SoFi Bank Review August 2024: An online bank with solid APYs and a long list of financial services

SoFi customers have access to a network of more than 55,000 ATMs nationwide and can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi’s website and mobile app. Learn more in this SoFi checking and savings review.

All rates and fees are current as of August 23, 2024, and are subject to change.

SoFi at a glance 

Who is SoFi good for?

SoFi’s savings and checking account combo is a good fit for people wanting to earn a high APY on their money. It’s rare to see a checking account APY, let alone one that beats out most savings APYs from big banks. Paired with a high savings APY, these accounts can help you maximize your money.

Because the savings account requires you to get direct deposits to earn the highest APY, it’s also best for people with regular paycheck deposits. Finally, you’ll need to be comfortable with online-only banking and using ATMs to get cash, as SoFi doesn’t have in-person branches.

Who shouldn’t use SoFi?

If you work part-time or don’t receive direct deposit, you likely won’t be able to meet the $5,000 minimum requirement. In that case, SoFi wouldn’t be a great pick as you’d only earn a 1.2% APY on your savings—a rate you can easily exceed at another bank.

Also, SoFi lacks other banking products. If you’re also looking to open a certificate of deposit (CD) or create a money market account (MMA), you won’t be able to do that with this bank. That’s not ideal if you want to do all of your banking with one institution. If you prefer traditional brick-and-mortar locations or the ability to deposit cash without a fee, SoFi is not the bank for you.

SoFi rates and products

SoFi offers a combo checking and savings account option—you can’t get one without the other. Both of these accounts have no monthly fees or overdraft fees,² helping you save even more cash. Unfortunately, these are the only two banking products it currently offers.

Checking accounts

SoFi’s free checking account charges absolutely no fees, which can offer huge peace of mind. If you’re not sure exactly what a free checking account entails, this means you won’t pay any monthly fees to keep the account open or fees if your account balance drops too low. It’s also free to access your money from certain ATMs. Since SoFi is part of the Allpoint network, you can access over 55,000 free ATMs across the country.³

SoFi also offers a good checking account bonus of up to $300. To qualify, you’ll need to have a total of at least $5,000 in direct deposits within the first 25 days of having your account. If you only get direct deposits totaling $1,000 to $4,999.99, you’ll get a $50 bonus instead.

Other perks we like about the SoFi checking account are the ability to get your paycheck up to two days early as well as automatic roundups on debit card purchases that go straight into your savings.

SoFi checking vs. other popular checking accounts

Savings accounts

SoFi’s top APY of 4.60% makes it one of the current top high-yield savings accounts. That’s typically a rate you’d see for a CD, where you’d have to lock away your money for several months or years—not a liquid account with unlimited withdrawals and deposits. Learn more about high-interest savings accounts and how they can help grow your money over time.

Of course, not everyone gets the 4.60%. You’ll need a fair amount of direct deposits each month to qualify. Each new member will have a 30-day period to receive at least $5,000 in qualifying direct deposits. If you’re able to do that, you’ll receive the higher APY until another 30-day evaluation period begins. If you don’t, you’ll be stuck with a low 1.20% APY instead.

One feature we like about SoFi’s savings is its Vaults. These are a way to set aside money for specific goals like buying a new car or saving for an emergency fund. You set a goal amount for each Vault, and then you can move dedicated funds into it whenever you’d like. You can also turn on automatic roundups and have them sent directly into your Vaults to fast-track achieving your goals.

 SoFi savings vs. other popular savings accounts

SoFi’s interest rate compared to current top rates*

While SoFi is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

How to open SoFi checking and savings accounts

Opening an account with SoFi is easy, but there are several steps involved. You have to create your login, fill out the application, and agree to the legal terms. First, SoFi will ask for your name, state, email, and a password.

Next, you’ll have to decide whether you want to open an individual account or a joint account. After that, you’ll provide your primary address, your date of birth, and your Social Security number.

You’ll also need to provide your citizenship status. You can choose from United States citizen, green card holder, or nonpermanent resident alien. SoFi also asks about your employment status, occupation, and annual income.

To make sure you’re a real person, SoFi will then ask to verify your phone number via a text message. Enter the verification code when prompted.

Finally, SoFi will ask if you’re subject to backup tax withholding by the IRS. If you’re not, you’ll be asked to review the final legal documents before agreeing and creating your account.

SoFi Invest

With SoFi Invest, you can trade stocks and exchange-traded funds (ETFs) with no commissions right from the SoFi app. But what sets SoFi apart from other investment services is the ability to invest in upcoming initial public offerings (IPOs) before they go public. You can also buy fractional shares of companies to help you diversify your investments.

If managing your investments on your own becomes too tricky, SoFi also offers financial planners and automated investing that take care of your portfolio for you. As a bonus, SoFi is offering up to $1,000 in free stock when you fund your account with at least $25 in the first 30 days.

