SoFi vs Marcus 2026: Savings APY, Fees and Access

Marcus wins for a US saver who wants the rate without a paycheck or a subscription. Its Online Savings Account pays 3.50% APY, with no minimum deposit and no monthly fee, as of October 30, 2026. For customers without SoFi Plus, SoFi pays 3.30% APY after an eligible direct deposit or qualifying-deposit test, and 0.80% when neither is met. SoFi Plus has separate paid tiers. SoFi wins when that same login also has to be a checking account with a debit card.

A high-yield savings account is a bank deposit that pays a variable APY, holds cash rather than investments, and carries FDIC insurance at the bank that holds the money, up to the legal limit for that ownership category.

Financeradar data: the savings account list we publish compares 51 high-yield savings accounts. Read on October 30, 2026, its highest print with no fee and no minimum is Pibank Savings at 4.40% APY, last checked on that list on October 27, 2026. Marcus sits 0.90 points under that print, and SoFi's direct-deposit savings rate sits 1.10 points under it. The rates below were read the same day on each bank's own pages. None of them is a promise that the APY will still be there next month.

SoFi vs Marcus at a glance

	Marcus Online Savings	SoFi Savings
Bank	Goldman Sachs Bank USA, Salt Lake City Branch, Member FDIC	SoFi Bank, N.A., Member FDIC
Posted savings APY	3.50%, as of October 30, 2026	3.30% with an eligible direct deposit or the deposit test; 0.80% otherwise. Rate sheet effective October 20, 2026
What unlocks the higher SoFi rate	Not required. The posted rate does not depend on a paycheck	Eligible direct deposit with no minimum amount, or $5,000 of qualifying deposits, every 31 days
Monthly fee	None stated	None on the fee sheet
Minimum to open	None. An unfunded account may be closed after 60 days	None stated on the rate sheet
Checking included	No. Savings and CDs only	Yes. Opening savings also opens checking
Debit or ATM card	No debit card and no ATM card	SoFi Bank debit card
Outgoing domestic wire, bank's own fee	None from Marcus. The other bank may charge	$30
Extra FDIC above the standard limit	Not offered. The standard limit applies at Goldman Sachs Bank USA	Optional program, deposits may be insured up to $3 million
Balance cap	$1,000,000 per savings account; $3,000,000 across deposit accounts per owner	No savings cap on the rate sheet. SoFi Plus's top rate applies only to the first $20,000

Marcus states the APY on its online savings page. SoFi states both savings tiers on the SoFi Bank rate sheet. Both rates are variable.

How much interest does each account pay in a year?

On a balance that sits still, Marcus pays more than SoFi's everyday savings rate, and the gap shrinks once SoFi's deposit rule is met. The dollars below are our arithmetic, not a quote from either bank. Take $10,000 left in savings for 12 months, with no further deposits or withdrawals, before tax, and with the published APY held constant. If either bank cuts the rate in month three, the year comes out lower.

Situation	Marcus	SoFi
Savings only, no paycheck and no subscription	$350 at 3.50%	$80 at 0.80%
Eligible direct deposit, or SoFi's deposit test, kept all year	$350 at the same 3.50%	$330 at 3.30%
New SoFi member who keeps the 1.10-point boost for six months, then the direct-deposit rate	Not a SoFi promotion	$385, half the year at 4.40% and half at 3.30%
One Marcus referral, using Marcus's own combined-APY illustration	$375 at the 3.75% combined APY Marcus describes	Not a Marcus promotion
SoFi Plus at $10 a month, balance inside the $20,000 tier	$350	$470 of interest, minus $120 of fees, $350 net

Without a direct deposit, Marcus pays $270 more than SoFi on this balance. With the deposit rule met all year, Marcus pays $20 more. The boost row beats Marcus only if every boost month qualifies and the underlying rates do not move. After those six months, the comparison falls back to the second row.

The same arithmetic scales. At $20,000, Marcus pays $700 and SoFi's direct-deposit rate pays $660. SoFi Plus on that full tier pays $940 of interest. Subtract the subscription and the net is $820, which is $120 ahead of Marcus. Above that tier, further SoFi savings earn 3.30%, while Marcus still pays 3.50% on the whole balance up to its account cap.

What do you have to do to earn SoFi's 3.30%?

Nothing extra at Marcus. At SoFi, a repeating deposit. That rule, more than the headline gap of 0.20 points, decides which account pays a given household more.

SoFi's rate sheet, effective October 20, 2026, pays 3.30% APY on savings, and 0.50% on checking, when either of two tests is met every 31 days. An eligible direct deposit is a recurring ACH payment of regular income from an employer, a payroll provider, a pension, or a government agency. There is no minimum dollar amount for the rate. A one-time tax refund, a transfer you push from another bank, a check, or a Venmo or PayPal payment does not count as that direct deposit. Some payroll files are not labeled as direct deposit. SoFi tells members to open the APY details page the day after payday and to call if the higher rate did not switch on.

