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SoFi Checking and Savings (Member FDIC) is a great account option if you don't mind keeping your savings and checking in one account. You can earn a competitive interest rate if you set up direct deposit or deposit a minimum of $5,000 per month. You can also earn a cash bonus of up to $300 if you are a new customer and set up direct deposits, or as an existing customer that hasn't set up direct deposits yet.
SoFi Checking and Savings (Member FDIC)
SoFi Bank, N.A., Member FDIC
Insider’s Rating
4.25/5
Perks New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% 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 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.50%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
About SoFi
SoFi Bank is an online-only institution that offers loans, investment accounts, and banking options.
The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.). In 2022, the Office of the Comptroller of Current conditionally approved SoFi's application to establish SoFi Bank, N.A. as a full-service bank. As part of the conditional authorization, SoFi Bank acquired Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.
SoFi Checking and Savings members will be able to protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.
SoFi Checking and Saving Review: Pros and Cons
Pros
- Earn up to 4.50% on savings balances if you set up direct deposit or deposit minimum $5,000 per month
- Up to $300 bonus with qualifying direct deposit for eligible customers (through 12/31/24)
- Decent interest rate even if you don't set up direct deposit or deposit minimum $5,000 per month
- $0 minimum opening deposit
- Minimal bank fees
- Savings tools
- Receive your paycheck up to 2 days sooner with early direct deposit
Cons
- Online-only account
- Declined purchase if you overdraw by more than $50
- Fee for depositing cash
SoFi Checking and Savings Fees and Charges
One of the main benefits of SoFi Checking and Savings is that it has minimal bank fees.
You won't worry about monthly bank maintenance fees or overdraft fees. If you've set up direct deposits of at least $1,000, you'll be eligible for SoFi overdraft protection, covering negative balances up to $50.
SoFi doesn't charge you for point-of-sale transactions or Allpoint ATM transactions. However, if the out-of-network provider charges you a fee, SoFi doesn't offer reimbursem*nts. In comparison, the best banks for avoiding ATM fees offer domestic or international ATM fee reimbursem*nts for out-of-network providers.
SoFi Checking and Savings Online and Mobile Banking Experience
SoFi's online and mobile banking lets you see the banking, investing, and loan products in one place. You also have access to common online banking features, such as online bill pay and 24/7 bank account monitoring.
On the mobile app, you can make mobile check deposits and set balance and transaction alerts. The SoFi mobile app has relatively good ratings overall. It's received 4.8 out of 5 stars in the Apple store based on over 343,000 ratings. Meanwhile, it's gotten 4.0 out of 5 stars in the Google Play store based on over 33,100 ratings.
SoFi Checking and Savings Interest Rates and Earnings
SoFi offers different interest rates for checking and savings balances.
You can get high-yield savings with SoFi, earning up to 4.50% APY if you set up a direct deposit of any amount or deposit at least $5,000 every 30 days. If you don't set up a direct deposit or receive a monthly qualifying deposit, you'll only earn 1.20% APY on savings balances.
SoFi checking balances pay 0.50% APY. The APY is the same for all customers.
SoFi Additional Benefits
Early direct deposits
You can get your paycheck up to two days early through the online bank. To get this perk, you must receive a qualifying direct deposit. SoFi defines a qualifying direct deposit as a paycheck from an employer (including pension plans), payroll provider, benefits provider, or government entity (this includes Social Security payments).
Cash bonus
If you're a new customer or existing customer who hasn't set up direct deposits yet, you could also get a bank account bonus of up to $300.
To qualify for the cash bonus, all you need to do is receive at least one qualifying direct deposit, the first of which must be received on or after December 7, 2023. You'll earn a $50 cash bonus if you receive direct deposits between $1,000 and $4,999.99, or a bonus of $300 if you receive direct deposits of $5,000 or more within 25 days. The bonus will be deposited into SoFi Checking and Savings (Member FDIC) around seven business days after the 25-day period.
Money Vaults
Money Vaults are a savings tool to help you contribute money toward a savings goal. Money Vaults are part of SoFi Checking and Savings; they're not separate accounts. You can make up to 20 at once.
Money Vaults earn the same APY as savings account balances. Hence, your rate will be up to 4.50% APY when you receive a monthly direct deposit of $5,000 or more every 30 days. If you don't set up direct deposits or receive a qualifying amount every 30 days, you'll earn 1.20% APY.
Overdraft Protection
SoFi has no-fee overdraft protection that covers negative balances up to $50. To be eligible for SoFi Overdraft Coverage, you must get at least $1,000 in direct deposits. You'll get a notification once you qualify for overdraft protection.
Keep in mind SoFi overdraft protection only applies to negative balances resulting from debit card purchases. You won't be able to use overdraft protection for ATM withdrawals, ACH transfers, or transactions using online bill pay.
If you are worried about overdrawing from your account, you may prefer one of the best banks for overdrafts. Other online banks have multiple overdraft protection plans or cover higher overdraft balances.
How to Open a SoFi Checking and Savings Account
You must open SoFi Checking and Savings online; SoFi is an online-only financial institution. You must be at least 18 years old and use a Social Security number to open the account. The online application also requires you to fill in basic information about yourself, like your full name, address, citizenship status, and email. If you are a U.S. resident or non-permanent resident, you'll include your country of citizenship.
To add money to SoFi Checking and Savings, you may set up direct deposits, deposit checks, link an external bank account, or make cash deposits through a participating retailer. SoFi doesn't have physical branches if you want to withdraw money, but you can take out money at an Allpoint ATM.
