SoFi Checking and Savings

SoFi Checking and Savings

SoFi Checking and Savings
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Overall Rating1.7 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.

SoFi Checking and Savings Reviews

ConsumerAffairs has collected 77 reviews and 184 ratings.

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Page 2 Reviews 10 - 40

Reviewed 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.

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Reviewed 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.

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Reviewed 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.

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Reviewed 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…

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Reviewed Feb. 1, 2023

Locked out my grandson from his account due to their own error and illegal request to send front & back of SS card for verification. Made a mobile deposit, which they duplicated, then backed out that deposit and locked his account for over a month! They were calling the wrong phone number! We verified his number when we called, but this Charlene ** wasn’t calling his number! Only one email (responded with no return calls) and nothing in the US mail. DO NOT TRUST THEM!!!

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Reviewed Nov. 22, 2022

Been with them since 2019. Love their new accounts and never have had a problem with them. They over direct deposit bonuses and now offer 2.5% interest on checking and 3% interest on savings balances with direct deposit. Customer service is quick to resolve issues that come up and I get my direct deposit 2-3 days early each week.

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Customer Service

Reviewed 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.

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Customer ServiceStaff

Reviewed 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.

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Reviewed 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.

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Reviewed 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.

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Customer Service

Reviewed 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.

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Customer ServiceStaff

Reviewed 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.

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Reviewed 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.

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Sales & MarketingProcess

Reviewed 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..

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Online & App

Reviewed 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!

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Customer ServiceOnline & App

Reviewed 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).

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Reviewed Aug. 26, 2021

SOFI is not a good brokerage, I have been facing lots of problem. Initially, they mentioned all trade are free whether it is stock or currency. In the currency trading we gain in micro points and that all benefits go to SOFI and you get nothing. They steal money in the background around 0.02% and if you calculate overall you are gaining nothing. So avoid avoid SOFI, it is very danger.

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Sales & MarketingStaff

Reviewed Aug. 18, 2021

I opened an account with this bank, and can not move money out of the account. So I am in need to transfer money out and they at this time have no way to make that happen. What kind of bank forces you to keep money on their platform only. Seems like a scam to me. Obviously, they don't have a working product to offer clients.

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Customer Service

Reviewed June 19, 2021

Customer support is abysmal. You would think this company does not want to make money. My first name is abbreviated on my state issued license because it is too long to fit. This is causing issues when trying to open an account. I called customer support and they literally told me they could not do anything to help. Cut and dry that was the end of support. I can only imagine what kind of support you can expect even after you open an account and they are holding your funds. I would stay far away from this organization.

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Customer Service

Reviewed June 14, 2021

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 member and customer. **.

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Reviewed May 30, 2021

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 system. Easy to scan and deposit.

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Reviewed May 20, 2021

SoFi policies are from the cave ages. Moving your money into an investment account considered a "settlement" and held hostage for 7 days. Imagine what will happen in the case of a market crash - you will lose all of your assets even. If you are a wise investor SoFi is not a safe place to hold your money.

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Reviewed May 10, 2021

I have read reviews here re: I see many are borrowing or re-financing student loans and I am sorry for them. I am new to investing (at 68 years old). I started very small. is seamless and the site points to many helpful tools. I am getting a great education on a very small level. I like for this reason. My motto in life has been cash is king and now in retirement I am building a little money rather than getting nothing from my savings account. A risk yes. There is nothing but risk in life.

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Reviewed April 6, 2021

So first time I used it I transferred $500. The app kept giving me an error message. After several attempts come to find out it transferred $500 six times for $3,000. Called them immediately. After 30 minutes and talking to two people they still refused to help. I’ll be transferring back all the $ and going with a different app.

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Reviewed April 1, 2021

A few months back, SoFi alerted customers that it was switching to a new bank, resulting in a new routing number. I was left to call several companies that I do business with, to inform them of the change. This including my mortgage company, of which I have two accounts. The month following the change, I logged into my SoFi app to make sure my monthly payments for both of these accounts were debited from my SoFi Money account. I saw two charges from my account, one for each of the loans, and assumed everything was okay. A few days later, I noticed a $20 "miscellaneous credit" to my SoFi account, with no explanation of where it came from. I chalked it up to recent promotion that SoFi was running which offered cash back for eating out at local restaurants.

About a month later I received an alert from Credit Karma that delinquency had been reported by my mortgage company, which resulted in an approximately 40 point drop in my credit score. I panicked, of course, and called my mortgage company. We ascertained that the person who had changed my routing number had only changed the information for one of the accounts and that the $20 "credit" that appeared on my SoFi account was actually a "returned payment" on one of my two loans. I immediately brought the account to good standing, my credit score has since recovered, however, the red mark on my credit report is still there.

