SoFi Checking and Savings
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SoFi Checking and Savings

 3.9/5 (128 ratings)
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SoFi Checking and Savings
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Written by Lorraine Roberte
Edited by Shawn Richardson

About SoFi Checking and Savings

SoFi offers online banking solutions through SoFi Checking and Savings. Members get both checking and savings accounts with no monthly fees. Signing up for direct deposit unlocks access to numerous benefits, such as a cash bonus up to $300, early access to your paycheck, no-fee overdraft coverage and 1.25% annual percentage yield (APY). You also get up to 15% cash back when you use the SoFi Mastercard debit card at local retailers.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
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  • 2 stars
  • 1 stars

Pros

  • Cash bonus with direct deposit
  • Over 55,000 fee-free ATMs
  • Automatic savings features

Cons

  • Direct deposit required for many perks

Bottom Line

SoFi Checking and Savings offers online banking with no-fee, no-minimum-balance checking and savings accounts. Members who set up direct deposit enjoy early paychecks, higher APY and no-fee overdraft coverage.

Top SoFi Checking and Savings Reviews

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Rated with 5 stars
Verified

Great experience. Really want you to be happy and get back to banking the way it was supposed to be. I give it a ten out of ten for convenient banking. I will be a life long membe...

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Rated with 5 stars
Verified

Very nice website and its process. Very simple and straightforward process. Had no issues with it. It makes me feel welcome and my life much easier and peaceful. Great banking sys...

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What is SoFi Checking and Savings?

SoFi Checking and Savings is SoFi’s online banking solution. You can deposit checks, pay bills, send money to others and set up automatic savings features with no monthly service fees. To get the most out of this account, like receiving your paycheck up to two days early, you’ll need to sign up for direct deposit. Direct deposit enrollees get a number of other benefits:

  • No-fee overdraft coverage up to $50
  • 1.25% APY on checking and savings accounts
  • One-time cash bonus up to $300
  • Discounts on personal loans

Signing up for SoFi Checking and Savings also includes a SoFi membership, with access to:

  • Member events
  • SoFi reward points program
  • Discounts on other SoFi products
  • A certified financial planner and career coaches

How does SoFi Checking and Savings work?

To get started, sign up online for SoFi Checking and Savings. If you choose to set up direct deposit, you can get paid up to two days before your regular payday. Keep in mind that you may not receive funds early; it depends on your employer.

By setting up direct deposit, you can earn up to 1.25% APY. Without direct deposit, you’ll earn 0.70% APY.

SoFi offers free peer-to-peer money transfer services, so you can transfer money to anyone with a U.S. bank account. You can expect the funds to arrive in the recipient’s bank account in two to three business days. If you’re sending money to another SoFi account, the transfer is instant.

You can order and deposit checks online. Your funds should be available within one to four days of depositing a check.

When you’re ready to access your funds, you can use any of the over 55,000 no-fee Allpoint ATMs worldwide. There is a maximum daily ATM withdrawal of  $1,000.

SoFi Checking and Savings fees

SoFi Checking and Savings doesn’t charge any monthly or minimum balance fees. There are no ATM fees as long as you use an Allpoint ATM. If you have monthly direct deposits totaling at least $1,000, SoFi covers overdrafting up to $50 with no fee.

There is a 0.2% foreign conversion fee if you make a purchase in a foreign currency or withdraw a foreign currency from an ATM.

SoFi Checking and Savings FAQ

Is SoFi Checking and Savings the same as SoFi Money?

SoFi Money is no longer available. SoFi Checking and Savings has most of the same features, plus more, according to the company.

What services does SoFi Checking and Savings offer?

SoFi offers no-fee, online banking with checking and savings accounts. This includes:

  • A SoFi Mastercard debit card
  • APY up to 1.25%
  • Free withdrawals at Allpoint ATMs
  • Free money transfers
  • Automatic bill pay
  • Automatic savings features
  • Additional benefits with direct deposit, like early paycheck access
Is SoFi Checking and Savings a real bank?

SoFi Checking and Savings is offered through SoFi Bank. It is a brokerage account.

Is SoFi Checking and Savings FDIC-insured?

With SoFi Checking and Savings, your deposits are FDIC-insured for up to $250,000 per account. If you have a joint account, your deposits are insured up to $500,000.

Is SoFi Checking and Savings legit?

SoFi Checking and Savings is a legitimate option for online banking. There are no account fees, and setting up direct deposit has appealing benefits, like a cash bonus, higher APY and fee-free overdraft coverage. Before signing up, make sure you read through SoFi’s terms and conditions so you understand its account features and limitations.

SoFi Checking and Savings Reviews

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How do I know I can trust these reviews about SoFi Checking and Savings?
How do I know I can trust these reviews about SoFi Checking and Savings?
  • 4,026,869 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: July 23, 2022

I have been using SoFi for a year. I have used traditional Banks in the past but really enjoy all the perks from SoFi accounts. I move money a lot and SoFi manages it seamlessly. I think it's nice to earn points that can be used any way the consumer wishes. I added mine to my checking balance recently. All interactions with Customer Service has been top-notch. I believe in mutual respect. So do they. It's a great place for all my banking. I'll be a customer forever.

2 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: April 30, 2022

    I opened a joint account with my wife. She needed further verification because married name didn’t match maiden name. The representative was extremely rude to her and unprofessional. At one point he snickered. He refused to provide her with his name. I closed the account a few days after I opened it. Would never recommend this bank to anyone.

