If you're building up your savings, a checking account may be the best option for you. Checking accounts ensure easy access to your funds for life's everyday and unexpected expenses, and provide fantastic perks like cash signup bonuses, cash back on purchases, early payday, and more. Get started today with the best checking accounts available from our partners.
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Bottom Line: Why We Like the SoFi® Checking and Savings Account
This is likely one of the top savings + checking accounts we’ve seen, and offers like this can be very rare. This powerful account from SoFi® allows you to earn up to 3.80% APY.1 <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> Plus, when you set up direct deposit, you could also earn up to a $300 bonus.
- Earn Up to 3.80% APY: With direct deposit or qualifying deposits, you can earn up to 3.80% Annual Percentage Yield (APY) on savings balances and 0.50% APY on checking balances. Without, you can earn 1.00% APY on savings balances and 0.50% APY on checking balances.
- Earn Up to $300 With Direct Deposit: Sign up and set up direct deposit, wait for your direct deposit to hit your account (typically 2-4 weeks), then collect a cash bonus of $50 to $300 depending on your direct deposit amount.
- No Account Fees: No minimum balance fees. No monthly fees. No overdraft fees.8 <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. 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 > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> Plus, 55,000+ fee-free ATMs within the Allpoint® Network.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>
- Get Paid Up to Two Days Early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.3 <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>
- Access Additional FDIC Insurance Up to $3M: Deposits are insured up to $3M through a network of participating banks. SoFi is a Member, FDIC. 4 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", 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. 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 <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>
Frequently Asked Questions
When picking a new bank account, there are a few key things to consider, like the types of products and services they offer, the fees they charge, and the bonuses available. If you prefer visiting a branch, check if the bank has locations near you. And remember, you don’t have to stick with just one bank — opening different accounts at different banks can help you get the best rates and offers.
Checking accounts are a great starting point for managing your money because they’re easy to use and secure. You can use them for everyday tasks like paying bills, shopping, and receiving your paycheck. Having a checking account can help you keep your finances organized. For example, you can set up direct deposits from your employer and automate bill payments, making things more convenient. Plus, with mobile apps, you can check your account, transfer money, and make payments from anywhere, whether you're at home or on the move.
Requirements vary by bank for opening an account, but you’ll typically need to be at least 18 years old and have a valid Social Security number or Individual Taxpayer Identification Number. You’ll also need to submit photo identification and provide proof of your current address.
You should keep at least the minimum balance in your checking account and ensure you have enough to cover all your monthly bills. It’s a good idea to have a cushion to protect yourself from accidental overdrafts, but you shouldn’t keep too much money in your checking account if you could earn a better APY by moving some of that money into a savings account.
There’s no magic number; it’s totally okay to have one or multiple checking accounts in your name. Sometimes, having more than one checking account can make money management and budgeting easier. For example, you might want a separate checking account for spending on your kids, or a business checking account for your business expenses.
You may have noticed the words "Member FDIC" or "FDIC Insured" when shopping for a bank. The Federal Deposit Insurance Corporation provides deposit insurance for consumers, specifically to protect their funds if their bank fails.
Accounts that are insured by the FDIC must be deposit accounts, which include checking accounts, savings accounts, money market accounts, and CDs (certificates of deposit). With FDIC insurance, you’ll get up to $250,000 in insurance per owner, per insured institution, per account category.
How we chose these products
FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including account fees, bonus offers, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.