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 4.20% 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
