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At a glance
4.75
- 4.2% APY
- Earn up to $300 bonus
- $0 min. deposit to open
SoFi Banking
SoFi Checking and Savings is a high-yield, fee-free account offering competitive interest rates (over 4% APY for savings), early paycheck access, free ATM access, and automated savings features, along with additional financial tools and perks for members.
Our quick take on SoFi savings account
- With no fees and a stellar top APY of 4.2%, SoFi’s Checking and Savings account is one of the the best choices on the market for tech-savvy customers with direct deposits ready to roll.
- Those with less regular payments or who are cash reliant may struggle to take full advantage of everything the bank has to offer
What we love about it
- Outstanding top tier APY%
- No fees
- Well-reviewd app
- Free ATM withdrawls
- Early direct deposit
Overview
We spend a lot of time focusing on credit cards and, more specifically, the best ways to wrangle their perks into free travel. But, in reality, you’re in no position to go after the wonders of the points and miles world without sorting out your brick-and-mortar finances — in other words, your real money.
With that in mind, we’re expanding our content to focus on the broader financial space, starting with SoFi’s excellent checking and savings dual account. Similar to our favorite credit cards, it’s running an introductory bonus offer where you can earn up to $300 when opening an account, depending on how large a direct deposit you can set up.
But SoFi offers far more than a simple way to make a few hundred bucks. From earning a high-yield on your cash savings to simple online banking with no fees, this account offers a plethora of valuable features that can help you effectively manage your money.
Who is SoFi best for:
SoFi makes its ideal customers obvious by gearing its strongest attributes towards them. This account is best for those looking for a high yield on their cash savings and who want to avoid high minimum deposit requirements. Plus, if you want to avoid the hefty fees that many large brick-and-mortar banks charge, SoFi can be a great option for your primary bank.
However, customers relying on cash deposits will feel the pinch since there are no physical SoFi branches. Additionally, people may want to look elsewhere if they’re unable to reach the $5,000 monthly direct deposit threshold for attaining the higher APY rates.
The Bottom Line:
SoFi’s checking and savings dual account is an excellent high-yield checking and savings option that offers a strong introductory bonus, charges no fees, and removes many financial barriers often associated with these kinds of accounts.
Intro Bonus
Before we dive into the nitty-gritty, let’s check out the headline act — the introductory offer attached to the account.
SoFi is currently offering up to $300 to new account holders who set up a direct deposit. The exact bonus amount is dictated by the size of any direct deposits into the account before the bonus period ends. Customers have 25 calendar days from the first deposit of $1 or more to hit the targets shown below. The promotional period ends on 12/31/2024.
The use of a “bonus period” and a “promotional period” can confuse things a little. To be clear, if you opened an account on November 1st and deposited $1 on the same day, you would have until November 26th to deposit the remaining amount.
The exception to this is if the bonus period extends beyond the promotional period. For example, if you opened an account on December 10th and made a direct deposit on the same day, you would not have until January 4th. You would have until December 31st.
| Total direct deposit amount within 25 calendar days of opening an account | Cash Bonus Tier |
| $1-$999 | $0 |
| $1,000 – $4,999 | $50 |
| $5,000+ | $300 |
It’s a strong bonus offer, especially if you’re more familiar with the high-spending requirements of credit card bonuses. Switching your payroll direct deposit to a SoFi account amounts to a free $300 cash injection, which equates to a 6% return on your first $5,000 of deposits.
If you’re in the market for a new account, the bonus alone should be piquing your interest.
Pros & Cons
SoFi is a relatively fresh-face in the consumer banking market, but that doesn’t mean it’s not a great choice for your banking needs. It has positioned itself with a specific client in mind and, as such, the pros and cons will be felt differently by different people.
