SoFi Checking and Savings

SoFi Checking and Savings

 2.8/5 (47 reviews)
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Overall Rating2.8 out of 5
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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.

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.

Top SoFi Checking and Savings Reviews


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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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
Verified Reviewer
Original review: 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!

6 people found this review helpful
Verified Reviewer
Original review: 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.

7 people found this review helpful

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    Verified Reviewer
    Original review: 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.

    5 people found this review helpful
    Verified Reviewer
    Original review: 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.

    12 people found this review helpful
    Verified Reviewer
    Original review: 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.

    20 people found this review helpful
    Verified Reviewer
    Original review: 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.

    16 people found this review helpful
    Verified Reviewer
    Original review: Feb. 18, 2023

    I was informed this past week from SoFi bank that they were closing my account. I initiated an ACH wire transfer over from my Discover bank account 3 days prior to this. It was over $1600 in my account and they posted the money for me to be able to use it the day after they told me they were closing my account. I can visually see the money in my account yet it will not let me transfer it or use my bank card. I was hung up on by their customer service rep after I repeatedly asked her the reason for them closing my account. I think they are trying to steal my money based on all of the other complaints I have been reading.

    I am currently 300 dollars behind on rent now and owe late fees. I can not wait any amount of time for MY money when it should have been returned to my bank. I am very furious about this whole situation and wonder how they are still in business after all of these complaints. Hopefully mine will impact a lot of people resolving their issues as well. This is not right to refuse access to people's money that they WORKED for. Also, when I asked them when they were going to make the account closure final so I can receive the check for my money, they said they don't know. This should not be legal and I doubt that it is.

    When someone opens up an account with a financial institution, they expect they can trust that bank with their money that's the whole reason people even open accounts. When you refuse access to an account holders money, you CLOSE that account immediately because you do not know what that person has going on. People lose their families, homes, cars over money and what makes everything so worse is not even having any reason to do it.

    14 people found this review helpful
    Verified Reviewer
    Original review: Feb. 14, 2023

    I opened an online checking/savings and investment account. Within 24 hours it was hacked. I found it out and brought it to Sofi's attention. I have spent the last week trying DAILY to get my funds released - emails-calls and I can't get ANYONE to resolve it. So bottom line Sofi has every dime I have and they won't release it.

    13 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: Feb. 7, 2023

    My Sofi Money (Checking account) was blocked over a month ago with a balance of almost $10,000, without any explanation. The Live Chat support becomes unavailable while the account is locked, NO email support nor ticket support is available AT ALL, and they will ONLY get a phone call, but SURPRISE, the matter cannot be handled by their support, but by a so called Security Team that doesn't want to talk to the customers in any way. NO live chat, NO email, NO ticketing and NO phone support for their Ghostly security team. The Security team ONLY accepts voicemail. That's what I've been told. Sure, I called several times and left voicemails, but nothing happened.

    16 people found this review helpful
    Verified Reviewer
    Original review: Feb. 1, 2023

    I direct deposited and transferred over $20,000 to SoFi on a new account with the promise of a sign up bonus they refused to pay out. DO NOT BANK HERE!! Their customer service is horrible and located you know where…

    15 people found this review helpful
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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