Key takeaways
- We recommend banking with SoFi because you can receive an APY of up to 4.60%34 with qualified direct deposits, well above the national average.
- We like that SoFi Checking and Savings charge no monthly maintenance fees, no overdraft fees, and or ATM withdrawal fees at Allpoint ATMs.
- Banking with SoFi can help you access your paychecks up to two days early with qualified direct deposits.
- One of the main drawbacks of SoFi is that it's an online-only bank, so it has no physical branches for in-person banking.
SoFi overview
Founded in 2011 by Stanford business students, SoFi is known for pioneering student loan refinancing. SoFi has grown into a financial services company, funding over $73 billion in loans for more than 8 million members as of May 2024.
SoFi's banking offering, SoFi Checking and Savings, is a single product that gives two connected accounts, meaning you can’t open a standalone savings or checking account.
SoFi5 also offers various other financial services, which allows you to automatically or actively invest or which help you budget and track your spending. It also offers a credit card, personal loans, insurance, and small business financing.
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What's SoFi Money®?
SoFi used to offer a money management service called SoFi Money6 instead of standard checking or savings accounts. However, after acquiring Golden Pacific Bancorp in early 2022, SoFi gained regulatory approval to directly offer banking products.SoFi Checking and Savings details
SoFi Checking APY | 0.50% (as of Jan. 30, 2024) |
SoFi Savings APY | 4.60% on SoFi Savings balances with qualified direct deposit 1.20% (as of Dec. 12, 2023) on SoFi Savings balances without direct deposits |
Minimum balance for APY | None, but qualified direct deposit is required |
Minimum deposit to open an account | None |
Monthly maintenance fees | None |
ATM access | 55,000+ fee-free ATMs within the Allpoint ATM Network |
Transaction limits | Up to $1,000 for ATM withdrawals per day Up to $6,000 for debit card usage per day Up to $25,000 per bill pay transaction |
Mobile check deposit | Yes |
FDIC-insured | Yes, up to $250,000, or up to $2 million by enrolling in the SoFi Insured Deposit Program7 |
Visit SoFi |
What we like about SoFi Checking and Savings
- A competitive APY: You can earn up to 4.60% annual percentage yield (APY) on your savings balance if you open these accounts and sign up for direct deposits. This is well above the 0.47% (as of Feb. 8, 2024) national average for a savings account.
- No monthly fees: SoFi Checking and Savings charge no monthly maintenance fees. SoFi also charges no overdraft fees and no ATM withdrawal fees at any of the 55,000+ Allpoint ATMs.
- No minimum balance requirement: There is no minimum balance required to open these accounts, avoid monthly fees, or qualify for the 4.60% APY. However, you do need a minimum $1,000 monthly direct deposit to benefit from fee-free overdraft coverage8, and you need to receive direct deposits (no minimum amount required) to earn the higher APY on your account balances.
- Faster access to paychecks: SoFi allows you to access your paycheck up to two days early with qualified direct deposits. This is automatic and can provide flexibility in terms of when and how you access your funds.
- Vaults: SoFi allows you to set up Vaults within your savings account. You can use Vaults to set aside money for specific savings goals or for an emergency fund.
As someone with a full-time job and a couple of side hustles, managing my finances used to be a nightmare. That's when I discovered SoFi Checking and Savings.
The high-yield savings and early paycheck access helped me manage my finances better. The large ATM network made cash withdrawals easy, even on the go. On top of that, I got these benefits while paying no monthly maintenance fees. However, the lack of physical branches was initially a concern. But, SoFi’s top-notch online support quickly put my worries to rest.
What SoFi Checking and Savings could improve
- SoFi could offer separate checking and savings accounts: When you open an account with SoFi, you receive both a checking and a savings account. You can’t open a standalone savings or checking account.
- No local branches or in-person support: Like most online banks, SoFi provides only online or phone support. If you want to visit a local bank branch or if you need in-person customer service to help with banking issues, you won't find it with SoFi.
- Overdraft coverage could be better: SoFi offers free overdraft coverage that covers up to $50, but you need to receive $1,000 per month in direct deposits. Some competitors offer this benefit to a higher limit or without the direct deposit requirement.
Featured High Yield Savings Accounts
Earn 4.60% APY1 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.3 FDIC Insured.
High-yield savings account. $1 minimum deposit. FDIC insured.
Who is SoFi best for?
SoFi is best for those who like mobile banking and who are making enough to meet the direct deposit requirements to earn the highest APY — a total of $5,000 every 30 days. However, direct deposit activity only includes deposits made by employers, government agencies, and payroll or benefits providers. Peer-to-peer transfers like Venmo, bank transfers from other accounts, and merchant transactions don't qualify.
It’s also a good fit for people who like to have all their financial accounts in one place, given the number of financial products SoFi offers.