Pros
- Excellent APY for customers who direct deposit
- Little to no fees
- Direct deposit perks
- Strong app-based format
- Strong $300 Signup Bonus
- Referral Bonuses
- High FDIC insured amounts
Cons
- Unable to access higher APYs if direct deposits are an issue
- No physical branches
The good
Excellent APY for Customers who direct deposit
SoFi offers two different APY rates on its savings account, and the rate you receive depends on your ability to make direct deposits. The top savings account rate of 4.20% is offered to customers who set up a direct deposit of any size into the checking or savings account. In lieu of a direct deposit, customers need to deposit at least $5,000 every month via other methods (like ACH transfer).
While the rate may not be the highest out there, it’s still very competitive and SoFi has no minimum balance requirements, making it an attractive option for those who may hover around those limits. It’s perfect for building an emergency fund or for those with a lower income but still searching for strong rates.
To highlight the value of a high-yield account, depositing $10,000 in a SoFi savings account and setting up a direct deposit would trigger the 4.2% APY. That initial deposit would accrue at least $420 in interest after a full year. The national average for a savings account is just 0.45% and would have accrued only $45.
If a customer is unable to meet those requirements, the APY will be set at 1.20% — by no means high-yield, but still considerably better than the national savings average. The checking account’s APY is set at 0.5% APY regardless of which deposit method is used.
Remember, it’s easy to instantly transfer money back and forth between SoFi Checking and Savings since they are integrated in the same app, so it shouldn’t be hard to earn the higher APY.
Direct deposit perks
SoFi places a heavy emphasis on direct deposits (as shown in the introductory offer). Customers who continue to use direct deposits can enjoy some strong benefits including overdraft protection and early paychecks. There’s no minimum deposit requirement for the latter (which allows you to receive your paycheck up to two days early), but overdraft protection does require a minimum monthly deposit of at least $1,000.
The bad
Sizeable obstacles if direct deposits are an issue
Reading through the pros may have felt like a list of cons if you’re unable to commit to a direct deposit with SoFi. The company has made its intended customers clear by incentivizing regular direct deposits, no matter how small. If you don’t direct deposit you can still earn the higher APY, but you’ll have to deposit $5,000 per month to the account via other methods.
Customers tied to cash deposits or other means may find the system a little prohibitive. On top of that, cash deposits have fees.
It’s checking and savings or nothing
While it may not be a huge issue, SoFi requires both a checking and a savings account. There’s no one or the other here. Thankfully, money can be moved easily between the two, but for those with more specific needs, having an extra account may feel unnecessary.
Banking products
It’s important to note that when signing up for a SoFi account, you’ll be opening a dual account which includes features of both a checking and savings account.
SoFi Savings details
The SoFi Savings Account, as mentioned above, is an excellent option for customers searching for a low-fee, low-requirement place to store their money all the while earning a high-yield. While it is a dual account, each side of the equation has different features. Here’s a high-level look at the savings account:
| APY % | 4.20%/1.20% (Direct deposit required for max APY%) |
| Minimum deposit | None |
| Fees | None |
| ATM withdrawals possible? | Yes |
| Special features |
|
SoFi Checking details
SoFi’s Checking Account is directly linked to the savings account. You can’t open one without the other. This means the $300 bonus can be earned by moving money into either of the accounts. Unlike the Savings account, the APY is unaffected by direct deposits, but other benefits include:
APY % | 0.5% |
Minimum deposit | None |
Fees | None |
ATM withdrawals possible? | Free on AllPoint ATMs |
Special features |
|
Bank fees
Little to no fees:
A strong feature of SoFi is its lack of fees across the board. There are no monthly account maintenance fees, no overdraft or inactive account fees, and even its ATM transactions are free at any Allpoint ATM (there are over 55,000 and located in every US state). As for international fees, you won’t need to pay any transaction tariffs, but you may be subject to a 0.2% conversion fee.
| Overdraft fee | None |
| Monthly maintenance fees | None |
| Non-sufficient funds fee | None |
| Out-of-network ATM fee | None |
Customer experience
Customer support
The SoFi banking experience is heavily geared towards those in the online space. Thankfully, its app comes highly recommended by over 300,000 users across the main app platforms. This helps foster a seamless financial experience allowing customers to access their money 24/7. If any issues should arise, customer service is available online or over the phone seven days a week.