The other test is $5,000 or more of qualifying deposits in the same 31-day window, from ACH, inbound wires, peer-to-peer payments, checks, debit-card funding, or cash. Transfers among your own SoFi accounts, interest, SoFi bonuses, and refunds do not count. For non-Plus members, miss the window and savings falls to 0.80%. Checking stays at 0.50% either way. SoFi may grant a grace period. If it does, the dates appear on that same APY page.

Marcus does not run a deposit test for its posted APY. The rate can still change at any time, before or after the account is open. A saver paid by invoice, or someone who will not move payroll, keeps Marcus's rate without a monthly ritual. Someone who will move payroll anyway can treat SoFi's test as already satisfied.

What do the promotions and SoFi Plus require?

Treat both boosts as a short overlay on a variable rate. They are not the account you will still hold next year.

New SoFi members can add 1.10 points, which is how the savings page reaches 4.40% APY, for up to six months. It has to be that member's first Checking and Savings account, opened between October 20, 2026 and December 31, 2027. Within 60 days they need one eligible direct deposit or the qualifying-deposit test, and the same test has to keep landing every 31 days. Miss a window and that stretch earns the standard rate. A later window inside the six months can turn the boost back on. It applies to one savings account, it cannot sit on balances already earning the SoFi Plus rate, and SoFi can end the offer. An existing Checking and Savings member is not eligible.

SoFi also pays a one-time direct deposit bonus to someone who has never set up direct deposit there. After the first eligible deposit of at least $1, SoFi totals eligible deposits over the next 25 days. A total from $1,000 to $4,999.99 pays a $50 bonus. A total of $5,000 or more in eligible direct deposits pays a $400 bonus. Bank transfers and peer-to-peer payments do not count toward that bonus, even when they count toward the savings-rate test. Smaller totals pay nothing. The bonus lands in checking within seven business days, the account has to be open and in good standing, and the offer runs through December 31, 2027 unless SoFi ends it sooner. SoFi says the bonus may be reported on a 1099-MISC.

Marcus's referral boost is 1.00 point for three months, on top of the standard APY at the time, on Online Savings Accounts where you are the primary owner. A new customer has not had a Marcus savings account or CD in the last 12 months, and must open through the referrer's unique link, including the "Accept invitation" step. You can queue up to five boosts, and they run one after another, not stacked. Marcus's own illustration, one referral in a year with the standard APY unchanged, is a combined APY of 3.75%. On the $10,000 example that is the $375 row above. CDs do not get the boost. Marcus can change or revoke the program. Full terms are on the referral page.

SoFi Plus is a separate choice. It costs $10 a month, billed from the subscription date, and pays 4.70% APY on up to $20,000 in one savings account, then 3.30% above that. Against Marcus, the extra 1.20 points inside the tier have to cover $120 a year. Divide the fee by 0.012 and the break-even is the same $10,000 used in the table, where the year is a tie after the fee. Below that line Plus loses to Marcus on this simplified comparison. Against SoFi’s own 3.30% rate, the $120 annual subscription breaks even at approximately $8,571 on the eligible balance; this ignores taxes and any other subscription benefits. At the top of the tier, Plus nets $820 against Marcus's $700. Joint-account treatment depends on each owner’s Plus membership and other accounts; the rate sheet describes cases with $20,000 or $40,000 at the top tier and other cases with different allocations. Details are on the SoFi Plus page.

Who gives you the money faster?

SoFi wins if the savings have to be spendable today. Marcus wins if the job is holding cash and sending it back to a bank you already use.

Opening SoFi savings also opens SoFi checking, under the deposit account agreement effective June 23, 2026. The debit card spends from checking. Overdraft Coverage, for members with at least $1,000 of eligible direct deposits in a rolling 31 days, can cover up to $50 of debit-card purchases. It does not cover bill pay, checks, or peer-to-peer transfers. Optional Overdraft Protection moves money from the main savings balance to checking at no SoFi fee. Vaults, which are labels inside savings rather than separate accounts, are not pulled for that sweep, though cash in a Vault still earns as part of the savings balance when the rate test is met.

Marcus does not issue a debit card or an ATM card. Spending means moving the money out. The savings page says transfers of $100,000 or less submitted by noon Eastern on a business day are processed by 5 p.m. that day. Incoming transfers start earning interest on the day Marcus receives the request. The FAQ caps online outgoing ACH at $125,000 per transfer, with a phone request above that, and caps online wires at up to $50,000 per statement period. ACH timing is generally one to three business days. Marcus does not transfer funds internationally. SoFi charges 0.50% on a global remittance, before any third-party fee shown before you send it.

