Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace. Websites may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened.
    |    Accessibility Options

SoFi Checking and Savings Review: A High-Yield Combo With No Fees

Review Updated
Matt Koppenheffer
Author: Matt Koppenheffer
Matt Koppenheffer
Matt Koppenheffer

Matt Koppenheffer is the former Head of the Coverage Team at The Motley Fool. He was a full-time Motley Fool employee from 2012-2025 and is a former advisor and analyst for multiple Motley Fool services. Matt's articles and analysis have been published around the world and his views have been cited in worldwide publications from the Financial Times and The New York Times to the Toronto Star and Germany's Focus Money. He has appeared to offer analysis on a variety of outlets including CNBC and NPR. Matt is the co-author of The Astonishing Collapse of MF Global as well as the creator and former co-host of The Motley Fool's Industry Focus podcast.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

What's better than a solid high-yield savings account? One that comes with a top-tier checking account, too. The SoFi Checking and Savings combo (Member FDIC) is so good, it landed on both our Best High-Yield Savings and Best Checking Accounts lists this year.

With a standout savings APY, seamless cash access, and a full suite of financial products, SoFi® makes it easy to keep everything in one place. If you're comfortable with an online-only bank and can meet the direct deposit requirements, this might be one of the best deals out there. Let's dive in and see if it's the right fit for you.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.90/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Limited-time offer:
Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
APY
up to 3.80% Rate info Circle with letter I in it. Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No monthly account fee
  • Welcome bonus up to $400 (direct deposit required)
  • ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • No branch access; online only
  • Overdraft protection requires monthly direct deposit minimum

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

Open a SoFi Checking and Savings Account

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
5.00/5
Brand & Reputation (20%)
Brand (20%)
5.00/5
Account Features (15%)
Features (15%)
4.00/5
Fees (15%)
4.00/5

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

What I like about the SoFi Checking and Savings account

High APY on both accounts

SoFi®'s APY of up to 3.80% on savings is on par with top banks like American Express and Capital One. But what really sets SoFi® apart? Its checking account also earns interest -- 0.50% APY, which is almost unheard of at banks offering similar savings rates.

Welcome offer

Who doesn't love free money? SoFi® sweetens the deal with a cash bonus for new customers who set up a direct deposit of $5,000 or more within 25 days. Even if you deposit between $1,000 and $4,999, you'll still pocket $50.

No account fees or minimum balance

SoFi® keeps it simple -- no monthly fees, no overdraft fees, no ATM fees. Unlike some competitors that nickel-and-dime you, SoFi® lets you keep every cent you earn. Plus, there's no minimum balance -- you can open an account and begin saving with just $1.

However, to unlock the full APY, you'll need to meet certain requirements. Otherwise, you'll earn just 1.00% APY -- so it's really only worth it if you can qualify for the top rate.

Early access to direct deposits

Need your paycheck faster? With SoFi®, you can get your direct deposit up to two days early -- a rare perk that gives you quicker access to your money.⁶ Just keep in mind that timing depends on your employer's payroll processing.

We want to know what you think about SoFi Checking and Savings

Do you have first-hand knowledge of SoFi Checking and Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

SoFi Checking and Savings
Write a Review
SoFi Checking and Savings
×
Let us know what you think

Do you have any experience with this bank account? Let us know your thoughts.

SoFi Checking and Savings

The most helpful reviews focus on your experience with this product.

For privacy reasons, do not include your full name or email address.

