3 Reasons I Opened a SoFi Bank Account in April

Closing a bank account isn't always the best experience, especially when you have to do it over the phone (it's true: millennials hate phone calls). At least, that's how I felt when I closed a checking account at a brick-and-mortar bank last month. Not only did I have to close the account over the phone, but I also had to remove it as a payment to my credit cards and utilities. 

However annoying it was to close this account, it led me to open a new SoFi Checking and Savings account in April. Although I was considering other free checking accounts at other online banks, in the end, the SoFi account really caught my eye. Here's why. 

1. I'm getting a competitive interest rate 

One of the main draws of this account is the APY. Account holders can earn up to 4.60% on their savings when they set up direct deposit into their checking or savings account. What's more, the checking account also earns 0.50%, which isn't much but still beats all the free checking accounts that earn nothing at all.

Now, to be fair, a APY up to 4.60% isn't the highest rate you'll find for a free savings account. As of April 2024, My Direct Bank is offering 5.55% on all balances for its High Yield Savings Account. It also has a checking account that links up to the same ATM network as SoFi (Allpoint). But the SoFi account checks other boxes on my list. For example, I'm also interested in opening a SoFi Active Investing, as well as its cash back credit card. I also really like the SoFi banking app, which gives me spending and credit insights in a well-designed layout. 

2. Linking a SoFi credit card helps me earn more cash back 

The interest rate on my SoFi bank account was one lucrative perk. But perhaps the one that really convinced me to open a bank account was the cash back boost that comes with linking it to the SoFi Unlimited 2% Credit Card to this account. 

As the name suggests, the SoFi Unlimited 2% Credit Card earns a flat 2% back on all purchases, plus 3% back on travel booked through SoFi Travel. That's on par with many of the best cash back credit cards. However, when you link this card to a SoFi account with active direct deposits, the card starts earning 2.2% back. Very few credit cards have a base rate that's greater than 2% back, so this is a rare opportunity to get a little extra on your everyday purchases. 

That said, because I can earn 5% back on much of my spending, I won't be using this credit card for every purchase. But it can fill some gaps in my spending, especially at places where my other credit cards earn only 1%, like thrift stores and parking meters. 

3. The welcome bonus was generous 

Finally, the welcome bonus on this account is also exciting. New account holders can earn up to $300 when they set up an eligible direct deposit on their account. The bonus you receive will depend on your total direct deposit amount within the bonus period (25 days starting after SoFi receives your first direct deposit). 

• Earn $50 for total direct deposits between $1,000 and $4,999.99
• Earn $300 for total direct deposits of $5,000 or more 

All in all, the APY, credit card earnings boost, and welcome bonus were three perks that drew me to this checking and savings account combo. So far, my experience with the mobile app has been positive, and I love that I can earn rewards points for easy tasks -- like linking an external bank account -- that can later be converted into cash deposits. If you're in the market for a new checking or savings account, compare it with other top choices to see if it can meet your banking needs.