Here are the pros and cons of opening a SoFi Checking and Savings account.
Top perks
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.
What could be improved
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.