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SoFi Money review

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Offers a host of unique perks, including FDIC-insured deposits up to $1.5 million.

The SoFi Money account is a checking and savings account rolled into one. It gives you unlimited access to your money and has no monthly fees. But it doesn’t support cash deposits.


Monthly fee




Minimum deposit to open


Monthly fee$0
Minimum deposit to open$0
ATM transaction fee$0
ATM fee rebatesSoFi will reimburse ATM fees charged by other institutions when it is used at any ATM displaying the Visa, Plus, or NYCE logo.
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0

Expert review

Cassidy Horton

Review by

Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

SoFi Money is ideal for those who are looking for a checking and savings account hybrid. It has no fees and boasts unique perks like 20% cash back on Lyft rides, $1.5 million in FDIC-insured deposits and free career coaching and financial planning.

But it doesn’t support cash deposits and there’s a $610 daily limit on ATM withdrawals. If you’re looking for a traditional checking account that lets you deposit cash, keep looking.

What are the benefits of a checking account with SoFi?

SoFi Money offers the ability to freeze your debit card through the mobile app and seek financial advising. And it includes a laundry list of impressive perks like:

  • No fees. SoFi doesn’t charge any fees, so you can say goodbye to monthly maintenance, overdraft, foreign transaction, inactivity and ATM fees.
  • Competitive APY. Earn 0.25% APY on all funds held in your SoFi Money account.
  • ATM reimbursements. SoFi reimburses ATM fees by the next business day.
  • Cash back on Lyft rides. Earn 20% cash back when you use your SoFi debit card for Lyft rides.
  • FDIC insured deposits up to $1.5 million. Unlike traditional banks that insure deposits up to $250,000, SoFi insures amounts 6x higher than that.

What should I look out for?

While SoFi Money is an attractive choice for almost anyone, it does have its drawbacks:

  • No cash deposits. SoFi doesn’t support cash deposits, which isn’t unusual for online banks.
  • ATM withdrawal limit. To prevent fraud, SoFi doesn’t let you withdraw more than $610 a day.
  • Doesn’t support multiple accounts. At this time, you can’t open more than one SoFi Money account.
  • No branches. SoFi is an online-only bank so there are no physical branches.

If you’re looking for a bank that supports cash deposits, SoFi Money may not be for you. As always, compare checking account options before you decide.

SoFi’s ATM network and fees

SoFi doesn’t have any in-network ATMs. Instead, it reimburses all fees from any ATM with a Visa, Plus or NYCE logo within one business day.

Although SoFi charges no foreign transaction fees, it doesn’t reimburse the 1% foreign exchange fee Visa charges when you use your card abroad.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Advance Checking
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chase Total Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
BBVA Free Checking
1,000 fee-free ATMs across the country
Pay a $0 monthly service charge and get free access to BBVA ATMs.
Chime Spending account
38,000 fee-free ATMs nationwide
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
Citibank® Account Package
Citibank® Account Package
No access to ATMs
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Chase Premier Plus Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit. Available online nationwide except in Alaska, Hawaii and Puerto Rico.

Compare up to 4 providers

How do I open a SoFi Money account?

Follow these easy steps to open your SoFi Money account:

  1. Go to the official SoFi website, hover over the Products tab and click on SoFi Money. Then, click on Get SoFi Money.
  2. Enter your full name, state, email address and password, agree to the terms and conditions and then click Register.
  3. Select whether you’re opening an individual or joint account.
  4. 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 seven to 10 business days after you set up your account.


Anyone who meets these requirements is eligible for a SoFi Money account:

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

Required information

Have the following information ready when you open your account:

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

How do I deposit or withdraw my money?

There are several ways to access your money with the SoFi Money account:


  • Direct deposits
  • Check deposit via the mobile app
  • Transfer from another bank account
  • 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

Frequently asked questions

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