SoFi Checking and Savings Review [2025]: Strong APYs + Perks, Few Fees

What is SoFi®?

SoFi®, short for Social Finance, is an online personal finance company that offers a range of products, including checking and savings accounts, credit cards, loans, and investment options.

This review will focus on its Checking and Savings account, which combines the features of an interest checking account with a high-yield savings account. We’ll talk about the key benefits and drawbacks of this online bank account to help you understand if you’re a good fit for the unique product—or if you’re better off choosing another institution.

SoFi Checking and Savings basics

Who is SoFi Checking and Savings best for?

We might recommend this account if:

• You plan to link direct deposits to a new account (and you receive deposits monthly).
• You want to earn a high rate on your savings with more flexible options for accessing it than most savings accounts offer.
• You want to avoid balance requirements and monthly service fees.

SoFi Checking and Savings is an excellent choice for anyone who wants to earn a high APY on their savings while maintaining convenient access to their cash. ⁷ <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 Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> Because this is technically a combined checking and savings account, you can tap into your funds via ATMs and use a debit card to spend your balance directly.

Because the account requires direct deposit activity to unlock the best features, like the highest stated APYs, early access to your paycheck, and overdraft coverage⁵ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> , we primarily recommend it to people who can comfortably reroute their paycheck or other deposits to a new account.

The lack of monthly fees and the early paycheck feature also make it an attractive option for those who want to avoid traditional banking fees and restrictive balance minimums.

Who we would not recommend SoFi Checking and Savings for

SoFi Checking and Savings isn't ideal for people who can’t meet direct deposit requirements. If you’re looking for a rewarding checking account without these, we recommend Discover Cashback Debit. For a combined checking and savings option with an even higher savings APY, check out Axos ONE and look closely at the deposit requirements.

If you want an account that could help you save more, LendingClub LevelUp Savings is designed to motivate by requiring you to deposit at least $250 each month to access the highest APY (but the rate without this is still competitive with SoFi’s).

If you prefer in-person banking or frequently need to deposit cash, SoFi® might not be the best fit for you as it doesn’t have in-person branches and charges up to $4.95 for cash deposits.

4.5

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.

Discover® Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.⁸ <p>See website for details.</p> No minimum deposit or balance. FDIC Insured.

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4.6

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.

Axos ONE® - Earn up to 4.86% APY

Axos ONE® offers up to a powerful 4.86% APY on savings and 0.51% APY⁹ <p>The Annual Percentage Yield (APY) is accurate as of 10/31/2024. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> <p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.</p> <p>Axos ONE accounts are eligible to receive a promotional APY for each statement cycle the criteria are met. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the following requirements during the statement cycle:</p> <p>Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p> <p>The average daily balance of your Axos ONE Checking account is greater than $1,500.</p> <p>If the above requirements are met:</p> <p>The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p> <p>The Axos ONE Savings account will earn a promotional rate of up to 4.86% APY for the statement cycle in which the requirements are met.</p> <p>A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Qualifying transactions must post and clear the account by the 25th of the month to count towards the monthly qualification cycle. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p> on checking to help you grow your money. No monthly maintenance, minimum balance, account opening, or overdraft fees. FDIC insured.

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4.8

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.

Earn up to 4.50% APY

Earn up to 4.50% APY¹⁰ <p>LevelUp Rate of 4.50% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 2/12/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.

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SoFi Checking and Savings benefits

Competitive APY

SoFi® offers an impressive APY of up to 3.80%³ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> on your savings account balance when you set up direct deposit. That's over nine times the national average of 0.41% (as of 1/21/25)¹¹ <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> .

To put this in perspective, if you have $10,000 in your savings account and meet the direct deposit requirement, you could earn $380 in interest over the course of a year. That's a significant chunk of change just for keeping your money in the right place.

Early paycheck access

SoFi®'s early paycheck feature has been quite useful for me. With direct deposit, I get paid up to two days earlier than with my old bank. This means I have more flexibility when it comes to paying bills, investing, or treating myself to a nice dinner.

For example, let's say your rent is due on the first of the month, but your paycheck usually doesn't hit your account until the day after. With SoFi®, you could get paid on the 31st instead, giving you a bit of breathing room and helping you avoid any late fees.¹ <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>

Read more: Best Banks with Early Direct Deposit

No monthly fees or minimum balance requirements

One of the biggest perks of SoFi Checking and Savings is the lack of monthly maintenance fees. You won't pay a dime just to keep your account open, regardless of your balance.² <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>

This is a big deal, especially when compared to traditional banks that often charge $10 or more per month if you don't meet certain balance requirements. Over the course of a year, that could add up to $120 or more in savings.

Large ATM network

While SoFi® doesn't have any physical branches, it does offer access to a large network of over 55,000 ATMs nationwide⁴ <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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> . This means you can easily withdraw cash when you need it without paying any fees.

I've used SoFi®'s ATM locator tool in the app to find fee-free ATMs near me, whether I'm at home or traveling. It's a convenient way to access my money without worrying about racking up fees.

