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SoFi Checking and Savings review

A free hybrid account packed with high APYs and cashback rewards with minimal fees.’s rating: 4.5 / 5.0


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Our verdict

SoFi's products are known for few fees, and this account is no exception. The SoFi Checking and Savings account has no monthly maintenance fees, no overdraft or nonsufficient funds fees. If you set up direct deposit, you can earn 4.2% APY on your savings balances, and a high 1.2% APY on your checking balance. Without direct deposit, you earn 1.2% APY for both accounts with no balance requirements. Direct deposit also has extra perks, including cashback rewards, featuring up to 15% cash back at select merchants. Like most online banks, SoFi doesn't have any physical branches and lacks the ability to do international wire transfers.

Best for: Those looking to open a high-yield checking and savings account with few fees.

  • No monthly fee or opening deposit
  • Earn up to 4.2% APY on savings and 1.2% APY on checking
  • Up to 15% cash back at select merchants
  • Up to $250 signup bonus
  • No physical branches
  • No international wire transfers
  • $4.95 fee for cash deposits


Finder rating

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on SoFi's secure site


Up to 4.20%


$0 per month

Minimum deposit to open



SoFi Checking and Savings

Learn more and sign up on SoFi's secure site

Who is SoFi Checking and Savings account best for?

The SoFi Checking and Savings account is a solid, free account, that’s best for anyone that doesn’t mind a fully-online bank.

SoFi is especially great for those looking to save and separate their cash into multiple accounts as you can create up to 20 vault accounts, which are extensions of your savings account and have separate savings goals. The vaults themselves earn 4.2% APY when you set up direct deposit.

What we like about SoFi Checking and Savings account

SoFi’s premier feature is the lack of fees: there’s no fees for monthly maintenance, overdrafts, foreign transactions, account inactivity or ATM withdrawals. SoFi also offers a free ATM network of over 55,000 Allpoint ATMs.

There are also sign up bonuses available until the end of 2023, offering a $50 or $250 cash bonus if you meet deposit requirements within seven days of creating the account.

Extra direct deposit perks

When you set up direct deposit totaling at least $1,000 a month, you can get paid up to two days early and avoid fees for overdrafts less than $50.

But perhaps the best direct deposit perk is the ability to earn 1.2% APY on your checking balance, and 4.2% APY on your savings. While you need $1,000 in deposits a month to take advantage of early deposits and no overdraft fees, there’s no direct deposit balance requirement to earn the highest interest rate. If you don’t have direct deposits set up, then the APY is 1.2% for both accounts.

Direct deposit users can also enroll in the SoFi Money Cashback Rewards Program, where you’ll earn up to 15% in cashback rewards on purchases from participating retailers. This includes local shops, nationwide chains and utility bills.

Meet savings goals with vaults

SoFi offers Money Vaults, which are like mini savings accounts with unique goals. Vaults are extensions of your SoFi Savings account, also earning the 4.2% APY if you have direct deposit set up. You can create up to 20 vaults for various purposes.

SoFi can also round-up your purchases to the nearest dollar and deposit the difference into the savings vault of your choice.

High FDIC insurance

SoFi recently became a full-on FDIC-insured bank in 2022, which sets itself apart from many other free bank accounts offered by fintechs, such as Upgrade or Chime, where their banking products are supported by third parties.

Most FDIC-insured accounts are insured for up to $250,000, but SoFi’s Insured Deposit Program offers the ability to get insured for up to $2 million. This is done by distributing balances across multiple accounts at partnering banks. You can opt for this extra coverage and learn more right in the SoFi app.

Where it falls short

Like other online banks, SoFi’s biggest drawback is the fact that it has no physical branches. Without any physical branches, you’re limited to calling customer support for assistance, or electronic messages via email or Twitter.

Many customers on review platforms often cite long wait times over the phone, or difficulties getting in touch with an actual customer representative or tech support.

Also, as an online bank you’re limited to making cash deposits at GreenDot retail stores for a $4.95 fee.

SoFi Checking and Savings account’s fees and access

Type of feeFee details
Monthly service$0
Opening deposit$0
  • Domestic: $0 at Allpoint ATMs
  • International: $0 at Allpoint ATMs
Debit card fees
  • Cash withdrawals: $0
  • Foreign transactions: $0
  • Card replacement: $0
Overdraft or nonsufficient funds$0
Wire transfers
  • Incoming
    • Domestic: $15
    • International: N/A
  • Outgoing
    • Domestic: $25
    • International: N/A

Compare SoFi to other bank accounts

Narrow down top bank accounts by fees, opening deposits and available APYs. Tick the Compare box next to each provider to compare up to four accounts side by side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Novo Business
Finder Rating: 4.4 / 5: ★★★★★
Novo Business
$0 per month
Enjoy free workflow integrations for your business, such as invoicing and budgeting. Get free ACH and payment processing, as well as unlimited ATM fee reimbursements. Pay $0 monthly fees with a $0 minimum balance requirement. FDIC insured.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
$0 per month
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
SoFi Checking and Savings
Finder Rating: 4.5 / 5: ★★★★★
SoFi Checking and Savings
$0 per month
4.20% on balances of $0+
1.20% on balances of $0 to
Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
Get your paycheck up to 2 days early, plus earn up to 15% cash back at select local businesses. Earn up to $250 with a qualifying direct deposit, terms apply. Earn up to $2M of FDIC insurance through a network of participating banks.
Chase Total Checking®
Finder Rating: 3 / 5: ★★★★★
Chase Total Checking®
$12 per month
(can be waived)
New Chase checking customers enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.
Chase Total Checking® is easy to use and gives you access to 16,000 ATMs and more than 4,700 branches. It offers a $200 signup bonus to new Chase customers. Member FDIC.
PSECU checking account
Finder Rating: 4.4 / 5: ★★★★★
PSECU checking account
$0 per month
Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days. Select Level Up Your Banking to see terms and get the promo.
Earn a bonus and 5 or 10 cents in rewards on all eligible purchases. Pay $0 in monthly fees, no overdraft fees and get ATM fee reimbursements. NCUA insured.

SoFi customer experience

SoFi recently acquired its bank charter in 2022, allowing it to offer its own checking and savings accounts — so this product is pretty new. However, SoFi has been in business for over 10 years and has garnered a decent amount of feedback on review platforms.

On its Better Business Bureau (BBB) profile, it holds the highest rating of A+ from the BBB, but is not accredited. Customer reviews on the BBB profile are largely negative, but that’s not rare for a financial institution. Most reviews discuss issues contacting customer support for resolving fraudulent activity or frozen accounts, long wait times over the phone and difficulties closing accounts.

But on Trustpilot, SoFi currently holds a stellar 4.6-star rating and most reviews are positive. The majority of reviews are in reference to SoFi’s lending products, most often the personal loans or investing options, with most customers praising the product and quick service times. The few reviews that reference the Checking & Savings account are in the same vein as BBB, also citing difficulties closing the account or issues resolving fraudulent charges.

It’s clear that one of SoFi’s biggest downfalls is its customer support, which is expected for a completely online bank. But overall, most customers are pleased with the SoFi products themselves.

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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