I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Recent reviews
SoFi Checking and Savings
3.5
3.5/5
• 4 reviews
Featured Reviews
4.0/5
Julie, a Motley Fool employee
Feb. 12, 2025
Quick transfers, competitive rates and responsive customer service. Joined SoFi a little over a year ago to open a checking and high-yield savings account, and have found my interactions with their app and the bank themselves to be great.
3.0/5
Katie, a Motley Fool employee
Feb. 6, 2025
I've been using the SoFi checking account for the past six months as a joint account with my partner. It's a free checking account with no/reimbursed ATM fees so that is the primary reason we chose this account over competitors. Once your external accounts are set up it's a very simple process to transfer money. However, the app has a lot going on. With tabs for banking, credit car, investing, and loans, it can be confusing when you're just using one of those services with SoFi.
3.0/5
Charlee, a Motley Fool employee
Feb. 6, 2025
The banking itself has been fine and the customer support has be helpful. We got a credit when creating a joint account after our wedding for depositing a certain amount. But the website itself is not great. It can be a bit confusing. Not all features are available on the website, they want you to use the app. I prefer to do most banking activities on a desktop. But I get to see my credit card and savings account all in once place. Linking to my personal accounts and transferring money around is very easy and convenient. There are restrictions to wiring money which we did not know until we opened the account and have been a bit frustrating. Overall we will be keeping the account, but it's just fine.
4.0/5
Liz, a Motley Fool employee
Feb. 21, 2024
I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi® because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues.
Consumer reviews posted on The Motley Fool Money are the independent opinions of the reviewers, and not The Motley Fool Money. We do not endorse any of the opinions expressed, and do not guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length or clarity.

Downsides you should consider

Monthly direct deposit requirements

To earn the full APY of up to 3.80%, you'll need to:

  • Set up direct deposit (no minimum amount), or
  • Deposit a total of at least $5,000 into your account every 31 days.

If you don't meet one of these, your rate drops to 1.00% APY, which isn't competitive with the best high-yield savings accounts. That said, setting up any direct deposit is the simplest way to qualify, which should be manageable for most people.

No branch access

SoFi® is entirely online, meaning there are no physical branches. If you prefer in-person banking, this could be a drawback. You'll need to be comfortable handling everything -- customer support included -- through SoFi®'s app, website, or phone.

Cash deposit fee

If you need to deposit cash, be prepared to pay a fee. Since SoFi® has no physical branches, you'll have to use GreenDot retail locations -- found in places like Walgreens, Safeway, and Walmart -- which charge up to $4.95 per deposit. While it's not a huge cost, having to pay just to add money to your account isn't ideal, especially if you deal with cash often.

Customer service

Since SoFi® is an online-only institution, good remote support is essential. With SoFi®, you can get help through 24/7 live chat (when logged in), or call the Checking and Savings support line at 855-456-7634 during these hours:

  • Monday – Thursday: 5 a.m. – 7 p.m. PT
  • Friday – Sunday: 5 a.m. – 5 p.m. PT

SoFi® is also active on Twitter (@SoFiSupport) if you prefer reaching out there. While there's no in-person service, these options make it easy to get assistance when you need it.

Accessing your money

Accessibility is key with an online-only account -- you want to know you can get to your funds when you need them. SoFi® makes it easy, offering several ways to access or move money, most of which come with no fees.

You can deposit funds via electronic transfers, direct deposit, mobile check deposit, or cash deposits at participating GreenDot retail locations. Transfers between your SoFi Checking and Savings accounts are seamless and free, with deposits generally available within one to five business days.

For withdrawals, you can use electronic transfers, physical checks (free upon request), peer-to-peer transfers, or online bill pay. ATM withdrawals at Allpoint ATMs are fee free, though you may face a fee at out-of-network ATMs depending on the operator. There are daily withdrawal limits of $1,000 for ATMs and $6,000 for debit card purchases.

Security and reliability

When it comes to online banking, nothing matters more than knowing your money is safe and accessible. Without the reassurance of in-person branches, you need to trust that your bank has your back -- and SoFi® delivers.

Not only is your cash FDIC insured up to $250,000, but SoFi® goes above and beyond with its Insured Deposit Program, protecting balances up to $3 million when you opt in. That level of coverage is almost unheard of in the banking world, reinforcing SoFi®'s commitment to top-tier security and peace of mind.

Keep reading: Are Online Banks Safe?

