SoFi Checking and Savings review: Earn up to 1.00% APY on a savings/checking account

Pros and cons

Pros	Cons
Earn SoFi Checking and Savings for balances under $50,000 if you set up direct deposit Solid interest rate even if you don’t set up direct deposit No minimum opening deposit No monthly service fees Savings tools Receive your paycheck up to 2 days sooner with early direct deposit	Online-only account Declined purchase if you overdraw by more than $50 Fee for depositing cash Low interest rate if you have a balance over $50,000 in checking, savings, or Money Vaults

SoFi Checking and Savings 

SoFi Checking and Savings is an excellent choice if you don’t want to deal with standard bank fees. It doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees.

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 good interest rate.

How SoFi works

SoFi is a fintech platform that offers loans, investment accounts, and banking options.

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.

Is SoFi trustworthy? 

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

We compare SoFi Money to two other online accounts: Chime and Ally. 

APY SoFi Checking and Savings	APY Chime Savings Account	APY Ally High Yield Savings Account
Out-of-network ATM fee None	Out-of-network ATM fee Charges $2.50	Out-of-network ATM fee Reimburses up to $10 per month
SoFi Checking and Savings	Chime Savings Account	Ally High Yield Savings Account

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 SoFi Checking and Savings, you’ll need to set up a direct deposit and have a balance under $50,000.

Chime and Ally let you set up separate checking and savings accounts. These may be better options if you don’t qualify to earn the highest interest rate at SoFi. You’ll earn a solid interest rate, and you don’t need to meet any requirements at either bank.

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.