At a glance

4.5

Bankrate Score

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

SoFi Bank is ideal for consumers who are looking to get a competitive yield on a checking and savings account, interested in getting early direct deposit and looking to avoid overdraft fees.

Highlights

No Min Deposit
Free Checking
High APY

Overall

SoFi Bank offers a competitive yield for checking and savings customers who have a qualifying direct deposit with SoFi. But customers will need to open both a checking and savings account to bank with SoFi and will have to use direct deposit to earn the top APY.

Pros

SoFi offers competitive yields on both its checking and savings accounts.
SoFi Bank offers early direct deposit.
At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.
The bank doesn’t have overdraft fees.
Those who live close to SoFi Stadium — or attend games at SoFi Stadium — might benefit from this account through 25 percent cash back on eligible purchases, such as team merchandise and food in the stadium, and VIP access at the stadium.

Cons

To earn the bank’s top APY, you’ll need a direct deposit.
You’re required to get both a checking and a savings account; you can’t just open one or the other.
The bank’s top bank account bonus requires direct deposits of $5,000 or more during the 25-day evaluation period.

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SoFi banking products

5.0

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.60%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

SoFi savings overview

The SoFi savings account offers a competitive yield, but it’s only for customers with direct deposit at the bank. Customers without a direct deposit at SoFi will still earn a yield much higher than the national average, but SoFi’s direct deposit yield is much more competitive with top online banks. At the time of this review, there’s a cash bonus for opening a new account and setting up direct deposit.

You can’t withdraw from the savings account at an ATM. But because you have to get both a checking and savings account, you can transfer money from savings to checking and then withdraw from the checking account at an ATM.

The account comes free of fees, including monthly fees, overdraft fees or minimum balance fees. Moreover, the account comes with overdraft coverage, which will cover you up to $50 if you overdraw your account. Otherwise, your transaction will be declined. This coverage is only available to customers with monthly direct deposits of $1,000 or more.

Pros

The SoFi savings account allows you to earn a competitive yield, as long as you have a direct deposit with SoFi.
SoFi doesn’t require a minimum opening deposit or charge any fees.
Customers can set up savings Vaults to set aside money for specific goals.

Cons

You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.
Without qualifying direct deposits, the savings yield is much lower.

Rate history for SoFi's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

SoFi

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

SoFi

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

SoFi checking overview

SoFi’s checking and savings account package is a checking and a separate savings account. At the time of our review, SoFi was offering a competitive yield as long as you had a qualifying direct deposit with the bank.

SoFi checking has some other modern features. One is early direct deposit, which allows you to access your paycheck two days early. The bank also doesn’t have overdraft fees, and it offers a $50 overdraft cushion.

The bank is also a part of the Allpoint ATM network. This allows its checking customers to access 55,000 Allpoint ATMs without paying a fee.

As of our review, you could also earn a bank account bonus based on your direct deposit amount.

Some other perks of the account include free checks and automatic roundups on debit card purchases.

You can deposit cash into your account through a Green Dot retailer. But there’s a charge of up to $4.95 for this service.

Pros

Early direct deposit is offered.
You won’t have to pay an overdraft fee for overdrawing $50 or less.
You can earn a competitive yield on a checking account.
SoFi doesn’t charge a fee for international debit card transactions (although there is a 0.2 percent foreign conversion fee.)

Cons

You can’t just get a checking account; you have to open a savings account also.
Only customers with qualifying direct deposits are eligible for up to $50 of overdraft coverage.

Current Checking Rate

Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Monthly maintenance fee	None
Out-of-network ATM fee	None*
Excessive transaction fee	None

*Third parties may charge you a fee if you use an out-of-network ATM.

Find out: Tips to avoid common bank fees

Customer experience

Customer support

Support hours. You can chat with SoFi’s customer service seven days a week. The hours are Monday-Thursday 5 a.m. to 7 p.m. PT and Friday-Sunday 5 a.m. to 5 p.m. PT.

Low customer satisfaction. SoFi scored below average in overall satisfaction among online-only banks for both its checking and savings accounts, according to J.D. Power’s 2023 Direct Banking Satisfaction Study.

Digital experience

Highly rated mobile app. SoFi’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, more than 200,000 users have reviewed the app. SoFi’s app also comes with a financial insights dashboard, which offers helpful digital resources such as a budget planner, spending insights and free credit score monitoring. Moreover, you can easily find all the details of your financial products in one place, from banking and investments to personal loans.

Cluttered interface. While the app is highly rated, the user interface can be bogged down with information and marketing materials. “Because the app includes access to all of SoFi’s financial products, there’s quite a bit of marketing that comes along with it,” said a Bankrate staff member with a SoFi account. “Pop ups during in app sessions and push notifications for credit cards and personal loans are frequent and can be annoying.”

Bankrate staff insights

“Aside from the notifications and common marketing, the SoFi app has been extremely easy to use, and the bank seems to take a very “technology forward” approach to an industry that’s sometimes lacking in that area,” said a Bankrate staff member with an account. “The lack of physical locations does mean that large expenses that require cash or cashiers checks require a bit more planning, but I think that’s a fair trade off for a competitive rate and positive app experience.”

Features

Screen view

Desktop Mobile

The above images were last updated on Dec. 11, 2023.

