SoFi is an online bank with a sophisticated online banking platform and mobile apps designed to make money management fun and easy. Annual yields on checking and savings accounts are competitive and well above the national average. It also offers the opportunity to earn rewards with debit cards and offers a host of online savings tools with minimal fees.
CNET; Sophie
It’s one option worth considering if you want to keep your checking and savings accounts all in one place. However, SoFi lacks essential banking services such as deposit certificates and money market accounts, so it may not be for everyone. It is also a fully online bank, so if face-to-face service is important to you, we recommend looking elsewhere or maintaining a separate bank account.
Here’s our take on SoFi Bank, its checking and savings accounts, and who’s best for them.
What we like:
- No monthly maintenance fee
- No Minimum Deposit
- All point ATM 55,000 units
- Banking services at Greendot stores
- Competitive APY for deposit accounts
- A wide range of investment and lending products
Dislikes:
- Cash deposit fee $4.95
- No CDs or money market accounts
- No standalone checking or savings account options
- No physical branch
Who is SoFi Bank for?
You can earn very competitive APY with SoFI on both checking and savings accounts, making this bank an excellent choice for those looking to earn more with their money deposited. It is an option. But SoFi is only good if you’re used to managing your money online. It has no physical branches, but does offer some banking services, including depositing cash through the Greendot network and his over 55,000 ATMs.
If you have your paycheck set up for direct deposit, make a direct deposit of at least $6,000 within 25 days of opening your account to benefit from SoFi’s limited-time $250 welcome bonus.
SoFi also has useful tools to help you reach your savings goals. Its Vaults feature helps you set savings goals and track your progress within a specific time period. You can also set up recurring transfers towards this goal and account for financial responsibilities such as rent and utility payments. Competitive interest rates for both checking and savings accounts Offers. Also, there is no minimum deposit required to get started. In addition, SoFi has several investment and lending products, including rewarded credit cards, personal loans, and insurance.
Check Account Review
When you open a SoFi checking account, you also get a savings account. The checking account does not require monthly maintenance fees, overdraft fees, or minimum deposits. I think banks sometimes offer limited time sign-up bonuses. For example, you can win $50 or $250 by opening an account and depositing a certain amount directly into your account.
Another advantage of this account is that you can get your paycheck up to 2 days early if you set up a direct deposit. Plus, get up to 15% cash back at local merchants when you pay with your SoFi debit card.
Plus, you can deposit and withdraw cash at 55,000 Allpoint ATMs at no extra charge. You can also make deposits at retailers that offer GreenDot services, such as 7-Eleven, Dollar General, and Walgreens, depending on your location. The downside is the $4.95 fee when depositing cash to Greendot locations, which is deducted from the deposit amount. Finally, if you set up a direct deposit, the account offers overdraft protection of up to $50.
Check account functionality
Check account functionality
| APY |
Annual Interest 2.50% |
|---|---|
| minimum balance to open |
$0 |
| monthly maintenance fee |
$0 |
Prices as of March 3, 2023
what we like
- No minimum deposit to open an account
- Set up direct debit to get your paycheck up to 2 days early
- No monthly maintenance fee
- No overdraft fees
- Earn cash back at select retailers with your SoFi debit card
- Cash deposits and withdrawals accepted at Allpoint ATMs and Greendot locations
- Competitive APY rates on par with other online banks
dislike
- $4.95 fee for depositing cash to Greendot locations
- Overdraft protection is only available for direct deposits of $1,000 or more per month.
- Overdraft coverage as low as $50
- No standalone checking account option
Review of savings account
A SoFi savings account comes with several account features to manage your money. You can use the app to set savings goals and make regular transfers with SoFi Vault. Roundup also rounds each purchase to the nearest dollar, so you can add extra change to your savings.
The account has a competitive APY and no maximum amount to earn interest. I also like that there is no minimum deposit requirement or monthly maintenance fee.
One of the cool things about SoFi is that when you sign up, you get checking and savings accounts. Standalone accounts are not available, but direct deposit can be set up to send money to both accounts. Note that SoFi checking and savings accounts have different features than APY.
Features of a savings account
| APY |
Annual interest rate 3.75% |
|---|---|
| minimum balance to open |
$0 |
| monthly maintenance fee |
$0 |
Prices as of March 3, 2023
what we like
- SoFi’s Vaults savings feature helps you create and manage savings goals
- Roundup lets you transfer spare change into savings
- Competitive APY on par with other online savings accounts
- No minimum balance requirement
- No monthly maintenance fee
dislike
- No standalone savings account option
Overdraft fee
SoFi does not charge overdraft or insufficient funds fees. Alternatively, you can withdraw funds from your savings account to cover your transactions if your checking account is underfunded. Overdraft coverage is also available to cover his SoFi debit transactions up to $50. However, he will only be compensated if his monthly direct deposit is $1,000 or more. You must activate the overdraft protection feature online or in his SoFi app. Transactions will be declined if overdraft coverage is not set to be withdrawn from savings and exceeds $50.
Other banking products
SoFi does not offer CDs or money market accounts. However, the bank offers several other banking products and services.
- Housing loan: Home Equity, Jumbo and Mortgage Refinancing
- Personal loan: Credit card consolidation, family planning, renovations, travel, weddings
- student loans: Student loans for undergraduates, graduates, refinancing, legal, MBA, medical professionals, parents
- SoFi credit card: A no annual fee cashback card with World Elite Mastercard® benefits.
- SoFi Invest®: Investment options for cryptocurrencies, IPOs, stocks, automated investments, ETFs, IRAs
- SoFi Protect: auto insurance, homeowners insurance, life insurance, renters insurance
banking experience
I love that SoFi offers a variety of investment and lending products. Earn competitive rates on both your checking and savings accounts. Also, its APY is higher than the national average and on par with other online banks. What makes SoFi stand out is its simple money management service and app functionality.
SoFi scored 4.5 out of 5. Trustpilot reviewCustomers find the bank’s customer service helpful and professional. Many reviews also noted a quick loan application process and simple account management tools.
However, if you want regular banking services at a nearby bank, or if you are looking for banking products other than checking and savings accounts, you may want to consider other options. For example, Capital One offers a variety of products and services and has physical locations. Also, Ally and Bank5 Connect are online banks that offer competitive rates and full banking services.
customer service
There are several ways to access SoFi, depending on the banking product or service you need help with. Customer service hours vary by department, but you can generally reach us Monday through Thursday from 5:00 am to 7:00 pm and Friday through Sunday from 5:00 am to 5:00 pm.here are the numbers
- Current Accounts, Savings Accounts, Personal Loans: (855) 456-SOFI (7634)
- credit card: (844) 945-SOFI (7634)
- investment: (855) 525-SOFI (7634)
SoFi’s Virtual Assistance is available online 24/7 and you can tweet @SoFiSupport for help. SoFi has FAQ page and Help center For our customers.
