SoFi Checking and Savings account review 2024 (2024)

Our quick take: The SoFi Checking and Savings* account offers a convenient way to manage your finances with no monthly fees and a competitive APY of up to 4.60% on savings. The checking & savings account provides free ATM withdrawals at thousands of ATMs around the country and has a generous welcome bonus of up to $300 for new customers.

Best for: The SoFi Checking and Savings* account is best suited for digitally focused individuals who prefer online and mobile banking, fee-free accounts and competitive interest rates on their savings.

What is the SoFi Checking and Savings account?

SoFi is an all-in-one digital banking solution.

The SoFi Checking and Savings* account is an online banking product consisting of two types of linked accounts. It combines the convenience of an online checking account and savings account with the security of an FDIC-insured bank.

The account has no maintenance fees, a competitive APY, no-ATM-fee withdrawals (at 55,000 Allpoint machines) and a welcome bonus of up to $300 with a direct deposit. The full $300 bonus requires direct deposits totaling $5,000 or more within 25 days. A lower $50 bonus requires just $1,000 in direct deposits in the same timeframe.

It also provides helpful features like, 4.60% APY on savings deposits and FDIC insurance of up to $250,000. And through the SoFi Insured Deposit Program, account holders can receive up to $2 million in FDIC insurance. There are no minimum deposits for the SoFi Checking and Savings* account, though a $1,000 monthly direct deposit is required to activate overdraft protection.

Note that SoFi brands opening both the checking and savings account as SoFi Plus. This includes other perks, too, like a 0.25% rate discount on personal loans, career coaching and financial planning, among others.

Advantages of the SoFi Checking and Savings account

The SoFi Checking and Savings account offers several advantages, such as ATM withdrawals and no monthly maintenance fees or minimum balance requirements.

• Limited fees: SoFi Checking and Savings accounts offer money-saving features, including no monthly maintenance, overdraft or minimum balance fees. There’s no minimum balance requirement.
• Overdraft coverage: Additional savings are available with no-fee overdraft coverage, which covers you for up to $50 when you have a direct deposit of at least $1,000.
• Free ATMs: You can get fee-free ATM withdrawals at more than 55,000 Allpoint network ATMs worldwide.
• Up to 4.60% APY: SoFi Checking and Savings accounts also offer features for earning. The account earns an APY of up to 4.60% on your savings and Vault balances when you have a direct deposit into your SoFi accounts.
• Sign-up bonus: When you deposit $5,000 or more within 25 days as a new customer, you’ll earn a $300 cash bonus.
• Online banking and mobile app: Using online banking and SoFi’s mobile app, you can pay bills, send money, find ATMs and make mobile deposits.
• FDIC insured: Your deposits are secure with the Sofi Checking and Savings account. Deposits are FDIC insured for up to $250,000 per individual — $500,000 for joint accounts — and you can add FDIC insurance up to $2 million.
• Savings vaults: A unique feature of the SoFi Checking and Savings account is the ability to create Vaults. SoFi’s Vaults are subaccounts you can use to set and save for specific goals. For example, you can set up a vault for a vacation fund, a new car, phone or anything else you’re saving up for. You can even set up debit card round-ups to be deposited into these vaults, which could help you meet your goals faster. This is a nice way to designate savings for specific purchases.

Disadvantages of the SoFi Checking and Savings account

Though the SoFi Checking and Savings account offers numerous advantages, there are some disadvantages to consider, such as foreign transaction fees, limited overdraft protection and a lack of bank branches.

• No bank branches: SoFi is an online bank with no branch access. If you prefer to bank in person and frequently deposit cash, you might want to consider a different bank.
• Online customer service: Since everything is online, customer support is handled via email and phone.
• Foreign transaction fee: While the account offers fee-free ATM withdrawals within the Allpoint network, the SoFi debit card charges a 1.10% foreign transaction fee for purchases abroad. This is less than most debit cards charge, but you can avoid the fee entirely with the right credit card.
• Low checking APY: While the savings account earns up to 4.60% APY, the rate for the checking account is just 0.50%.
• Limited overdraft protection: While SoFi advertises overdraft protection for the checking account, only accounts with $1,000 monthly direct deposits are eligible.
• Other banks may offer better APYs: While the savings account’s 4.60% APY is a competitive rate, some banks offer higher returns. For example, the Bask Bank Interest Savings Account — one of our favorite high-yield savings accounts — currently offers 5.00% APY.

SoFi eligibility requirements

You can open a SoFi Checking and Savings account if you meet these requirements:

• You’re a U.S. citizen, lawful permanent resident or non-resident
• You’re 18 years or older with a physical U.S. address
• You have a valid Social Security number

Things to know before opening a SoFi account

SoFi’s Checking and Savings accounts are a two-in-one deal. When you open a checking account, SoFi will automatically open a SoFi Savings Account in your name. The high-yield checking account earns 0.50% APY, while the savings account earns up to 4.60% APY.

SoFi offers money-saving features, such as fee-free overdrafts up to $50 and free ATM withdrawals, though you’ll need to meet account requirements for overdrafts and use Allpoint network ATMs. There are no monthly service or minimum balance fees.

New account holders can earn up to a $300 cash bonus when you set up a qualifying direct deposit. To earn the full $300 bonus, you’ll need to make direct deposits totaling at least $5,000 in the first 25 days.

Your SoFi debit card can earn up to 15% cash back on purchases at qualifying local businesses. Enable automatic roundups and your debit card purchases will be rounded up with transfers to your savings vault so you can accelerate your savings.

With the SoFi app, you can pay bills, deposit checks, send money and manage your digital wallet. Or, you can use your online account. While SoFi offers a robust mobile app and more than 55,000 fee-free ATMs, there are no bank branches.

Should you open a SoFi Checking and Savings account?

The decision to open a SoFi Checking and Savings* account depends on your individual financial needs and preferences. It’s a good option if you’re looking for an online bank with a competitive savings account APY, no minimum balance requirements, no monthly fees and up to a $300 account bonus for new customers.

It can be a good fit if you don’t mind having to do most of your banking online. Even domestically, you might have trouble finding a convenient ATM location in every city with a traditional bank. Being able to use over 55,000 ATMs and not pay fees is a huge bonus. To give you an idea of how significant this is, Chase has a network of 16,000 ATMs while Wells Fargo has just 12,000.

Ultimately, whether you should open a SoFi Checking and Savings* account depends on if you’re OK trading a traditional banking experience for high APY and no fees. Before opening a SoFi Checking and Savings account — or any other financial product — it’s important to carefully consider your financial goals and preferences to determine if they align with the account’s offerings.

Additional reporting by Jessica Merritt