SoFi Bank Review 2024: You’re a Member, Not Just a Customer

When fintech company SoFi first launched, it was known for student loan refinancing. Since then the company has expanded to offer a wide range of financial products. In 2022, SoFi entered the online banking world with SoFi Checking and Savings, pairing high-yield savings with modern checking benefits.

When you open an account with SoFi, you become a member, which offers perks beyond SoFi’s products and services. Here's a closer look at SoFi Bank's main product offerings, features and benefits, and other details to help you decide whether it's the right banking option for you.

Who is Sofi Bank for?

SoFi Bank is best for individuals who want both a checking and savings account. SoFi offers the two account types as a pair with no option to choose one or the other. The online-only bank is geared toward individuals who are comfortable banking digitally on a desktop or mobile device. Both accounts earn interest, including a competitive annual percentage yield (APY) on the savings account, making SoFi a top choice for anyone looking to boost their savings.

SoFi Bank products

SoFi Checking and Savings

Sofi Checking & Savings Account

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Sofi Checking & Savings Account

APY*

0.50% (though Up to 4.00% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period.)

Min. deposit

$0

Monthly fee

$0

Bonus

Up to $300 bonus with qualifying direct deposits available through  1/31/2026

Disclosure

1. Up to $300 Bonus Tiered Disclosure New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures: SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy: We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi Checking and Savings offers an interesting take on the two common bank account options. While these bank accounts are intertwined, each offers its own set of features and benefits. Let's explore these checking and savings accounts separately to get a better picture of what you get.

SoFi's online checking account has no monthly or overdraft fees and no minimum balance requirements. It's also interest-bearing, earning 0.50% APY as of March 2024.

Many of SoFi's checking features are tied to direct deposit. Members who set up direct deposit are eligible to receive their paychecks up to two days early (depending on when your employer processes payroll). The account also comes with overdraft coverage on debit card purchases up to $50 if you make monthly direct deposits of $1,000 or more. It also has no fees.

The account comes with a complimentary debit card and fee-free access to more than 55,000 ATMs through the Allpoint ATM network. As a bonus, debit card purchases at qualifying local businesses can earn you up to 15% cash back.

SoFi's high-yield savings account earns one of the more competitive interest rates among online-only banks, but you'll need to jump through some hoops to earn it. SoFi members can earn 4.00% APY on savings balances by setting up direct deposit or by depositing $5,000 or more every 30 days. Otherwise, you'll earn 1.20% APY on your savings balance, which is still better than the national average of 0.47% (as of March 2024) but lower than many top online banks.

Like its checking counterpart, SoFi's savings account has no minimum balance requirements or monthly service fees.

Other SoFi bank accounts

SoFi offers a wide range of financial products and services, but its bank account offerings are limited to checking and savings. The company currently does not offer money market accounts, certificates of deposit (CDs), or other bank accounts. If you prefer to do all of your banking in one spot and want more options, you’ll be better off at a full-service bank.

SoFi Unlimited 2% credit card

Sofi Credit Card

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Sofi Credit Card

Credit score needed

credit_score_needed

Annual fees

annual_fees

Welcome offer

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SoFi offers one lone credit card: the SoFi Unlimited 2%. The no-fee card earns unlimited 2% cash back on all purchases and 3% cash back on travel booked through SoFi Travel. Cardholders receive additional perks, including Mastercard World Elite benefits, cellphone protection, and no foreign transaction fees.

Cash back is redeemable as statement credits, or you can distribute it to eligible SoFi products, including SoFi Checking and Savings accounts. Learn more in our SoFi Credit Card review.

SoFi Loans

Big loan amounts

SoFi Personal Loans

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Big loan amounts

SoFi Personal Loans

APR

8.99% to 29.99%

Loan amount

$5,000 to $100,000

Term

24 to 84 months

Min. credit score

N/A

As mentioned, SoFi's beginnings were in student loan refinancing, and it continues to offer refinancing for student loans, though it has expanded its lending services. Other products offered by SoFi include:

• Private student loans.
• Personal loans.
• Home mortgage loans.
• Home mortgage refinancing.
• Auto loan refinancing.

SoFi Investing

Sofi Robo Advisor

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Sofi Robo Advisor

Fees

$0

Min. deposit

$1

Promotion

Random drawing of award amounts from $5 to $1,000

SoFi provides a range of investing solutions for its members. The company offers self-directed trading and automated investing through SoFi's robo-advisor.

Investment options include:

• Stocks.
• Fractional shares.
• Exchange-traded funds (ETFs).
• Individual retirement accounts (IRAs).
• Options.
• Initial public offerings (IPOs).

SoFi ended its cryptocurrency service in December 2023 but partners with crypto platforms BitGo and Blockchain.com, which provide crypto investing services.

SoFi Insurance

SoFi is not an insurance provider. It partners with select insurance companies to offer various types of coverage to its members.

Insurance coverage options include:

• Auto insurance.
• Life insurance.
• Home insurance.
• Renter’s insurance.
• Cyber insurance.

