SoFi Checking and Savings Reviews
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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 and no-fee overdraft coverage.
- Cash bonus with direct deposit
- Over 55,000 fee-free ATMs
- Automatic savings features
- Direct deposit required for many perks
Helpful Reviews
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
- Up to
- 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
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 . Without direct deposit, you’ll earn .
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's account fee policy is subject to change at any time.
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
- 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.
Still have questions?
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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Reviewed May 17, 2026
The bank close my account without notify me a reason. When I called Customer service support did tell me a reason. They did not know answered anything on closed my account. Instead told me that will send email explaining but never received an email from them. The worst bank to open account. I am surprise that they consider good bank. But the way Customer service the worse compare to other banks.
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Reviewed March 24, 2026
I’m extremely disappointed with my experience at SoFi. A $40 fraudulent charge was disputed with full supporting documentation and was still declined. While the dollar amount was small, the message it sent about fraud protection was not. When I cancelled my credit card as a direct result of this, I was asked for the reason and clearly explained my concerns. The account was closed with no acknowledgment, discussion, or follow‑up. If customer feedback is requested but ignored, it raises a valid question about why it’s asked at all. This experience led me to cancel my credit card and is now driving my decision to close my remaining accounts as well.
Reviewed March 23, 2026
CONSUMER BEWARE!!! I have been banking with Sofi for over a year now and am completely unsatisfied for reasons listed below.
- If you want to deposit cash; you need to do it through a 3rd party retailer; I.e. 7eleven and pay $6.95 to DEPOSIT money into your account every time.
2. If your employer is not big enough to offer direct deposit; you will need to deposit via photos through the app.- 0% of the check is made available upon deposit.
- They state it may take 3-5 business days for funds to be available. They will "hold" your funds. You will see the funds in your account in the full balance but the "hold" prevents it from being in the available balance. I confirmed through my employer that funds were deducted from his account from Sofi. Sofi kept my funds in hold for 48 hours which they claimed was a fraud prevention measure. ----Seems more along the lines of fraud for profit that Sofi is dancing on. If Sofi "held" $500 from 100,000 people; that would be $50 million dollars in "holding" for 48 hours; they would earn $1,096,000 in interest in just a simply basic savings account in 48 hours that is theirs and no one else can claim.
- My paycheck; from the same employer; from the same business bank account, was deposited first thing this morning on 3/23 and will not be available until 3/30 in an account that is seasoned over a year and multiple checks have been received and cleared from the same source already.
3. If you want to speak to a live human; good luck and hope you don't go on the "wild goose chase" for hours.
4. The atm's you must use are not atm's within banks. You must use the portable atm's at 7eleven, retailers, etc. The ones that pose the most risk of encountering card readers that record your information for the purpose of identity theft, as these atm's are not watched; usually placed towards the back of store; and easily accessible for would-be identity thieves to install card reading equipment.
I thought Sofi was supposed to be a technologically advanced company. So you would think they would be ahead of the curve on mobile depositing. The major banks like Citibank, Wells Fargo, Chase, and Capital One are years ahead of SoFi in this category. Needing a full week to clear a paycheck in an account that has been open for an extended period of time is unacceptable. Especially when this is nowhere near the first paycheck from the same source. Save yourself the aggravation that I am going through and stick to traditional banking. One where you can walk into a brick-and-mortar building and speak to a human.
Reviewed March 16, 2026
Absolutely terrible customer service that are untrained and do not care to help with anything. If you have any issues and need to contact this bank, you are in for one difficult time. They will put you on 2 hour long holds just to hang up on you immediately afterwards.
Reviewed Feb. 3, 2026
Sofi Bank has "bug" issues with their software. I have spoken to 2 CS reps, 2 IT specialists, and now engineering is working on the issue. The ISSUE...; I cannot get my six-figure deposits. Sofi will apologize but hide behind emails. When their computer system goes down, so does your ability to get your money. Brick and Mortar, you can walk in and get a resolution. Online banking is a void, and you are trapped.
Reviewed Jan. 12, 2026
I was blocked by SoFi for attempting to buy an egift card for $100 online for Christmas present. Then they paid $1000 out to the 'Bank of Georgia' not the state THE COUNTRY!! I tried to cancel transaction while pending, but they would not do it. The made me wait until it posted. My checks bounced, bills went unpaid. Then denied my dispute and denied my appeal. Unless you have so much money that losing $1000 means nothing....STAY AWAY. All their customer service is outsourced to other countries.
Reviewed Dec. 29, 2025
Worst Bank experience ever. Our account was frozen for over 20 days, not allowing us to access the account due to "fraudulent" activity. Sofi then closed our account without warning and sent a check in the mail. It's been over a week since the check was mailed, and we still haven't received our money back. Customer service is a nightmare; you will get transferred to several different people that don't seem to care about helping. So, as I sit here writing this review, I haven't been able to pay any bills or buy literally anything in over 25 days. Please stay as far away from this bank as possible.
Reviewed Dec. 19, 2025
i received a bonus check at work. I used mobile deposit and they said it will not clear till after Christmas. It's over a week. They explained due to holidays it takes this long.. I immediately cancelled the transaction, they told me the check was cleared to be cashed elsewhere. I do after I confirmed this with them 3 times prior. Well the check has already been cashed. Sofi has my money, refuses to release the funds, almost had me in jail and their response is here's 15 dollars for your inconvenience but not the 1k we gonna hold for whatever reason.
Reviewed Nov. 29, 2025
SoFi just up and close your account due to unusual activity which is what they state even though this account was for household everyday purchases. No explanation as to why the accounts were restricted and closing. I don’t recommend SoFi to anyone. Very unprofessional and withheld funds that don’t even belong to their bank.
Reviewed Nov. 12, 2025
STOP USING ✋️ 🫸 🫷 ⏹️ 🚏 THIS BANK. SOMEONE IS USING MY INFORMATION AND CAN'T GET IN. Tried updating it and ask for selfie 🤳 and more information. This is an unsecured app. Whoever use this was never checked ✔️ ✅️ out. WATCH THE APP.
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
