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SoFi Checking and Savings review

Earn up to 1.25% APY on checking and savings but perks are tied to direct deposits.’s rating: 4.6 / 5.0


The SoFi Checking and Savings account, formerly known as SoFi Money, is an interest-bearing checking and savings account in one. There are no monthly or annual fees associated with this account, and you get surcharge-free access to 55,000 ATMs. But its greatest perks are reserved for customers who set up direct deposits — 1.25% APY on your entire account balance and fee-free overdraft protection.

$0 per month





Minimum deposit to open


APY1.25% You'll earn 1.25% if you set up direct deposits. Otherwise, 0.70%
Fee$0 per month
Minimum deposit to open$0
ATMs55,000+ATMs within the Allpoint network
ATM transaction fee$0
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0

Review by

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

SoFi Checking and Savings is ideal for those looking for a hybrid checking and savings account. It has no fees, earns 1.25% APY and offers up to 15% cash back at participating retailers. You can also receive your paychecks up to two days early.

But if you don’t receive direct deposits, you only earn 0.70% APY. Apply for a SoFi Checking and Savings account today or compare other digital banks and their benefits.

How do I open a SoFi Checking and Savings account?

Follow these steps to open your SoFi Checking and Savings account:

  1. Go to the provider’s site and follow the steps to apply.
  2. From SoFi‘s website, hover over the Products tab and choose SoFi Checking and Savings. Then, choose Sign up.
  3. Enter your full name, state, email address and password, agree to the terms and conditions and then select Register.
  4. Select whether you’re opening an individual or joint account.
  5. Enter your primary address and follow the prompts to confirm your identity and submit your application.

You’ll get your debit card in the mail 7 to 10 business days after you set up your account.


  • At least 18 years old
  • US citizen, permanent resident or nonpermanent resident
  • US residential address
  • Valid Social Security number

Required information

  • Full name
  • Home address
  • Date of birth
  • Citizenship status
  • Social Security number
  • Government-issued photo ID
  • Phone number
  • Email address

What are the benefits of a checking account with SoFi?

SoFi Checking and Savings offers the ability to freeze your debit card through the mobile app and track your expenses. It also includes some other perks.
  • Competitive APY. You earn up to 1.25% APY if you set up direct deposit. That is more than 20x higher than the national average savings APY of 0.06%.
  • No fees. SoFi doesn’t charge fees for monthly maintenance, overdrafts, foreign transactions, account inactivity or ATM withdrawals.
  • Cash back offers. SoFi offers up to 15% cashback rewards on purchases from participating retailers. This includes local shops, nationwide chains and utility bills. Check the app or website for the latest deals.
  • Savings round-ups. SoFi can round-up your purchases to the nearest dollar and deposit the difference in a savings “vault” of your choice. You can create up to 20 vaults for various purposes.
  • Direct deposit perks. When you set up direct deposit on your account, you can get paid up to two days early and avoid fees for overdrafts less than $50.

What should I look out for?

While SoFi Checking and Savings has some decent benefits, the account also has some drawbacks.

  • Perks are tied to direct deposits. You only earn 1.25% APY if you receive direct deposits. Otherwise your APY drops to 0.70%. And while earning APY doesn’t have a minimum, you need to receive at least $1,000 in monthly direct deposits to be eligible for SoFi‘s no-fee overdraft coverage.

Is SoFi Checking and Savings safe?

Yes, individual accounts are FDIC insured for up to $250,000, and joint accounts are insured for up to $500,000. SoFi also offers two-factor authentication and monitors your account for suspicious activity. And if your card ever goes missing, you can freeze it or change your PIN right from the app.

SoFi Checking and Savings reviews and complaints

SoFi‘s Checking and Savings account is a new product, so there are few customer reviews at this time. But hundreds of customers have reviewed SoFi‘s other offerings.

As of March 2022, SoFi is not accredited by the Better Business Bureau (BBB), and despite receiving a score of 1.33 out of 5 stars based on nearly 100 customer reviews, SoFi has an A+ rating on the BBB’s website. On Trustpilot, SoFi has a moderately better rating of 2.8 out of 5, based on more than 2,500 customer reviews.

Many of the negative reviews on both sites relate to SoFi‘s lending division rather than its banking services.

SoFi‘s ATM network and fees

Use your SoFi Mastercard at any of the 55,000+ ATMs in the Allpoint network. There are no fees for using an in-network ATM. But the ATM operator might charge you a fee, that SoFi doesn’t reimburse you for. If you use your card when traveling abroad, you won’t be charged a foreign transaction fee. But Mastercard may charge a 0.20% foreign exchange fee, which SoFi doesn’t reimburse.

Compare SoFi Checking and Savings to similar accounts

We gathered a quick comparison of similar accounts to help you decide if SoFi Checking and Savings is right for you. For more options, select “Compare accounts” to compare even more accounts for your savings.

SoFi Checking and Savings

American Express® High Yield Savings Account


Finder rating 4.6 / 5


Finder rating 4.6 / 5

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on American Express's secure site









Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


How do I deposit or withdraw my money?

There are several ways to access your money with the SoFi Checking and Savings account:


  • Direct deposits
  • Check deposit via the mobile app
  • Transfer from another bank account
  • Cash deposits at participating Green Dot locations
  • Electronically from family and friends using the peer-to-peer function


  • At an ATM
  • Check addressed to yourself
  • Transfer to an external bank account
  • Electronically to family and friends using the peer-to-peer function
  • Bill pay
  • Cash back from merchants and retailers

What happened to SoFi Money?

SoFi stopped offering SoFi Money, a cash management account, in March 2022. At that time, it began offering SoFi Checking and Savings as a replacement. Existing SoFi Money account holders can upgrade to SoFi Checking and Savings in the SoFi app.

Frequently asked questions

How do I close my account?

Call 855-456-7634 to close your account.

Can I open a joint account?

Yes. SoFi supports joint Checking and Savings accounts.

How do I contact SoFi?

Get in touch with SoFi customer service one of three ways:

  • Call 855-456-7634 Monday to Thursday from 4 a.m. to 9 p.m. PT and Friday to Sunday from 4 a.m. to 5 p.m. PT.
  • Email
  • Tweet @SoFiSupport.

Does my SoFi Checking and Savings account come with checks?

Yes. SoFi provides free checks to Checking and Savings account holders. To request yours, log in to your account, go to the More section and request your checks. They’ll arrive within 10 to 14 business days.

Can I have multiple SoFi Checking and Savings accounts?

No. SoFi doesn’t allow users to have more than one SoFi Checking and Savings account.

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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