9.6 Excellent
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
SoFi’s Checking and Savings hybrid account is one of the best, but it’s not perfect. To earn the savings account’s highest 3.80% 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.
9.6 Excellent
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
9.2 Excellent
APY | 4.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | 4.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
9.6 Excellent
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
9.6 Excellent
APY | Up to 3.75% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | Up to 3.75% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
9.2 Excellent
Finder Award
APY | 6.00% |
---|---|
Fee | From $5.99 per month |
Minimum deposit to open | $0 |
APY | 6.00% |
---|---|
Fee | From $5.99 per month |
Minimum deposit to open | $0 |
6.8 Standard
APY | 0.01% |
---|---|
Fee | $25 per month |
Minimum deposit to open | $0 |
APY | 0.01% |
---|---|
Fee | $25 per month |
Minimum deposit to open | $0 |
8.6 Great
APY | Up to 0.25% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | Up to 0.25% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
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.
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