Editor’s Take
SoFi Checking and Savings is an attractive option for those in search of low fees, high yields and a solid online banking experience.
Why We Like It
This is a combined checking and savings account, but you can use just one or both depending on your needs, without paying any penalties. SoFi’s lack of fees makes it a strong contender for those looking for an online bank, and its up to 3.80% APY on savings and 0.50% APY on checking balances are competitive.
SoFi customers have access to 55,000+ fee-free ATMs around the country and can also receive their paycheck up to two days early. Plus, with seamless integration between the checking and savings portions of your balance and no limits on withdrawals or the number of transfers, you can easily move money from one to the other.
In addition to standard FDIC insurance, SoFi offers additional insurance up to $3 million.
What We Don’t Like
You must receive direct deposits (in any amount) or receive $5,000 in other deposits every month to earn up to 3.80% APY on your savings. Otherwise, you’ll earn 1.00% APY. Plus, if you need to deposit cash into your SoFi account, you’ll be charged a third-party fee of up to $4.95 per deposit.
Who It’s Best For
If you’re looking for a no-fee checking or savings account where you plan to receive direct deposits, this is a great option that will earn you a high APY.
Pros & Cons
- No fees
- Competitive APYs on checking and savings
- Wide ATM network
- Easy to transfer money between accounts
- Direct deposit or minimum deposit requirement to earn high APY
- Third-party fee charged for cash deposits
How to Qualify
Open a new SoFi online bank account and sign up for direct deposit. If you already have a SoFi account but have never signed up for direct deposit before, you’re still eligible for the bonus.
Receive at least one direct deposit (paycheck, pension payment, government benefit payment), with deposits totaling $5,000 or more. Once you receive your first direct deposit, you have 25 days to reach the $5,000 minimum. If you complete those requirements, SoFi will reward you with up to $300 within seven business days.
If you can’t quite meet the $5,000 direct-deposit minimum, you might still qualify for a $50 bonus. That requires at least $1,000 in direct deposits.
Disclosure
1SoFi 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. 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.
2New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit 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 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit 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. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
