SoFi Checking and Savings Review [2024]: No Fees and a Great Rate

SoFi Checking and Savings offer many notable features, including competitive APY rates and early access to paychecks.
Updated April 4, 2024
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SoFi savings account review

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We highly recommend SoFi Checking and Savings1 as two of the best online bank accounts in today's market. These two accounts come as a single combo that gives you access to a checking account that offers early paycheck access2 and a savings account that pays a high annual percentage yield (APY).

On top of that, we like that SoFi Checking and Savings have $0 monthly maintenance fees and a large ATM network. However, the lack of physical branches may be a drawback for people who prefer in-person banking.

In this SoFi Checking and Savings accounts review, we help you decide if SoFi is a good fit for your needs.

Featured High Yield Savings Accounts

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

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.

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Customers Bank - 5.16% APY4

High-yield savings account. $1 minimum deposit. FDIC insured.

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Quick Summary

Apply for a SoFi Checking and Savings account online in under 10 minutes.

  • Get your paycheck up to two days early* 
  • Receive highly competitive APY on your savings balance*
  • Benefit from $0 monthly maintenance fees

* Select benefits require qualified direct deposits.

In this SoFi Checking and Savings review

Key takeaways

  • We recommend banking with SoFi because you can receive an APY of up to 4.60%35 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

  • Offers early access to paychecks with qualified direct deposits
  • Offers an APY of up to 4.60% with qualified direct deposits
  • Has $0 monthly maintenance fees and $0 account minimum
  • Doesn't have physical branches
  • Doesn't allow opening only a checking or a savings account

Founded in 2011 by Stanford business students, SoFi is known for pioneering student loan refinancing. SoFi has grown into a financial services company, funding $73 billion in loans for 7.5 million members as of February 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.

SoFi also offers various other financial services, including SoFi Invest, which allows you to automatically or actively invest, and SoFi Relay6, which helps you budget and track your spending. it also offers a credit card, personal loans, insurance, and small business financing.

What's SoFi Money?
SoFi used to offer a money management service called SoFi Money7 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 Program8
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 coverage9, 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.

Yahia Barakah, CEPF
Yahia Barakah, CEPF

Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.

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.

Compare SoFi Checking and Savings vs. traditional savings account

SoFi's high APY means you can earn more with SoFi Checking and Savings accounts than you could with many competitor offerings.

The table below compares a traditional savings account to a hypothetical high-yield savings account to show the difference in earnings from interest.

Traditional savings account with 0.47% APY Example savings account with 3.00% APY
Initial balance $5,000 $5,000
After 1 year $5,023.50 $5,150
After 3 years $5,070.83 $5,463.64
After 10 years $5,240.03 $6,719.58

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 "Sign Up."

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
  • SoFi Relay to track your finances and credit score
  • 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 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.

SoFi Checking and Savings Benefits

  • Earn up to a $300 bonus and up to 4.60% APY1 on your money
  • No account, overdraft, or monthly fees
  • Get your paycheck up to two days early2
  • Savings of up to 20% or more on select trips booked through SoFi Travel
  • Access additional FDIC insurance up to $2 million

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.

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