SoFi Money Review [2021]: Checking & Savings in One Convenient Package

SoFi Money’s APY isn’t the highest on the market, but the account’s flexibility and lack of fees could make up for it.
Last updated Jun 10, 2021 | By Christy Rakoczy
SoFi savings account review

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If you’re looking for a combined checking and savings account with minimal fees, SoFi Money may have just what you’re looking for.

Your SoFi Money savings account will provide one of the better APYs (annual percentage yield) in the industry and is protected by up to $1.5 million in FDIC (Federal Deposit Insurance Corporation) insurance. You’ll also benefit from no minimum balance requirements and minimal fees.

But you do need to be aware that your customer service options are somewhat limited and that SoFi doesn’t keep your cash itself — the money is kept with its partner banks.

There are also some other possible downsides, including the fact that you can’t deposit cash. Still, many people looking for the best savings account or checking account that's also convenient and easy may find SoFi Money to be a great choice.

In this article

SoFi Money account basics

SoFi
APY 0.25% (as of May 11, 2021)
Minimum balance for APY $500 monthly deposit required to get 0.25% APY
Minimum deposit to open account No minimum balance
Monthly maintenance fees No monthly maintenance fees
ATM access Yes, plus no ATM fees at AllPoint network ATMs
Transactions per month Unlimited number of transactions. Limit of 12 point-of-sale transactions per day, and $1000 in ATM withdrawals daily
FDIC insured Yes, up to $1.5 million
Visit SoFi

What we like about the SoFi Money account

  • You get the benefits of both a checking and savings account: SoFi Money isn’t just a high-yield savings account — it’s actually a cash management account that combines the features of a checking and savings account. This means account holders get the higher APY of an online savings account but aren’t subject to typical limits on savings accounts, such as being restricted to a maximum of six withdrawals per month. Plus, you can access your funds 24/7 via ATMs, take advantage of online bill pay, or send money to friends. 
  • You really won’t pay any fees: SoFi Money not only charges you no account fees, but you also don’t pay any service charges, maintenance fees, or overdraft fees if you accidentally overdraw your account balance. You also get free ATM access at over 55,000 ATMs in the Allpoint network, and you can get free paper checks. 
  • It offers helpful features and tools: In addition to the perks mentioned above, SoFi Money members also get access to handy budgeting and savings tools. You can round up your SoFi debit card purchases and save the spare change for specific goals, like an emergency fund or a home down payment. The SoFi app also lets you easily access your finances on the go, no matter where you are.
  • SoFi membership comes with your account: Membership benefits include career services, such as one-on-one coaching; discounts on SoFi loans; referral bonuses; and invitations to members-only events.

What SoFi Money could improve

  • More options for customer support: Phone support is available Monday to Saturday from 5 a.m. to 5 p.m. PT and Sunday from 5 a.m. to 1:30 p.m. PT. But 24/7 customer support isn’t available, and there are no local branches that you can visit to get help with your account if you need it.
  • The ability to deposit cash: Currently, there’s no way to deposit cash into your SoFi Money account. If you have cash, you need to deposit it into another account, then transfer the money to your SoFi account.
  • The ability to have more than one account open: Many people like to separate their checking account from their savings account or even have multiple savings accounts open to save for different goals. SoFi Money currently allows customers to open just one account total. This can be very limiting if you’d prefer to have multiple accounts open with the same bank while still keeping your money separate.

Compare earnings with SoFi Money vs. a traditional savings account

SoFi Money’s APY allows you to earn more on your cash than traditional savings accounts.

And over time, that difference in the interest you earn can add up. The table below shows how much your money could earn, assuming you made a $5,000 initial deposit, with interest compounded monthly:

SoFi Money Traditional Savings Account
APY (as of May 11, 2021) 0.25% 0.06%
Interest Earned After One Year $12.51 $3.00
Interest Earned After Three Years $37.64 $9.01
Interest Earned After 10 Years $126.56 $30.09

How to open a SoFi Money account

Opening a SoFi Money account is easy, and the entire process can be completed online. Simply visit SoFi.com and click “Get SoFi Money” to start the process. You’ll need to provide your:

  • Name and address
  • Date of birth
  • Social Security number
  • Citizenship status
  • Phone number and email address

There’s no minimum balance required to open an account, and it’s easy to transfer funds to SoFi Money.