For card access, see also our Chime review.

What fees still show up?

Neither bank charges a monthly maintenance fee. The bill shows up when you wire, move cash instantly, or deposit cash at a store.

SoFi's fee sheet, effective May 18, 2026, lists no charge for the monthly fee, a minimum balance, an overdraft, inactivity, a replacement card, stop payments, incoming wires, Zelle, bill pay, or mobile deposit. An outgoing domestic wire is $30 and is not refunded once the wire is sent. An outgoing instant transfer is 0.75% of the amount, with a $1 minimum and a $30 maximum. SoFi Plus members may get a discount on that instant-transfer fee. SoFi adds no ATM fee of its own, but the machine owner can. A cash deposit is free from SoFi, and a retail partner can charge up to $4.95.

Marcus says it does not charge for ACH or wire transfers in either direction. The other bank still might. There is no monthly fee and no minimum balance on the savings page, and no card, so there is no instant-to-card toll to compare with SoFi's 0.75%. An account that is never funded can be closed after 60 days, and so can one that does not keep a positive balance for 60 days. Marcus wins on wires. The monthly-fee line is a tie.

How much of the balance is insured?

Under the standard FDIC limit, this is a tie. Above it, the banks are built differently.

The FDIC insures deposits to at least $250,000 at each insured bank. Marcus's FAQ applies that at Goldman Sachs Bank USA: that standard amount for all individually owned accounts combined, the same amount per owner on joint accounts, and that amount per payable-on-death beneficiary. The FAQ also lets one Online Savings Account hold $1,000,000, and all Marcus deposit accounts $3,000,000 per owner. A single owner can therefore hold more in one savings account than the individual insurance limit covers. The Marcus account information cited here does not describe a sweep that spreads excess deposits to other banks. If the balance is over the cap by $1,500 or more, Marcus can send the extra back.

SoFi's savings page says SoFi Bank does not itself insure more than the standard amount per depositor per ownership category. Further coverage, if you join the SoFi Insured Deposit Program, may reach $3 million through other banks. The rate sheet says joining does not change the APY and does not change whether the deposit test is met. The higher figure is a "may," so read the program's bank list before treating a large balance as fully covered.

A household under the standard limit does not gain insurance by picking one bank. A household above it should not treat Marcus's account cap as the insurance cap. SoFi wins that slice only when the deposit program is actually in place.

The FDIC's national savings rate was 0.38% as of October 19, 2026, on its national rates table. Divide Marcus's posted APY by that 0.38% and the multiple is about 9.2, our arithmetic on those two published rates. On the $10,000 example, a year at the national rate is $38, and SoFi's 0.80% tier is $80. That national figure is an average of many banks, not an account you can open.

Who is allowed to open one?

Both are consumer accounts for adults with a US residential tie. SoFi says the account cannot be used for business. Marcus does not offer trust or custodial accounts.

SoFi's deposit agreement limits accounts to US citizens and to permanent and non-permanent residents of the 50 states and the District of Columbia who are at least 18, have a Social Security number or an ITIN, and have a physical street address in the United States or a military address. A PO Box cannot be the physical address. Use is personal, family, or household. SoFi can close the account if it is used for a business, and it cannot be titled to a company, an estate, or another entity. Approval opens checking and savings together. There is no savings-only option.

Marcus's site terms require age 18, and they limit use of the service to the United States, including its territories, or a US military base. The FAQ requires a residential address in the USPS database, not a PO Box and not a business address, though mail can go to a PO Box. Marcus says opening savings does not require a credit check. It does not offer trust or custodial accounts. If identity checks fail, it may ask for a photo ID.

A freelancer should not use the SoFi account as the business till. Business cash belongs on our business bank accounts ranking and the free business checking list. A child's account is outside both products. The Greenlight review covers a debit card built for that job.

For a US adult opening a personal account, eligibility is a near tie. SoFi wins if you wanted checking in the same application. Marcus wins if you wanted savings alone.

Which account should you open?

• Open Marcus if the savings will not receive a paycheck and you will not pay for SoFi Plus. The posted rate does not reset when a payroll file is mislabeled. You give up a debit card, and the balance you care about should stay inside FDIC coverage rather than inside the $1,000,000 account cap.
• Open SoFi if a paycheck or the qualifying-deposit test will land there, and you want checking and a debit card. The everyday savings rate still trails Marcus by 0.20 points. The six-month boost can flip the first year, and then it ends.
• Add SoFi Plus only when the balance inside the 4.70% tier is above the break-even in the interest table and you will use the subscription for more than the rate. Below that line the fee eats the extra yield.
• Open neither as a stock account. For long-term goals, compare the risks and time horizon of investments with the stability of insured deposits; brokerage investments can lose value. See Wealthfront vs Betterment, the Wealthfront review, and the robo-advisor ranking. Brokerage cash is a different yield: Robinhood Gold's cost and Schwab vs Fidelity. Small automatic investing is Acorns vs Stash. To see where the cash goes before it is saved, use budgeting app prices and the budgeting app ranking.

