SoFi Review [2026]: Light on Fees, Heavy on Perks

SoFi overview

	SoFi
Types of accounts	Checking and savings account (two-in-one) Investment accounts Retirement accounts
Loans and financing	Credit cards Personal loans Student loans and refinancing Mortgages Home equity loans Auto loan refinancing
Insurance products	Auto insurance Homeowners and renters insurance Life insurance Estate planning
ATM access	55,000+ fee-free ATMs in Allpoint Network3 <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>
Trustpilot rating	4.0/5 stars (10K+ reviews)
FDIC insurance	SoFi Bank, National Association is a member FDIC (Cert. #26881)4 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

Is SoFi good for you?

I would recommend SoFi as a good option for the following types of people:

• Prospective homeowners: If you're saving to buy a home, SoFi offers a high-yield savings account with no account fees. I like that you can set up a savings Vault to track your progress as you save for a down payment. And once you're ready to buy, SoFi has competitive mortgage rates.
• Current and future students: SoFi has several options for private student loans or student loan refinancing. If you're stuck with a high-interest loan, I'd suggest looking into refinancing it with SoFi. Plus, it currently offers a cash bonus to student loan borrowers with a 3.0 GPA or higher.
• People who want to earn high interest: SoFi's up to 3.30% APY with direct deposit on savings is much higher than the current national rate of 0.39% (as of 2/17/26) APY. I like that you can also earn 0.50%APY on checking balances with direct deposit — many competing checking accounts don't pay out interest

If any of these are true for you and you're comfortable banking from your phone and/or computer, SoFi might be right for you. SoFi's mobile app is packed with financial tools and resources not found in many other banking apps, making up for the lack of branches.

When SoFi might not be good for you

If you want multiple types of bank accounts or prefer banking in person, I'd recommend looking for an alternative to SoFi.

SoFi only offers a checking/savings hybrid account, and you can only open one individual and one joint account. If you want to save money using a certificate of deposit (CD) or money market account (MMA), you'll have to bank elsewhere.

And because SoFi is an online bank without physical branches, I'd recommend a brick-and-mortar bank if you need access to in-person support.

SoFi banking account types + rates

	SoFi Checking and Savings
Account type	Checking and high-yield savings
APY	0.50% APY on checking balances Up to 3.30% APY on savings balances with qualified direct deposit or 1.00% (as of 12/23/25) APY on savings balances without direct deposit5 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at&nbsp;<a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>
Minimum balance requirements	None, but qualified direct deposit is required to earn the higher APY
Monthly maintenance fees	None1 <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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
Overdraft fees	None
Overdraft coverage	Up to $50 with eligible direct deposit6 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p>
FDIC insurance	Up to $3 million if you opt in to the SoFi Insured Deposit Program
ATM access	55,000 fee-free ATMs through the Allpoint Network
Cash deposits	Permitted at participating Green Dot locations

SoFi Checking and Savings

SoFi Checking and Savings is a hybrid account that combines checking and savings features, with high yields and no monthly fees or minimum balance requirements. You can't open just a SoFi checking or savings account — it's both or neither.

SoFi checking

• Minimum deposit: $0
• Minimum balance: $0
• Monthly service fee: $0

One of my favorite features of the SoFi checking account is its ability to earn 0.50% APY, regardless of deposit activity. That's impressive for a checking account — the national average rate is 0.07% (as of 2/17/26) for interest-earning checking accounts.

. It doesn't charge a maintenance fee, unlike many of the best checking accounts from brick-and-mortar banks, and offers common-but-cool perks like early direct deposit and the option to make cash deposits.⁷ <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>

While many banks offer early direct deposit features and more online banks accept cash deposits than you might think, both are still good signs.

SoFi savings

• Minimum deposit: $0
• Minimum balance: $0
• Monthly service fee: $0

I'm a huge fan of high-yield savings accounts, and SoFi offers up to 3.30% APY on savings with eligible direct deposit. This high savings rate is in addition to checking interest, which means you could earn an even higher overall APY combined on your balances. SoFi is usually competitive with the best savings accounts.

I also like that SoFi makes savings as simple as possible. Although you can't open multiple individual SoFi savings accounts, you can set up vaults within your savings account. This lets you save for multiple goals at once and track your progress more easily, without needing to open separate accounts.

The company also offers automated savings options, including debit card roundups and automatic transfers, to help you save more.

Finally, while many banks limit the number of savings transactions you can make each month, SoFi does not, which I think makes it more accessible.

Read our full SoFi Checking and Savings review.

