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SoFi Checking and Savings
4.5
★★★★★
Finder score
4.2
★★★★★
On SoFi's secure site
Fee
$0 per month
APY
Up to 4.60%
Minimum deposit to open
$0

Our verdict

A free hybrid high-yield savings and checking account packed with high APYs and minimal fees.

SoFi's products are known for few fees, and this account is no exception. The SoFi Checking and Savings account has no monthly maintenance fees, no overdraft or nonsufficient funds fees. If you set up direct deposit, or deposit at least $5,000 per month, you can earn 4.60% APY on your SoFi high-yield savings, and a 0.50% APY on your checking balance. Like most online banks, SoFi doesn't have any physical branches and lacks the ability to do international wire transfers.

Best for: Those looking to open an interest-bearing checking and high-yield savings account with few fees.

Pros

  • No monthly fee or opening deposit
  • Earn up to 4.60% APY on savings and 0.50% APY on checking
  • Up to $300 signup bonus

Cons

  • No physical branches
  • No international wire transfers
  • $4.95 fee for cash deposits

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Who is SoFi Checking and Savings account best for?

The SoFi Checking and Savings account is a solid, free account that’s best for anyone who doesn’t mind a fully online bank.

SoFi is especially great for those looking to save and separate their cash into multiple accounts, as you can create up to 20 vault accounts, which are extensions of your SoFi high-yield savings and have separate goals. The vaults themselves can earn up to 4.60% APY when you set up direct deposit, or deposit at least $5,000 per month.

What we like about SoFi Checking and Savings account

SoFi’s premier feature is the lack of fees: There are no fees for monthly maintenance, overdrafts, foreign transactions, account inactivity or ATM withdrawals. SoFi also offers a free ATM network of over 55,000 Allpoint ATMs.

There are also sign-up bonuses available until June 30 2024, offering a $50 or $300 cash bonus if you meet deposit requirements within seven days of creating the account.

Regular deposits have their own perks

Setting up direct deposit means you can get paid up to two days early and access no-fee overdraft coverage. The best direct deposit perk is the ability to earn up to 4.60% APY on your SoFi high-yield savings — and there’s no minimum direct deposit amount required to earn the highest rate.

You can also earn up to 4.60% APY on your savings if you deposit at least $5,000 per month.

If you don’t set up direct deposits or deposit at least $5,000 monthly, your checking rate remains unchanged at 0.50% APY, but your savings rate drops to 1.20% APY.

The checking account’s APY is only slightly higher than the 0.07% national average for checking accounts. However, it’s still higher, and not very many checking accounts are interest-bearing to begin with.

Meet savings goals with vaults

SoFi offers Money Vaults, which are like mini savings accounts with unique goals. Vaults are extensions of your SoFi high-yield savings, also earning the APY if you have direct deposit set up or deposit at least $5,000 per month. You can create up to 20 vaults for various purposes.

SoFi can also round up your purchases to the nearest dollar and deposit the difference into the savings vault of your choice.

High FDIC insurance

SoFi recently became a full-on FDIC-insured bank in 2022, which sets itself apart from many other free bank accounts offered by fintechs, such as Upgrade or Chime, where third parties support their banking products.

Most FDIC-insured accounts are insured for up to $250,000, but SoFi’s Insured Deposit Program offers the ability to get additional insurance for up to $2 million. This is done by distributing balances across multiple accounts at partnering banks. You can opt for this extra coverage and learn more right in the SoFi app.

Cashback and points program

SoFi offers limited rewards in the form of cashback and points. Earn cashback with debit card purchases by activating offers in the SoFi app in the Shop local page, which includes thousands of shops and restaurants. You can also earn member points for things like adding your debit card to your Apple wallet or increasing your credit score. The points can be redeemed for cash and sent to SoFi checking or SoFi Invest account, or you could even apply those points to payments on select SoFi loans.

It’s important to know that to earn cashback with your SoFi debit card, you must run the card as “credit” at checkout — running it as debit will not activate the cashback rewards.

Where it falls short

Like other online banks, SoFi’s biggest drawback is its lack of physical branches. Without any physical branches, you’re limited to calling customer support for assistance or electronic messages via email or Twitter.

Many customers on review platforms often cite long wait times over the phone or difficulties getting in touch with an actual customer representative or tech support.

Also, as an online bank, you’re limited to making cash deposits at GreenDot retail stores for a $4.95 fee.

SoFi Checking and Savings account’s fees and access

Type of feeFee details
Monthly service$0
Opening deposit$0
ATMs
  • Domestic: $0 at Allpoint ATMs
  • International: $0 at Allpoint ATMs
Debit card fees
  • Cash withdrawals: $0
  • Foreign transactions: $0
  • Card replacement: $0
Overdraft or nonsufficient funds$0
Wire transfers
  • Incoming
    • Domestic: $15
    • International: N/A
  • Outgoing
    • Domestic: $25
    • International: N/A

Compare SoFi to other bank accounts

Narrow down top bank accounts by fees, opening deposits and available APYs. Tick the Compare box next to each provider to compare up to four accounts side by side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$50
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
Finder Score: 4.8 / 5: ★★★★★
Chime® Checking Account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
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Other services SoFi offers

SoFi doesn’t just offer checking and savings.

  • SoFi Credit Card. Offers unlimited 2% cashback with no annual fee, and up to 3% on SoFi Travel purchases.
  • SoFi Invest. SoFi Invest lets you trade stocks and ETFs, use automated investing, and access alternative investments like commodities, private credit, pre-IPO unicorns and venture capital.
  • Lending options. Offers personal loans, home loans, private student loans and even small business loans.
  • Student loan refinancing. Offers fixed rates, no origination fees or lates, and choose your own terms.

SoFi customer experience

SoFi recently acquired its bank charter in 2022, allowing it to offer its own checking and savings accounts — so this product is pretty new. However, SoFi has been in business for over 10 years and has garnered a decent amount of feedback on review platforms.

On its Better Business Bureau (BBB) profile, it holds the highest rating of A+ from the BBB but is not accredited. Customer reviews on the BBB profile are largely negative, but that’s not rare for a financial institution. Most reviews discuss issues contacting customer support to resolve fraudulent activity or frozen accounts, long wait times over the phone and difficulties closing accounts.

But on Trustpilot, SoFi currently holds a stellar 4.6-star rating, and most reviews are positive. Many reviews reference SoFi’s lending products, most often the personal loans or investing options, with most customers praising the product and quick service times. The few reviews that reference the Checking & Savings account are in the same vein as BBB, also citing difficulties closing the account or issues resolving fraudulent charges.

It’s clear that one of SoFi’s biggest downfalls is its customer support, which is expected for a completely online bank. But overall, most customers are pleased with the SoFi products themselves.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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Bethany Finder

Writer, Banking and Loans

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