    13 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 14, 2022

    I love the services that SoFi offers. Fee-free bank accounts, an 1.25% APY on your bank account and everything I need for finances in one app. Personally, I have experienced no issues with using their services and look forward to banking with them for years to come. The only drawbacks that some may face is a UI that needs some updates and figuring out their ATM network for the times you may need cash, but both of those are very minor inconveniences. Overall, I love the service and its benefits. If you are comfortable with using neobanks and don't need the "hand-holding" that traditional banks may provide, SoFi is a great option for all your financial services.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 23, 2022

    My account was hacked and my money was taken I reported it to Sofi and they sent me an email stating they didn't find any issues. Even though my account was hacked and money was taken and it even said the person's name that the money was being transferred into and I don't know the person but yet there is no issue there. Therefore I will not be getting any of my money back. So I contacted my lawyer. Today we are filing the paperwork to bring Sofi to court. Not only for them not doing a thorough investigation but for also causing me emotional distress, depression, anxiety. How can a company like this do something to somebody like this. Obviously whoever created Sofi doesn't know what they are doing if they're okay with people stealing money from other people or going on other people's accounts without permission. Awesome guys. I hope you're proud of yourselves.

    27 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 22, 2022

    I open a checking for a disaster loan. I am all approved just need a bank account and direct deposit by a EFT transfer. So easy right, over 50 account agents. I called tried to find my 25,000 eft transfer. In 14 days I still could not find it. Lost 30 hour of work to date so far no money! They sound nice BUT NO CLUE, brains or common sense. So I have 25k in the cloud still.. Run.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 7, 2021

    Signed up with SoFi on a promotion through Penny Hoarder. SoFi gave me $5 in a stock of my choice. I did that, later allowed a bi-weekly withdrawal of $20 from my bank account to use to invest. Suddenly, over $3,000 was withdrawn without my permission. I called immediately. They accused me of allowing someone to access my account and that I had not only done that but also given someone my password as well. Nobody but SoFi and myself know I have that account. I never allow anyone to use my devices, nor would I be so foolish as to give anyone access to my account and password. It's now been a week and they haven't released my money. It's being held hostage by SoFi.

    This afternoon I spoke with a man who is allegedly a manager. He said that tomorrow at 8:00 am EST, my money will be released and I'll be able to transfer it back to my bank. However, due to their illegal and fraudulent removal of my money, not only was my bank account in a terrible negative balance, a multitude of automatic payments were not completed, resulting in fees from both the bank and the companies who were supposed to be paid. I'm certain SoFi has no intention of reimbursing me for any of these costs which are still occurring as I'm writing this. My auto insurance was cancelled as well. I'm not even able to drive to buy groceries, but again, there's no money in my account to pay for anything. This has been detrimental to my finances and health. I'm supposed to be at a doctor's appointment but I can't drive.

    SoFi are completely horrible. Their customer service lie over and over. The alleged manager I spoke with denied anyone ever accused me of giving anyone access to my account. I told him to listen to the recorded calls. Hopefully I will have access to my money tomorrow. I fully intend to remove every cent from my SoFi account and close it. If not, this will become a much more difficult situation. This is a true and accurate account of what has taken place between myself and SoFi in the past week. SoFi has not operated in good faith. SoFi is regulated by Federal Agencies. I have not made any personal insults, used profanity nor made any threats.

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    This bank is INCOMPETENT!! They changed their accounting numbers for their clients without notifying us, thus when writing a check it comes back returned. In my whole life I have never had a check that bounced as I am very specific on accounting. But SoFi changed that! I got a return check for my property taxes not because of insufficient funds. But because SoFi decided to change their account numbers on their checks and the county couldn't locate the account. What kind of moronic bank is this? I will be moving all my accounts from SoFi because this level of stupidity will not be tolerated.

    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2021

    Fraud. Scam. My funds unavailable. Will not trust to keep monies anymore. The process takes 90 days. My information is not public so how did they get my info? Just FYI to faithful customers out there..

    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 12, 2021

    2-3 day hold on your $. Can't transfer crypto. What investor wants their funds unavailable? Takes 2-3 days to transfer money within app. I had my direct deposit switched to app, funds were deposited Monday, I can't get cash, or access my funds until this coming Monday if I'm lucky. The app developers have serious work to do. GARBAGE!

    23 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 2, 2021

    From the moment I started my account, nothing worked properly. When I tried to add money to my account from my bank, $0 dollars was the only option and no matter what I tried, it wouldn't allow any other number in there. I contacted support and their one line terse responses were "Put the cursor on the 0 and start type the amount" as if I'm a complete idiot who has never been on a webpage before. Of course, that hadn't worked and still doesn't work as of the writing of this review. I use latest version of Chrome. When I responded to the email support, I got an auto-response that all support is by chat and not email. When I went to chat, it got disconnected. I also found no robo-advisor option anywhere on the website or app that is advertised on their site. After nothing but problems, I decided to not proceed with this company. I do not feel comfortable transferring money to them (and am unable to anyway).

    28 people found this review helpful
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    SoFi Checking and Savings Company Information

    Company Name:
    SoFi Checking and Savings
    Address:
    2750 East Cottonwood Parkway #300
    City:
    Cottonwood Heights
    State/Province:
    UT
    Postal Code:
    84121
    Country:
    United States
    Website:
    www.sofi.com