SoFi Checking and Savings Review: Savings / control, competitive rate

pros and cons

Annual percentage return (APY)

from 1% to 1.80% of APY

Minimum deposit amount


Annual percentage return (APY)

from 1% to 1.80% of APY

Minimum deposit amount



  • High interest rate
  • Earn a higher interest rate if you set up direct deposit
  • No minimum opening deposit
  • No monthly service fee
  • No overdraft fees
  • Up to $ 300 bonus
  • Earn up to 15% cashback at local retailers if you use a SoFi debit card
  • Fee-free overdraft coverage for up to $ 50 overdraft
  • Savings tools
  • Advance direct deposit
  • Joint account available


  • Purchase refused for over $ 50
  • It does not reimburse the fees of offline ATM providers
  • You can deposit cash at Green Dot locations, but there is a $ 4.95 fee

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More information

  • Free access to over 50,000 Allpoint ATMs worldwide
  • Hybrid current / savings account
  • Earn up to 15% cashback on local resellers when you use a SoFi debit card; Reseller information is available via online banking
  • Earn 1.80% APY with direct deposit
  • Earn 1% APY if you don’t have a direct deposit
  • Earn up to $ 300 bonus by 09/30/2022: get a $ 50 bonus if you make a direct deposit between $ 1,000 and $ 1,999 in the first 30 days; receive a $ 100 bonus if you make a direct deposit between $ 2,000 and $ 4,999 in the first 30 days; receive a $ 300 bonus if you make a direct deposit of more than $ 5,000 in the first 30 days;
  • Create up to 20 savings deposits for individual savings goals such as an emergency fund or vacation
  • Cost of $ 4.95 each time you deposit cash at a Green Dot location
  • To get commission-free overdraft coverage, you must have at least $ 1,000 in direct deposits
  • FDIC insured

SoFi Checking and Savings is an excellent choice if you don’t want to deal with standard bank charges. It does not charge monthly service fees, overdraft fees or offline ATM fees.

The account also offers some unique benefits. There is a savings tool called Money Vaults, which helps you save for individual goals. You can also earn a competitive interest rate higher than what many traditional, high-yield savings accounts pay if you set up direct deposits. Even if you don’t set up direct deposits, you will still earn a great interest rate.

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 (NA). In January 2022, the Office of the Comptroller of Current conditionally approved SoFi’s request to establish SoFi Bank, NA as a full-service bank. As part of the conditional authorization, SoFi Bank is acquiring Golden Pacific Bank, NA, an FDIC-insured bank with three branches in Northern California.

If you previously had SoFi Money, the Fintech cash management account, you will 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 5:00 to 19:00 PT Monday through Thursday or 5:00 to 17:00 PT Friday through Sunday.

Up to $ 250,000 is FDIC insured in an individual checking and savings account.

SoFi reliability and BBB rating

The Better Business Bureau evaluates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB assigns SoFi an A + rating.

A great BBB does not guarantee that your relationship with a company will be perfect. We also recommend that you talk to current customers or read customer reviews online.

Even though it has a very good BBB rating, SoFi has a recent scandal. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements falsely claiming customers could save more money by refinancing than they actually could.

How SoFi compares

Let’s compare SoFi Money with two other online accounts: Chime and Ally.

All three accounts do not charge monthly service fees and do not require a minimum opening deposit, which is great if you are looking for accounts that are easy to open and manage.

Your decision between these three online accounts may ultimately depend on whether you prefer to open a separate checking and savings account or account.

SoFi has a savings account / hybrid check. This might be a good choice if you want cashback features. It also offered the highest interest rate. To earn 1.50% APY, you will need to set up a direct deposit.

Chime and Ally allow you to create separate checking and savings accounts. These may be better options if you don’t qualify to earn the highest interest rate on SoFi. You’ll earn a solid interest rate and won’t have to meet any requirements in either bank.

Ally is also a better choice if you don’t want to deal with offline ATM fees. The bank doesn’t charge a fee for using an offline ATM, and you’ll also receive up to $ 10 per month in refunds. Meanwhile, SoFi will not refund offline ATM fees, and Chime has a $ 2.50 fee.

Frequently Asked Questions (FAQ)

Is SoFi a real bank?

In January 2022, the Office of the Comptroller of Current conditionally authorized SoFi’s request to establish SoFi Bank, NA as a full-service bank.

Note that SoFi is a fintech platform, however, and its investment and lending products are not insured by the FDIC. FDIC insurance only applies to banking options.

Does SoFi have a savings account?

SoFi has a hybrid checking / savings account, but has no separate checking or savings 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 the money deposited in your account and save for individual goals via Money Vaults.

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