Had SoFi properly labeled the $20 as a returned payment and not a "credit", I would’ve been alerted to the issue and had ample time to resolve it well within the 30-day window - avoiding this negative report on my credit. I have spoken to several customer service representatives at SoFi; none will admit that SoFi was partially and each one refused to do anything on my behalf to make things right with the credit reporting agencies - leaving me holding the bag. I am now forced to spend several hours writing letters to the credit reporting agencies to explain the situation and hopefully get this negative mark removed from my report. And in case you're wondering, yes, one mark does really make a big difference. Earlier this week, Sofi itself rejected my application for its new credit card. When I called to ask why I was rejected, they noted the delinquency on my credit report.

I have been a SoFi customer for 5 years. I have a Money, Investment, Crypto, and Personal Loan account with the company. I also own about $1,200 of the company's stock, IPOE. Following my recent experience, I will be closing all of my accounts (aside from my personal loan, which I am unfortunately stuck with for the time being) and selling all of my IPOE stock (at a loss). I cannot, in good faith, be associated with a company that treats its customers so poorly.

My warning to others is this: SoFi wants you to believe that it is a real financial institution, but in actuality, it is nothing more than a fancy app that offers its users a chance to “earn points” and “win prizes” for logging in, all while refusing to uphold basic banking standards. No reputable bank would label a bounced check as a credit to a checking account, so why on Earth is SoFi marking returned payments as "miscellaneous credits"?

Every day, more and more online banking and investment apps, like Robinhood, face criticism by regulators for “gamifying” the system. I believe SoFi is no different in this respect and should be closely monitored. (To that end, I am happy to provide you with documents that support this claim, including a recent email from the company encouraging me to sign up for a credit card for a “chance to shake the magic money ball” and win up to $10,000.) SoFi needs to do the right thing; admit its role in the negative mark to my credit report and assist me in getting it back to the near-perfect level it was at before this mess occurred.

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Reviewed March 25, 2021

My chip was bad on my old card, thought I’d get it replaced and not have to change my card number since it was simply damaged. I was wrong. I use their chat because of course their app currently doesn’t have a selection to replace a damaged card, just a lost or stolen one. I’m thinking there’s an issue with their app, I speak with an agent who I clearly tell I wasn’t looking to have my card number changed. The agent proceeds to change my card number without any warning or explanation as to why it’s necessary. I was advised I’d be able to see my new card info online and I’d be able to use Apple Pay while I waited for my new card..another lie.

I have absolutely NO access to my own money now for 5-10 days. I called their customer service yesterday to see if there was a way, the agent had the audacity to ask if I used cash app or Venmo to transfer funds... cash app you need a bank account AND the card number to add cash. I have heard too many bad things about Venmo. If I’d known their customer support lacked the support part, I would’ve chosen a different bank.

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Reviewed Feb. 25, 2021

So they told me all these perks to get me to sign up, because why wouldn’t you, right! Well come to find out they try to take advantage of you I feel, because they lied. I’ve noticed so far is they said that you will get $50 and the person who referred you will get $50 if you open the account and deposit $500 into the account. I deposited $500 in my account immediately I receive $25.00 a week later after I sent emails asking how the process worked (with no response from anyone). The person who referred me hasn’t received a dime I have contacted them through email and I have gotten no response. I also made sure I used the link my friend sent me to sign up. I’m very disappointed I don’t like when companies do this. What so they were hoping we didn’t notice??‍♀️ Shame.

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Reviewed Aug. 1, 2020

Initially, SoFi was great. I liked that they cover ATM fees, have a great and useful app and good customer service. However, they decided to stop honoring the deposit of checks with a signature on file (in my case my paychecks as an independent contractor) without notice, which really put me in a financial jam and they are not taking any responsibility for the lack of communication on this. Instead, I was told to let my employer know that they need to change how they issue paychecks to me. Since they decided they will not be honoring paychecks from my employer, we are taking our banking elsewhere. Beware of changing policies at a drop of a hat without notice.

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Reviewed July 25, 2020

Very hard to dispute a charge with this company, spoke to many agents sent many documentations and still my claim was declined. Even though the company that took my money failed to provide services the bank said the case is close. All my disputes with Bank of America and Chase was taken care of quickly and to my satisfaction never had I have to send so in many documents proving that my flight was canceled and I still have yet to get my money returned or a voucher for future service. Sofi said, "Oh well the case is closed." I will be sticking to Bank of America and chase and be closing this account in a few months and move all my money out of it.

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Reviewed July 24, 2020

I set up a Sofi Account trying to use the new extended Tax Deadline. Their system showed I was approved for the account and allowed me to schedule a deposit for the MAX contribution. They failed to schedule the deposit and didn't create the account until July 16th. They then refused to fix their error costing me $1400 in tax refund.

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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