Digital experience
As a fully digital bank, SoFi places heavy emphasis on its app and online presence. Its current review score on the Apple App Store is a pretty incredible 4.8 stars with well over 300,000 reviews. Those with multiple accounts with the bank, including investments and other products, particularly liked the interface and how easy it is to check the entire spectrum of your finances.
Physical experience
As mentioned, there is no physical experience beyond ATM usage or online/call based support. The support isn’t 24/7, but is offered everyday of the week if any issues do come up. The support does seem to have less plaudits than its app, though.
As for ATM accessibility, the Allpoint Network boasts over 55,000 fee-free ATMs around the world (with most ATMs based in the US). Stores like CVS, Walgreens, and Target are frequent facilitators, so it’s a good idea to find your nearest one after opening an account.
About SoFi Bank
SoFi, or Social Finance, Inc. hasn’t been around too long. It was originally founded in 2011 as a student loan refinancing company, before expanding into other financial verticals.
While its comparatively short-lived existence may put some traditionalist banking customers off, it’s important to remember it was born in the age of the internet. Its processes have been built with the digital experience in mind, helping to create a seamless financial experience. Plus, that digital presence is what allows it to offer such strong rates on its high-yield savings accounts.
The bank is fully FDIC insured, with each customer covered for up to $250,000 each, or $500,000 on a joint account.
SoFi Bank FAQ's
Who is SoFi Bank best for?
SoFi makes its ideal customers obvious by gearing its strongest attributes towards them. It’s best for those looking for a high yield from their savings without the pressure of high minimum deposit requirements.
In reality, it’s easier to identify who it’s not great for. Customers relying on cash deposits will feel the pinch, especially if they’re unable to reach the $5,000 threshold for attaining the higher APY rates.
Does Sofi Bank have any physical locations?
SoFi is a fully digital bank, meaning it does not have physical branch locations. Instead, to provide customers with easy access to cash, SoFi partners with the Allpoint Network, which offers over 55,000 fee-free ATMs worldwide. These ATMs are conveniently located in retail stores like CVS, Walgreens, and Rite Aid, as well as in many Target, Costco, and Speedway locations. This broad ATM network ensures SoFi customers can access cash without fees, compensating for the lack of traditional bank branches.
Does SoFi bank use Zelle?
Yes! Both SoFi checking and savings accounts are compatible with Zelle.
Once you’ve opened an account, you’ll have the opportunity to enroll with Zelle using a US phone number or an email address. After working through some security protocols, you’re good to go.
Is Sofi a legitimate bank?
Yes! SoFi Bank, short for Social Finance, Inc., is a digital financial services company originally founded in 2011 to offer student loan refinancing. Since then, it has expanded significantly into a wide range of financial products, including personal loans, mortgages, investment services, and, most recently, banking through SoFi Bank, N.A., launched in 2022.
Like most other large banks, it has a national charter and is a Federal Deposit Insurance Corporation (FDIC) member, so your money is insured in case of bank default.
What is the FDIC insured limit for a SoFi account?
SoFi accounts get the standard federal insurance of $250,000 per person. Joint accounts are insured up to $500,000. For those looking for more coverage, SoFi has a program allowing accounts to have insurance up to $2 million.
Is SoFi FDIC insured?
Yes! SoFi is fully FDIC insured, allowing customers coverage up to $250,000 per person for each ownership category.
Does Sofi Bank have ATM's?
SoFi partners with the Allpoint Network, which offers over 55,000 fee-free ATMs worldwide. These ATMs are conveniently located in retail stores like CVS, Walgreens, and Rite Aid, as well as in many Target, Costco, and Speedway locations. This broad ATM network ensures SoFi customers can access cash without fees, compensating for the lack of traditional bank branches.
by your friends at The Daily Navigator
