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SoFi Checking and Savings
Annual Percentage Yield (APY)
1.20% to 4.00%
Minimum Deposit Amount
$0
SoFi Checking and Savings
Annual Percentage Yield (APY)
1.20% to 4.00%
Minimum Deposit Amount
$0
on SoFi's site. Member FDIC.
SoFi Checking and Savings
Details
Annual Percentage Yield (APY)
1.20% to 4.00%
Rates as of 03/17/23
Show more
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
Earn a higher interest rate if you set up direct deposit
No minimum opening deposit
No monthly service fees
No overdraft fees
Up to $300 bonus
Earn up to 15% cash back at local retailers if you use a SoFi debit card
No-fee overdraft coverage if you overdraw up to $50
Savings tools
Early direct deposit
Joint account available
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
Highlights
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 4.00% APY on savings balances (Vaults included) and 1.20% APY on checking balances if you set up direct deposit
- Earn 1.20% APY on SoFi Checking and Savings if you don't set up direct deposit
- Earn up to $250 cash bonus available through March 31, 2023; receive a $50 bonus if you make a direct deposit between $1,000 and $4,999 in the first 30 days of opening an account; receive a $250 bonus if you make a direct deposit of $5,000 or more in the first 30 days of opening an account
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
- FDIC insured
Additional Reading
Pros and cons
Compare today's checking accounts
SoFi Checking and Savings is an excellent choice if you don't want to deal with standard bank fees. It doesn't charge monthly service fees, overdraft fees, or out-of-network ATM fees.
The account also offers a few unique perks. There's a savings tool called Money Vaults, which helps you save for individual goals. You can also earn a competitive interest rate that's higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. Even if you don't set up direct deposits, you'll still earn a great interest rate.
SoFi often lands on Insider's list of best high-yield checking accounts.
How SoFi works
SoFi is a fintech platform that offers loans, investment accounts, and banking options.
The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.). In January 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 is acquiring Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.
If you previously had SoFi Money, the fintech's cash management account, you'll be invited to upgrade to the SoFi Checking and Savings account. SoFi Money will also no longer be offered to new customers.
For customer support 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.
Up to $250,000 is FDIC insured in an individual checking and savings account.
SoFi trustworthiness and BBB rating
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 hasn't been involved in any recent public controversies in the last three years.
We compared SoFi Money to two other online accounts: Chime and Ally.
How SoFi compares
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SoFi Checking and Savings
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Chime Savings Account
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Ally High Yield Savings Account
Editor's Rating
4.25/5
Editor's Rating
4/5
Editor's Rating
4.75/5
All three accounts charge no monthly service fees and require no minimum opening deposit, which is great if you're looking for accounts that are easy to open and manage.
Your decision between these three online accounts might ultimately depend on whether you'd prefer to open one account or a separate checking and savings account.
SoFi has a hybrid savings/checking account. This might be a good choice if you'd like the cashback features. It also offered the highest interest rate. To earn 4.00% APY, you'll need to set up a direct deposit.
Chime and Ally let you set up separate checking and savings accounts. Furthermore, Ally may be better option if you don't qualify to earn the highest interest rate at SoFi. The Ally High Yield Savings Account pays a flat interest rate of 3.60% Annual Percentage Yield (APY).
Ally is also a better choice if you don't want to deal with out-of-network ATM fees. The bank doesn't charge a fee for using an out-of-network ATM, and you'll also get up to $10 per month in reimbursements. Meanwhile, SoFi won't reimburse out-of-network ATM fees, and Chime has a $2.50 fee.
Frequently asked questions about SoFi Checking and Savings
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.
Bear in mind SoFi is a fintech platform, though, and its investment and loan products aren't FDIC insured. FDIC insurance only applies to banking options.
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 savings accounts. For example, you can earn interest on money deposited in your account and save for individual goals through Money Vaults.
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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Evelyn He
Compliance Associate
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
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