SoFi Bank / Checking and High Yield Savings Account

SoFi Bank review quick take: A high-yield checking and emergency fund account that saves, invests, and earns for you.

What is SoFi Bank?

SoFi banking is an online bank account that allows you to manage your accounts from your computer or mobile device. This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch. Because SoFi does not have any physical branches, they’re able to pass those savings to you.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC.

Get started with your checking and savings account.

How SoFi Bank Works

SoFi Bank offers a high-yield checking and savings account. You’ll earn competitive rates on both accounts—0.50% APY on checking balances and up to 4.60% APY on savings balances with direct deposit.

Get both a high-yield checking and savings account in one easy signup process.

1. Open an account by providing some basic information.
2. Choose to opt-in for direct deposit and receive an account opening bonus, plus get your paycheck up to two days early.
3. Use your account, earn interest on balances, and pay no monthly fees.

SoFi currently doesn’t offer standalone banking accounts. When you open a checking account, you’ll automatically get a savings account, or vice versa.

Checking account

Your SoFi checking account benefits include:

• Earn interest on the balance
• Get paid up to two days early with direct deposit
• Access to 55,000+ fee-free ATMs
• Automatic roundups on all debit card purchases that are transferred to your savings Vault

Savings account

Your SoFi savings account benefits include:

• 10x the national average savings account rate
• Create Vaults for your savings goals (car down payment, home renovation, or emergency fund)
• Use AutoSave to have some of your direct deposit transferred into your savings

Get started with your checking and savings account.

Key Features

• No minimum balances on banking accounts
• Overdraft coverage: Up to $50 with no fees with a direct deposit of $1,000
• Debit card to access checking and savings accounts
• Access to 55,000+ fee-free ATMs through the AllPoint network
• All in one app to pay bills, deposit checks, send money, and more
• FDIC insured up to $250,000

Fees

• Minimum balance: $0
• Maintenance fee: $0
• Overdraft fees: $0
• In-network ATM fees: $0

Pros and Cons

Pros

• High-yield accounts
• No account minimums and maintenance fees
• Early payday, up to two days
• Access to thousands of surcharge-free ATMs

Cons

• No physical branch locations
• Lack of personal and live customer service support

Who is it best for?

SoFi Bank is best for current customers and users of the SoFi investing app.

SoFi Bank Review

SoFi Bank is a legitimate service and not a scam. It’s a good banking option for those who want an integrated checking and savings account with high yields and rich features.

In our SoFi Bank review, the SoFi app has a 4.7 out of 5-star rating in the App Store and an excellent rating of 4.7 out of 5 on Trustpilot, with over 8,500 reviews.

What we like the most are the high APYs, savings and investing automation, and access to thousands of surcharge-free ATMs.

How to Start with SoFi Bank

Minimum Requirements

• Be 18+ years old 
• A valid email address
• Social Security Number

Step-by-Step to Open a SoFi Checking and Savings Account

The time needed: 3 minutes.

1. Getting started
   • Click “Get Started” to open an account, or click this link.
2. Enter email and password
   • Submit your personal information, set up a PIN access code, and log into your new account.

SoFi Bank Alternatives

SoFi Bank alternatives include Acorns Banking, Stash Banking, and more.

Visit the marketplace to find more banking options.