SoFi Bank
Fees
Our Rating
Current Promotion
APY Savings
By focusing on the SoFi Checking and Savings Account, SoFi Bank aims to provide a comprehensive banking solution to its customers. This online bank account now serves as SoFi's sole banking offering, taking over from the previous SoFi Money cash management account, which is no longer available to new members.
You can earn a 0.50% APY on your account balance for recurring deposits of at least $500 or more into your SoFi account. When you sign up for SoFi, you also get a Visa debit card that you can use at any Allpoint Network ATM for free.
The ATM transaction fees incurred are reimbursed to your account. The debit card gives you instant access to your funds instead of transferring your funds from the online account to a standard account and waiting for the funds to clear.
SoFi is a good choice for someone looking for a hybrid account with savings and checking in one account. You can withdraw cash or pay for goods and services without extra cost.
SoFi can be a perfect fit if:
You prefer an online bank with good CD & savings rates
You may need one of the top-notch features SoFi checking account
- You want to access investing options, personal loans, credit cards, and mortgages
- You would like to get a sign-up bonus
- No monthly fees
- Attractive APY
- $0 ATM Fee
- Sign up Bonus
- Cash back rewards
- Spending Tracker
- FDIC-Insured Deposits
- No cash deposits
- No physical branches
- No reimbursement of third-party ATM fees
- Withdrawal Limits
- No multiple accounts
What is required to open a SoFi account?
Similar to the big banks, SoFi requires account opening applicants to confirm their identification and personal information. Your Social Security number, a legitimate home address, and your contact information will be on this. Make sure you fill out the application form completely, as it contains all of this information.
Does SoFi work for Joint Accounts?
SoFi recognizes that many couples desire to combine their funds, therefore the bank is working to make opening a joint account simpler. You can choose to add a co-owner when you open a SoFi account.
Of course, you'll have to give proof of identity as well as personal information for each party. But you can also add an additional user to your current SoFi account. On your account dashboard, there is a link that says “Add Joint Account Holder.” This will serve as a reminder to invite the other individual through email.
Can you buy/invest in gold products via SoFi ?
You can trade equities, including gold stocks, on the SoFi investment platform. When you download the app and open an investment account, you can even get a $1,000 bonus.
This platform's amazing features include no commission stock trading and the ability to buy fractional shares for as little as $5. Therefore, you don't have to invest your entire investing portfolio in one product if you want to try your hand at buying gold.
Can you buy/invest in Crypto via SoFi ?
SoFi has debuted SoFi Crypto, which allows you to buy, sell, and exchange cryptocurrencies, as the name implies. Through the bank's app, you can manage SoFi Crypto, and you can get started with as little as $10. You will need to check the availability in your native state because SoFi Crypto is not offered in every state.
Is SoFi worth it if I'm a student?
If you want to streamline your finances, SoFi is a fantastic choice. You can earn interest on your whole balance with the Spend and Save account, but there are no fees for overdraft protection.
Additionally, SoFi offers a range of student loan choices, including refinancing. When you're trying to organize your student finances, a cash back card might be useful because it can help you reduce your debt or increase your savings.
If I have bad credit, is SoFi still worthwhile?
Even while SoFi doesn't provide any specialized solutions for those with negative credit, its requirements are said to be flexible. Numerous customer testimonials claim that those with less-than-perfect credit can still purchase SoFi items.
SoFi does not offer a secured credit card, in contrast to many other banks. However, the sole credit card offered by SoFi is made to assist you in paying off debt and offers more benefits if you use them to pay off loans.
SoFi Money Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Benefits And Drawbacks
Let’s take a look at the benefits of the SoFi savings and checking and see if it’s the right one for your wallet or not.
Pros | Cons |
|---|---|
No Fees | No Cash Deposits |
Attractive Savings APY | No Physical Branches |
Welcome Bonus | No Reimbursement of Third-Party ATM Fees |
Cash Back Rewards | Withdrawal Limits |
FDIC-Insured Deposits | No Multiple Accounts |
- No Fees
With SoFi savings and checking, you won't be charged any account fees such as overdraft fees, account inactivity fees, foreign transaction fees, or ATM fees. Simply open an account and add funds to your account without getting charged any fees in the process.
- Attractive Savings APY
SoFi pays a up to 4.50% APY on its savings account, a very competitive rate even compared to other high-yield savings account rates.
- Welcome Bonus
When you sign up for SoFi savings and checking, you can earn a sign-up bonus if you meet certain deposit requirements. This bonus is available to new clients or existing clients who have not made direct deposits into their accounts.
- Spending Tracker
SoFi savings and checking has a spending tracker known as Relay, which lets you monitor your spending habits on your SoFi account and other accounts with other financial institutions. Link your accounts and monitor your spending.
