
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’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
Fee
1.25%
APY
$0
Minimum deposit to open
APY | 1.25% You'll earn 1.25% if you set up direct deposits. Otherwise, 0.70% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | 55,000+ATMs within the Allpoint network |
ATM transaction fee | $0 |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
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.
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.
Follow these steps to open your SoFi Checking and Savings account:
You’ll get your debit card in the mail 7 to 10 business days after you set up your account.
While SoFi Checking and Savings has some decent benefits, the account also has some drawbacks.
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.
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.
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.
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 |
Aspiration Spend & Save Account |
![]() |
![]() |
![]() |
★★★★★ |
★★★★★ |
★★★★★ |
|
|
|
Fee $0 |
Fee $0 |
Fee $0 |
APY 1.25% |
APY 1.00% |
APY 5.00% |
Minimum deposit to open $0 |
Minimum deposit to open $0 |
Minimum deposit to open $10 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $1 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
There are several ways to access your money with the SoFi Checking and Savings account:
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:
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.
★★★★★ — 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.