SoFi and Capital One both offer the benefits of an online bank: minimal fees and high APYs. SoFi is a relatively new bank with about a decade in the industry, and its hybrid checking and savings account is a top bank account. Capital One is among one of the largest banks in the US with a loaded suite of bank accounts and credit cards to choose from. Overall, they’re both affordable banking options, but the best bank will depend on what you need and prioritize.
Capital One and Discover merge
Discover has been acquired by Capital One. The acquisition was completed on May 18, 2025. The two banks are now under the same company, Capital One, N.A.
Here’s what to know:
You can no longer open new Discover banking products, as of January 2026.
If you have both Discover and Capital One deposit accounts, they are now jointly insured. CDs with either bank will remain separately insured until their maturity date after November 18, 2025.
You can no longer do credit card balance transfers between Discover and Capital One.
Capital One is switching its debit card network over to the Discover card network. When you request a new card as a Cap One customer, you’ll get new card details.
Earn $50 or $400 when you sign up and set up eligible direct deposit
New SoFi Checking and Savings customers can get a 0.70% boost on their Savings APY for up to six months by setting up direct deposit and by enrolling in SoFi Plus. Terms apply
$75 to the referrer and $25 to the referred (redeemed as points) for SoFi Checking and Savings referral
One-time $200 cash bonus for Capital One Quicksilver Cash Rewards Credit Card cardholders who make $500 in purchases within 3 months of opening ().
One-time 75,000 bonus miles offered for Capital One Venture Rewards Credit Card cardholders after spending $4,000 on purchases within 3 months of opening, – that’s equal to $750 in travel ().
Savings
Up to 3.10% APY for Plus members or those who meet deposit requirements.
3.1% APY
Checking
Monthly fee: $0
Minimum deposit: $0
0.50% APY
Monthly fee: $0
Minimum deposit: $0
Up to 0.1% APY
CDs
N/A
6 to 60 months terms
Up to 3.9% APY
Minimum deposit: $0
ATMs
55,000+ fee-free ATMs within the Allpoint® Network
55,000+ Allpoint ATMs
Out-of-network ATM fee:$0
Branches
Online only
300 branches and café locations
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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank 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 may be incurred when using out-of-network ATMs. 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.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
SoFi vs. Capital One: Product offerings
SoFi is one of the biggest names among exclusively online banks. It’s a fully insured, digital bank with various products and services, including a hybrid checking and savings account, various lending options, an investing platform and a credit card.
Capital One is considered a top 10 bank by asset size and is primarily an online bank. Capital One also announced in February 2024 that it will acquire Discover in a $35 billion all-stock transaction, as reported by Fortune.
Banking
Each bank’s account offerings are pretty accessible, having no opening deposit requirements and accept joint account owners. If this were a numbers game, Capital One would take a win since it has many more personal banking accounts, including kids’ accounts, certificates of deposit (CD) and business banking.
SoFi has a large ATM network of 55,000 with its partner Allpoint, and it can accept cash deposits at select Green Dot locations for a $4.95 deposit fee. Capital One has a network of over 70,000 Allpoint and MoneyPass ATMs and also accepts cash deposits at any Capital One ATM, branch, café location or select locations like CVS and Walgreens.
SoFi offers:
SoFi Checking and Savings. This hybrid checking and savings account has no monthly fees or opening deposit requirements. The savings account also offers subaccounts called Vaults to separate and sort your savings goals. In terms of rates, earn up to 0.50% APY on your checking balance with no requirements and up to 3.10% APY on savings by being a Plus member, setting up direct deposit, or depositing $5,000 per month. If you don’t meet the requirements, your APY drops to 1.00% APY.
Capital One offers:
360 Checking. Capital One’s 360 checking account has no monthly fees, opening deposit or overdraft fees. You’ll earn 0.1% APY on all balances, and you can open up to three of these accounts that are all linked to a single debit card. There’s also a no-fee overdraft feature when you deposit at least $250 during two of the previous three calendar months.
Teen Checking. Available to kids as young as eight, Capital One’s teen checking account has no monthly fees, opening deposit requirements or overdraft fees. Just like its 360 Checking, it also earns 0.1% APY on all balances, and parents need to open this account on their kids’ behalf.
360 Performance Savings. This is Capital One’s only savings account, which earns a competitive 3.1% APY with no monthly fees or opening deposit requirements. You’re allowed to open up to 25 accounts to organize your savings goals.
Kids Savings Account. With no age requirements, this Capital One kids’ savings account offers 2.5% APY with no monthly fees or balance requirements. Parents can link this account to their own savings accounts for easy transfers, and adults can open the account on their kids’ behalf or be a co-owner.
CDs. With no opening deposit requirements for any of Capital One’s CDs, it’s an accessible savings product with high rates. Top offerings include the 12-month CD with a 3.9% APY.
Business banking. Offers three business checking accounts to choose from: Basic Checking, Enhanced Checking and a custom account.
Borrowing
SoFi offers more personal lending options, as Capital One doesn’t issue personal, student or home loans. But SoFi only offers one credit card, whereas Capital One offers about 30.
SoFi offers:
Various lending options. SoFi has a full suite of lending options including personal loans, home loans, student loans, home equity loans and small business loans. It also offers auto, student and home refinancing.