Savings Vaults

SoFi®'s Vaults feature allows you to set up separate savings buckets within your account for different goals that still earn the same high APY rate. For example, you could create a Vault for your emergency fund, another for a down payment on a house, and a third for a dream vacation.

I currently have Vaults set up for my side hustle taxes and a Europe trip. By automatically routing a portion of my direct deposits into these Vaults, I'm able to save for my goals without even thinking about it.

Where SoFi Checking and Savings could do better

Direct deposit requirements

To unlock SoFi®'s best features, like the up to 3.80% APY³ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and early paycheck access, you'll need to set up direct deposit. If you're self-employed or don't have a steady paycheck, this could be a challenge.

While you can still earn 1.00% (as of 01/24/25) APY on your savings without direct deposit, you won't be able to take advantage of some of SoFi®'s most attractive benefits.

Overdraft coverage

SoFi® does offer no-fee overdraft coverage, but it's limited to $50 and only available to members with at least $1,000 in monthly direct deposits.⁵ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> Some other online banks, like Chime, offer a higher overdraft limit or don't require direct deposit to qualify.

In-person access

As an online-only bank, SoFi® doesn't have any physical branches. This means you won't be able to walk into a local branch to deposit cash, get a cashier's check, or speak with a banker face-to-face.

Other banking products

SoFi isn’t a one-stop shop for all your banking needs. Checking and Savings is the institution’s only banking product, though SoFi also offers a number of other financial services, including loans, credit cards, insurance, investment accounts, and more.

If you need a low-fee online bank where you can open separate checking and savings accounts, certificates of deposit (CDs), money market accounts, and/or other bank accounts, consider Ally, Capital One 360, Axos Bank, and Discover.

SoFi Checking and Savings alternatives

We suggest looking into these two options if SoFi’s checking and savings option leaves you wanting more or a different set of benefits.

Discover Cashback Debit

If you want to earn rewards on your checking account purchases but have issues with SoFi’s activity requirements, Discover's checking account is worth considering. Unlike SoFi®, Discover offers 1.00% cash back on up to $3,000 in debit card purchases each month.¹² <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> If you use your debit card frequently, you might get more benefit out of this perk than the APYs on SoFi’s Checking and Savings account—especially if you can’t meet direct deposit minimums.

Discover also shares some of SoFi®'s most appealing features, such as no monthly fees or minimum balance requirements. We’ll recommend it again and again for low-fee, low-stress online banking, and this is also one of the best banks for bad credit (alongside SoFi).

Visit Discover | Learn more in our Discover Checking review.

Axos ONE

Axos is one of very few banks that offers a combined checking and savings account like SoFi, and we prefer its Axos ONE account to the SoFi Checking and Savings account in two cases. For one, savings balances can earn up to 4.86% APY⁹ <p>The Annual Percentage Yield (APY) is accurate as of 10/31/2024. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> <p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.</p> <p>Axos ONE accounts are eligible to receive a promotional APY for each statement cycle the criteria are met. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the following requirements during the statement cycle:</p> <p>Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p> <p>The average daily balance of your Axos ONE Checking account is greater than $1,500.</p> <p>If the above requirements are met:</p> <p>The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p> <p>The Axos ONE Savings account will earn a promotional rate of up to 4.86% APY for the statement cycle in which the requirements are met.</p> <p>A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Qualifying transactions must post and clear the account by the 25th of the month to count towards the monthly qualification cycle. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p> with direct deposit compared to SoFi’s rate of up to 3.80% APY with direct deposit. For another, Axos Bank is friendlier about cash deposits. You can add cash at Green Dot Network® retailers and participating ATMs, and Axos won’t charge you a fee. Both SoFi and Axos are FDIC insured, offer early access to paychecks, and no monthly fees.

However, to get the better savings rate with Axos, you’ll need to receive at least $1,500 in direct deposits by the 25th of each month and maintain an average daily balance of $1,500. This makes the account a little more restrictive than SoFi, which accepts any qualifying direct deposit activity without minimums, but it could be worth checking out Axos ONE instead if you know you can meet the requirements anyway.

Visit Axos ONE | Learn more in our Axos Bank review.

FAQs

Bottom line

If you’re like us and prefer online banking, especially when it means earning a high rate on your money and getting access to perks, the SoFi Checking and Savings account is an exceptionally good choice. We’d feel good about recommending it to many people, especially if you can meet direct deposit requirements and want a high-yield savings option that’s more flexible than traditional accounts.

That said, we also want to be clear that this joint checking/savings account has limitations. SoFi requires you to jump through the hoop of linking direct deposit to access its best features, and its savings APY isn’t the highest we’ve seen. SoFi also isn’t an all-in-one financial institution, so it isn’t a good fit for opening multiple bank accounts in one place.

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5.0

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.

High APY of up to 3.80%³ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit

Paycheck access up to 2 days early¹ <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 fees² <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 network⁴ <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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>