Frequently asked questions

Is SoFi or Marcus better for savings in 2026?

Marcus, if you will not meet a deposit test and you will not pay for SoFi Plus. Marcus pays 3.50% APY with no monthly fee and no minimum, as of October 30, 2026. For customers without SoFi Plus, SoFi pays 3.30% with an eligible direct deposit or its qualifying-deposit test every 31 days, and 0.80% without that. Paid SoFi Plus rates are separate. SoFi is the better fit when you also need checking and a debit card.

How much interest does Marcus pay compared with SoFi?

On $10,000 left for a year, our arithmetic on the rates read October 30, 2026, is $350 at Marcus, $330 at SoFi if the direct-deposit rate holds all year, and $80 at SoFi if it does not. A new SoFi member who qualifies for six boosted months and then for the direct-deposit rate gets $385 on that balance, if the rates do not change. The figures assume no tax and no added deposits.

Does SoFi or Marcus charge a monthly fee?

SoFi's fee sheet lists no monthly maintenance fee and no minimum-balance fee. Marcus's savings page says there is no monthly fee and no minimum deposit. SoFi still charges $30 for an outgoing domestic wire and 0.75% for an outgoing instant transfer. Marcus does not charge for its own ACH or wire transfers.

Can I get SoFi's higher savings rate without a paycheck?

Yes. The rate sheet pays the 3.30% savings APY if qualifying deposits from ACH, wires, checks, peer-to-peer transfers, or cash meet the stated threshold every 31 days. Transfers between your own SoFi accounts do not count. Marcus does not ask for either test.

Are SoFi and Marcus FDIC insured?

Yes. SoFi Bank, N.A. and Goldman Sachs Bank USA are both FDIC members, so deposits are insured to at least the standard limit at each bank. Marcus lets one savings account hold $1,000,000, which can be more than that individual limit. SoFi points members who want more than SoFi Bank's own coverage to an optional program that may insure up to $3 million.

Does Marcus have a debit card?

No. Marcus says it does not offer a debit card or an ATM card on the savings account. You move money by ACH, by wire to an account you own, by check, or by direct deposit in. SoFi issues a debit card, and opening savings also opens checking.

Sources and method

Every APY, fee, cap, and eligibility rule was read on October 30, 2026 on the bank's own pages or on the FDIC's pages. Interest dollars are our arithmetic: the published APY times the stated balance, held 12 months, before tax, with no other deposits or withdrawals and with the rate unchanged. The SoFi boost year assumes six qualifying months at 4.40% and six at 3.30%. The Marcus referral year uses the combined 3.75% APY that Marcus itself prints for one referral when the standard rate does not change. We did not open either account.

Source	What we read
Marcus online savings	3.50% APY as of October 30, 2026, no fee, no minimum, same-day transfer window, no credit check to open
Marcus FAQs	FDIC categories, account caps, no debit card, ACH and wire limits, 60-day funding rule, address rules
Marcus referrals	1.00 point for three months, combined 3.75% illustration, new-customer definition
Marcus site terms	Age 18, US use, Goldman Sachs Bank USA holds the accounts
Marcus savings calculator	Interest compounded daily and credited monthly
SoFi Bank rate sheet	3.30%, 0.80%, 0.50% checking, SoFi Plus tiers, effective October 20, 2026
SoFi savings account	4.40% boost terms, direct deposit bonus, overdraft coverage, FDIC and deposit-program language
SoFi Bank fee sheet	No monthly fee, $30 outgoing wire, 0.75% instant transfer, cash-deposit partner fee
SoFi Plus	$10 monthly subscription, 4.70% on up to $20,000
SoFi deposit account agreement	Eligibility, personal-use limit, checking opened with savings, Vaults, effective June 23, 2026
FDIC deposit insurance	At least $250,000 at each insured bank
FDIC national rates	Savings national rate 0.38% as of October 19, 2026

This page is general information, not personalized financial advice. Rates are variable and the promotions can end, so confirm the current APY, fees, balance caps, and insurance terms with SoFi and with Marcus before you open an account.

Cite this: Finpresso, "SoFi vs Marcus 2026: Savings APY, Fees and Access", rates checked October 30, 2026.

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