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SoFi Checking and Savings Review: Combined Checking and Savings With Competitive APY

Review Updated
Kevin Payne
Robin Hartill, CFP
By: Kevin Payne and Robin Hartill, CFP

Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

The bottom line: SoFi Bank offers a dual banking approach by pairing its checking and savings accounts, which both earn competitive rates. Along with scoring high APYs, customers gain access to several relationship benefits as SoFi members, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments.

In this in-depth review, we'll look at how this combination account works, its unique banking features, and how customers can access their money online to help you decide if SoFi Checking and Savings is right for you.

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Ratings Methodology
Rates as of Apr 22, 2024
Award Icon 2024 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 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, 4.75 out of 5 stars.
4.75/5 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

Offer Alert

New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
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 $2M 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 is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $300 bonus 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.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.

What is SoFi Bank?

SoFi is a financial company and online bank that has expanded its product line to include mortgages and personal loans, a credit card, investment accounts, and more recently, personal banking. The online bank offers a checking and savings account that both earn competitive APYs. Keep reading to learn more about SoFi's banking products and additional account benefits.

SoFi Checking and Savings interest rate

Account APY Minimum Deposit
SoFi Checking and Savings (Savings) up to 4.60% $0
Data source: SoFi.

The higher-end APY offering on the savings portion of a SoFi Checking and Savings is competitive with some of our favorite high-yield accounts -- but there's a catch. You have to either set up direct deposit payments to your checking or savings, or deposit at least $5,000 every 30 days. If you don't meet the requirements, your APY will be far under those offered by the best accounts.

Full SoFi Checking and Savings review

Here are the pros and cons of opening a SoFi Checking and Savings account.

Top perks

Competitive APY: SoFi customers can earn up to 4.60% APY on savings, and 0.50% APY on checking balances.

Welcome offer: New customers can earn a $300 cash bonus with a qualifying direct deposit of $5,000 or more within 25 days. Customers with direct deposits of $1,000 to $4,999 within 25 days can earn $50 cash. Terms apply.

No fees: SoFi doesn't charge monthly maintenance fees on either of its accounts. There are also no overdraft fees on its checking account and no fees for withdrawals at any of the 55,000-plus ATMs within the Allpoint network.

Early access to direct deposits: Customers can receive their direct deposit paychecks up to two days early through SoFi. Access to this benefit depends on when your employer's payroll service provider processes payments.

Savings tools: SoFi Checking and Savings provides access to some helpful tools to maximize savings efforts. Vaults are pockets you can set up within your savings account to earmark specific funds for savings goals you set. Customers can create up to 20 Vaults at a time. RoundUps automatically deposit the extra change from rounded-up debit card purchases to the Vault of your choice.

FDIC insured: SoFi deposits are insured for amounts up to $2 million through the SoFi Insured Deposit Program.

What could be improved

No standalone products: When you open a SoFi account, you receive a checking and savings account. SoFi doesn't offer a standalone checking or savings account.

Cash bonus requirements: SoFi offers a cash bonus to its checking and savings account holders with qualifying direct deposits during the promotion period. To earn the highest cash bonus, though, you must have $5,000 or more in total qualifying direct deposits during the 25-day evaluation period.

Overdraft protection requirements: You must have monthly direct deposits of $1,000 or more to unlock free overdraft protection. SoFi's overdraft protection only covers purchases if you overdraw by $50 or less.

No local branches: As an online-only bank, SoFi doesn't offer in-person banking or support. Customer support options are limited to phone and chat.

Fee for cash deposits: You must visit participating GreenDot retail locations to deposit cash into your SoFi accounts. GreenDot charges a service fee of up to $4.95 per deposit.

How to access your money

SoFi is an online-only bank, but still offers plenty of ways to access or move funds quickly, most of which are fee free.

Deposit options

There are numerous ways to deposit funds into your SoFi Checking and Savings accounts, including:

  • Electronic bank transfer from a linked bank account
  • Direct deposit
  • Mobile check deposit
  • At GreenDot partner retail locations

You can transfer funds between your SoFi Checking and Savings accounts at any time through your online account. You can't deposit cash through Allpoint ATMs, but you can at participating local retailers through a partnership with GreenDot. In-person cash deposits come with a service fee of up to $4.95 per transaction.