- Cash Back Rewards
When using a SoFi debit card, you may qualify to get cash backs on different spending categories. Check your SoFi Account for the current spending offers at any given time.
- FDIC-Insured Deposits
Any deposit you make to your account is FDIC-insured up to $1.5 million. SoFi sweeps all deposits into six partner banks, with each bank insuring up to $250,000.
- No Cash Deposits
Unlike in traditional banks, you can’t deposit actual cash into SoFi savings and checking. You must deposit the cash in another bank account, and then transfer the funds electronically into SoFi.
- No Physical Branches
If you want a physical banking experience, you won’t find that in SoFi. As an online-only bank, you only access banking services via the web platform or mobile app.
- Withdrawal Limits
SoFi savings and checking has a withdrawal limit of $1000 for ATMs, $150 for over-the-counter withdrawals, and $6000 for point of sale purchases. Also, you are limited to 12 POS transactions per day.
- No Reimbursement of Third-Party ATM Fees
You won’t get reimbursed for out-of-network ATM withdrawals. Only transactions on Allpoint Network ATMs are fee-free.
- No Multiple Accounts
SoFi savings and checking currently allows one account per user. However, you are allowed to create multiple vaults within your account for each goal you want to achieve.
Top Offers From Our Partners
Top Offers From Our Partners
Checking Account Features
In addition to the benefits described above, tere are the top features you will find:
- Monitor credit score – Through SoFi partnership with TransUnion, you can monitor your VantageScore 3.0 credit score and stay up to date with any changes in your credit score.
- No Minimum Account Balance – There is no minimum opening balance requirement on SoFi To get started, sign up and link your bank account. You can start using the account with as little as $1 and add funds to your account every month. Also, before you apply – understand what do you need to open a bank account.
- Use of Vaults – SoFi allows users to separate savings from spending. You can create up to 20 vaults in your SoFi account for each goal you want to accomplish. You don't have to make a different account when creating a vault; vaults are extensions of your account.
- You can use vaults as an emergency fund or for other goals and set up recurring transfers from the SoFi savings and checking account balance to the vault. The funds you add to the vaults are FDIC-insured.
- Automatic Savings Roundups: The payment is automatically rounded up to the next whole number when paying for goods and services. This amount is automatically transferred to the specific vault you choose to fund. For example, if you make a purchase worth $3.60, this amount is rounded to $4.00, and $0.40 is transferred from the spending balance to the selected vault.
- Free paper checks: You can get unlimited free checks anytime if a creditor or landlord does not accept online payments. Use paper checks to pay rent, buy furniture, or make other bill payments.
Customer Experience
SoFi has an easy-to-use website that allows you to access support and guidance on a variety of finance topics as well as browse the product line.
This ensures a great user experience, especially if you're not sure which online banking services and products are best for you. The SoFi app has received 4.4 out of 5 stars on Google Play and 4.8 stars on the Apple App Store.
However, according to the J.D. Power 2023 U.S. online-only banks satisfaction study, SoFi doesn't rank on the highest place (7 out of 10 banks) with a score a bit below the average.
Depending on your banking product, SoFi offers a variety of customer service lines. While the credit card line is open 24 hours a day, the majority of the other lines are only open from 5 a.m. to 7 p.m.
SoFi | |
|---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.2 |
BBB Rating (A-F) | A+ |
Contect Options | phone/social |
Availability | 5 am – 7 pm PT |
Our Real Experiences With SoFi Banking
The SoFi App, serving as our digital gateway, unfolded a series of features that transformed the way we interacted with our finances.
The heart of our SoFi Banking experience lay in the Account Transactions feature. Navigating through this section, we found a detailed breakdown of all our financial activities – from deposits and withdrawals to purchases and transfers.
Tracking our credit health became a breeze with the Credit Score feature on the SoFi App. The app provided a clear overview of our credit score, offering insights into the factors influencing it.
Creating a vault within the app added a layer of organization to our savings goals. The SoFi Create Vault feature allowed us to set aside funds for specific purposes, whether it was a vacation, emergency fund, or a big purchase.
Engaging with customer support through the SoFi Chat Options was a highlight of our banking journey. The chat feature allowed us to seek assistance on a range of topics – from account-related queries to understanding specific features.
Account Fees
One of the attractive features of SoFi savings and checking is its zero account fees. Most of the services are free, and you won’t be charged monthly fees, maintenance fees, minimum balance fees, inactive account fees, overdraft fees, ATM fees, or bill pay fees. When you use SoFi to pay for foreign purchases, SoFi does not charge an extra fee.
Even though most of the services are fee-free, there are specific fees that you might incur over time. For example, there is a $20 replacement debit card fee in case your first card is lost. Also, if you end up with a negative balance after an overdraft, you will not be charged an overdraft fee.
