SoFi Canada banking alternatives

SoFi is a US fintech that offers a wide range of banking products, headlined by its no-fee Chequing Account and High-Yield Savings Account. While it doesn’t have any physical branches, it has amassed over eight million members since it was founded in 2011. That’s why many Canadians may be wondering if they can open a SoFi account in Canada.

Is SoFi available in Canada?

No, SoFi is not available in Canada. It’s only available in the US and Hong Kong. But the good news is that there are several similar alternatives to SoFi in Canada—keep reading to find out what each one has to offer.

Top SoFi alternatives in Canada

EQ Bank: SoFi alternative in Canada

9.4 Excellent EQ Bank Personal Account

9.4 Excellent

$0

Unlimited

$0

Earn 3.00% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise. T&Cs apply.

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Why we like it In the US, SoFi offers a Chequing Account and a High-Yield Savings Account. In Canada, EQ Bank combines these two features together in the EQ Bank Personal Account. On one hand, the Personal Account functions like a chequing account, supporting unlimited transactions with no monthly fee. On the other, it also works as a savings account—you can earn 3% interest on your balance if you have your pay directly deposited into the account. Pros & cons Pros No monthly fee or minimum balance requirement Unlimited transactions Earn up to 3% interest Fee-free ATM withdrawals across Canada Cons No physical branches No cheques You need to meet terms and conditions to earn the maximum interest rate

Tangerine: SoFi alternative in Canada

8.5 Great Tangerine No-Fee Daily Chequing Account

8.5 Great

$0

Unlimited

$0

Earn up to $250 when you open a No-Fee Daily Chequing Account and move your pay. Valid until April 30, 2027. T&Cs apply.

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Why we like it Like SoFi's Chequing Account, this Tangerine day-to-day account has no monthly fee and no minimum balance requirement. You get unlimited daily transactions, including free Interac e-Transfers, and you also get free access to over 44,000 ATMs worldwide. When you need to manage your money, it's easy to do so with Tangerine's highly-rated mobile app. Pros & cons Pros No monthly fee or minimum balance requirement Unlimited transactions Highly-rated app Free chequebook Cons Only pays a very small amount of interest No physical branches Can't earn cash back on your spending

Simplii Financial: SoFi alternative in Canada

8.5 Great Simplii No Fee Chequing Account

8.5 Great

$0

Unlimited

$0

Earn $350 when you become a new client and set up a direct deposit of at least $100 for 4 straight months. Offer ends January 31, 2027. T&Cs apply.

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Why we like it Like the SoFi Chequing Account in the US, this Simplii account has no monthly fee and no minimum balance requirement. It supports unlimited transactions, including e-Transfers, and you get fee-free access to your funds at CIBC's network of over 2,800 ATMs. You can also manage your money through Simplii's mobile and online banking portals. Pros & cons Pros Supports unlimited transactions No minimum balance requirement No monthly fee Earn $350 when you become a new client and set up a direct deposit of at least $100 for 4 straight months. Offer ends January 31, 2027 User-friendly app Cons Only pays minimal interest Not available in Quebec No physical branches

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KOHO Everything Plan: SoFi alternative in Canada

8.3 Great KOHO Everything Plan

8.3 Great

N/A

Up to 3.50%

$14.75

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Why we like it KOHO combines the interest-earning power of a savings account with the cash back-earning chops you'd expect to find in a credit card. It offers a spending account linked to a reloadable prepaid Mastercard, and it pays 3.5% interest on your balance. You can also earn cashback on card purchases of groceries, transportation, food and drinks. Pros & cons Pros Earn 3.5% interest Get cashback on your spending Get free transactions Cons Watch out for ATM fees Monthly fee applies

Neo Financial: SoFi alternative in Canada

9 Excellent Neo Savings Account

9 Excellent

N/A

Up to 3.00%

$0 - $14.99

$80 Reward Finder Rewards: Join Finder then open a new Neo Financial Chequing or Savings Account online through Finder as a first-time customer, deposit a total of at least $50 within 30 days of opening and keep the account active until February 15, 2027 to receive an $80 digital Visa gift card. Ends 30 Dec 2026. T&Cs apply. Get one of the highest ongoing interest rates in Canada at 3% with Neo's Grow membership. T&Cs apply.

