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

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

Matt is currently Head of the Coverage Team at The Motley Fool. He has been a full-time Motley Fool employee since 2012 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.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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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.

Ratings Methodology
Rates as of May 24, 2025

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 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
Rating image, 4.50 out of 5 stars.
4.50/5 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.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 3.80% Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees
  • Welcome bonus up to $300 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection requires monthly direct deposit minimum
  • No branch access; online only

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, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

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

APY (50%)
Rating image, 5.00 out of 5 stars.
5.00/5
Brand & Reputation (20%)
Brand (20%)
Rating image, 5.00 out of 5 stars.
5.00/5
Account Features (15%)
Features (15%)
Rating image, 4.00 out of 5 stars.
4.00/5
Fees (15%)
Rating image, 4.00 out of 5 stars.
4.00/5

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. 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 $300 cash bonus for new customers who set up a direct deposit of $5,000 or more within 25 days.¹ Even if you deposit between $1,000 and $4,999, you'll still pocket $50. (Terms apply.)

No account fees or minimum balance

SoFi® keeps it simple -- no monthly fees, no overdraft fees, no ATM fees.³ 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
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Let us know what you think

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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
Rating image, 3.5 out of 5 stars.
3.5/5
• 4 reviews
Featured Reviews
Rating image, 4.0 out of 5 stars.
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.
Rating image, 3.0 out of 5 stars.
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.
Rating image, 3.0 out of 5 stars.
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.
Rating image, 4.0 out of 5 stars.
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 30 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.⁵ 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.⁴ 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 Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.30%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Who will benefit from the SoFi Checking and Savings account?

The SoFi Checking and Savings account 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,³ and free ATM withdrawals at Allpoint ATMs,⁵ 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,⁶ 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.