SoFi Bank Review
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Seeking high rates and a great digital banking experience? SoFi Bank offers solid accounts and a top-rated mobile app. Read on to know more.
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Overall Score | 4.1 | ||
Savings | 4.0 | ||
Checking | 4.0 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- High APY on savings
- Interest-bearing checking
- No monthly fees
- No physical locations
Bottom Line
Online bank offering interest-bearing checking and a savings account with a high APY
Want to open both a checking and a savings account? SoFi Bank could be your answer. They have SoFi Checking and Savings among its extensive catalog of financial products and services.
Think of it as a two-in-one deal: SoFi's combined Checking and Savings account streamlines your money management in one go.
But, is that all SoFi Bank has to offer? Keep reading to find out more
What is SoFi?
SoFi Technologies, better known as SoFi, is a digital finance company founded in 2011 by a group of Stanford business school students. Their initial focus was on refinancing student loans. Over time, they expanded to provide a wider range of financial services.
In 2022, SoFi bought Golden Pacific Bank and became SoFi Bank after getting a national bank charter. This allowed them to launch their own checking and savings accounts, adding more to their extensive line-up of offerings. [1]
Who is SoFi Best For?
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SoFi Bank is an excellent choice for those who prefer a fully digital banking experience. With its user-friendly website and app, you can easily manage your finances without visiting a branch.
It is also ideal for those wanting both a savings and checking account. When you open one, you get the other automatically. You can earn with high interest rates and get easy access to a spending account for daily needs.
But, SoFi is also great for those who need more than just a checking or savings account. They offer various financial services, including loans, insurance, and investments.
SoFi Pros and Cons
Pros
- Competitive APY on savings
- Checking balance earns interest
- No minimum balance requirement
- No monthly maintenance fees
- Cash deposits allowed
- Unlimited withdrawals/transactions per statement
- Fee-free access to 55,000+ Allpoint ATMs
- Includes financial management tools
- Top-rated mobile app
Cons
- No physical locations/branches
- Must meet requirements to earn high APY
About SoFi Checking and Savings
SoFi provides a combined checking and savings account only. This means you can't open only a savings account or only a checking account.
Even though they're bundled, each account offers different rates. You can earn 4.20% APY on savings balances with direct deposit (1.20% APY without) and 0.50% APY on checking balances.
However, to get the best interest rate on your SoFi Savings you need to meet either of the following:
- Set up direct deposits to your account
- Deposit at least $5,000 into your account every 30 days
SoFi Checking and Savings Account - $300 Bonus
Set up at least one eligible direct deposit of $5,000 or more in your new or existing SoFi Checking and Savings account. Direct deposit must be received before the end of the promotion period. This offer is valid for new or existing customers who do not have any history of direct deposit transactions into their SoFi Checking and Savings account.
You'll also receive a debit card linked to your SoFi Checking account, usable at 55,000+ Allpoint ATMs worldwide. Plus, you get to enjoy full access to the SoFi app, letting you transfer money, deposit checks, check balances, pay bills, and more. [2]
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with SoFi Bank:
Fees to Look Out For
One of the standout features of SoFi Checking and Savings is the absence of unnecessary fees and hidden charges. Here's a rundown of its fee-free perks:
- No account opening fees
- No monthly fees
- No overdraft fees
- No in-network ATM fees
- No inactive account fees
- No bill pay fees
However, note that the fee structure may change so make sure to read the fine print.
How to Open a SoFi Bank Account
You can easily open a SoFi Checking or Savings account on their website. Here's what you need to do:
- Select either SoFi Checking or Savings and click Open an Account.
- Create your login details and fill out the application form.
- Submit the application and fund your account.
Remember to fund your account within 30 days of opening it, or it will be closed.
How to Access Your Funds
There are several ways you can access the money in your SoFi Checking and Savings account. For withdrawals, you can use your SoFi debit card at any AllPoint ATM or use the SoFi mobile app to do online transfers.
Meanwhile, to deposit funds, you can do the following:
- Direct deposit
- Transfer from an external account
- ACH or peer-to-peer transfers
- Transfer from third-party wallet services
- Mobile check deposit
- Cash deposit
How SoFi Bank Compares
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees 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 bring your account balance to overdrawn by $50 or less at the end of the next business day*
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Is SoFi a Trustworthy Bank?
Yes, SoFi is a trustworthy bank. They are an FDIC member (Cert #26881) which means deposits are insured up to $250,000 per depositor, per ownership category. So, even if SoFi goes under, checking and savings account holders are guaranteed to get their money back.
Other SoFi Offers
Active Investing with SoFi
SoFi: Medical and Dental Referral Program - $1,000 Bonus
Earn $1,000 for every customer you refer who registers and applies for a medical or dental student loan refinance, and completes qualifying activities.
SoFi: Invest and Earn Up to $10,000 Bonus
Transfer investments from another brokerage firm into a taxable SoFi Invest Active Brokerage or Active retirement account (Traditional, Roth, or SEP IRA). The bonus amount will depend on the total net amount of assets transferred to your account during each calendar month. Transferred assets must remain in the account for 2 years. The bonus will be deposited within 14 business days after the last day of the month.
| Transfer Amount | Cash Bonus |
|---|---|
| $5,000-$24,999.99 | $100 |
| $25,000-$99,999.99 | $200 |
| $100,000-$249,999.99 | $500 |
| $250,000-$499,999.99 | $750 |
| $500,000-$999,999.99 | $1,000 |
| $1,000,000-$4,999,999.99 | $2,500 |
| $5,000,000+ | $10,000 |
Bottom Line
SoFi Bank's checking and savings options are great for those looking to grow their money. Both accounts earn interest, with the savings account offering a competitive APY. Plus, you'll enjoy a wide range of digital banking features that make managing your money easy.
The only drawback? SoFi Bank doesn't have physical branches, which might be a dealbreaker for those who prefer face-to-face banking.
References
- ^ SoFi. About Us, Retrieved 06/08/2024
- ^ SoFi. SoFi Checking and Savings, Retrieved 06/08/2024
- ^ SoFi. How do I make a cash deposit into my SoFi Money account?, Retrieved 08/05/2024
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees 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 bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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