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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. 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

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, tracks your expenses for budgeting purposes and boasts up to 10% in cash back for eligible stores and restaurants.

You’ll also get unique limited time cashback rewards. For instance, we’ve seen limited offers for Lyft as high as 20%. Its current offer, which expires on December 31, is for streaming services like Netflix, Disney and Spotify. 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 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

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%.
  • 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. Earn up to 15% cash back at eligible restaurants and stores. SoFi also offers cashback offers for a limited time for different services. You can currently get up to 10% back for Netflix, Disney Plus, and Spotify until December 31, 2020.
  • 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. 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.

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, that Sofi doesn’t reimburse.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
Free to use at all ATMs in the US
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus up to a $250 signup bonus when you meet deposit requirements
Axos Bank Essential Checking
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Aspiration Spend & Save Account
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
Fee-free ATM withdrawals at Allpoint ATMs
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.

Compare up to 4 providers

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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