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Back in the day, paying back a friend for your share of the restaurant bill or the dog food they picked up for you at the grocery store used to be a bit of a hassle. You'd have to write them a check or make sure you had enough cash on hand. The introduction of peer-to-peer (P2P) payment services like Zelle changed that, making it easier to pay friends and family with just a click of a button.
Zelle is one of the most widely used P2P payment services in the U.S., and it is incorporated in banking apps for over 2,300 financial institutions across the U.S. If you've never used a P2P payment app, you may be intimidated by using Zelle. However, there is nothing to be intimidated about. Sending money with Zelle is fast, safe, and free.
Let's look at how to send money with Zelle so you can see for yourself how the platform can make your life easier.
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Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus with eligible direct deposit1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> and up to 4.00% APY2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Zelle is a peer-to-peer payment service that enables you to send money to someone almost instantly.
To transfer money with Zelle, both the sender and recipient must be enrolled in the service through a participating financial institution.
Zelle doesn't charge fees or have limits on transfers, but your bank may.
Transfers made with Zelle can't be reversed.
What should I know before using Zelle?
Zelle is known for keeping person-to-person payments simple and low cost. In most cases, Zelle doesn't charge fees for sending or receiving money. If your bank or credit union offers Zelle, you can usually use the platform to send and receive money for free. However, the platform recommends you check with your bank, which may charge its own fees for the service.
Unlike other P2P platforms like Venmo and PayPal, to send money using Zelle, you must go through a participating bank or financial institution. Zelle discontinued its standalone app in early 2025. The recipient you send money to must also be enrolled in Zelle through a participating bank.
Because Zelle works through participating banks and credit unions, the money you send is deposited directly into the recipient's bank account. That's different from other P2P services like Venmo and PayPal, where funds typically land in a separate app balance before being transferred to a bank account, which can add extra processing time.
How to send money with Zelle
To send money with Zelle, you first have to ensure that both you and the person you're sending money to have access to the platform. Once you've confirmed that you are both enrolled, here are the steps you need to take to send money.
Log in to your bank's website and go to the Zelle service section.
Enroll in Zelle using the email address and phone number you want to use to send and receive money.
You'll then need to enter the email address or phone number of the person you're sending money to.
Press "Send."
The recipient should receive a text message or email about the pending transfer, regardless of whether they have enrolled in Zelle yet or not. If they are enrolled, they can receive the money within minutes. Otherwise, they have 14 days to enroll in Zelle before the payment expires and the funds are returned to you.
Tip
If you are already enrolled in Zelle through a different financial institution, you can easily transfer your account to your new bank. I ran into this when I tried to enroll in Zelle with my SoFi account. Since my phone number and email were already used for Zelle at a different institution, I had to transfer my Zelle account to SoFi. I was able to do this quickly by verifying my phone number and email.
Zelle limits
Zelle doesn't set a cap on the amount of money that you can send through the platform. However, your financial institution may set daily, weekly, or monthly limits.
For example, my SoFi account limits me to sending $1,000 per transaction and $1,000 per day when I use Zelle. Bank of America has daily, weekly, and monthly limits on Zelle transactions, and the daily limits differ depending on how long you've been enrolled in the service.
To find out the limits that your financial institution may set for Zelle transactions, check with your bank or credit union through its mobile app, online banking platform, or customer service department.
What banks use Zelle?
Over 2,300 credit unions, online banks, and traditional banks use Zelle for money transfers, including some popular banks such as Bank of America, Chase, Wells Fargo, and Capital One.
While Zelle claims it is expanding its network of participating financial institutions, some financial institutions are dropping the service, primarily due to concerns about fraud and scams involving the platform.
In 2024, Zelle and three of its participating banks, Chase, Bank of America, and Wells Fargo, were sued by the Consumer Financial Protection Bureau for "failing to protect consumers from widespread fraud." The lawsuit claimed that the banks lost over $870 million and failed to properly investigate "hundreds of thousands" of consumer fraud complaints.
The lawsuit also claimed that Zelle's limited identity verification methods left the door open to scammers. Once you send money to someone through Zelle, you can't reverse the transaction, and the only way you can cancel a transfer is if the recipient hasn't enrolled in the service.
5.0
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Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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Our partners do not influence our ratings.
Enjoy $400 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.6 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $1,000 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 4/15/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Bank of America Advantage Banking
Up to $500 cash offer. Click ‘Learn More' for more details. Bank of America, N.A. Member FDIC.
There are a couple of downsides to using Zelle. One of the main ones is that you can only access it through a participating financial institution. There is no longer a standalone app, having been discontinued in April 2025. The recipient of the transferred funds must also be enrolled through a participating bank or credit union.
Another downside to the service is that a transfer can't be reversed once it is in motion. You have to be extra careful to ensure you have the correct email or phone number for the recipient or else your funds could be transferred to someone you don't know. Check out our Zelle review to learn more about the pros and cons of the service.
How long does it take for a Zelle payment to go through?
If both the sender and the recipient are enrolled in Zelle, the transfer of funds from one account to the other is almost immediate. Otherwise, it takes a little longer if the recipient has to enroll in the service. If the recipient doesn't enroll in Zelle within 14 days, the transfer is cancelled, and the money is returned to the sender.
What is the best payment method to not get scammed?
For the most part, online banking is safe. However, scammers are everywhere, and their nefarious attempts at stealing your money seem to be increasing. The best payment method you can use to avoid getting scammed are digital wallets such as Apple Pay, Pay Pal, or Google Pay. Digital wallets are built with multiple security features like data encryption, password protection, biometric verification (such as fingerprint or facial recognition), and tokenization that replaces your card details with a unique digital code.
Credit cards are another good option for avoiding scams, as many major issuers offer zero-liability protection. Also, under federal law, your liability for unauthorized credit card charges is limited to $50.
Bottom line
Zelle can make splitting dinner, paying the babysitter, or reimbursing a friend quick and relatively painless, especially since transfers between enrolled users typically happen within minutes. But speed and convenience come with responsibility.
Because payments can't be reversed and must be sent through a participating bank or credit union, it's important to double-check the recipient's email address and phone number and only send money to people you trust.
Before you hit "Send," confirm your bank's transfer limits, review any policies specific to your financial institution, and make sure the person you're sending money to is enrolled so your payment doesn't expire. Zelle can be a simple, fee-free way to move money when used wisely.
If you're weighing your options, compare it with other P2P payment apps like Venmo or Cash App to see which payment method best fits with how you manage your money.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
High APY of up to 4.00% on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network7 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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