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The bottom line: SoFi Bank offers a dual banking approach by pairing its checking and savings accounts, which both earn competitive rates. Along with scoring high APYs, customers gain access to several relationship benefits as SoFi members, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments.
In this in-depth review, we'll look at how this combination account works, its unique banking features, and how customers can access their money online to help you decide if SoFi Checking and Savings is right for you.
SoFi Checking and Savings
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For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
SoFi is a financial company and online bank that has expanded its product line to include mortgages and personal loans, a credit card, investment accounts, and more recently, personal banking. The online bank offers a checking and savings account that both earn competitive APYs. Keep reading to learn more about SoFi's banking products and additional account benefits.
Account | APY | Minimum Deposit |
---|---|---|
SoFi Checking and Savings (Savings) | up to 4.60% | $0 |
The higher-end APY offering on the savings portion of a SoFi Checking and Savings is competitive with some of our favorite high-yield accounts -- but there's a catch. You have to either set up direct deposit payments to your checking or savings, or deposit at least $5,000 every 30 days. If you don't meet the requirements, your APY will be far under those offered by the best accounts.
Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of our Software Developers, Liz Wilson, uses the SoFi Checking and Savings account herself.
I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues.
Here are the pros and cons of opening a SoFi Checking and Savings account.
Competitive APY: SoFi customers can earn up to 4.60% APY on savings, and 0.50% APY on checking balances.
Welcome offer: New customers can earn a $300 cash bonus with a qualifying direct deposit of $5,000 or more within 25 days. Customers with direct deposits of $1,000 to $4,999 within 25 days can earn $50 cash. Terms apply.
No fees: SoFi doesn't charge monthly maintenance fees on either of its accounts. There are also no overdraft fees on its checking account and no fees for withdrawals at any of the 55,000-plus ATMs within the Allpoint network.
Early access to direct deposits: Customers can receive their direct deposit paychecks up to two days early through SoFi. Access to this benefit depends on when your employer's payroll service provider processes payments.
Savings tools: SoFi Checking and Savings provides access to some helpful tools to maximize savings efforts. Vaults are pockets you can set up within your savings account to earmark specific funds for savings goals you set. Customers can create up to 20 Vaults at a time. RoundUps automatically deposit the extra change from rounded-up debit card purchases to the Vault of your choice.
FDIC insured: SoFi deposits are insured for amounts up to $2 million through the SoFi Insured Deposit Program.
No standalone products: When you open a SoFi account, you receive a checking and savings account. SoFi doesn't offer a standalone checking or savings account.
Cash bonus requirements: SoFi offers a cash bonus to its checking and savings account holders with qualifying direct deposits during the promotion period. To earn the highest cash bonus, though, you must have $5,000 or more in total qualifying direct deposits during the 25-day evaluation period.
Overdraft protection requirements: You must have monthly direct deposits of $1,000 or more to unlock free overdraft protection. SoFi's overdraft protection only covers purchases if you overdraw by $50 or less.
No local branches: As an online-only bank, SoFi doesn't offer in-person banking or support. Customer support options are limited to phone and chat.
Fee for cash deposits: You must visit participating GreenDot retail locations to deposit cash into your SoFi accounts. GreenDot charges a service fee of up to $4.95 per deposit.
SoFi is an online-only bank, but still offers plenty of ways to access or move funds quickly, most of which are fee free.
There are numerous ways to deposit funds into your SoFi Checking and Savings accounts, including:
You can transfer funds between your SoFi Checking and Savings accounts at any time through your online account. You can't deposit cash through Allpoint ATMs, but you can at participating local retailers through a partnership with GreenDot. In-person cash deposits come with a service fee of up to $4.95 per transaction.
Deposited funds are typically available within one to five business days.
SoFi withdrawal options include:
Withdrawals at Allpoint ATMs come without fees. SoFi doesn't charge a fee for out-of-network ATM use, but the ATM operator may charge you a fee.
SoFi limits ATM withdrawals to $1,000 maximum daily and debit card use to $6,000 daily.
SoFi offers paper checks to its customers at no cost upon request.
Yes, money in SoFi Bank accounts (checking and savings) is FDIC insured up to as much as $250,000 per depositor, and can qualify for as much as $2 million in FDIC insurance coverage if you opt in to the SoFi FDIC Insurance Network.
SoFi offers several ways for members to get help. Support options include phone support Monday to Thursday, 5 a.m. to 7 p.m. PT and Friday to Sunday, 5 a.m. to 5 p.m. PT. You can also get help via chat support or through Twitter by messaging @SoFiSupport.
Members can also bank digitally through SoFi's mobile app. The highly rated app is available for iOS and Android.
When you open a bank account with SoFi, you become a SoFi member. With SoFi membership comes access to several valuable benefits and perks. SoFi member benefits include:
If you need a checking and savings account, SoFi Checking and Savings could make sense, especially if you can meet the requirements to earn its highest interest rate. With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
SoFi Checking and Savings isn't a good choice for those who are only looking for a standalone checking account or savings account or who prefer to do their banking in person at a local branch.
In addition to its banking products, SoFiis known for its full-service lending and financial products and services. Here's a look at some other SoFi reviews we've published:
SoFi offers a wide range of products and services, including:
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
Yes, SoFi Bank, N.A. is an FDIC-member bank based in Salt Lake City, Utah. It became a bank in early 2022 after it acquired Golden Pacific Bancorp, which allowed SoFi to obtain a national bank charter.
Yes. SoFi's checking account comes with a Mastercard debit card that you can use to make purchases or withdraw funds at ATMs. Most customers receive the card within seven to 10 days of opening their account.
No. SoFi Checking and Savings doesn't charge monthly maintenance fees, nor does it charge account minimum fees or overdraft fees.
You can use any of the 55,000 ATMs in the AllPoint network for no fee. Many ATMs in the network are in retail stores like Target, CVS, Costco, and Speedway. However, if you use an out-of-network ATM, you won't be reimbursed for any fees you're charged.
Our Banking Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.