Banking » Compare Banks » SoFi vs Ally Bank: Compare Banking Options
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SoFi vs Ally Bank: Compare Banking Options

Both banks offer interest on checking account balances and access to banking products including mortgages and loans. While Ally doesn't offer credit card options, SoFi does lack CDs.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

When SoFi Bank Wins?

The SoFi product line has come a long way since this bank first launched. You can now access investment products via SoFi Invest, mortgages, loans along with its hybrid checking & savings account.

SoFi even has insurance products. The only thing this bank is lacking is CDs and conventional savings accounts.

SoFi Money can be a better choice than Ally if:

  • You are happy with a hybrid savings and checking account

  • You want a welcome bonus

  • You want a cashback credit card
sofi logo

When Ally Bank Wins?

Ally has a far more comprehensive choice of conventional banking products. In addition to the checking account, savings account, and CD options, there are investment and retirement products via Ally Invest, mortgages, auto loans, and personal loans.

This makes it more in line with a conventional bank, which may make it easier to switch from your high street bank.

Ally Bank can be a better choice than SoFi Money if:

  • You want a separate checking and savings account

  • You want access to 24/7 customer support

  • You want CDs or money market accounts options

ally bank
SoFi Money
Ally Bank
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

SoFi vs. Ally Bank: Savings Account

The SoFi Spend & Save account is a hybrid savings and checking account. While you can earn up to 4.60% on your entire balance, you can create savings vaults. These allow you to work towards separate savings goals. 

This way you can save for short and long term events without needing to have multiple savings accounts. This is a good way to keep your finances organized. You can even specify which vault you want your round up funds to go into.

Ally's savings account is more conventional, which is separate from its checking account and pays 4.25%. Like SoFi, there are no account management fees. However, instead of Vaults, you can organize your savings into buckets. Essentially, this is the same thing, so you can create different buckets for different savings goals.

SoFi Money
Ally Bank
APY
up to 4.60%
4.25%
Fees
$0
$0
Minimum Deposit
$0
$0
Checking Needed?
Yes
No
Main Benefits
  • Savings vaults to have separate funds for each savings goal
  • No account fees
  • Rounds up your debit card purchases into your linked savings account
  • Buckets to organize your savings, so you can allocate funds and work towards your savings goals
  • 24/7 support via chat, email or phone

SoFi vs. Ally Bank: Checking Account

As we mentioned above, SoFi has a hybrid checking and savings account, but it does have some nice checking account features. There is a $50 overdraft protection, so you won’t get charged a fee if you accidentally slip into the red. You can also round up your purchases and the difference will go into one of your savings vaults. There is also a $100 welcome bonus for new customers.

Ally's checking account also offers interest on balance and has similar features, including round-ups. You can also set up automatic savings and use your smartphone to remote check deposits.

While both checking accounts offer an interest rate on balance, so if you tend to carry a balance, SoFi may be a better option.

SoFi Money
Ally Bank
APY
0.50%
0.25%
Fees
$0
$0
Minimum Deposit
$0
$0
Main Benefits
  • Overdraft Coverage covers you up to $50, no overdraft fees
  • Early payday – automatically get your paycheck up to two days early every time
  • Remote check deposit using your smartphone
  • cash back when you have recurring $500 monthly deposits.
  • Remote check deposit using your smartphone
  • Rounds up your checking account purchases into your linked savings account
  • Easy transfers with Zelle and Ally Skill, an Amazon Alexa compatible voice transfer system.
  • ATM network of over 43,000 fee free machines

Ally vs. SoFi: Compare CDs

There is no comparison here, as SoFi does not currently offer CDs.

So, if you are interested in CD products, Ally is a better option, offering impressive rates compared to many of the bigger banks. Here are Ally CD rates as of May 2024:

CD Term
APY
Early Withdrawal Penalty
3 Months
3.00%
60 days of interest
6 Months
4.40%
60 days of interest
9 Months
4.45%
60 days of interest
12 Months
4.50%
60 days of interest
11 Months – No Penalty
4.00%
/
36 Months
4.00%
90 days of interest
60 Months
3.90%
150 days of interest

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Ally vs. SoFi: Mortgage Options

SoFi offers a variety of mortgage and home loan products including cash out refinance, home equity loans, and fixed rate mortgages. You can get prequalified and select the right term and associated rate for you. SoFi also offers its members a $500 discount on home loans or refinancing fees. SoFi really stands out because you can put down as little as 5%, and you only need a loan to value of 80% or more.

