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Banks like SoFi

Top alternatives to a SoFi bank account include Current, Varo, Axos, PNC and more.

SoFi’s Checking and Savings hybrid account is one of the best, but it’s not perfect. To earn the savings account’s highest 4.6% APY, you have to either set up direct deposit or deposit at least $5,000 per month. The debit card cash back is limited, it only has one credit card option with mediocre 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.

8 banks like SoFi

Alternative for all-in-one banking



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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
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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.

Alternative for cashback rewards



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

Alternative for more checking options

Axos Bank Rewards Checking


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Use promo code RC500 and apply by July 31th, 2024, to earn up to $500 bonus, $100 each month you meet requirements: receive qualifying direct deposits of $1,500.00+ and maintain an average daily balance of $3,000+.
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SoFi only has one hybrid checking and savings account. If you want variety, look to the online bank Axos. Like SoFi, Axos is an FDIC-insured online bank. It offers interest-bearing Rewards Checking, the teen account First Checking, the senior account Golden Checking, free Essential Checking and the lucrative Cashback Checking account. SoFi doesn't offer any senior or teen banking options, and while its checking earns 0.50% APY, Axos' Rewards checking account offers a much higher 3.3% APY on up to $50,000 with activity requirements. The Axos Cashback Checking features up to 1% in cashback rewards on up to $2,000 in purchases per month to stack up earnings effortlessly. Axos also offers ATM reimbursements on most of its accounts, charges no monthly fees or deposit requirements and has over 91,000 ATMs. But SoFi's savings APY is much higher than Axos' meager 0.61% APY on its High Yield Savings account.

Alternative for savings

One Cash


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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 every year with eligible deposits
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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's savings feature a high 5% 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 4.60% APY. If you don't meet the requirements, your savings earns 1% APY. Also similar to SoFi, the One 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.
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
● Earn up to 5% cash back on select brands³
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.
5.00% APY on Savings with eligible deposits: 5.00% annual percentage yield (APY) applies to the total Savings balance of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave balances without these deposit or balance requirements. In all instances 5.00% 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 4/17/2024, but may change at any time before or after account opening.
¹Only available to consumers who open an account through, the Walmart app,, or the One app from 6/10/24 - 8/31/24. Terms apply.
²To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply.
³Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.

Alternative for in-person banking

PNC Virtual Wallet with Performance Select


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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.
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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.

Alternative for more credit card options

Discover® Cashback Debit


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

Alternative for budgeting

Ally Bank Spending Account


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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 4.35% with no requirements. SoFi's checking has a higher 0.50% APY, but to earn its savings rate of 4.60% 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.

Alternative for kids’ banking

Finder Award Greenlight


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Get the first 30 days for free.
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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 1% 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. There's a free 30-day trial, but know Greenlight also doesn't accept deposits from PayPal, Apple Cash or Venmo.

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 free 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.

Its main downside is you must either set up direct deposit or deposit at least $5,000 per month to earn the high 4.6% APY on savings. If you don’t, your rate drops to a meager 1.2% APY. But compared to other high-yield bank accounts, these requirements aren’t dealbreakers. Also, its cashback rewards previously offered up to 15% at select merchants, but it now varies between 2% and 4%, and offers must be activated within the SoFi app.


  • No fees on hybrid account
  • Interest-bearing checking and high-yield savings
  • Lending, investing and business services
  • Large 55,000 ATM network
  • 24/7 customer support


  • Limited cash back
  • No branch locations
  • Deposit requirements to earn the highest APY

More bank comparisons

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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.
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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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