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 Feb 16, 2021 | By Christy Rakoczy
SoFi savings account review

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If you’re looking for a combined checking and savings account without fees or minimum balance requirements, 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 zero 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 one of six 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.

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SoFi Money account basics

APY 0.25% (as of Feb. 15, 2021)
Minimum balance for APY No minimum balance
Minimum deposit to open account No minimum balance
Monthly maintenance fees No monthly maintenance fees
ATM access Yes, plus unlimited reimbursement for ATM fees
Transactions per month Unlimited number of transactions. Limit of $250 per day in peer-to-peer transfers, 12 point-of-sale transactions per day, and $1000 in ATM withdrawals daily
FDIC insured Yes, up to $1.5 million

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 savings account — it’s actually a cash management account that combines the features of a checking and savings account. This means you get the higher APY of an online savings account, but you 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, pay bills from your account, 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 even overdraft fees. If you accidently try to overdraft your account by buying something using your debit card, your transaction is simply declined, and there’s no charge. You also get reimbursed for any ATM fees charged by other institutions, and you can get free paper checks.
  • SoFi membership comes with your account: Membership benefits include career services, such as one-on-one coaching; discounts on SoFi loans; bonuses for referring friends; and invitations to members-only events.

What SoFi Money could improve

  • More options for customer support: Phone support is available Monday through Thursday from 4 a.m. to 9 p.m. PT, and Friday through Sunday from 4 a.m. to 5 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 February 15, 2021) 0.25% 0.05%
Interest Earned After One Year $12.51 $2.50
Interest Earned After Three Years $37.64 $7.51
Interest Earned After 10 Years $126.56 $25.06

How to open a SoFi Money account

Opening a SoFi Money account is easy, and the entire process can be completed online. Simply visit the SoFi website 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 Money 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 SoFi will reimburse you for ATM fees.
  • 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 Money provides over-the-phone customer service only. You can reach SoFi Money at 855-456-7634. Hours are Monday to Thursday from 4 a.m. to 9 p.m. PT and Friday through Sunday from 4 a.m. to 5 p.m. PT.

You can also email SoFi Money at However, there’s no online chat, and there are no local branches to visit to get help in person if you need it.

Common questions 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 six different program banks, including the Wilmington Savings Fund Society (WSFS) Bank.

Is SoFi federally insured?

Money deposited with SoFi is insured by the FDIC. Up to $1.5 million in insurance protects your deposits.

Can you use your SoFi Money debit card while traveling?

You can use your SoFi Money debit card anywhere Visa or Visa PLUS cards are accepted across the globe. Money will be withdrawn in the currency of the country where you made the charges or made the ATM withdrawal. SoFi will reimburse you for any foreign ATM withdrawal fees, however, be aware that Visa charges a 1% margin when you make charges or ATM withdrawals in a foreign currency.

Final thoughts

SoFi Money is an impressive account because of the relatively high APY, lack of fees, and the fact that there’s no minimum balance requirements.

But you need to be OK with your money going to other banks — and that you can only open one SoFi Money account — if you’re going to use this account to spend or invest.

Disclaimer: All rates and fees are accurate as of Feb. 15, 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