Ally also offers mortgage products for home purchases or refinancing. This includes fixed rates, adjustable rates, and jumbo loans. The bank offers several home loan tools, including calculators and guides to assist first-time buyers. Ally also advertises that you can get pre-approval in just three minutes.

Loan Options

SoFi also offers a variety of personal loans, including home improvement loans and credit consolidation loans. You also don’t need to worry about fees, as there are no origination fees as you would find with many lenders. SoFi also offers some bonus rewards. You can get up to $1,000 in cash and even a $10 bonus just for viewing your rate.

Ally doesn’t technically have loans, rather it works with your lending service provider to offer finance solutions. Ally Lending offers loans for medical bills and home renovations with no down payment or application fees. So, if you’re looking for a straight personal loan, SoFi has the edge.

SoFi vs. Ally Bank: Credit Cards

SoFi offers just one credit card that is designed to help you to save, invest and pay down your debt. You can earn 2% cash back unlimited if you redeem it to save, invest or pay down a SoFi loan. If you redeem your cash back for your SoFi credit card statement credit, you’ll get 1%.

Additionally, if you make at least the minimum payment on time for 12 months, SoFi will lower your APR rate by 1%.

Ally offers 3 credit cards:

  • Ally Platinum Mastercard® offers credit-building support, zero fraud liability, 24/7 fraud monitoring, automatic credit line reviews, and no foreign transaction fees. It also promises no rate hikes for late payments.
  • Ally Everyday Cash Back Mastercard® is great for cash back enthusiasts, offering 3% cash back at gas stations, grocery stores, and drugstores, 1% on everything else, no earning limits, and no minimum redemption requirements.
  • Ally Unlimited Cash Back Mastercard® provides a steady 2% cash back on all purchases with no expiration dates, no redemption minimums, and no annual fees, making it a reliable cash back card choice.
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Promotion:
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With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
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• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

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Promotion:
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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
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• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

SoFi vs. Ally Bank: Customer Service

SoFi has a variety of customer service lines according to the banking product. While the credit card line is available 24/7, most of the other lines are only available from 5 am to 7pm.

On the other hand, Ally has 24/7 support, claiming a typical wait time of just one minute for customer calls.

However, the standard of service is not particularly reflected in the consumer review ratings. SoFi has an average 3 out of 5 rating on Trustpilot, while Ally has a poor 2 out of 5 rating.

SoFi In the Shoes of a User: Features Visual Guide

We checked out the SoFi App's features to see how they work for regular users. Below are our thoughts and discoveries on each feature.

Depositing checks became a hassle-free experience with the SoFi Deposit Check feature. The app's intuitive camera scanning allowed us to capture and deposit checks remotely, eliminating the need for a trip to the bank.

SoFi Deposit Check
(Screenshot from SoFi)

SoFi's Overdraft Protection feature added an extra layer of security to our checking account. We could set up safeguards to prevent accidental overdrafts, offering peace of mind and avoiding unnecessary fees.

SoFi manage overdraft protection
(Screenshot from SoFi)

With a few steps, we could move funds effortlessly – whether it was paying bills, splitting expenses, or sending money to friends.

transfer money SoFi
(Screenshot from SoFi)

Online/Digital Experience

Both SoFi and Ally have an app to help you to manage your bank accounts and any financial products on the go. The SoFi app is rated 4.4 out of 5 on Google Play and 4.8 out of 5 on the Apple Store, while Ally’s app is rated 4.7/5 and 4.2 out of 5 on Apple and Google respectively.

Both banks also have an easy to use website that allows you to explore the product lines with help resources for different finance topics.

Which Bank is The Winner?

To sum up, we’ll need to look at which bank is better, according to what you’re looking for.

