to find time for another side hustle or constantly monitor a rewards app.
You deposit your savings, meet any applicable account requirements, and let the interest accumulate.
Of course, SoFi isn't the only bank offering high-yield savings accounts, and it's worth comparing rates, fees, access to funds, and account features before choosing where to keep your money.
But the broader principle is one I'd recommend to almost anyone:
Make sure the money you're already saving is working for you.
My Final Rating
Effort: Very Low
Earning Potential: Depends on your savings balance and qualifying interest rate.
Financial Risk: Low for eligible FDIC-insured deposits within coverage limits.
Ongoing Maintenance: Minimal, although it's worth checking your rate and account terms periodically.
Would I Recommend It? Yes, as an option worth comparing when choosing a high-yield savings account.
Interested in Opening a SoFi Account?
You can learn more about SoFi Checking and Savings and review its current rates and available promotions below.
Make sure to open your account through the referral link if you want to qualify for an eligible referral offer. Bonuses require completing the applicable conditions and aren't guaranteed.
Disclosure: This post contains a referral link. I may receive a cash bonus if you open an eligible SoFi account through my link and complete the required activities. Referral bonuses are subject to SoFi's current terms.
This article is for informational purposes only and is not personalized financial or tax advice. Savings APYs are variable. Account benefits, fees, and referral promotions are subject to change. SoFi Bank, N.A. is Member FDIC.