SoFi users generally report positive experiences. Here are a couple of examples from Reddit users:
There are a few complaints, though, and they tend to be around the app experience and customer service. Here’s one example from a Google Play review:
That said, we still highly recommend SoFi Checking and Savings, especially if you’re tech-savvy and looking for a high savings APY.
How to open SoFi Checking and Savings accounts
Opening a bank account with SoFi Checking and Savings is quick and simple. You start by visiting the SoFi website and clicking "Open an account."
Next, you'll provide some basic personal information, including your first and last name, email address, state you live in, and preferred password.
You'll complete a quick online application, including providing your full contact details, Social Security number, and a method for funding your accounts. You can fund your accounts via a transfer from your existing bank or by setting up direct deposit.
If you want a joint account, you’ll have the option to invite your partner, who will also need to apply for an account. Once they’re approved, you can approve them as a joint account owner.
How to withdraw money from SoFi Checking and Savings accounts
SoFi provides free ATM withdrawals via 55,000+ ATMs within the Allpoint Network. You also receive a debit card when you open your accounts. SoFi also offers free bill pay as well as budgeting tools.
Other SoFi Checking and Savings fees
Here are some of the fees you could incur with SoFi's checking and savings accounts.
Overdraft fee | None |
Stop payment fee | $20 |
Foreign transaction fee | 0.2% on debit card purchases |
SoFi Checking and Savings customer service
SoFi provides the option to get customer service via phone or online chat. You can call 855-456-SOFI (855-546-7634). Customer service is available 5 a.m.-7 p.m. PT Monday-Thursday and 5 a.m.-5 p.m. PT Friday-Sunday.
SoFi Bank does not have local branches you can visit, and in-person customer support isn't available. While this is common among online banks, those who prefer a more traditional banking experience may wish to use a bank or credit union with local branches they can visit. Otherwise, you can view your account information anytime online or by using SoFi’s mobile app.
Other SoFi products
SoFi offers a variety of other financial products, including:
- A SoFi credit card
- Student loan refinancing
- SoFi Invest® account for trading stocks, ETFs, and cryptocurrencies
- Personal loans
- Conventional mortgage loans
- Mortgage refinancing
- FHA and VA loans
- Jumbo loans
- Home equity line of credit (HELOC)
- Auto loan refinance options
- Private student loans
- Small business financing
- SoFi Protect to obtain renters, homeowners, auto, life, and other types of insurance
SoFi members also get benefits such as loyalty discounts, personalized career advice, and personal financial planning.
SoFi alternatives
While we highly recommend SoFi, we also know it won’t be a perfect fit for everyone. Here are alternatives to consider if that’s the case for you.
U.S. Bank
U.S. Bank is a good alternative if you prefer a brick-and-mortar bank and you live in one of the 25 states it serves. It has a monthly fee of $6.95, but that can be waived if you meet certain requirements.11
It also offers an Overdraft Fee Forgiven program that allows you to avoid an overdraft fee if you’re overdrawn by more than $50.12
Member FDIC.
Visit U.S. Bank | Read our U.S. Bank review
Discover
While you might be more familiar with Discover’s credit cards, it also offers a checking account. And, unlike SoFi’s checking account, you can earn 1.00% (as of Jan. 30, 2024) cash back on up to $3,000 in debit card purchases each month.
Like SoFi, Discover is an online-only bank, and it has no monthly fees or minimum balance requirements.
Member FDIC.
Visit Discover | Read our Discover review
SoFi Checking and Savings FAQ
Is SoFi Checking and Savings safe?
SoFi Checking and Savings accounts are safe. SoFi is a trusted company that has been offering financial products and services since 2011. Your accounts are also FDIC-insured, so you don't have to worry about losing your money in the unlikely event the financial institution fails.
Is SoFi Money still available?
SoFi Money is no longer available to new members. Existing SoFi Money account holders have been invited to complete a quick process to upgrade to SoFi Checking and Savings.
How does SoFi compare to other banks?
SoFi Checking and Savings features some advantages over other banks, including a competitive APY of up to 4.60%. However, unlike some other banks, it doesn't have local branches where you can get in-person customer service.
SoFi Checking and Savings: bottom line
We recommend SoFi Checking and Savings if you're looking for an online bank that offers a high-yield savings account and a checking account that can give you early access to your paychecks.
You'll also want to make sure that you're able to receive qualified direct deposits into your account to get the most benefits from it. For example, direct deposit is required to access free overdraft protection, earn a higher APY, and get early access to your paycheck.
That said, SoFi Checking and Savings may not be a great fit for someone who needs in-person banking via a branch. If you'd prefer a bank with local branches or one that doesn't require direct deposit to get all the perks, you may also wish to explore our lists of the best banks, the best checking accounts, and the best savings accounts.
FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.