Banks Like SoFi: 6 Alternatives to Check Out

SoFi’s Checking and Savings hybrid account is one of the best, but it’s not perfect. To earn the savings account’s highest 3.10% APY, you have to either be a Plus member for a $10 monthly subscription fee, or non-Plus members must either set up direct deposit or deposit at least $5,000 per month. And for credit card options, SoFi’s offerings are pretty limited, and it doesn’t have any banking options for kids or seniors. And lastly, as an online bank, SoFi just isn’t suited for frequent cash deposits or when you need in-person customer support.

6 banks like SoFi

• Alternative for all-in-one banking: Current
• Alternative for cashback rewards: Varo Bank Account
• Alternative for kids' banking: Greenlight
• Alternative for savings: OnePay Cash
• Alternative for in-person banking: PNC Virtual Wallet with Performance Select
• Alternative for budgeting: Ally Bank Spending Account

Finder Score	Fee	Minimum deposit to open	Annual Percentage Yield (APY)
Alternative for all-in-one banking
9.2 Excellent Current	9.2 Excellent	$0 per month	$0	4.00% on balances of $0.01 to $2,000	Get a $100 referral bonus by inviting your friends to join Current. Once the person receives the invite link, applies your unique referral code, and makes qualifying Eligible Payroll Deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $100. T&Cs apply.	Go to site View details Compare product selection Compare	loading	Why we like it Current is a fintech company with banking services backed by Choice Financial Group and Cross River Bank. Like SoFi, Current offers an all-in-one bank account with no monthly fees, overdraft fees or opening deposit requirements. Current also has an envelope feature similar to SoFi's vault feature, with Current letting you split up your savings into 'pods'. You can create up to three savings pods and earn a 4% savings bonus on up to $2,000 in each pod if you set up qualifying direct deposits. Current also stands out for its credit-building opportunities with its Current Build card with paycheck advances and no annual fees or interest charges. However, Current doesn't support joint accounts like SoFi does, it doesn't offer personal, home or business financing, and its savings bonus has a balance limit. Pros & cons Pros No monthly fees Savings pods with high rates Cashback rewards Credit building with Current Build card Cons Doesn't support joint accounts $3 plus 3% international ATM withdrawals No lending options
Alternative for cashback rewards
9.6 Excellent Varo Bank Account	9.6 Excellent	$0 per month	$0	N/A	Go to site View details Compare product selection Compare	loading	Why we like it Varo and SoFi are both FDIC-insured online banks. Varo's digital checking account has no monthly or overdraft fees and other perks like early direct deposit and cash advances. The crown jewel of Varo's digital checking account is the cashback rewards — up to 6% with select brands like Nike, Little Caesars, Macy's and more. With a Varo checking account, you can also get a savings account with a high 5% APY on balances up to $5,000 that requires direct deposit of at least $1,000 per month, so it's similar to SoFi's high APY requirements if you're not a Plus member. Varo uses the Allpoint ATM network and accepts cash deposits at Green Dot locations just like SoFi. But Varo doesn't accept domestic or international wires or support joint accounts. Pros & cons Pros No monthly fees Up to 6% cash back at select stores Up to 5% APY on savings with requirements Same ATM network as SoFi Cons Doesn't accept wire transfers No joint accounts Cash deposits at Green Dot locations for a fee
Alternative for kids' banking
9.2 Excellent Greenlight Finder Award	9.2 Excellent	From $5.99 per month	$0	6.00% on balances of $0 to $5,000	Go to site View details Compare product selection Compare	loading	Why we like it SoFi doesn't offer any teen or kid bank account options. For families looking to boost their kids' financial literacy, Greenlight is a great option. It offers up to five kids' prepaid debit cards per plan, starting at $5.99 per month. Kids can earn allowances for completing chores, won't get charged overdraft fees, and there's an educational money game they can play. Parents get granular spending controls they can set up by category or store and can easily transfer money to their kids' account in real time. There are tools for spending, saving and earning, and you can earn up to 2% in saving rewards with the core plan and get cashback rewards. The downside is the unavoidable monthly fee, ranging from $5.99 to $24.98, and the higher-tier plans give you access to cashback rewards and safety perks. But know Greenlight also doesn't accept deposits from PayPal, Apple Cash or Venmo. Pros & cons Pros Strong parental controls Up to five cards per plan Money games, chore tracker and allowances Savings and cashback rewards Cons Unavoidable monthly fee Deposit limits
Alternative for savings