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Bonus Next Steps
up to 3.80%
Rate info Circle with letter I in it. Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
4.15%
Rate info Circle with letter I in it. Earn a guaranteed 4.15% APY for 90 days. After that, your savings keep growing at a competitive standard rate — currently 3.97% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees. See product terms for complete details.
Min. to earn: $1
Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹
4.00% APY with $250+ in monthly deposits
Rate info Circle with letter I in it. *LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies to first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.happen.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn:
N/A
Open Account for Happen Bank LevelUp Savings

On Happen Bank's Secure Website.

Disclaimers

https://www.happen.com/legal/deposits/levelup-savings-t-and-cs

¹New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $50 for depositing between $10,000 and $24,999; $125 for depositing between $25,000 and $49,999; $250 for depositing between $50,000 and $99,999; $500 for depositing between $100,000 and $199,999; and $1,000 for depositing $200,000 or more.

Customers may earn an additional bonus by setting up a recurring deposit within 14 days of their initial deposit (the “Recurring Deposit Bonus”). To qualify, the recurring deposit must be established within 14 days of the initial deposit date and it must execute at least two (2) times within 90-days of the initial deposit. Recurring Deposit Bonus eligibility is determined by your Base Bonus tier:

  • Customers depositing between $10,000–$24,999 with aggregate recurring deposits of $100 or greater receive a $10 bonus
  • Customers depositing between $25,000–$49,999 with aggregate recurring deposits of $250 or greater receive a $25 bonus
  • Customers depositing between $50,000–$99,999 with aggregate recurring deposits of $500 or greater receive a $50 bonus
  • Customers depositing between $100,000–$199,999 with aggregate recurring deposits of $1,000 or greater receive a $100 bonus
  • Customers depositing between $200,000+ with aggregate recurring deposits of $2,000 or greater receive a $200 bonus

Customers are eligible to earn the Recurring Deposit Bonus associated with their Base Bonus tier or any lower Recurring Deposit Bonus tier. For example, a customer with an initial deposit of $200,000 (qualifying for the highest Base Bonus tier) whose aggregate recurring deposits total $500, is eligible for the lower tier and will receive the $50 Recurring Deposit Bonus. However, setting up a recurring deposit greater than your Base Bonus tier's required threshold will not qualify you for a higher Recurring Deposit Bonus.

The Recurring Deposit Bonus is paid in addition to the Base Bonus. To qualify for the Base Bonus and Recurring Deposit Bonus, your first deposit must be initiated between June 1, 2026, and August 31, 2026, by 11:59 PM ET, and the promo code SUMMER26 must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for the Base Bonus. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.

Who will benefit from the SoFi Checking and Savings account?

The SoFi Checking and Savings account (member FDIC) is a great choice for people who are comfortable with online-only banking and want to make their money work harder. Here's who will get the most out of it:

  • Direct deposit fans: If you can set up direct deposit (even for a small amount), you'll qualify for the full APY (up to 3.80%) on your savings, which is hard to beat.
  • Anyone looking for fee-free banking: With no monthly fees, no minimum balance, and free ATM withdrawals at Allpoint ATMs, it's great for those who want to avoid the usual banking charges.
  • People who prefer an all-in-one solution: If you're looking for both a high-interest savings account and a solid checking option in one place, SoFi®'s combo has you covered.
  • People who like their money on-demand: With features like free transfers, mobile check deposit, and early access to direct deposits, you can access your funds whenever you need them.

Ready to make your money work for you? Apply for the SoFi Checking and Savings account today and start taking control of your finances.

FAQs

  • Yes, you can pay bills directly through online bill pay from your SoFi® account, making it easy to manage your expenses all in one place.

  • Yes, SoFi® limits ATM withdrawals to $1,000 per day and debit card purchases to $6,000 per day. These limits help ensure security.

  • Deposited funds are typically available within one to five business days, depending on the type of deposit and when it's processed.