SoFi features

Fees

SoFi is a good option if you want to avoid costly fees commonly charged by some banks. SoFi does not charge fees for any of the following:

• Monthly service fees.
• Overdraft fees.
• ATM fees.
• Replacement card fees.
• Stop payment fees.
• Inactive account fees.
• Dormant account fees.
• Bill pay fees.
• Return item fees.
• Peer-to-peer (P2P) transfer fees.

Vaults

Vaults is a unique SoFi savings feature that allows you to set up individual savings goals within your savings account. These funds aren't held in separate accounts; instead, they are earmarked for specific savings goals you create. SoFi allows members to set up as many as 20 Vaults simultaneously.

Using Vaults gives you the opportunity to track progress toward specific financial goals, such as building an emergency fund, saving for a vacation, or funding upcoming events. You can set up recurring automatic transfers to Vaults from your direct deposit paychecks or transfer funds manually. Vault balances earn the same APY as your general savings balance.

Roundups

Roundups offer another opportunity to boost savings through debit card purchases. When you use your debit card for purchases, SoFi rounds up the purchase total to the nearest dollar and moves the rounded-up change to any Vault you choose.

SoFi membership benefits

As a SoFi member, you’re also eligible for perks beyond the company’s products and services. These include rate discounts on loans, discounts with SoFi partners, financial planning advice, travel deals, military benefits, access to exclusive experiences, entry into a member-only Facebook group, and college and career support.

Mobile banking

You can manage SoFi accounts online or through the SoFi Banking and Investing mobile app, which is available for iOS and Android. The app allows you to view accounts and transactions, deposit checks, transfer funds, pay bills, send money, and perform other transactions.

ATMs

SoFi Checking and Savings comes with a debit card. The company partners with the Allpoint ATM network to provide fee-free ATM transactions to SoFI members at more than 55,000 locations. SoFi does not charge fees for out-of-network ATM transactions, but the ATM operator may charge a fee for use.

Extended FDIC coverage

The standard Federal Deposit Insurance Corporation (FDIC) coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. SoFi Checking and Savings customers can access up to $2 million in FDIC insurance coverage. The company partners with several banks to provide higher coverage limits. Account funds can be spread across multiple banks, protecting your funds beyond the standard coverage offered by most banks. You must enroll in the SoFi Insured Deposit Program to receive extended insurance coverage.

Customer support

SoFi provides multiple support options for its Checking and Savings customers. You can contact SoFi support via phone seven days a week during business hours, and chat support is also available online. You can also get help by tweeting the company at @SoFiSupport.

More about Sofi Bank

Who owns Sofi Bank?

SoFi's banking services are provided through SoFi Bank, N.A., a division of its parent company, SoFi Technologies, Inc.

History and Reputation

SoFi began as a student loan refinancing company but has since grown to offer a wide range of financial products and services.

The fintech company has a short history in banking but a troubled past as a lender. In 2018 the Federal Trade Commission (FTC) brought charges against SoFi for misleading consumers about potential savings through its student loan refinancing services. The case was settled, with SoFi prohibited from advertising claims about its products, including potential savings, without providing reliable evidence to support those claims.

In 2020 SoFi was the subject of a nationwide class action lawsuit alleging the company discriminated against immigrants applying for loans. SoFi agreed to a settlement in 2023.

The company made headlines in March 2023 when it filed a lawsuit asking a federal judge to block the Biden administration's most recent federal student loan payment pause. SoFi eventually dropped its lawsuit in June 2023.

World presence

SoFi operates online but has physical headquarters in San Francisco. The company operates office locations across the U.S. in eight states: Delaware, Florida, Montana, New York, Texas, Utah, Virginia, and Washington. It has international offices in Hong Kong, Mexico, and multiple locations across Latin America.

How does Sofi Bank compare?

SoFi offers digital banking with high-yield APYs, but it may not be the right fit for everyone, especially if you're looking for a full-service bank. Here's a look at SoFi's range of products and services compared with other top online banks.

TIME Stamp: Build savings in multiple ways with SoFi Checking and Savings

SoFi Checking and Savings offers several ways to build your savings, with both accounts earning a competitive yield. Depositing $5,000 monthly to earn the highest APY tier may not be feasible for some individuals, but you can qualify for the rate simply by setting up a direct deposit. Vaults, Roundups, and automatic transfers offer additional savings opportunities.

If you prefer banking in person or are looking for a bank that offers more than checking and savings accounts, SoFi Bank is probably not right for you. Consider your financial needs to determine where you should bank.

Frequently asked questions (FAQs)

Who is SoFi Bank best for?

SoFi is best for individuals who prefer to bank online and want to earn competitive interest rates on savings and checking accounts without costly bank fees.

Is SoFi Bank insured by the FDIC?

Deposits to SoFi bank accounts are insured by the FDIC through SoFi Bank, N.A., up to $250,000 per account ownership type. SoFi members can qualify for up to $2 million in FDIC coverage by enrolling in the SoFi Insured Deposit Program, which provides extended coverage through partner banks.

How much does it cost to open a SoFi Checking and Savings account?

There is no cost to open a SoFi Checking and Savings account. Neither account has any minimum deposit requirements or monthly fees.