You can connect your existing bank to your SoFi Money account by inputting your user name and password for that bank or by manually entering the routing and account numbers. Once the accounts are connected, you can then transfer money from your current bank to SoFi.

You can also set up direct deposit into your SoFi Money account or deposit checks electronically using the SoFi app on iOS or Android.

Within seven to 10 business days of opening your account, you’ll receive a SoFi debit card in the mail.

How to withdraw money from a SoFi Money account

You have many options for getting money out of your SoFi Money account. You can:

  • Make point-of-sale purchases using your SoFi debit card: This allows you to swipe your card like a credit card, but the money is withdrawn directly from your SoFi account.
  • Use an ATM: You can withdraw cash from any ATM, and you won't have to worry about ATM fees for withdrawals at AllPoint ATMs.
  • Send money to friends and family: There’s a peer-to-peer function that allows you to transfer money for free.
  • Pay bills with your money: SoFi offers an automated bill-paying service.
  • Transfer money to another bank: Use the SoFi mobile app or ACH transfer online.
  • Write checks: You can get free paper checks from SoFi and write checks to yourself or others.

Other SoFi Money fees

International transaction fee $0.00
Overdraft fee $0.00
Stop payment fee $20.00
ACH transfers $0.00
Incoming wire $0.00
Outgoing wire $0.00

SoFi customer service

SoFi offers a couple of different customer service options. You can log into your SoFi Money account to chat with a representative online or call 855-456-7634. Hours are Monday to Saturday from 5 a.m. to 5 p.m. PT and Sunday from 5 a.m. to 1:30 p.m. PT.

You can also ask general questions via the SoFi Twitter account. However, there are no local branches to visit to get help in person if you need it.

FAQs about the SoFi Money account

Here are the answers to some common questions about SoFi Money you may have:

Is SoFi safe?

SoFi was founded in 2011 and is a trusted financial services provider. It has an A+ rating with the Better Business Bureau.

What banks does SoFi use?

SoFi partners with different FDIC-insured financial institutions, including:

  • EagleBank - Bethesda, MD
  • East West Bank - Pasadena, CA
  • Hills Bank and Trust Company - Hills, IA
  • MetaBank - Sioux Falls, SD
  • TriState Capital Bank - Pittsburgh, PA
  • Wells Fargo Bank, N.A. - San Francisco, CA

Is SoFi federally insured?

Money deposited into a SoFi bank account is insured by the FDIC. Up to $1.5 million in FDIC insurance protects your deposits.

Can you use your SoFi Money debit card while traveling?

You can use your SoFi Money World Debit Mastercard anywhere Mastercard cards are accepted across the globe. SoFi won't charge foreign transaction fees if you use your debit card on an international trip. However, Mastercard may charge a 0.20% margin when you make purchases in a foreign currency.

What financial products does SoFi offer?

In addition to its SoFi Money account, SoFi also offers a variety of financial products. It provides personal loans, private student loans, student loan refinancing, mortgages, and auto loan refinances. You can also open a SoFi Invest account if you're interested in getting started with investing.

Final thoughts

SoFi Money is an impressive savings account because of its relatively high interest rate, lack of fees, and the fact that there are no minimum balance requirements.

But you need to be OK with your money going to other online banks — and that you can only open one SoFi Money account — if you’re going to use this account to spend or invest. If you're interested in shopping around for a new account, check out our picks for the best banks

Disclaimer: All rates and fees are accurate as of May 11, 2021.

SoFi Benefits

  • Get $100 when you sign up for direct deposit
  • No monthly fees, no overdraft fees.
  • Sign up for SoFi money in 60 seconds
  • No fees at 55,000+ ATMs worldwide

Author Details

Christy Rakoczy Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.