Other services SoFi offers 

SoFi offers a number of financial services for personal customers and business owners, including: 

• Online banking: SoFi offers online banking accounts with no fees, including checking accounts and savings accounts that earn up to 0.5% and 4.60% APY, respectively.
• Investments: SoFi users can trade stocks, exchange-traded funds (ETFs), and more directly within the SoFi app with no commissions.
• Student loan refinancing: SoFi’s student loan refinancing loans offer competitive fixed rates starting at 5.24% and zero fees. 
• Private student loans: SoFi’s private student loan offerings include Master of Business Administration (MBA) loans, law school loans, undergraduate loans, parent loans, and more.  
• Personal loans: Consumers who are on the hunt for a personal loan can apply for a SoFi loan directly online and potentially qualify for anywhere from $5,000 to $100,000. 
• Mortgage loans: SoFi’s mortgage loans offer low down payment options, low rates, and flexible repayment terms ranging from 10–30 years. 
• Auto loan refinancing: SoFi customers can compare auto refinancing rates from a network of top lenders and submit an application without any fees or obligation. 
• Credit cards: The SoFi credit card offers unlimited 2% cash back rewards on every purchase and no annual fee. 
• Insurance products: SoFi offers auto, life, homeowners, and renters insurance as well as a newly added cyber insurance, which offers up to up to $10,000 in coverage to protect yourself against incidents of identity theft, cyber extortion, and more. 
• Estate planning: For consumers who hope to create an estate plan for their financial future can do so online thanks to SoFi’s partnership with Trust & Will. SoFi members get 15% off select services. 
• Financial insights: Credit monitoring services, budgeting tools, investment trackers, and more are all available on SoFi’s platform. 
• Business financing and solutions: SoFi offers small business financing, as well as tools to help businesses better support their employees.

SoFi platform and customer support 

Customers can request assistance 24/7 by reaching out to SoFi via phone, chat, email, and even sending general questions to the X (formerly Twitter) account at @SoFiSupport. This bank offers both online and mobile banking platforms, available for download on the Apple App Store and Google Play. The app currently has an average rating of 4.8 and 3.9 on each digital storefront, respectively. 

Is SoFi secure?

SoFi uses two-factor authentication (2FA) and biometric login to keep your online account secure. It also provides real-time alerts any time you use your debit card so you can immediately identify a fraudulent transaction. If you think something is amiss, you can freeze your account instantly in the SoFi app.

Additionally, SoFi is one of the few banks to offer up to $2 million in FDIC insurance. It does this through its SoFi Insured Deposit Program, which works by depositing your money into different deposit accounts at a network of participating banks. While this sounds convoluted, it won’t take any extra effort on your part, and you can still access all of your cash through SoFi.

SoFi user reviews

On the whole, SoFi Bank customer reviews are mixed. On Trustpilot, SoFi has 4.5 stars with over 8,600 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don’t like how hard it is to deposit cash—or that the process comes with a $4.95 fee.

On Reddit, many users also shared how they suffered from account lockouts for no apparent reason, preventing them from accessing their money. When this happened, they found that customer support wasn’t helpful. On the plus side, many reviewers on Reddit liked the Vault feature and how it helps them save money.

Compare SoFi alternatives

SoFi	Milli Bank	Chime
Savings APY	Savings APY	Savings APY
Up to 4.60%*	4.75%	2.00%
Savings account monthly fee	Savings account monthly fee	Savings account monthly fee
$0	$0	$0
Checking APY	Checking APY	Checking APY
0.50%	N/A	0%
Checking account monthly fee	Checking account monthly fee	Checking account monthly fee
$0	N/A	$0
Learn more	Learn more	Learn more
View offer at SoFi	View offer at MoneyLion	View offer at Chime

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

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SoFi vs. Ally

SoFi and Ally Bank are very similar in that they both offer high-yield accounts without any fees. One major area where Ally is different, though, is its account offerings. Ally offers certificates of deposits with up to 4.75% APY, but SoFi doesn’t have this product at all. Ally also has a money market account—another feature SoFi doesn’t offer.

However, SoFi’s checking account earns double the interest. It also has a larger ATM network as well as a sizable welcome bonus for opening a new account.

SoFi vs. Chime

Another online bank without any account fees, Chime also offers checking and savings accounts. But unlike SoFi, its checking account doesn’t earn any interest. However, it does have more robust overdraft coverage. Chime’s SpotMe coverage allows you to overdraft by as much as $200, compared to SoFi’s lower $50 limit.

SoFi beats out Chime when it comes to ATM withdrawals. That’s because SoFi doesn’t charge a fee if you go to an out-of-network ATM, but Chime will charge you $2.50 per withdrawal.

• Quorum Federal Credit Union review: Competitive APYs and various account offerings, but limited customer service hours.
• Rising Bank review: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.
• Prime Alliance Bank: A diverse mix of business and personal products, but only one physical branch.
• Ivy Bank review: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements.

Is SoFi right for you?

Overall, we think SoFi works well for technology-savvy customers looking to earn a top APY. Its online-only infrastructure means you’ll need to be comfortable with navigating apps and websites to handle your financial transactions. If you are, the ability to earn a high APY on both your savings and checking accounts is a huge selling point. If you’re not, you’ll be better off finding a bank that offers brick-and-mortar locations near you instead.

Frequently asked questions

Is SoFi a real bank?

Yes. SoFi is an FDIC-insured, nationally chartered bank. 

Does Zelle work with SoFi?

Zelle is not available directly in the SoFi app, but you can link your SoFi debit card to your Zelle account. SoFi does have its own peer-to-peer (P2P) payment platform, however.

Does SoFi have a minimum balance requirement? 

SoFi does not have any minimum balance requirements.

Is SoFi financially stable?

SoFi is doing well financially. The company saw a 27% increase in year-over-year revenue in the third quarter of 2023. Company leadership expects SoFi to have a positive net income in the fourth quarter of 2023 for the first time.

What are the cons of SoFi?

SoFi does not have any in-person branches you can bank at. Also, it has a hefty direct deposit requirement if you want to get the account opening bonus.

What banks are partnered with SoFi?

SoFi partners with many banks for its SoFi Insured Deposit Program, including Banc of California, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell Bank, Enterprise Bank & Trust, and more.

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1: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2: Our account fee policy is subject to change at any time.

3: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

4: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

5: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.