Name: SoFi Checking and Savings
Brand: SoFi

SoFi and Ally Bank are two of the few online banks that could be true banking disruptors -- that is, they could potentially completely replace the need for branch-based banking relationships.

Here's a rundown of what you need to know about SoFi and Ally to determine if one might be right for you.

SoFi vs. Ally Bank: Account options

SoFi and Ally Bank have deposit accounts that are featured on several of our "best-of" pages. They offer high-yield deposit products, as well as highly functional checking accounts, so here's a rundown of the key details of each.

Savings accounts

Rates as of Jul 17, 2024

Offer
Account	SoFi Checking and Savings On SoFi's Secure Website.	Ally Savings
Rating	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.75 out of 5 stars. 4.75/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
APY	up to 4.60%² Rate info	4.25%
Min. to earn APY	$0	$0
Next Steps	Open Account for SoFi Checking and Savings Read full review	Read Review

* SoFi Checking and Savings

SoFi Disclosures

Bonus disclosure: 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.
APY disclosure: 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.
Fee policy: Our account fee policy is subject to change at any time.
Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed 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.
ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot 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.
Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft protection: 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.

We'll start with SoFi, which offers a combination of a checking and savings account (you can't open one without the other, although they are two separate accounts). We'll go into details about the checking side in the next section, but the SoFi savings account is a top product.

The SoFi Checking and Savings account has no fees or minimum balance requirements, and has some interesting features like Vaults, which essentially allow you to create savings accounts within your savings account to save for a specific goal. The account has one of the best APYs on our radar, and it is slightly higher than Ally's, but it requires you to set up direct deposit into the checking account to get the top rate.

The Ally Savings account has a competitive APY, and there are no special requirements to get the top interest rate. It has a similar feature to SoFi's Vaults, as well as no fees or balance requirements.

Checking accounts

Rates as of Jul 17, 2024

Offer
Account	SoFi Checking and Savings On SoFi's Secure Website.	Ally Spending Account
Rating	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
APY	0.50% Rate info	up to 0.25%
Min. to earn APY	$0	$1
Next Steps	Open Account for SoFi Checking and Savings Read full review	Read Review

Both SoFi and Ally offer online checking accounts. SoFi's checking account must be paired with a savings account, as mentioned in the last section. It is an interest-bearing account and has ATM access at more than 55,000 locations nationwide. The SoFi checking account has excellent overdraft protection for direct deposit customers, and also allows access to paychecks up to two days early.

The Ally Spending Account is Ally's checking account product, and it is also an interest-bearing account. To be clear, neither bank's checking account has an APY that's competitive with online savings accounts, but they do earn some money.

Ally's account has access to more than 43,000 ATMs plus it offers up to $10 per month in out-of-network ATM fee reimbursement. And like SoFi, it also offers early access to direct deposits.

CDs

When it comes to certificates of deposit, Ally Bank CDs are the clear winner. Simply put, SoFi doesn't offer CDs on its platform (not yet, anyway).

On the other hand, Ally is one of our top banks for CDs. It offers CDs in several different term lengths, some of which have highly competitive APYs. Ally's CDs have no minimum deposit, and come in a few unique varieties. The Ally Raise Your Rate CDs come in 2-year and 4-year terms, and allow customers to choose to have their rate adjusted upward if rates rise during the term.

Ally is also one of the few banks to offer no-penalty CDs, which come in an 11-month term and combine the ability to lock in an interest rate with the ability to withdraw the money at any time.

SoFi vs. Ally Bank: APYs

Both banks have highly competitive APYs on all of their deposit products.

With savings accounts, SoFi has a slightly higher APY as of February 2024, but requires account holders to set up direct deposit to get the best rates. On the other hand, Ally's APY is slightly lower but still highly competitive and doesn't have any such requirement.

Interest-bearing checking accounts are somewhat rare to begin with, but SoFi and Ally's checking accounts pay an APY that is in line with similar products from competitors.

Finally, Ally's CDs have competitive interest rates with other top CD banks on our radar, especially considering there's no minimum deposit requirement.

Compare savings rates

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.

Account	APY	Promotion	Next Steps
Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 4.60%² Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!¹	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $1	N/A	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Open Account for ETRADE Premium Savings On ETRADE's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.50% Min. to earn: $0.01	N/A	Open Account for ETRADE Premium Savings On ETRADE's Secure Website.

SoFi vs. Ally Bank: Customer service

SoFi has strong customer service, with phone support available from 5 a.m. to 7 p.m. PT Monday-Thursday and ending at 5 p.m. PT Friday-Sunday. SoFi also has an excellent chat support system, and also provides help to customers through X (formerly Twitter).

Ally offers phone support with representatives available 24/7, which gives it a bit of an advantage, and it also offers live chat and email support.

SoFi vs. Ally Bank: Mobile apps

SoFi has one of the best mobile banking apps in the financial industry. It not only allows customers to manage deposit accounts, loans, credit cards, investments, and more in one place, but it also has some excellent budgeting and financial tools. Everything on SoFi's app is extremely user-friendly.

Ally's app has similar functionality, allowing users to manage all of their financial accounts in one place. It allows customers to access financial advice from a designated advisor and also has some excellent personal finance tools.

SoFi vs. Ally Bank: Which is right for you?

Both of these banks have a lot to like, and both have the capability to be your only bank. There are some small differences between the two, so it could be a smart idea to look at our more thorough reviews of both SoFi and Ally Bank, as well as our individual product reviews (linked throughout) to see which might be the better fit for you.

Rates as of Jul 17, 2024

2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert

New customers can earn up to a $300 bonus with qualifying direct deposits!¹

APY

up to 4.60%²

Min. To Earn APY

$0

Pros/Cons

Competitive APY on both Savings and Checking
No account fees³
Welcome bonus up to $300 (direct deposit required)¹
Early access to direct deposits⁶
Tools to help you track savings goals
Unlimited number of external transfers (up to daily transaction limits)
ATM access⁵
FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴

Combo account only; no stand-alone savings or checking
Maximum Savings APY requires direct deposit
Overdraft protection⁷ requires monthly direct deposit minimum
No branch access; online only

Bottom Line

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) 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 $300¹ 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.

SoFi Disclosures

Bonus disclosure: 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.
APY disclosure: 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.
Fee policy: Our account fee policy is subject to change at any time.
Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed 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.
ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot 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.
Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft protection: 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.

Read Full Review

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These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

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SoFi vs. Ally Bank: Which Bank Is Right for You?

SoFi vs. Ally Bank: Account options

Savings accounts

Checking accounts

CDs

SoFi vs. Ally Bank: APYs

Compare savings rates

SoFi vs. Ally Bank: Customer service

SoFi vs. Ally Bank: Mobile apps

SoFi vs. Ally Bank: Which is right for you?

Our bank and credit union methodology