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 3.80% 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.

7 banks like SoFi

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

Alternative for more credit card options

Discover® Cashback Debit

9.6 Excellent

Go to site on Discover's secure site 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
Minimum deposit to open	$0

• 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
  Foreign transaction fee	0%
  Overdraft 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
Minimum deposit to open	$0

Go to site on Discover's secure site Read review

verified_user FDIC Insured

Alternative for all-in-one banking

Current

9.2 Excellent

Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50

Go to site on Current's secure site Read review

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
Minimum deposit to open	$0

• 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 $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
  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
  Foreign transaction fee	3%
  Overdraft fee	$0

APY	4.00%
Fee	$0 per month
Minimum deposit to open	$0

Go to site on Current's secure site Read review

verified_user FDIC Insured

Alternative for cashback rewards

Varo

9.6 Excellent

Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.

Go to site Read review

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
Minimum deposit to open	$0

• 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
  Intro or bonus offer	Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
  Rewards	Earn up to $50 per month in cashback rewards
  Fee	$0 per month
  Nonsufficient funds fee	$0
  ATM transaction fee	$0
  Foreign transaction fee	0%
  Overdraft fee	$0

Fee	$0 per month
Minimum deposit to open	$0

Go to site Read review

verified_user FDIC Insured

Alternative for savings

One Cash

9.6 Excellent

Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.

Go to site on One's secure site Read review

One is a fintech with banking services. One has a free, all-in-one account like SoFi, but it offers a higher APY on its savings. One Cash's savings feature a high 3.75% 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 3.80% APY. If you don't meet the requirements, your savings earns 1% APY. Also similar to SoFi, the One Cash account has no monthly fees and offers overdraft protection services and cashback rewards. A standout feature is the ability to earn 3% cash back at Walmart up to $50 per year if you meet the same deposit or balance requirements for its APY. On the downside, it doesn't support joint accounts or offer 24/7 customer phone support like SoFi does.

APY	Up to 3.75%
Fee	$0 per month
Minimum deposit to open	$0

• Why we like it

  One is a fintech with banking services. One has a free, all-in-one account like SoFi, but it offers a higher APY on its savings. One Cash's savings feature a high 3.75% 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 3.80% APY. If you don't meet the requirements, your savings earns 1% APY. Also similar to SoFi, the One Cash account has no monthly fees and offers overdraft protection services and cashback rewards. A standout feature is the ability to earn 3% cash back at Walmart up to $50 per year if you meet the same deposit or balance requirements for its APY. 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
  • Higher APY than SoFi
  • No monthly or overdraft fees
  • Cash back and overdraft services

  Cons

  • No joint accounts
  • Limited phone support

• More details

  Annual Percentage Yield (APY)	3.75% on balances of to $250,000 1.00% on balances of +
  Intro or bonus offer	Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
  Rewards	Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
  Fee	$0 per month
  Foreign transaction fee	0%
  Overdraft fee	$0

• Partner terms and conditions

  One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
  Debit card rewards:
  ● Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer¹
  ● Get 3% cash back on future purchases, up to an additional $50 every year, with eligible deposits²
  Early Pay: Get paid up to 2 days early. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.
  3.75% APY on Savings with eligible deposits: 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of Direct Deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 3.75% 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 12/20/2024, but may change at any time before or after account opening.
  ATM: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred.
  Overdraft Protection: Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See terms for details.
  ¹As of 2/2/25, but subject to change at any time, without notice, in One's sole discretion. Only available to consumers who initiate their account application through certain channels from 8/8/24-3/17/25. See terms for details.
  ²As of 2/2/25, but subject to change at any time, without notice, in One's sole discretion. To be eligible for 3% cash back, at the time of purchase, customers must (i) have received $500+ of Direct Deposits in the previous month, or (ii) have a total One Cash balance of $5,000+. This offer applies to purchases at U.S. Walmart locations and on Walmart.com only and may not be combined with other One Cash offers for cash back at Walmart. Terms Apply.

APY	Up to 3.75%
Fee	$0 per month
Minimum deposit to open	$0

Go to site on One's secure site Read review

verified_user FDIC Insured

Alternative for kids’ banking

Greenlight

9.2 Excellent

Finder Award

Go to site Read review

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 $14.98, 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	5.00%
Fee	From $5.99 per month
Minimum deposit to open	$0

• 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 $14.98, 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)	5.00% on balances of $0 to $5,000
  Fee	From $5.99 per month
  ATM transaction fee	$0

APY	5.00%
Fee	From $5.99 per month
Minimum deposit to open	$0

Go to site 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.

Read review

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
Minimum deposit to open	$0

• 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
Minimum deposit to open	$0

Read review

verified_user FDIC Insured

Alternative for budgeting

Ally Bank Spending Account

8.6 Great

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 3.80% 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
Minimum deposit to open	$0

• 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 3.80% 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
  Foreign transaction fee	1%
  Overdraft fee	$0

APY	Up to 0.25%
Fee	$0 per month
Minimum deposit to open	$0

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 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 who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
  
  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 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 incurred when using out-of-network ATMs are not subject to reimbursement. 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.

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

Editor, Banking

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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