SoFi Checking and Savings Customer Support and Service
SoFi has a help center that addresses many questions about SoFi Checking and Savings, including how to get started with the account, where to learn about different account features, and how to set up transfers and link external bank accounts.
For customer support on SoFi Checking and Savings, call or use live chat anytime from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.
Is SoFi Trustworthy?
The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.
A great BBB doesn't guarantee your relationship with a company will be perfect. You'll also want to speak with current customers or read online customer reviews.
SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.
Is SoFi Checking and Savings Right for You?
SoFi Checking and Savings (Member FDIC) is an excellent choice if you don't want to deal with common bank fees. It's a fee-free checking and savings account option.
The account offers a couple of unique perks. There's a savings tool called Money Vaults, which helps you save for individual goals. You can earn a competitive interest rate that's higher than what many traditional and high-yield savings accounts pay if you set up direct deposit or have qualifying deposits of $5,000 or more per month. Even if you don't have qualifying deposits, you'll still earn a great interest rate.
You also might like this account if you're looking to get a cash bonus — new customers or existing customers who haven't set up direct deposits yet are eligible for a cash bonus of up to $300.
SoFi Checking and Savings Alternatives
We compared SoFi Checking and Savings to two popular online banks with separate checking and savings accounts: Chime and Ally.
SoFi Checking and Savings vs. Ally Checking and Savings Accounts
SoFi has a hybrid savings/checking account, so it could be more appealing than Ally if you are looking for an all-in-one account. Ally may be more suitable than SoFi if you want a variety of bank account options — it offers CDs and a money market account, which SoFi doesn't have.
SoFi Checking and Savings (Member FDIC) offers a higher interest rate on savings balances than the Ally Savings Account if you set up direct deposit or deposit minimum $5,000 per month. Ally may be a better option if you don't want to set up a direct deposit, though. The Ally Savings Account pays a flat interest rate of 4.20% Annual Percentage Yield (APY), while SoFi members only earn 1.20% APY on savings balances when they don't have qualifying activities.
Ally is also a better choice if you don't want to deal with out-of-network bank ATM fees. The bank doesn't charge a fee for using an out-of-network ATM, and you'll get up to $10 per month in reimbursem*nts if an ATM charges you a fee. Meanwhile, SoFi won't reimburse out-of-network ATM charges.
Ally Bank Review
SoFi Checking and Savings vs. Chime Checking and Savings Accounts
Chime offers a checking and savings account. Both SoFi and Chime charge zero monthly service fees and require no minimum opening deposit, which is great if you're looking for accounts with lenient opening requirements.
SoFi Checking and Savings (Member FDIC) currently pays a higher interest rate on savings balances than the Chime Savings Account if you have qualifying activities. If you do not want to set up a direct deposit or add qualifying deposits, then Chime may be more appealing. However, you would need to open Chime® Checking Account before opening the Chime Savings Account.
Chime Review
Why You Should Trust Us: How We Reviewed SoFi Checking and Savings
At Business Insider, we rate bank accounts on a scale from zero to five stars.
For our SoFi Checking and Savings review, we combined our bank account methodologies for savings and checking accounts by looking at the minimum opening deposit, interest rate, monthly service fee, overdraft protection option, ATM network/fees, customer support availability, mobile app ratings, and ethics of the company.
All of the categories have equal weight in our rating. See which accounts made our top checking account guide.
SoFi Checking and Savings FAQS
How does the SoFi Checking and Savings account's APY compare to traditional banks?
SoFi's APY for checking and savings are higher than average bank interest rates for savings and interest-earning checking accounts.
Are there any fees for using ATMs with a SoFi account?
There aren't fees if you use an Allpoint ATM. If you use an out-of-network ATM and are charged by the provider, SoFi will not provide fee reimbursem*nts.
Can I open both a checking and a savings account separately with SoFi?
SoFi has a hybrid savings/checking account, but it doesn't have separate savings or checking accounts. With SoFi Checking and Savings, you still have many of the same features offered by online checking and savings accounts. For example, you can earn high interest rate on money deposited in savings balances and save for individual goals through Money Vaults. Similar to a checking account, you'll be able to use a debit card and manage expenses on checking balances.
What kind of perks can I expect as a SoFi member?
SoFi members can get referral cash bonuses, discounts on loans and estate planning, and access to SoFi Travel. If you have SoFi Checking and Savings, you'll also get access to solid banking perks like early direct deposit, no-fee overdraft protection, and savings tools.
How user-friendly is the SoFi mobile app for managing my account?
SoFi has a relatively user-friendly mobile app. It's received 4.7 out of 5 stars in the Apple store, and 4.0 out of 5 stars in the Google Play store.
Is SoFi a real bank?
In January 2022, the Office of the Comptroller of Current conditionally authorized SoFi's application to establish SoFi Bank, N.A. as a full-service bank. Its investment and loan products aren't FDIC-insured. FDIC insurance only applies to banking options.
What banks are SoFi backed by?
Through the SoFi Insured Deposit Program, SoFi Checking and Savings members will be able to protect up to $2 million in deposits. SoFi has partnered with Banc of California, Bell Bank, Centennial Bank, Citizens Bank, Enterprise Bank & Trust, First Western Trust Bank, HSBC Bank USA, Luther Burbank Savings, Metropolitan Commercial Bank, Sallie Mae Bank, Third Coast Bank, and Wintrust Bank.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
