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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 4.00% 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 most similar

Axos ONE

4.2
★★★★★

Finder score

Go to site
on Axos Bank's secure site
Read review
APYUp to 4.86%
Fee$0 per month
Minimum deposit to open$0

Alternative for more credit card options

Discover® Cashback Debit

4.8
★★★★★

Finder score

Go to site Read review
Fee$0 per month
Minimum deposit to open$0
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Alternative for all-in-one banking

Current

4.6
★★★★★

Finder score

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
APY4.00%
Fee$0 per month
Minimum deposit to open$0

Alternative for cashback rewards

Varo

4.8
★★★★★

Finder score

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
Fee$0 per month
Minimum deposit to open$0

Alternative for savings

One Cash

4.8
★★★★★

Finder score

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
APYUp to 4.35%
Fee$0 per month
Minimum deposit to open$0
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.
4.35% APY on Savings with eligible deposits: 4.35% annual percentage yield (APY) applies to the Savings balance of One Cash 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. 4.35% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 4.35% 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 10/10/2024, 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.
¹Only available to consumers who open an account through Walmart.com, the Walmart app, one.app, or the One app from 8/8/24 - 10/31/24. 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 Walmart.com. 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

3.4
★★★★★

Finder score

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
APY0.01%
Fee$25 per month
Minimum deposit to open$0

Alternative for kids’ banking

Finder Award Greenlight

4.6
★★★★★

Finder score

Go to site Read review
APY5.00%
FeeFrom $5.99 per month
Minimum deposit to open$0

Alternative for budgeting

Ally Bank Spending Account

4.3
★★★★★

Finder score

APYUp to 0.25%
Fee$0 per month
Minimum deposit to open$0

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.

Its main downside is you must either set up direct deposit or deposit at least $5,000 per month to earn the high 4.00% APY on savings. If you don’t, your rate drops to a meager 1.20% 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.

Pros

  • 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

Cons

  • 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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Written by

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

Bethany's expertise
Bethany has written 442 Finder guides across topics including:
  • Personal finance
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