Does SoFi® Have a Business Account? No, Here Are Alternatives

SoFi is one of the most popular online banks when it comes to personal banking, especially if you want no monthly fees, a modern interface and high-yield savings. It’s known for its loans, investing and credit cards as well. So, it’s understandable why you might hope to use SoFi for business banking, too.

Unfortunately, SoFi doesn’t currently offer a business checking or savings account. That said, plenty of fintechs and online banks offer the same perks that SoFi customers appreciate, so you have lots of options to choose from.

5 alternatives to SoFi for business banking

• Alternative for earning interest: Bluevine Business Checking
• Alternative for free business checking: Novo Business
• Alternative for team management: Relay
• Alternative for cash back: Grasshopper Innovator Business Checking
• Alternative for freelancers: Found

Finder Score	Fee	Annual Percentage Yield (APY)	FDIC Insured Amount
Alternative for earning interest
Finder score 9 Excellent Bluevine Business Checking	Finder score 9 Excellent	From $0 per month	3.00% on balances of $0 to $3,000,000 1.75% on balances of $0 to $250,000 1.30% on balances of $0 to $250,000	Up to $3 million	Go to site View details Compare product selection Compare	loading	Why we like it Bluevine is a banking solution that combines checking, credit, invoicing and lending all in one place. What we like most about Bluevine is that it offers up to 1.30% APY on balances up to $250,000 with its base plan and offers higher APYs with the paid plans. It also comes with unlimited transactions and very few fees. So, if you liked SoFi for its high-yield savings, Bluevine provides a similar perk with its business checking account. Pros & cons Pros Up to 1.30% APY on eligible balances with basic plan No monthly fee option Highly rated app FDIC insurance up to $3 million Cons No joint account access No branches or in-person assistance
Alternative for free business checking
Finder score 8.4 Great Novo Business	Finder score 8.4 Great	$0 per month	N/A	Up to $250,000	Go to site View details Compare product selection Compare	loading	Why we like it Novo offers business checking with no monthly fees, no minimum balance requirements and easy integrations with Stripe, Shopify, Square and QuickBooks. It also makes it super easy for solo entrepreneurs and small business owners to transfer their money where they need to and accept payments however they need to. Plus, its mobile-friendly platform is quite similar to SoFi's personal banking app. Pros & cons Pros No monthly fees or minimums Free ACH transfers and mailed checks Integration with business tools Virtual and physical debit cards included Cons No interest earned on balances Limited customer support options No cash deposits
Alternative for team management
Finder score 9.6 Excellent Relay	Finder score 9.6 Excellent	$0 per month	2.68% on balances of $0+ 1.55% on balances of $0+ 0.91% on balances of $0+	Up to $3 million	Go to site View details Compare product selection Compare	loading	Why we like it Relay is best for businesses with multiple users or departments. There are three plan options, each great for businesses with large teams. You can create up to 20 checking accounts with Starter ($0/mo) and Grow ($30/mo), or up to 50 checking accounts with Scale ($120/mo). You can also assign custom user permissions and issue up to 50 debit cards. Each plan offers two savings accounts and earns interest on your balance with no minimum balance or activity requirements. Compared to SoFi, which doesn't support multi-user access, Relay may be a better option for managing your business finances if you have a bigger team. Pros & cons Pros Up to 20 or 50 checking accounts, depending on plan Issue up to 50 debit cards No monthly fee for Starter plan Direct integrations with accounting tools Cons No credit products No bill pay feature in the free plan
Alternative for cash back
Finder score 9 Excellent Grasshopper Innovator Business Checking	Finder score 9 Excellent	$0 per month	1.80% on balances of $25,000 to $250,000 1.00% on balances of $0.01 to $24,999.99 1.00% on balances of $250,000.01+	Up to $125 million	Earn unlimited 1% cash back on online and signature-based purchases with your free physical Visa debit card or instant-issue virtual cards. T&Cs apply.	View details Compare product selection Compare	loading	Why we like it Grasshopper gives you 1% cash back on online and signature-based purchases and pays up to {{RATES.APY}} APY if you keep more than $25,000 in your account. It's best for business owners who want simple rewards without opening a credit card. Since SoFi doesn't have any business spending tools, Grasshopper is a solid alternative if you want perks tied to your everyday business purchases. Pros & cons Pros Up to 1% cash back Earn interest on balances over $25,000 No monthly fees Cons No physical branch access Limited integrations Requires higher balances for interest
Alternative for freelancers
Finder score 9 Excellent Found	Finder score 9 Excellent	From $0 per month	N/A	Up to $250,000	View details Compare product selection Compare	loading	Why we like it Found is a fintech company that partners with Piermont Bank to provide banking services. Its business checking account comes with features like invoicing and business expense management, and it can automatically set aside funds to help you stay prepared for tax season. However, Found is only available to sole proprietors, single- and multi-member LLCs and corporations. Pros & cons Pros $0 monthly plan available Automatic tax withholding Built-in invoicing and expense tracking Business debit card Cons A paid plan is needed for advanced features No free cash deposits Not built for partnerships or nonprofit organizations

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Why doesn’t SoFi offer a business account?

SoFi doesn’t offer a business account because its current focus is on personal finance. As of today, the company specializes in products like student loans, credit cards, investing, and personal checking and savings, not business banking.

How SoFi compares

SoFi is a legitimate online bank and an excellent option if you’re looking for an all-in-one platform for your personal finances. It offers high-yield savings, checking, student loan refinancing and investing. Plus, the app is very highly rated, and many customers rave about how easy it is for everyday banking.

That said, when it comes to business banking, SoFi doesn’t have the tools. It doesn’t offer any business accounts, invoicing features or ways to add team members and separate expenses. So, if you’re running a business, even as a freelancer, you’ll want to look at other fintech options built for that purpose.

Check out our full SoFi review to learn more about what it offers and whether it’s right for you.

Frequently asked questions

Can I use a personal SoFi account for business?

You can technically use your personal account for business if you operate solely as a sole proprietor without a “doing business as” (DBA) name, but it may not be a good idea since it could complicate taxes and accounting.

Learn more about business bank accounts.

Does SoFi offer business loans?

No, SoFi doesn’t offer business loans directly. However, there is SoFi’s business loan marketplace where you can compare business financing options from other lenders.

What’s the best alternative to SoFi for small businesses?

The best alternative to SoFi for small businesses will depend on your specific needs. Check out the five alternatives listed above to find the best fit.

Can I open a business bank account online?

Yes, you can open a business account online with many banks and fintechs. It usually takes just a few minutes and requires basic business documents and a valid ID.

• 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 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. 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 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  
  SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. 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 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 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 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

To make sure you get accurate and helpful information, this guide has been edited by Bethany Hickey as part of our fact-checking process.

Written by

Jamela Adam

Contributor

Jamela Adam is a personal finance writer with over three years of experience. Her work has been published in major publications, including Yahoo Finance, Forbes Advisor, U.S. News, Business Insider, GOBankingRates, CNN Underscored, and Chime. Jamela previously worked as a content marketing specialist and helped devise content strategies for major brands in the financial services space. She is also a Certified Financial Education Instructor (CFEI). See full bio