Banks Like SoFi®

SoFi’s Checking and Savings hybrid account is one of the best, but it’s not perfect. To earn the savings account’s highest 3.60% APY, you have to either be a Plus member, which requires setting up direct deposit or paying a $10 monthly subscription fee, or non-Plus members must deposit at least $5,000 per month to get the highest savings APY. SoFi only has one credit card option with so-so rewards, and it doesn’t have any banking options for kids or seniors. And as an online bank, SoFi just isn’t suited for frequent cash deposits or when you need in-person customer support.

7 banks like SoFi

• For all-in-one banking: Current
• For savings: OnePay Cash
• For more credit card options: Discover
• For kids’ banking: Greenlight
• For cashback rewards: Varo
• For in-person banking: PNC
• For budgeting: Ally Bank

Alternative for all-in-one banking

Current

9.2 Excellent

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.

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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. However, its savings bonus has a balance limit, and its APY is lower than SoFi's. 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 and doesn't offer personal, home or business financing.

APY	4.00%
Fee	$0 per month

• 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. However, its savings bonus has a balance limit, and its APY is lower than SoFi's. 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 and doesn't offer personal, home or business financing.

• Pros and 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

• More details

  Annual Percentage Yield (APY)	4.00% on balances of $0.01 to $2,000
  Intro or bonus offer	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.
  Rewards	Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
  Fee	$0 per month
  ATM transaction fee	$0
  Overdraft fee	$0
  Foreign transaction fee	3%

APY	4.00%
Fee	$0 per month

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verified_user FDIC Insured

Alternative for savings

OnePay Cash

9.6 Excellent

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.

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on OnePay's secure site Read review

One is a fintech with banking services. The OnePay Cash account is a free, 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 — nearly identical to SoFi's requirements to earn its highest APY. If you don't meet the requirements, your OnePay Cash savings earns 1% APY. 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.

APY	Up to 3.35%
Fee	$0 per month

• Why we like it

  One is a fintech with banking services. The OnePay Cash account is a free, 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 — nearly identical to SoFi's requirements to earn its highest APY. If you don't meet the requirements, your OnePay Cash savings earns 1% APY. 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 and 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

• More details

  Annual Percentage Yield (APY)	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+
  Intro or bonus offer	For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent.
  Rewards	Earn 3% cash back at Walmart on up to $150 spent per month, with eligible deposits.
  Fee	$0 per month
  Overdraft fee	$0
  Foreign transaction fee	0%

• Partner terms and conditions

  For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent.
  OnePay is a financial technology company, not a bank. Banking services provided by Coastal Community Bank or Lead Bank, Members FDIC.
  10% cash back at Walmart: Only available to customers who initiate their account application through certain channels from 3/21/25 - 1/31/26. Cash back earned as OnePay Points. See terms at onepay.com/10percent.
  3% cash back at Walmart: Cash back is earned as OnePay Points, redeemable into a OnePay Cash account or other available options. Only available to customers who unlock OnePay Cash+ with eligible deposits. Customers can choose to earn on gas instead of at Walmart. Spend cap applies to your total spend across the cash back categories you selected during the month. See OnePay Rewards Terms.
  Early Pay: Get paid up to 2 days early. Direct Deposit is required. Funds may be available up to 2 days in advance, depending on when your employer sends paycheck data.
  3.35% APY on Savings with eligible deposits: 3.35% annual percentage yield (APY) applies to the Savings balance of OnePay Cash accounts that have either (i) received $500+ of Direct Deposit in the current or previous month or (ii) have a balance of $5,000+ at the end of the previous month. 3.35% APY is also earned on Pay Autosave balances without deposit or balance requirements. 3.35% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 10/7/2025, but may change at any time before or after account opening.
  ATM: Only applies to OnePay Cash accounts that have either (i) received Direct Deposit totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ at the end of the previous month. For all other ATM transactions the OnePay ATM Fee will apply and third-party ATM fees may be incurred.
  Fee-Free Overdraft: Fee-Free Overdraft is available to OnePay Cash accounts that have either (i) received Direct Deposits totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ at the end of the previous month. You must be 18 or older. When on, Savings Backup will be used before Fee-Free Overdraft. Overdraft balance is due right away. Eligible transactions are at the discretion of OnePay and may exclude certain transactions (e.g., bill pay, global transfers). See details.

APY	Up to 3.35%
Fee	$0 per month

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verified_user FDIC Insured

Alternative for more credit card options

Discover® Cashback Debit

9.6 Excellent

Read review

Discover is a mostly online bank with only one branch location in Delaware. Its credit card options are hard to beat, offering secured and unsecured cards that often have no annual fee and generous cashback rewards. SoFi only has one credit card with cash back between 2% to 3%. Discover has cards for many walks of life, including student and travel cashback rewards cards. Its Discover It card line also features an unlimited cashback match for your first year. Alongside its card options, Discover also has an online savings account with 4.25% APY with no monthly fees, minimum balance or deposit requirements, and there's a free cashback checking account offering up to 1% cash back on up to $3,000 per month. Discover also has a few thousand more ATMs than SoFi, with a large 60,000 free ATM network. But unlike SoFi, Discover doesn't offer personal loans or budgeting features.

