SoFi Checking and Savings review 2023

Headquartered in San Francisco, SoFi offers a broad range of financial products, most recently adding checking and savings to its portfolio. Yes, this wing of the company is called SoFi Checking and Savings. It’s not only one of the best online banks we’ve found in our research, it’s also one of the best banks overall because of its lack of fees, competitive interest rates, and other perks. 

• Competitive interest rates: Currently, you can earn up to 4.50% APY with the savings account and 0.50% with the checking account, which is much higher than what you’d get at many traditional banks. SoFi’s offering is one of the best savings accounts we’ve seen at any bank. (You must set up direct deposit to qualify for those APYs.)
• No maintenance fees: There are no monthly fees to keep the account open and no overdraft fees. (You may have to meet a $1,000 direct deposit requirement in order to qualify for overdraft protection.) 
• Large ATM network: You’ll get access to the Allpoint ATM network as a SoFi banking customer, which has over 55,000 machines around the U.S. for you to use fee-free. 
• Early paycheck deposit: You can receive your paycheck two days earlier if you set up direct deposit.

• Fees to deposit cash: You will need to visit a Green Dot retail location if you want to deposit cash, which can set you back $4.95 each time. 
• Limited bank offerings: Currently SoFi only offers one type of banking account, unlike others that have a variety of products such as CDs and money market accounts.
• Online-only access: If you want access to a brick and mortar location, you’ll have to look elsewhere. 

SoFi Checking and Savings offers one combined account and has a higher amount of FDIC insurance. Whereas many competitors offer up to $250,000, SoFi insures your deposits up to $2 million through its network of participating banks. Keep in mind that there are some differences between the two accounts — like how you can use them, as well as their respective interest rates. Here are more details about the two accounts. 

SoFi’s savings account offers a competitive rate at 4.50% APY (though it may change since it’s a variable rate) and there are no minimum balance requirements to qualify. However, you will need to set up direct deposit in order to qualify for the rate. Otherwise, you’ll receive 1.20% APY, which is still considered a high-yield savings account rate. Other features of the savings account include Vaults, which are essentially savings accounts within your main one that you can separate for various saving goals. For example, you can open a Vault for an emergency fund, for your next vacation, or to keep tabs on your entertainment spending. 

People who take advantage of the Vault feature can also set up Roundups, SoFi’s automatic savings program. After activating Roundups, SoFi will round up your debit card purchases to the closest dollar. That amount will then be deposited into the Vault of your choosing. 

The checking account portion doesn’t charge a monthly maintenance fee and has a 0.50% APY on all tiers. There are no minimum balance requirements nor do you need to set up direct deposit to earn interest. Keep in mind that the APY is variable and can change. Other perks include the ability to receive your paycheck two days early if you sign up for direct deposit. 

You will need to have a minimum of $1,000 in monthly direct deposits to receive overdraft coverage. There are no fees for using an in-network ATM (through the Allpoint network), aside from the fee for depositing cash. Plus, depending on the retailer, you may receive up to 15% cash back on qualifying purchases made with your SoFi debit card. 

Considering that SoFi is an online-only bank, you won’t be able to speak to someone in person at a branch. However, it offers plenty of other customer service choices: 

• Reach a customer representative by phone seven days a week during extended business hours 
• An X (formerly known as Twitter) account to address customer questions and concerns 
• A FAQ section on the website 
• Virtual assistant chat 

SoFi doesn’t charge monthly maintenance fees or most service fees, including ones for: 

• Overdrafts
• Falling below a minimum balance
• Dormant accounts
• Replacement debit cards
• Returned items or payments

However, you may be subject to third-party fees if you use an out-of-network ATM or deposit cash using Green Dot.

SoFi offers several ways to access your money, including withdrawing cash at an ATM, wire transfers, and ACH transactions. To conduct an online transaction, you can log into your SoFi account online or through the mobile app and follow the prompts. You can also make purchases using your debit card. 

SoFi Checking and Savings is a great choice for those looking to switch to an online bank that offers the best bang for their consumer’s buck. For one, those who want to maximize the rate they want to earn will find an extremely competitive one with SoFi — especially so since there are no minimum balance requirements. Since SoFi doesn’t charge fees for their banking account, it’s a great option for those wanting to save on banking costs. 

However, if you’re looking for a bank that offers more than the standard checking and savings account, you’re out of luck. Unfortunately, SoFi doesn’t offer money market accounts, CDs, or other types of specialized savings accounts like some of its competitors. Still it might be worth it if you’re not interested in these types of banking accounts but want other products SoFi offers, like loans and investment accounts. 

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].