However, the outstanding negative balance will be charged interest at the bank’s lending rate. SoFi clarifies that the current fee-free structure is not permanent and is subject to change in the future.
Credit Cards
SoFi only offers one credit card. This card aims to help customers save, invest, and pay off debt. You'll get 2% cash back if you use your credit card rewards to save, invest, or pay down your SoFi loan.
If, on the other hand, you want statement credit for your SoFi credit card, you'll get 1% unlimited cash back. Another benefit of this card is that SoFi will reduce your credit card rate by 1% if you make at least your minimum payments on time for the entire year.
Mortgage & Loan Options
SoFi offers a wide range of home loans and mortgage products, including home equity loans, fixed-rate mortgages, and cash-out refinancing. Prequalification is available through the bank, and you can choose the term and associated rate that works best for you.
SoFi home loans require a minimum down payment of 5% and a loan-to-value ratio of 80% or higher. SoFi members can also get a $500 discount on refinancing or home loan fees.
SoFi offers personal loans for various needs, including debt consolidation loans and home improvement loans for amounts up to $100,000, with no origination fees. SoFi also provides cash bonuses to its customers. If you proceed with your loan, you will receive $10 for viewing your loan rate and up to $1,000 cash.
SoFi Mobile app
The SoFi Mobile app is available for both iOS and android. You can use the SoFi Mobile app on a smartphone or tablet. This app allows users to monitor their account activity and manage their finances.
New users can sign for SoFi on the mobile app and access all digital tools offered by SoFi, including the free budgeting tool, spending tracker, and vaults. Here are the services you get on the mobile app:
- Deposit funds through mobile check deposit
- Check transaction history
- Check account balance
- Free bill pay for online bill payments
- Peer-to-peer payment transfers
- Monitor your TransUnion VantageScore 3.0.
- Talk to customer support via live chat
- Connect accounts from other financial institutions for easier tracking of savings and spending.
- Free and unfreeze the debit card
- Change pin
- Set up two-factor authentication and fingerprint recognition
Top Offers From Our Partners
Top Offers From Our Partners
How to Open an Account With SoFi?
SoFi savings and checking has a simple sign-up process that takes 5 to 10 minutes to complete . Make sure all of the relevant things you need to open a bank account exists. To get started, go to the SoFi banking page and click “Get SoFi”. Follow these steps to open a SoFi savings and checking management account:
Step 1.
On the sign-up page, provide your personal information such as first and last name, the state where you live, email, and password.
Step 2.
Depending on whether you want to go it alone, or sign up with your business partner, you can choose between the individual and joint account.
Step 3.
Next, provide your physical address, city and, state. This is the address where SoFi Money will send your debit card.
Step 4.
SoFi will require you to provide your phone number for verification. The app will send you a code, which you must enter to proceed with the application. This number will also be used for two-factor authentication.
Step 5.
You will be required to confirm your Social Security and date of birth. SoFi uses this information to check your credit score. This is a soft pull, and it won’t affect your credit score.
Step 6.
SoFi will require you to confirm your citizenship. Confirm whether you are a permanent US citizen, a non-permanent resident alien, or a green card holder.
Step 7.
The final step is to answer certain questions (in case they apply to you). These questions relate to your role in a brokerage firm or security exchange, your directorship or role in a publicly-traded company, or if you need to add a trusted person to help you manage the account.
Once you’ve answered these questions and accepted the agreement, your account is ready, and you can link up your bank account to add funds to your SoFi Money account.
Is SoFi FDIC Insured?
When you add funds to your SoFi savings and checking account, SoFi transfers these funds to one or more of its partner banks. Since these banks are FDIC-insured, the funds transferred to these banks also get FDIC insurance coverage. Technically, these funds are FDIC-insured only when they are transferred to one of the partner banks. Before these funds are swept to the partner banks, they are covered by SIPC insurance.
Since each partner bank has a $250,000 FDIC insurance, it means that the funds deposited in the account are insured for up to $1,500,000. Although the actual cash deposits are held in external banks, SoFi customers can still manage their funds via the account dashboard, and make withdrawals using the debit card.
Top Offers From Our Partners
Top Offers From Our Partners
Bottom Line
If you are looking for a free checking account including a high-interest saving account, SoFi savings and checking is a good pick. You can access your SoFi Bank management account via the web platform or mobile application, and you get access to a dozen digital tools to help manage your spending and savings.
One of the attractive perks of SoFi is that it is a fee-free account, and you won’t be charged minimum balance fees, overdraft fees, maintenance fees, or ATM fees. Also, there is no minimum balance requirement, and you can start with as little as $1, and deposit recurring funds every month. You will earn an attractive up to 4.50% interest rate if you deposit at least $500 every month into your SoFi account.