5.0

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AWARD WINNER Best Online Checking

SoFi Checking & Savings - Earn Up to $400 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY⁸ <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&nbsp;received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct&nbsp;Deposit of $1 or more). Cash bonus amount 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&nbsp;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&nbsp;<a href="https://www.sofi.com/banking/" >sofi.com/banking</a>.&nbsp;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&nbsp;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&nbsp;checking balances. Interest rates are variable and subject to change at any time.&nbsp;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.⁹ <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

Learn More

Other SoFi products/services

SoFi loans

I think SoFi is a solid choice if you want to bank and borrow under one roof. SoFi's loan options include personal loans, student loans, mortgages, and home equity borrowing. Here are the key details of each.

• Personal loans: SoFi has loans of up to $100,000 with repayment terms ranging from 2 to 7 years and fast, potentially same-day funding. There are no required fees, which keeps your borrowing costs to a minimum.
• Private student loans: SoFi's private student loans let you redeem rewards points against your loan balance, which I think is a unique benefit. You can also refinance your current student loan and potentially save thousands of dollars in interest.
• Mortgages and refinancing: SoFi mortgage loans offer a close-on-time guarantee and down payments as low as 3% for first-time buyers.
• Home equity loans and HELOCs: SoFi allows you to borrow up to 85% of your home equity as a lump sum or open a home equity line of credit with no application fees.

SoFi also offers an auto loan refinancing marketplace where you can compare refinancing options from top lenders.

SoFi investing

SoFi® Invest offers active and robo investing, as well as retirement accounts.¹⁰ <p><b>INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED •&nbsp;</b><b>MAY LOSE VALUE</b></p><p>Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(<a href="https://www.finra.org/">www.finra.org</a>)/SIPC(<a href="https://www.sipc.org/">www.sipc.org</a>).</p>

If you enjoy hands-on investing, you can purchase fractional shares, trade stocks and ETFs, and participate in IPOs with SoFi Active Invest. If, like me, you'd rather set it and forget it, SoFi's robo-advisor will build a diversified portfolio based on your investment goals and risk tolerance and manage it for you.

Finally, SoFi offers several retirement accounts, including Roth and traditional IRAs, SEP IRAs, and rollover IRAs. You can choose a self-directed or automated retirement account.

Earn a Rare 1% IRA Match on Contributions and Rollovers

Self-directed or automatic IRA account built around your risk tolerance and tax needs. Get a 1% match on every dollar you contribute and roll over. Terms apply.¹¹ <p class="">Terms and conditions apply*. For 401k rollovers, existing SoFi IRA members must complete 401k rollovers via this <a href="https://sofi.app.link/start-rollover">link</a> For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this <a href="https://sofi.app.link/start-rollover">link</a>. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click <a href="https://www.sofi.com/iramatchterms/">here</a> for the 1% Match terms and conditions.</p>

Learn more

Read our full SoFi® Invest review.

SoFi credit cards

SoFi offers three no-annual-fee credit cards.

• SoFi Unlimited 2% Credit Card: Earns 3% back on travel purchases made through SoFi Travel, and 2% unlimited cashback rewards on all other purchases. I like this card for the average consumer who wants to earn rewards without having to opt in each month or quarter.
• SoFi Everyday Cash Rewards Card: This card earns bonus rewards on everyday spending. It's currently available by invitation only — but if you qualify, it can be a good addition to your wallet.

SoFi fees for banking

SoFi doesn't charge fees for the following banking activities or services:

• Monthly maintenance
• Inactivity
• P2P payment
• Bill pay fees
• Mobile deposit
• ACH return
• Overdraft
• Card replacement
• Stop payment
• ATM transactions (although you might incur third-party fees)
• Cash deposits (although retailers might charge up to $4.95 per transaction)

SoFi does, however, charge a $30 fee for outbound wire transfers.

SoFi Plus

I think one of SoFi's most unique selling points is SoFi Plus.¹² <p>SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Eligible Direct Deposit, receive $5,000 in Qualifying Deposits, or pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All <a href="https://www.sofi.com/terms-of-use/#sofi-plus" style="background-color: rgb(255, 255, 255);">terms and conditions</a>&nbsp;applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the <a href="https://www.sofi.com/sofi-plus/" style="background-color: rgb(255, 255, 255);">SoFi Plus page</a>.</p> It's a premium membership that offers extra benefits to SoFi account holders, including unlimited sessions with financial planners, APY boosts, and a cash-back boost on eligible SoFi credit cards.

You'll also get an unlimited 1% match on eligible SoFi Invest deposits. This is a huge benefit — especially if, like me, you don't get an employer match on your retirement savings.

If you have a SoFi Checking and Savings account or credit card, you're already a SoFi member eligible for SoFi benefits. SoFi Plus membership costs $10 per month.

SoFi customer reviews and experience

SoFi has a strong Trustpilot rating of 4.0 out of 5 stars with more than 10,000 reviews. People praise the ease of the personal loan application process and the friendliness of customer support.

