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SoFi Money review

Offers a host of unique perks, including FDIC-insured deposits up to $1.5 million.’s rating: 4.6 / 5.0


The SoFi Money account is a checking and savings account rolled into one. You’ll earn 0.25% APY when you deposit at least $500 a month in your account. The account also has no monthly fees and you’ll get cashback rewards and unlimited ATM reimbursements. But you can’t make any cash deposits.

$0 per month





Minimum deposit to open


Fee$0 per month
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

Review by

Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her 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, tracks your expenses for budgeting purposes and boasts up to 10% cash back for local and limited-time offers.

You’ll also get unique limited time cashback rewards. For instance, we’ve seen limited offers for Lyft as high as 20%. And if you’re worried about security, this account has $1.5 million in FDIC-insured deposits, which is more than what most banks offer.

But it doesn’t support cash deposits at this time and there are no branches. If you tend to handle a lot of cash, you’ll want to keep looking.

How do I open a SoFi Money account?

Follow these easy steps to open your SoFi Money account:

  1. Click Apply now.
  2. From SoFi’s website, hover over the Products tab and click on SoFi Money. Then, click on Get SoFi Money.
  3. Enter your full name, state, email address and password, agree to the terms and conditions and then click 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 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, permanent resident or nonpermanent 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

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 track your expenses. It also 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 when you deposit at least $500 a month to your SoFi Money account. Otherwise, you’ll only earn .01%. Sofi is also currently trying to become a bank, which will allow them to offer a higher APY in the future.
  • ATM reimbursements. You can withdraw up to $1,000 a day at an ATM and if you use an out-of-network ATM, SoFi reimburses any ATM fees you incur by the next business day.
  • Cash back offers. SoFi offers 1-15% cashback rewards for various types of purchases that rotate on a regular basis. This includes local shops, nationwide retailers and utilities bills. Check the app or website for the lastest deals.
  • 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.
  • Monthly sweepstakes. SoFi hosts a monthly sweepstakes with a $10,000 grand prize, a $5,000 runner-up prize and 100 $50 prizes. You get one entry into the sweepstakes with every purchase, and three entries per purchase if you have direct deposit set up on your account.
  • 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 savings vaults for different 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. And if you activate direct deposit before June 30, 2021, you’ll get a $100 bonus.

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. But you can make mobile check deposits.
  • 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.

Is SoFi Money safe?

Yes, aside from insuring your account for up to $1.5 million, SoFi 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 Money reviews and complaints

As of March 2021, SoFi is not accredited by the Better Business Bureau (BBB), and despite receiving a score of 1.41 out of 5 stars based on 100 customer reviews, SoFi has an A rating on the BBB’s website. On Trustpilot, SoFi has a more respectable rating of 3.3 out of 5, based on nearly 2,500 customer reviews. Many of the negative reviews on both sites relate to SoFi’s lending division rather than its cash management features.

SoFi‘s ATM network and fees

Use your Sofi Money 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 opened your Sofi Money account before to June 9, 2020, Sofi will reimburse you for third-party ATM fees.

If you’re traveling abroad, you won’t be charged for a foreign transaction fee. But Mastercard may charge a 0.20% foreign exchange fee, which Sofi doesn’t reimburse.

Compare SoFi Money to similar accounts

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

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

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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