On the downside, as an online-only bank, you will not get the benefit of a traditional checking account where you can deposit cash. SoFi does not support cash deposits but you can make electronic transfers from other bank accounts to your SoFi savings and checking account. Plus, you don’t get face-to-face interactions.
SoFi Savings And Checking FAQs
Does SoFi Offers a Promotion?
Yes, SoFi offers a promotion of $50 – $300for new accounts. However, in order to get it, new customers should deposit $1,000 – $5,000 in the first 30 days. Check out our SoFi promotions guide to see all SoFi bonuses.
Is SoFi legit and safe?
SoFi is certainly a legit money management service, offering a combined savings and checking account. There is two factor authentication via the SoFi app.
You can also instantly unfreeze and freeze your card in the app. In addition to ensuring your data is secure, SoFi has federal protection via the FDIC, so your funds are protected should the bank cease trading.
Is SoFi good for online banking?
As a mobile banking platform, SoFi is a great option for those looking for top online banking places. There are no account fees or ATM fees across a network of ATMs worldwide that has over 55,000 machines.
One of the stand out features of this online banking platform is that you can easily transfer and receive funds to any of your family and friends.
Is SoFi a good bank overall?
SoFi is a great online cash management platform that combines savings and checking facilities into one account. There are no overdraft or monthly maintenance fees and you can access a free ATM network.
This makes it a great option for those who don’t want to mess around with transfers between checking and savings to get the best rate.
Is SoFi savings and checking better than Capital One 360?
Like SoFi, Capital One bank account has no monthly fees or minimum deposits. Both banks offer competitive rates on its savings products
SoFi has some nice perks that you don’t typically find with Capital One 360, such as ATM fee reimbursement and no overdraft fees. So, unless a specific Capital One 360 product appeals, you are likely to find SoFi money a solid choice.
Is Varo Banking better than SoFi savings and checking?
SoFi Money is well regarded for its personal loans, but it also offers competitive rate savings and checking accounts with no maintenance fees or account minimums. Varo's interest rate on savings is lower – only 3.00% – 5.00% APY.
However, SoFi money has an advantage over Varo if you are a frequent traveler. From anywhere in the world, SoFi will reimburse ATM charges providing you use a machine that accepts Visa.
So, if you like to travel and need a little more from your banking services, SoFi money could be a better choice.
Is Chime better than SoFi?
Chime is a legit online banking service, similar to SOFi and other online banking platforms.
While SoFi allows you to keep all savings and checking funds in one account, the Chime app has no fees and allows you to have multiple separate accounts. This makes it easier to manage your money.
Additionally, while you may earn up to 4.50% on all funds in your SoFi account, you’ll earn 2.00% on your Chime savings.
Is CIT Bank better than SoFi?
While SoFi aims to offer a simple banking solution for most customers, all of your funds are combined into one account. Although this does attract up to 4.50% interest, it can make it tricky to effectively manage your money.
CIT Bank offers checking, saving and money market accounts, so you can more easily control your finances to ensure the best rates and greatest accessibility to your funds. You can have CIT bank account with a debit card for your everyday spending but easily transfer excess funds into your savings account online or via the app.
Online Banks For Starters - Alternatives
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.50%
| 2.00%
| 3.00% – 5.00% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $0 | $0 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.6/5 on Android | 4.7/5 on iOS, 4.5/5 on Android |
BBB Rating | A+ | F
| A+ |
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
Compare SoFi With Alternative Banks
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
SoFi offers a Spend and Save account that is part savings account and part checking account. You can earn 0.25 percent on your entire balance, but you can also establish savings vaults. These are separate funds within the account that allow you to allocate funds to various savings goals. This allows you to save for both short and long-term goals without having to manage multiple savings accounts.
Varo, on the other hand, has a more traditional savings account that offers an impressive up to 3% interest rate. Higher rates are available if you keep a savings balance of $5,000 or more or receive $1,000 or more in direct deposits during the qualifying period.
Read Full Comparison: SoFi vs Varo Bank: Which Account Is Better For Your Money?
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
Upgrade and SoFi Bank offer various online banking products, including checking, savings, and credit cards. Let's compare them side by side: Upgrade vs. SoFi Bank
Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
There is no clear winner between SoFi and Wells Fargo as each bank excels in different areas – but Wells Fargo is our winner. Here's why.
PNC Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
Compare SoFi Savings
Ally and SoFi savings account rates are among the highest in the market and no monthly fees required. Compare account features and drawbacks.
SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side
Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.
SoFi High Yield Online Savings Account vs. Marcus Online Savings Account: Which Offers More?
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