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Why we like it The Neo Savings Account offers tiered interest rates where you can earn one of the highest ongoing rates in Canada for being a Grow membership holder. Earn 2.25% interest on your balance with a Neo Essentials membership, 2.75% interest with a Neo Build membership, and 3.00% with a Neo Grow membership.. And this account has no minimum balance requirements to start earning interest. Pros & cons Pros Earn a high interest rate No minimum balance to start earning interest CDIC insured for up to $100,000 Cons Membership prices vary from $0 - $14.99 No physical branches for in-person service Limited banking options beyond standard accounts

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What is SoFi?

SoFi is an American fintech that started out in 2011 as Social Finance, Inc., when it was founded by Stanford business school students. This online-only provider has no physical branches but offers a wide range of banking products and services to its US customers, including chequing and savings accounts, a credit card, investing services, student loans, personal loans and mortgages.

SoFi has over 8.8 million members and is headquartered in San Francisco.

Can you use SoFi in Canada?

Yes. If you have a SoFi account in the US and you’re travelling to Canada, you can use your SoFi debit card to withdraw cash from ATMs and pay for purchases.

If you have a SoFi Unlimited 2% Credit Card, you can also use it anywhere Mastercard is accepted.

SoFi provides access to fee-free withdrawals at over 55,000 Allpoint Network ATMs worldwide. Customers are also pleased with the Unlimited 2% Credit Card, which has no foreign transaction fees.

What does SoFi offer in the US?

SoFi offers a wide variety of products and accounts in the US. These include:

• Bank accounts. SoFi offers a no-fee Checking Account as well as a High Yield Savings Account.
• Credit card. The SoFi Unlimited 2% Credit Card has no annual fee and pays unlimited 2% cash back on purchases.
• Loans. SoFi offers student loans, personal loans, mortgages and more.
• Insurance. Auto insurance, life insurance, homeowners insurance and more are available.
• Other services. SoFi also provides estate planning, credit score monitoring, budgeting tools and small business financing.

How does the SoFi savings account work?

When you open a SoFi Chequing Account, you also automatically open a SoFi High-Yield Savings Account. This account offers an interest rate of up to 4.50% and comes with no account fees or minimum balance requirement.

You can set up automatic deposits to grow your balance quicker and turn on Roundups to automatically round up your debit card purchases to the next dollar and deposit the difference into your savings account.

If you’re looking for something similar in Canada, check out the EQ Bank Personal Account. Earn 3.00% interest on your money with qualifying direct deposits of $2,000/month, and 1.50% otherwise. Plus, enjoy no fees on everyday banking plus unlimited transactions and no minimum balances. Sign up online in minutes.

Can you get SoFi loans in Canada?

No, SoFi offers loans in the US, but not in Canada. However, there are plenty of reputable lenders that offer personal loans in Canada, including options for good and bad credit.

If you’re searching for providers that offer personal loans like SoFi in Canada, check out this guide.

Bottom line

If you’re searching for SoFi Canada alternatives, there are several options worth checking out. Compare accounts from a range of digital banks before deciding which is the best choice for managing your money and growing your savings.

BMO Performance Chequing Account

• Earn up to $1,100 in cash bonuses from BMO
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• Get up to 5.00% promo interest with a linked savings account

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Frequently asked questions about SoFi

• What does SoFi stand for?

  SoFi is an abbreviation for "Social Finance." When it was founded in 2011, the company was originally named Social Finance Inc. Although it's now called SoFi Technologies, Inc., it's more commonly known as SoFi.

• Can non-US citizens use SoFi?

  No, non-US citizens cannot use SoFi, unless you are a US permanent resident with a supported US visa. That is because you need to provide a Social Security number or a US ITIN number to open a SoFi account.

• What is the Canada Deposit Insurance Corporation (CDIC)?

  The CDIC is a federal crown corporation that insures eligible deposits at its member institutions, which include banks and credit unions. This means that up to $100,000 of your deposit at a CDIC member institution will be covered in the event that the bank fails.

• Do any SoFi Canada alternatives offer a credit card?

  Yes. Credit card options from digital banks in Canada include the Simplii Cash Back Visa, Tangerine World Mastercard, Tangerine Money-Back Credit Card, Neo Mastercard, Neo World Elite Mastercard and Neo Secured Credit Card.

• Is SoFi Invest available in Canada?

  No, SoFi Invest is not available in Canada. It's only offered in the USA and Hong Kong. If you want to trade stocks and ETFs, check out our guide to the best stock trading apps and platforms in Canada.

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Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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