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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus 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 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% 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 3.80% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
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 Checking & Savings 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 incurred when using out-of-network ATMs are not subject to reimbursement. 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 limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Requires at least $300/month direct deposit to Cash balance.
Cash App provides unlimited free withdrawals at in-network ATMs, as well as one instantly reimbursed out-of-network withdrawal per 31 days, for customers who get $300 (or more) in paychecks directly deposited into their Cash App in a given calendar month.
Types of checking accounts
There are many different types of checking accounts, though most come with a standard set of features like the ability to set up direct deposit, write checks and transfer funds to other accounts.
Rewards checking accounts — Rewarding accounts come with cashback rewards, sometimes in the form of actual cash, redeemable points or discounts on future purchases.
Interest-bearing checking accounts — Similar to savings accounts, there are checking accounts with APYs that pay you for holding a balance, often coming with balance, direct deposit or transaction requirements.
Checking accounts for international travel — For the frequent traveler, there are also checking accounts that skip foreign fees, like currency exchange or ATM fees.
Second-chance checking accounts — Made for those with less-than-ideal banking histories, these second-chance checking accounts typically skip reviewing your ChexSystems report, which keeps track of your banking history. However, these accounts tend to come with more fees than their traditional counterparts.
Free checking accounts — As the name suggests, free checking accounts often skip many of the fees you’d find with other accounts. Most lack monthly maintenance fees, paper statement fees and ATM fees.
Business checking accounts — Business accounts are made for business owners who want to separate their personal and business expenses, most often for convenience and tax purposes.
Student checking accounts — Often for college students, student checking accounts skip monthly maintenance fees and are made to ease a young adult into learning how to manage their money.
Teen checking accounts — Typically for ages 13 to 17, teen checking accounts are managed by a parent or guardian and often come with spending limits.
What do I need to open a checking account?
In most cases, you’ll need the following information and documentation to apply for a checking account online or in person:
Name and contact information
Social Security Number or ITIN
Government-issued ID, such as driver’s license
Proof of address
Opening deposit, if required
Should I have more than one checking account?
It’s not usually necessary for most people, but there’s no limit to how many checking accounts you can have. If you do decide to have more than one, just watch out for monthly fees. And if you don’t have at least two checking accounts, it may be a good idea to open another in these situations:
You’re storing more than $250,000. Banks are typically FDIC-insured for up to $250,000 per account. If you have more funds than that and you want to protect it, you’ll want to open a second checking account with another bank.
Budgeting. It may be helpful to have separate debit cards for budgeting purposes. For example, one debit card can be used for food and family essentials and another for entertainment purchases.
To separate spending goals. While you could have multiple checking accounts to keep your spending goals separate, a high-yield savings account might be a more ideal option as your money can accrue over time with the power of compound interest.
You’re married. It’s common for spouses or life parents to each have their own checking account, and a shared, joint account. This allows spouses to share finances, but also keep some money separate.
What if I’m denied a checking account?
If you apply for a checking account and you’re rejected, you have a few options.
First, find out why you were rejected and see if you can provide additional information or verification so that the bank approves you. If you were rejected due to your Chexsystems report, which tracks your negative banking history such as unpaid fees or overdrafts, paying off your unpaid fees can help clean up your record. Your other option is to apply at a different bank or open a second-chance account. Second-chance accounts typically skip reviewing your banking history, so you may have a better chance of qualifying.
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