SoFi's average customer rating with the Better Business Bureau is poor, though these tend to skew negative for many financial companies. It's rated 1.29 out of 5 stars based on reviews from over 300 customers. Some people complain that their accounts are restricted and that they have difficulty getting help.

SoFi's mobile app is highly rated on the App Store (4.7 out of 5 stars) and decently rated on the Google Play Store (3.9 out of 5 stars).

What we like about SoFi

I love that SoFi doesn't charge any common banking fees for checking or savings. While many other banks waive fees for meeting minimum balance requirements or satisfying other criteria, that can be a lot to keep track of.

SoFi also stands out for offering high APYs on both checking and savings balances. The bank also offers unique membership perks, including financial planning and community resources to help you manage your finances. 

Finally, I like that SoFi provides a range of financial products and services that support people throughout their financial journeys, so you can stick with the company even as your needs change. For example, if you're planning to buy a home, SoFi's resources can help you get there with resources and comparatively low rates.

SoFi alternatives

SoFi vs. Ally Bank

Ally Bank offers savings vehicles that SoFi doesn't: Money market accounts and CDs. Ally also has a larger network of over 75,000 ATMs and reimburses up to $10 per statement cycle for out-of-network fees.

Still, I prefer SoFi for most people, especially those seeking a long-term banking platform. Ally savings accounts often earn lower APYs than SoFi, and Ally doesn't offer personal loans or mortgages. The bank also lacks SoFi's impressive member benefits and resources. However, Ally is good for growing your savings if you can't meet SoFi's requirements for the best APY.

Check out our full Ally Bank review

SoFi vs. Chime

Chime® is an online fintech that's similar to SoFi in many ways.¹³ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> It offers a monthly fee-free checking account¹⁴ <p>Optional services and products may have fees or charges, such as outbound instant transfers, out-of-network transactions, and credit products. Learn more here. Link leads to <a href="https://www.chime.com/policies/fees-info/">chime.com/feesinfo</a></p> , a high-yield savings account that earns 0.75% APY¹⁵ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 01/29/26. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> , and member benefits like free tax filing.¹⁶ <p>Tax e-file services provided by April Tax Solutions Inc. (“april”) or Column Tax, Inc. (“Column Tax”). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.</p> Chime also provides some extra features, such as free cash deposits¹⁷ <p>Once the retailer accepts your cash, the funds will be transferred to your Chime account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.&nbsp;</p> and a cash advance program for direct deposit customers, which allows you to access your paycheck early with no interest (called MyPay).¹⁸ <p>MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451).</p> <p>To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. Other restrictions may apply. See <a href="https://www.chime.com/policies/bancorp/mypay/">Bancorp MyPay Agreement</a> or <a href="https://www.chime.com/early-pay/mypay/">Stride MyPay Agreement</a> for details.</p>

Chime isn't as well-rated on Trustpilot as SoFi and doesn't offer loans. But it does have a secured credit card, which SoFi lacks. Chime is a good choice if you want to build or boost your credit while making everyday purchases. When comparing SoFi vs. Chime, I'd recommend looking into Chime+¹⁹ <p>To be eligible for Chime+TM status you must receive a qualifying direct deposit to your Chime Checking Account in the preceding 34 days. Certain products marketed as Chime+ benefits have additional eligibility requirements. While some Chime+ benefits may have associated fees, none of these fees are mandatory to access Chime+ benefits or to maintain Chime+ status. See <a href="https://www.chime.com/chimeplus-terms/">Chime+ Terms and Conditions</a> for details. CHIME+ is a Trademark of Chime Financial, Inc.</p> and how it compares to SoFi Plus, because this is where you'll find the best benefits.

Visit Chime | Check out our full Chime review

SoFi vs. Capital One

Capital One offers more financial products than SoFi, including a range of popular, highly rated credit cards. Capital One also offers a no monthly-fee checking account and a high-yield savings account, but SoFi has better rates.

Capital One stands out for offering more banking options for families than SoFi, which only lets adults over 18 open an account. Capital One also offers in-person support at branches and cafes and provides up to three free 60-minute sessions with a money mentor.

Capital One could be the right fit if you're starting a business, teaching your kids about money, or seeking branch support, while SoFi may be better if you're planning to buy a home or invest. For more information, read our full comparison of Sofi vs. Capital One.

Visit Capital One | Check out our full Capital One review

FAQs

Bottom line

I like SoFi for its many benefits, including no account fees, high APYs on savings and checking account balances, member perks, and a variety of loans. But it's not the best banking option for everyone, including people looking to open a business or teen bank account, those seeking auto loans, those looking to make free cash deposits, or anyone who prefers in-branch banking.

For more options, check out the best banks we've identified.