9.6 Excellent OnePay Cash	9.6 Excellent	$0 per month	$0	3.35% on balances of $5,000 to $250,000 1.00% on balances of $0 to $4,999 1.00% on balances of $250,001+	For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent. T&Cs apply.	View details Compare product selection Compare	loading	Why we like it One is a fintech with banking services. The OnePay Cash account has no monthly fees and is an all-in-one account like SoFi. The savings account features a high 3.35% APY, which requires at least $500 in monthly direct deposits or an average balance of at least $5,000 — similar to SoFi's requirements to earn its highest savings APY as a non-Plus member. If you don't meet the requirements, your OnePay Cash savings earns 1% APY (also just like SoFi). The account also offers overdraft protection services and cashback rewards. Earn up to 3% cash back at Walmart on up to $150 spent per month with elgibile direct deposits. On the downside, it doesn't support joint accounts or offer 24/7 customer phone support like SoFi does. Pros & cons Pros All-in-one checking and savings Similar APY to SoFi No monthly or overdraft fees Cash back and overdraft services Cons No joint accounts Limited phone support
Alternative for in-person banking
6.8 Standard PNC Virtual Wallet with Performance Select	6.8 Standard	$25 per month (can be waived)	$0	0.01%	View details Compare product selection Compare	loading	Why we like it SoFi doesn't have any physical branches, and cash deposits will cost you $4.95 at Green Dot locations. If you're looking for in-person banking, PNC has over 2,700 branches in the US and 7,400 ATMs, and it also has an all-in-one checking and savings with its Virtual Wallet accounts, which is similar to SoFi's hybrid account. There are multiple Virtual Wallet variations, high APYs on its savings, various CD terms, a money market account, financing, business banking and more. The PNC High Yield Savings account also has a 4.65% APY, which is a higher rate than SoFi, and no opening deposit or monthly fees. However, watch out for monthly service fees on checking, which you'll have to try to waive. Pros & cons Pros Over 2,700 branches All-in-one Virtual Wallet accounts Loans, CDs and MMAs High 4.65% APY on savings Cons Checking monthly fees (waivable) Smaller ATM network than SoFi Virtual Wallet availability varies by state Rates vary by location
Alternative for budgeting
9.6 Excellent Ally Bank Spending Account	9.6 Excellent	$0 per month	$0	0.25% on balances of $15,000+ 0.10% on balances of to $15,000	View details Compare product selection Compare	loading	Why we like it Ally and SoFi have a lot in common. Both are online banks with no-monthly-fee checking and savings, have similar lending options, and use Allpoint's large network of 55,000 ATMs. But Ally has more budgeting features on its checking and fewer hoops to earn its best APYs. SoFi offers envelope budgeting features but only on its savings account. Ally's free checking and savings accounts have envelope budgeting features to sort savings goals and expenses. The Ally Spending Account earns 0.25% APY, and the Ally Savings Account earns 3.30% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 3.30% APY, you'll need to meet deposit requirements or be a Plus member. Ally's accounts are also full of features like SoFi, including early direct deposit, savings round-ups, free checks and ATM reimbursements. Pros & cons Pros No monthly fees Envelope budgeting on checking and savings Large ATM network Cons Online only No cash deposit options

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How SoFi compares

There aren’t many real downsides to SoFi. It’s considered one of the best online banking options out there. It has a large variety of account, lending and investing services, including its hybrid checking and savings, personal loans and online investing platform called SoFi Invest®. And while SoFi is an entirely online bank, it offers 24/7 customer support over the phone.

The main downside with SoFi are the requirements to get its best savings APY. You’ve got three options, 1) set up direct deposit, 2) pay $10 per month for a Plus membership, or 3) deposit at least $5,000 per month. If you don’t do at least one of those things, your savings rate drops to a meager 1.00% APY. Also, the account used to offer cashback rewards up to 15% at select merchants, but now rewards aren’t an option.

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Frequently asked questions

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• SoFi terms and conditions

  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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
  
  Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
  
  We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
  
  Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  
  Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
  
  Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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