Both Sofi and Ally offer some impressive banking products that have some key similarities. Both banks offer interest on checking account balances and access to banking products including mortgages and loans.

However, SoFi does lack CDs and it has a hybrid checking and savings account. On the other hand, while Ally has a conventional checking and savings account, it does not have a credit card option.

sofi logo
ally bank
The Smart Investor Logo
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 4.60%
4.25%
Up to 5.02%
Checking Fee The monthly fee on checking account
$0
$0
Compare Banking
Mobile App Rating
4.8/5 on iOS
4.2/5 on Android
4.7/5 on iOS
3.7/5 on Android
Various Banks
Open Account
Open Account
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FAQs

Based on the sum of their first month's direct deposits, new members will receive a tiered direct deposit welcome bonus of up to $50-$300 paid straight to their SoFi Checking & Savings accounts. 

SoFi has recently launched SoFi Crypto, which as the name suggests allows you to buy, sell and trade cryptocurrencies. You can manage SoFi Crypto via the bank’s app and you can get started from as little as $10.

However, SoFi Crypto is not available in all states, so you will need to check the availability in your home state.

You must be an American citizen or authorized permanent residence. At least 18 years of age is required. A Social Security number is required to open an Ally Invest account. You can use either your Social Security number or your Taxpayer Identification number to open bank accounts.

SoFi requires account users to be aged 18+, so it is not really a good option for teens. The bank has no dedicated children’s accounts, so if you are looking for a checking or savings account for your teenager, SoFi is not the best option for you.

If you decide to close your Ally bank account, call the helpline and an agent will walk you through the process. You can also submit a written request.

Most Ally accounts allow you to add another person. Ally has a standardized Additional Owner form, which you need to complete. The signed form can then be uploaded or faxed or mailed back to Ally. In addition, you must provide a signature card for each account holder.

SoFi vs Ally Bank: Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked at SoFi and American Express in five main areas:

  1. Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  2. Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  3. Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  4. Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  5. Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare Ally With Other Banks

Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.

Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.

Read Full Comparison: Ally vs Chime: Which Banking Account Wins?

Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.

Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.

Read Full Comparison: Ally vs Capital One: Compare Banking Options

Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.

Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.

Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?

Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.

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: Discover vs Ally: Which Bank Wins?

Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.

Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.

Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?

Aspiration has a streamlined banking product line that includes a hybrid account with a $7.99 per month upgrade option and only one credit card option. Aspiration's premise is to help you live a greener life, so the products are heavily weighted in this category. This means that you can earn cash back and other rewards for making environmentally conscious purchases and taking action.

Ally offers a much broader range of banking products. In addition to checking, savings, and CD accounts, you can also get investment and retirement products, mortgages, auto loans, and personal loans. This brings it more in line with a traditional bank, which may make switching from your high street bank easier.

Read Full Comparison: Aspiration vs Ally Bank: Where to Save Your Money?

While Wells Fargo has a far more comprehensive product line, Ally does offer better rates on savings, CDs and even its checking account. The only areas where Wells Fargo has the edge is its credit cards and its impressive selection of mortgage products and loans.

Ally vs Wells Fargo: Which Bank Account Is Better For You?

Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

U.S. Bank is one of the largest brick-and-mortar banks, while Ally is among the best online banks. Let's compare them and find our winner: Ally Bank vs. U.S. Bank

Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why:

Citibank vs. Ally Bank: Which Bank Account Is Better?

While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.

Ally vs. TD Bank: Which Bank Account Is Better?

While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank

Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers. Let's compare them side by side: Ally Bank vs. HSBC Bank

Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.

Ally Bank vs. Synchrony Bank: Compare Banking Options

Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.

Upgrade vs. Ally Bank: Compare Banking Options

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Promotion:
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With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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?

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.

Chase vs. SoFi: Which Bank Account Is Better?

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.

Wells Fargo vs. SoFi: Which Bank Account Is Better?

PNC Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.

PNC Bank vs. SoFi Bank: Compare Banking Options

Banking Reviews

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Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
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Savings Rate: 5.00% APY
Minimum Deposit:
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Savings Rate: 4.50% APY
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Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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