Fee	$0 per month

• Why we like it

  Discover is a mostly online bank with only one branch location in Delaware. Its credit card options are hard to beat, offering secured and unsecured cards that often have no annual fee and generous cashback rewards. SoFi only has one credit card with cash back between 2% to 3%. Discover has cards for many walks of life, including student and travel cashback rewards cards. Its Discover It card line also features an unlimited cashback match for your first year. Alongside its card options, Discover also has an online savings account with 4.25% APY with no monthly fees, minimum balance or deposit requirements, and there's a free cashback checking account offering up to 1% cash back on up to $3,000 per month. Discover also has a few thousand more ATMs than SoFi, with a large 60,000 free ATM network. But unlike SoFi, Discover doesn't offer personal loans or budgeting features.

• Pros and cons

  Pros

  • Multiple cashback credit cards
  • Free cashback checking
  • High 4.25% APY on savings
  • 60,000+ ATM network

  Cons

  • Lacks budgeting features you get with SoFi
  • No personal loans

• More details

  Annual Percentage Yield (APY)	N/A
  Rewards	Earn 1% cash back on up to $3,000 in debit card purchases each month. .
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Overdraft fee	$0
  Foreign transaction fee	0%
  Paper statement fee	$0

• Partner terms and conditions

  Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Fee	$0 per month

Read review

verified_user FDIC Insured

Alternative for kids’ banking

Greenlight

9.2 Excellent

Finder Award

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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.

APY	6.00%
Fee	From $5.99 per month

• 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 and 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

• More details

  Annual Percentage Yield (APY)	6.00% on balances of $0 to $5,000
  Fee	From $5.99 per month
  ATM transaction fee	$0

APY	6.00%
Fee	From $5.99 per month

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verified_user FDIC Insured

Alternative for cashback rewards

Varo

9.6 Excellent

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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. SoFi also features cashback rewards, but you must activate the rewards in the app, and they can vary widely by location and merchant. 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. 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.

Fee	$0 per month

• 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. SoFi also features cashback rewards, but you must activate the rewards in the app, and they can vary widely by location and merchant. 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. 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 and 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

• More details

  Annual Percentage Yield (APY)	N/A
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Overdraft fee	$0
  Foreign transaction fee	0%

Fee	$0 per month

Read review

verified_user FDIC Insured

Alternative for in-person banking

PNC Virtual Wallet with Performance Select

6.8 Standard

Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days. T&Cs apply.

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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, a slightly 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.

APY	0.01%
Fee	$25 per month

• 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, a slightly 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 and 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

• More details

  Annual Percentage Yield (APY)	0.01%
  Intro or bonus offer	Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days.
  Fee	$25 per month
  To waive the fee	You can waive the monthly service fee when you: Establish $5,000+ direct deposit to the Spend account OR, $5,000+ monthly balance in Spend + Reserve OR, $25,000 in all PNC consumer and/or investment accounts
  ATM transaction fee	$0
  Overdraft fee	$36
  Paper statement fee	$2

APY	0.01%
Fee	$25 per month

Read review

verified_user FDIC Insured

Alternative for budgeting

Ally Bank Spending Account

8.6 Great

Read review

Ally and SoFi have a lot in common. Both are online banks with free 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 4.00% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 3.60% APY, you'll need to meet deposit requirements. Ally's accounts are also full of features like SoFi, including early direct deposit, savings round-ups, free checks and ATM reimbursements.

APY	Up to 0.25%
Fee	$0 per month

• Why we like it

  Ally and SoFi have a lot in common. Both are online banks with free 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 4.00% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 3.60% APY, you'll need to meet deposit requirements. Ally's accounts are also full of features like SoFi, including early direct deposit, savings round-ups, free checks and ATM reimbursements.

• Pros and cons

  Pros

  • No monthly fees
  • Envelope budgeting on checking and savings
  • Large ATM network

  Cons

  • Slightly lower APY than SoFi
  • Online only

• More details

  Annual Percentage Yield (APY)	0.25% on balances of $15,000+ 0.10% on balances of to $15,000
  Fee	$0 per month
  ATM transaction fee	$0
  Overdraft fee	$0
  Foreign transaction fee	1%

APY	Up to 0.25%
Fee	$0 per month

Read review

verified_user FDIC Insured

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 to become a Plus member, 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.

More bank comparisons

• SoFi vs. Ally
• SoFi vs. Chime
• SoFi vs. Capital One
• SoFi vs. Marcus

• 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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 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 Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. 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 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 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 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus 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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