SoFi Checking and Savings review: Earn up to 2% APY on a savings/checking account
Pros and cons
Pros & Cons
- High interest rate
- Earn a higher interest rate if you set up direct deposit
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn’t reimburse out-of-network ATM providers’ fees
- May deposit cash at Green Dot locations but there’s a $4.95 fee
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 2% APY with direct deposit
- Earn 1% APY if you do not have direct deposit
- Earn up to a $300 bonus by 9/30/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
- FDIC insured
The account also offers a few unique perks. There’s a savings tool called Money Vaults, which helps you save for individual goals. You can also earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. Even if you don’t set up direct deposits, you’ll still earn a great interest rate.
How SoFi works
The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.). In January 2022, the Office of the Comptroller of Current conditionally approved SoFi’s application to establish SoFi Bank, N.A. as a full-service bank. As part of the conditional authorization, SoFi Bank is acquiring Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.
If you previously had SoFi Money, the fintech’s cash management account, you’ll be invited to upgrade to the SoFi Checking and Savings account. SoFi Money will also no longer be offered to new customers.
For customer support call or use live chat anytime from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.
Up to $250,000 is FDIC insured in an individual checking and savings account.
SoFi trustworthiness and BBB rating
The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.
A great BBB doesn’t guarantee your relationship with a company will be perfect. You’ll also want to speak with current customers or read online customer reviews.
Even though it has a great BBB score, SoFi does have a recent scandal. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.
How SoFi compares
1% to 2% APY
Out-of-network ATM fee
Out-of-network ATM fee
Out-of-network ATM fee
Reimburses up to $10 per month
All three accounts charge no monthly service fees and require no minimum opening deposit, which is great if you’re looking for accounts that are easy to open and manage.
Your decision between these three online accounts might ultimately depend on whether you’d prefer to open one account or a separate checking and savings account.
SoFi has a hybrid savings/checking account. This might be a good choice if you’d like the cashback features. It also offered the highest interest rate. To earn 2% APY, you’ll need to set up a direct deposit.
Chime and Ally let you set up separate checking and savings accounts. Furthermore, Ally may be better option if you don’t qualify to earn the highest interest rate at SoFi. The Ally High Yield Savings Account pays a flat interest rate of 1.60% APY.
Ally is also a better choice if you don’t want to deal with out-of-network ATM fees. The bank doesn’t charge a fee for using an out-of-network ATM, and you’ll also get up to $10 per month in reimbursements. Meanwhile, SoFi won’t reimburse out-of-network ATM fees, and Chime has a $2.50 fee.
Frequently asked questions (FAQ)
Is SoFi a real bank?
In January 2022, the Office of the Comptroller of Current conditionally authorized SoFi’s application to establish SoFi Bank, N.A. as a full-service bank.
Bear in mind SoFi is a fintech platform, though, and its investment and loan products aren’t FDIC insured. FDIC insurance only applies to banking options.
Does SoFi have a saving account?
SoFi has a hybrid savings/checking account, but it doesn’t have separate savings or checking accounts. With SoFi Checking and Savings, you still have many of the same features offered by online savings accounts. For example, you can earn interest on money deposited in your account and save for individual goals through Money Vaults.