About SoFi

SoFi has been around in one form or another since 1986. In August 2011, Social Finance, Inc., began. The institution has undergone many changes over time, including what financial products and services it provides.

In the past, SoFi has been primarily known for providing personal loans and refinancing services for student and auto loans. It became a chartered bank in early 2022. Shortly after that, it started offering its checking and savings account.

How SoFi compares to other banks

Compare different account types offered by SoFi. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.

Selected bank SoFi savings account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Synchrony Bank savings account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
4.60%	4.75%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,150	$1,188

SoFi Bank has a competitive annual percentage yield on its savings account. You’ll need to open both a checking and savings account at SoFi. And setting up a direct deposit is required to earn the bank’s top APY.	You’ll earn a competitive yield and can access your money at an ATM with the Synchrony Bank High Yield Savings Account. You’ll also have $5 worth of domestic ATM fees reimbursed per month and you won’t be charged a monthly service fee.

SoFi offers a competitive annual percentage yield on its savings account. SoFi Bank’s savings account doesn’t have a monthly service fee.	You can get up to $5 worth of ATM fees reimbursed with this account. You’ll earn a competitive yield with Synchrony’s savings account. There are no monthly service fees.	N/A
You can’t only open a savings account at SoFi – you need to open both a checking and savings account.	Some banks pay a higher yield on their savings accounts. All tiers have the same APY, so customers are not rewarded for depositing more money	N/A

APY offering: 4.60% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 4.75% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank SoFi checking account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Checking rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Discover Bank checking account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Checking rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
0.50%	0.00%
Minimum balance to open
$0.00	$0.00

SoFi Checking and Savings lets you earn a competitive annual percentage yield and it gives you access to direct deposits up to two days early. The account also lets some customers overdraft by $50 or less without being charged a fee.	The Discover® Cashback Debit account is a good option for those who don’t want to jump through a lot of hoops to avoid fees. There’s no minimum deposit required to open an account and no minimum balance requirement. The account also doesn’t charge fees. The account doesn’t earn interest, but Discover® Bank offsets that by offering 1 percent cash back on up to $3,000 in debit card purchases each month. Early direct deposit allows customers to get paid up to two days early. This is currently the only checking option offered by Discover® Bank. Discover® Bank has a network of 60,000 surcharge-free ATMs in the U.S. through the Allpoint and MoneyPass networks.

Customers can receive early direct deposits at SoFi Bank. SoFi customers have access to Allpoint network ATMs. SoFi customers earn a very competitive APY. The SoFi checking and savings account doesn’t have fees, which includes overdraft fees.	The checking account doesn’t charge fees Customers can earn cash back on debit card purchases each month Discover offers surcharge-free access to thousands of ATMs Those enrolled in direct deposit can receive paychecks up to two days early	N/A
You can’t just get a checking account – you have to get both a checking and savings account.	The Discover® Cashback Debit account doesn’t earn interest, which some competitors offer on their rewards checking accounts	N/A

SoFi Bank vs. Ally Bank

As online-only banks, both SoFi and Ally Bank offer all the digital bells-and-whistles of modern banking, including little-to-no fees and high yields on savings accounts. Both banks are part of the Allpoint ATM network.

However, Ally is a full-fledged bank offering multiple deposit products, including separate savings and checking accounts, in addition to a wide array of CDs and a money market account. If you’re looking to bring your banking under one roof, Ally may be the better choice for you, especially since SoFi only offers one account package that includes a checking and savings account.

That noted, if you can set up direct deposit and you’re looking for the highest yield between the two, SoFi is the better option as it provides a high APY on its savings account — and that comes with an interest-bearing checking account, too.

Learn more: The best banks of 2024

SoFi Bank FAQs

SoFi is best for customers looking to bank with little-to-no fees and high yields.
Yes. SoFi is FDIC-insured, meaning you have standard coverage up to $250,000 per customer, per account. Increased FDIC coverage of up to $2 million is also available with SoFi.
Yes. SoFi has been around in one form or another since 1986. It became a chartered FDIC-insured bank in early 2022.
SoFi is short for Social Finance Inc.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	SoFi APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/23/2024	4.60%	0.58%
12/19/2023	4.60%	0.57%
12/07/2023	4.60%	0.57%
10/24/2023	4.60%	0.58%
09/19/2023	4.50%	0.57%
09/01/2023	4.50%	0.57%
08/29/2023	4.50%	0.54%
08/22/2023	4.50%	0.54%
08/02/2023	4.50%	0.54%
07/27/2023	4.40%	0.54%
07/11/2023	4.40%	0.54%
07/10/2023	4.30%	0.54%
06/09/2023	4.30%	0.49%

SoFi Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about SoFi Bank

SoFi banking products

SoFi savings overview

Pros

Cons

Rate history for SoFi's Savings account

SoFi checking overview

Pros

Cons

Bank fees

Customer experience

Customer support

Digital experience

Bankrate staff insights

About SoFi

How SoFi compares to other banks

SoFi Bank vs. Ally Bank

SoFi Bank FAQs

Who is SoFi Bank best for?

Is SoFi Bank safe?

Is SoFi a legitimate bank?

What does SoFi stand for?

Review methodology

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