SoFi Credit Card. Earn unlimited 2% cash back on all purchases, up to 3% cash back on SoFi Travel purchases, all for no annual fee. Cashback points can be added to your SoFi Checking and Savings account, SoFi Active Invest, or even added to loan payments on various SoFi loans.
Capital One offers:
Credit cards. Capital One is famous for its vast credit card offerings, with multiple personal and business cards. Some of its best and most well-known cards include the Venture series, Quicksilver Cash Rewards and the Platinum card.
Auto loans. Offers used and new auto loans, as well as vehicle refinancing options.
Business financing. Has many business and personal lending options, including commercial business services, lines of credit, real estate term loans, SBA loans and more.
Investing
In 2019, Capital One exited the investment banking space, but SoFi continues to offer investing opportunities through its online investing platform, SoFi Invest. With its investment account, you can invest in stocks, exchange-traded funds (ETFs), mutual funds and alternative asset funds. You can start with as little as $5 and even get personalized investment advice.
Apps, features and more
Both banks are very similar in mobile app features and functionality. The features offered are nearly identical and rather standard, including the ability to view bank statements, see your transaction history, perform mobile check deposits, add virtual cards to your mobile wallets and monitor your credit score.
Capital One offers an additional feature that tracks your bills and subscription services. It also has an AI assistant called Eno that can help with various account issues.
SoFi offers the ability to create up to 20 savings subaccounts called “vaults” to organize goals, and you can set up a savings round-up feature that sends extra cash to your savings with each debit card purchase. Also, SoFi’s debit card has some limited cashback offers that you can search for and activate in the app.
How SoFi and Capital One’s fees compare
SoFi and Capital One have $0 monthly fees, with the main difference coming down to foreign transaction fees. Capital One doesn’t charge foreign transaction fees, whereas SoFi has a small 0.2% Mastercard foreign exchange convenience fee. Both banks can charge current exchange rates, though.
When it comes to withdrawing money from your savings account, SoFi might be a better option as it doesn’t have any transaction limits. Most banks, like Capital One, only allow up to six withdrawals or transfers out of your savings account per month.
What customers say about SoFi and Capital One
Both SoFi and Capital One earn an A+ rating with the Better Business Bureau (BBB), which is awarded based on how fast and well a company handles customer complaints.
Most complaints against Capital One have to do with its credit cards and are usually attempts to resolve fraudulent charges, trying to unfreeze their accounts after suspicious activity and disputes over late fees. SoFi’s complaints are also pretty common and include complaints of locked accounts, billing issues and slow deposit times. But overall, complaints about these two banks are rather typical.
SoFi does well in the eyes of Redditors. Most customers are pleased with their hybrid account, praising the high APYs, convenient app and referral bonuses they can earn. Redditors also like Capital One, commenting that it’s an affordable bank thanks to its lack of maintenance fees, calling out the free teen and kid bank accounts, decent cashback rewards on its credit cards and good APYs on its savings products.
Final verdict: Capital One is better
SoFi and Capital One are great online banking options, and their accounts are mostly fee-free to open and maintain. Both bank’s savings APYs are neck-in-neck as well. But in terms of available regular banking products like checking, savings, credit cards and CDs, Cap One takes the crown in my book.
Capital One has a significantly larger suite of bank accounts and credit cards to choose from, and there are some branch locations, including cafés. Capital One has checking and savings accounts designed for everyday use, kids and teens — all of which earn interest with no balance requirements. It has over 30 credit cards, often featuring no annual fees and robust rewards, and it offers CDs with high rates and no deposit requirements. But in terms of lending options, it’s lacking compared to SoFi.
SoFi’s hybrid Checking and Savings account gets you two accounts in one and has high APYs on its checking and savings account. One of the better SoFi perks is the ability to create up to 20 savings vaults to sort your savings goals with no withdrawal limitations. However, earning the best APY on the savings account requires meeting deposit requirements, or paying $10 per month for SoFi Plus. But if you’re in need of investing services or lending options, like home loans and personal loans, SoFi is the better option.
Capital One at a glance
Capital One is best if you want more account variety for the whole family, and a bank with some branch access.
Pros
No monthly fees
Large 70,000+ ATM network
High-yielding savings and CDs
30+ credit cards
Branch access
Cons
No personal, home or student loans
No investment platform
SoFi at a glance
SoFi has more lending options and an investing platform.
Pros
No monthly fees
Accepts cash deposits
High APYs and cash back
Unlimited savings transactions
SoFi Invest
Cons
No international wires
No CDs or MMAs
Plus membership or deposit requirements for best savings rate
No kids or business accounts
Alternatives to SoFi and Capital One
If you prefer online banking and Capital One and SoFi don’t have what you want, consider these alternatives.
Ally Bank. Another top online bank, Ally’s accounts lack monthly fees and opening deposit requirements and feature “buckets,” so you can organize your savings goals. Its APYs are high, and there’s 24/7 customer support, but it can’t accept cash deposits.
Chime. A fintech company, Chime offers banking services with its partner banks. Chime is well-known for its overdraft service Chime SpotMe, which lets you overdraft up to $200 with no fees. Its checking also has no monthly fees, but it has fewer tools and perks than SoFi.
Current. Another fintech, Current’s account is similar to SoFi’s in that it’s an all-in-one account. There are no monthly fees or cashback rewards to be earned, and you can use savings pods to separate savings goals, similar to SoFi’s vaults. It also has a credit-building card called Current Build with no annual fees or interest charges.
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.
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