Deposited funds are typically available within one to five business days.

Withdrawal options

SoFi withdrawal options include:

  • Electronic bank transfer
  • Physical checks
  • ATM withdrawals
  • Peer-to-peer transfers
  • Online bill pay

Withdrawals at Allpoint ATMs come without fees. SoFi doesn't charge a fee for out-of-network ATM use, but the ATM operator may charge you a fee.

SoFi limits ATM withdrawals to $1,000 maximum daily and debit card use to $6,000 daily.

SoFi offers paper checks to its customers at no cost upon request.

We tried it: Our team's firsthand experience

Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of our Software Developers, Liz Wilson, uses the SoFi Checking and Savings account herself. Here's Liz's firsthand experience:

"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."

–Liz Wilson, Software Developer here at The Ascent, a Motley Fool Service

What the SoFi Checking and Savings platform looks like:

Screenshot of SoFi Checking and Savings platform

SoFi Checking and Savings platform. Image source: Liz Wilson

Is it safe to put money in SoFi Bank?

Yes, money in SoFi Bank accounts (checking and savings) is FDIC insured up to as much as $250,000 per depositor, and can qualify for as much as $2 million in FDIC insurance coverage if you opt in to the SoFi FDIC Insurance Network.

SoFi customer service and experience

SoFi offers several ways for members to get help. Support options include phone support Monday to Thursday, 5 a.m. to 7 p.m. PT and Friday to Sunday, 5 a.m. to 5 p.m. PT. You can also get help via chat support or through Twitter by messaging @SoFiSupport.

Members can also bank digitally through SoFi's mobile app. The highly rated app is available for iOS and Android.

SoFi relationship benefits

When you open a bank account with SoFi, you become a SoFi member. With SoFi membership comes access to several valuable benefits and perks. SoFi member benefits include:

  • Access to SoFi member rewards
  • Rate discounts on loan products
  • 15% off trust and will estate planning
  • Referral bonuses
  • Free financial planning help
  • Exclusive events and experiences
  • Access to SoFi's members-only Facebook community
  • Access to the member lounge at SoFi Stadium in Los Angeles

SoFi Checking and Savings is right for you if:

If you need a checking and savings account, SoFi Checking and Savings could make sense, especially if you can meet the requirements to earn its highest interest rate. With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.

SoFi Checking and Savings isn't a good choice for those who are only looking for a standalone checking account or savings account or who prefer to do their banking in person at a local branch.

Other products by SoFi

In addition to its banking products, SoFiis known for its full-service lending and financial products and services. Here's a look at some other SoFi reviews we've published:

SoFi offers a wide range of products and services, including:

  • Mortgage refinancing
  • Cash-out refinancing
  • Jumbo loans
  • Home equity loans
  • Credit card
  • Personal loans
  • Investment and retirement accounts and services
  • Proprietary ETFs
  • Life insurance
  • Homeowners insurance
  • Auto insurance
  • Renters insurance
  • Estate planning
  • Small business financing

Keep reading about SoFi Bank

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.

FAQs

  • Yes, SoFi Bank, N.A. is an FDIC-member bank based in Salt Lake City, Utah. It became a bank in early 2022 after it acquired Golden Pacific Bancorp, which allowed SoFi to obtain a national bank charter.

  • Yes. SoFi's checking account comes with a Mastercard debit card that you can use to make purchases or withdraw funds at ATMs. Most customers receive the card within seven to 10 days of opening their account.

  • No. SoFi Checking and Savings doesn't charge monthly maintenance fees, nor does it charge account minimum fees or overdraft fees.

  • You can use any of the 55,000 ATMs in the AllPoint network for no fee. Many ATMs in the network are in retail stores like Target, CVS, Costco, and Speedway. However, if you use an out-of-network ATM, you won't be reimbursed for any fees you're charged.

Our Banking Experts