SoFi Checking and Savings

SoFi Checking and Savings Reviews

SoFi Checking and Savings Reviews
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Overall Rating1.7 out of 5
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About SoFi Checking and Savings Reviews

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.

Pros & Cons


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


  • 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.

Featured Reviews

Ravenna, KY

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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Atlanta, GA

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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Page 1 Reviews 0 - 10
Customer ServiceStaff

Reviewed Sept. 22, 2023

They have over $30,000 of social security checks on hold for a week. No good explanation. Cannot talk to anyone at a manager level. Horrible customer service - all calls are diverted to a Risk call center judging by the accents is offshore? I own/owned stock in the company so left multiple messages at investor relations number and no reply either? Lastly, I custom messaged their Chief Risk Officer, Aaron ** from LinkedIn so his team could see my resume (ironicly I have sold alarm systems to banks) and nothing. I want my account fixed ASAP or funds immediately returned and an apology from a high level and assurances changes will be made for future customers.

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    Customer Service

    Reviewed Sept. 7, 2023

    My account has been frozen since September 4th after a big purchase I made for a little over $500. I have spoke with customer service and the security team several times about this matter to ensure them it was my account and that it was me who made the purchases. They tell me they sent an email to whomever it is working on my account. They say the same thing and give me the run around every time I call. I have Done several verification checks. My license are expired. They have been. I opened the account with the expired license. I also have the receipt for my license renewal. It takes 10-14 business days to receive a license through the mail where I live. What I have done and sent is legally enough for verification.

    I am knowledgeable about the legal rights of a banking customer. I am about to become homeless after today. My car is about to be repossessed tomorrow. I am unable to survive without my money. I am unable to eat. I don't have family or friend to run to for financial assistance. I'm to the point of contacting an attorney about this matter. I have literally gone 2 full days with nothing to eat and my car is on empty. I have done all the necessary request they have asked for. This has gone like this long enough. I have sent my attached license as well as my renewal receipt for my license for the third time today. This is the worst bank experience I've ever had and will be closing it.

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    Reviewed July 10, 2023

    Made a bill payment on 6/29/2023, the funds were taken out, because it was a check to be mailed the payee would receive it on 7/7/2023. No payment was mailed the 29th or the 30th. The payment just processed on 7/7/2023, not mailed. I have a screenshot stating the payment would be received by the payee by 7/7/2013.

    I have cancelled any bill payment due to this scam. Payment made with debit card goes through instantly. I was told by representative a bill payment can take up to 10 business days, 14 days. While my screenshot from the bank regards to my bill payment makes a promise of 8 days, not business days, yet the rep says it was just processed on July 7th. SoFi is holding your funds to collect interest and then sends it off.

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    Customer ServiceStaff

    Reviewed June 30, 2023

    I called in & was told they can see my referral & that if my bonus doesn't hit by Friday, which is today, then to call in or text. So my referral & I called in separately & was told he met the requirements & they will add it in my checking account. Still nothing today. Then I talked to an agent & he told me I had to have the referral call in AGAIN to verify he met the requirements. So sick of of the run-around. I'm about to switch to another bank come Monday morning. My referrals all said the same as well.

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    Reviewed May 4, 2023

    My money was stolen from my account this account was recently opened and I received my 1st direct deposit huge mistake and my money was stolen! Your accounts are not secure and I wasn’t guaranteed to receive my money back after I put my trust in SoFi! SoFi are SCAMMERS!

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    Customer Service

    Reviewed April 28, 2023

    I opened an account 2 months ago. I called several times to get the welcome bonus, the manager told to not worry and the bonus was on his way, after making multiple verifications for 20 minutes. I called today, they said it was denied. They gave me shady reasons. How can I trust a bank company that struggles to give $50 welcome bonus. So, my wife also closed her account today.

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    Reviewed March 19, 2023

    I started with a personal loan and they gave me the most affordable monthly payment so I could consolidate some expenses and debt to be able to take on a car payment. Recently I discovered my bank was taking $5 a month out of my small savings because I needed to use some of the money and dropped the balance down. Apparently it costs more to maintain less money in a traditional bank.

    I saw SoFi had no fees, no balance requirement and paid you a higher interest rate in their Savings and Checking so I switched. Everything was easy through the app and have had no problems. Even the checks are free. Not only that, I earn 4.00 interest on my Savings balance and 1.20 on my checking balance no matter how low it is. Plus with the round up feature, it makes it easy to save money automatically. Plus you earn points just by doing normal banking stuff that you do anyway that can be redeemed as money in your account. One point equals a penny, but it adds up. It seems my old bank punished you for having a low balance by making it lower.

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    Reviewed March 15, 2023

    I set up a direct deposit with SoFi from my employer for my paycheck. There was a mistake in the account number I type in wrong... an extra 3. The routing number was correct and I have proof from my employer that the ACH went to SoFi. I have given SoFi the ACH data and trace number. But SoFi says they can't find the transaction and can't help me. My employer needs the ACH returned before they will reissue the paycheck... SoFi got the money according to the ACH record.... but they "can't find it"! The customer service is so limited that every time I put in a ticket, they say "Sorry, but we can't help."

    It is impossible to get in contact with an ACH manager or someone with more experience or access than the call center helpers. SoFi is ok until it isn't.. which if you have any problem, you are in call center hell and no one will help you. This back and forth has been going on since October 2022. Maybe time to get a lawyer... maybe then someone will talk to me.

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    Reviewed Feb. 28, 2023

    I set up my SoFi checking account on February 2nd and added several thousand dollars to it. I got my direct deposit (paycheck) sent to the account and set it as default for all of my credit card payments. Then, today (Feb 28th), they emailed me to say that they had closed it and that they would send me a check with my $7000 in 30 days. I called them but they would not tell me the reason for the closure, and they said they could not reopen it. I have no idea why this happened or why I have to wait 30 days to get my money back. I would recommend using a regular bank account and not relying on SoFi for anything important.

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    Reviewed Feb. 24, 2023

    I have been with this bank since 2018 and had no little issue until late last year when my car was broken into and got my wallet, with ID, ssn card and Sofi checks because I was starting a new job the next day and needed all that for onboarding. I reported this to then bank so no checks got cashed and get new debit cards but didn't insist on closing the account and getting new acct number just kept the old one. Fast forward to this past month, and my acct gets frozen without warning or phone call or email, was at Walgreens trying to get a battery and prescription for my diabetes filled. Called their lovely Fraud department and said fraudulent check back in October was cashed, which was news to me, and the account was locked and nothing they could do about it.

    Investigator calls back and offers no sympathy accusing me of being a criminal, and I was like I reported my ID and checkbook compromised 4 months ago, did not make the fraudulent check deposit. Now they holding my money and says the account is being closed and going to take 30 days to get a check mailed back to me, which I find unacceptable, how's it going to take this bank 30 days to issue a check on closed acct when it takes Huntington and Chase 3 to to 5 business days to do the same. Stay away from this bank, they are criminal enterprise. They attract you with this great interests rates and offers and then go around and play with peoples and their health for that matter, I could end up in the hospital because now I can't buy my insulin.

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    SoFi Checking and Savings Company Information

    Company Name:
    SoFi Checking and Savings
    2750 East Cottonwood Parkway #300
    Cottonwood Heights
    Postal Code:
    United States