SoFi Checking and Savings
AUTHORIZED PARTNER

SoFi Checking and Savings

 3.9/5 (112 ratings)
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SoFi Checking and Savings
Author picture
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

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  • 3 stars
  • 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.

SoFi Checking and Savings Reviews

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Page 2 Reviews 10 - 40
Rated with 1 star
Verified Reviewer
Original review: 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.

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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.

14 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: 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.

20 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: 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. **.

5 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: 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.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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.

18 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: May 10, 2021

I have read reviews here re: sofi.com. 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. Sofi.com is seamless and the site points to many helpful tools. I am getting a great education on a very small level. I like Sofi.com 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.

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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.

28 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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.

42 people found this review helpful
Rated with 2 stars
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Verified Reviewer
Original review: 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.

10 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: 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.

20 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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.

26 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: 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.

27 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: 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.

45 people found this review helpful
Customer increased Rating by 1 stars!
Verified Reviewer
Original review: April 6, 2020

When I first signed up, it took 4 weeks to get my debit card in the mail, I was already direct depositing my checks into my new account at this time but I couldn't access or spend my money because it took so long to get my card to me. I could forgive this, stuff happens and I understand delays, but it didn't set our relationship off to a promising start. That is fo-sho. I wanted to like SoFi, I really did. Crypto Investments? Whoa! Check. Stock market investing via mobile app? Awesome! No ATM fees or overdraft fees? Bonus points. Direct deposit and Mobile check cashing? Ok well, everyone offers that now, but still cool right?

What I didn't expect were the vast amounts of caveats that come with any of these features and the fact that they secretly discriminate against each customer and limit their abilities without full disclosure to the consumer based on many "factors" that they are not at liberty to discuss. Talk about lack of transparency am I right? I use the word discrimination because that is exactly that. Discriminating based on credit and or other factors such as net-worth. That is financial or "social status" discrimination based on numbers -- which they obviously use to valuate their clientele. I get that this is still a financial institution and this needs to be done to an extent - but to leverage privileges and access to features, time restraints on money based on this is downright Orwellian.

Did you know if you have had credit problems in the past it could take up to 7 business days to have access to your funds after depositing a mobile check? Any Credit Union or Bank that I have had the unpleasant experience dealing with at least gave me the antiquated privilege to access to my funds instantly after depositing a check. SoFi? No. This immediately breaks my trust with their service, or should I say, "Wilmington savings fund society" just re-branded with a "hipster tech" name to trick unassuming public with catchy "progressive" marketing strategies. I almost forgot, do not plan on depositing a check over $2500, because they have a limit on the check deposit amount you can cash.

This company is a joke. I direct deposit my paychecks, from my respectable job, I am a college grad with a not so perfect credit history (it's a work in progress ok? Student loans have not been kind to me) and I can't access funds for 7 days from a Premera reimbursement check for my glasses prescription. It gets worse. Their "Crypto" investments they offer aren't even a service they provide, they outsource this. While you can instantly transfer money to your "invest accounts" the fees are high and the waiting time to send the funds back into your money account take 5-7 business days. This includes stocks too.

Oh and the crypto profile is sad, almost insulting even, you can buy Litecoin, Bitcoin and Ethereum. That's it. Honestly, you are better off signing up with Coinbase account who will allow you to instantly transfer money into your account, buy a diverse number of coins and can have the funds back into your sofi or any other bank account in under 48 hours.

Customer Service is downright rude. I felt discriminated against, like a second class citizen talked down to, putting me on defense with their sarcastic undertones and apathetic behavior towards my account concerns. Overall I recommend a hard pass on this, there are a number of services out there competing for a "new banking option" and SoFi is nothing more than hot old garbage traditional banking (Wilmington savings fund society - lol!) wrapped in tinfoil with new packaging and a hipster name that promises progressive features targeting millennial's.

Now that I got that out of the way let me tell you what I do like and why I plan on keeping them awhile longer to see if they improve. No ATM Fees - This can save your butt if you use the atm a lot. No Overdraft Fees - If you are in college, fresh out of college with a large debt to start paying off after you get your big kid job then this can also save your butt. Shiny new debit card - Their card does look pretty cool A+ on the design choice.

If they can get their act together, remove time constraints towards accessing funds, vastly improve their customer service, get instant transfers of funds from investments and crypto, have a diverse crypto offering (maybe even partner with Coinbase for this because I know there are strict federal regulations surrounding crypto investments within the US and Coinbase is on top of this all, Binance US a close second). And for the love of all things Washington, stop social profiling your customers, offer transparency and lift regulating time constraints, let people have access to their freaking money or you won't have any clients left.

29 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 3, 2020

Received offer for their CMA - went through the process of filling out the paperwork and despite being a millionaire, they denied me. I’m glad they did too, just look at all the problems people have here. This is such a bad company I’ve decided to buy everyone considering joining SoFi a free pizza from your favorite pizza place. Just HMU, I’ll call it in - up to one 5 topping pizza. Sorry, no breadsticks as my offer is only good for the first 40 million people that refuse to join SoFi and their pyramid scam.

32 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 30, 2019

** is my email. If you email me, ill provide you an attorney at no cost if you suffered any scams with Sofi. Please no sensitive information, just the basics of the claim, no personal information. As of this update, 191 people emailed me, if you check your email, i replied with several attorneys names and websites for you to choose. Some of sofi’s latest penalties for its fraud:

1)Sofi paid 2.4 MILLION for running loan apps WITHOUT approval.

2)Sofi paid FTC 110,000 for DECEPTIVE Advertising.

3)Sofi paid tax penalties for ILLEGALLY moving everyone into THEIR fund, conflict of interest and fraud.

Sofi has engaged in multiple crimes that the SEC and FINRA is CURRENTLY looking into on top of the prior ones they committed and paid huge fines for. They are doing bait and switch on the referral money. Looking on multiple review sites shows thousands of people complaining Sofi SCAMMED them on the referral money. They charged an ILLEGAL fee charging an incoming acat and blame it on the prior broker who both the prior broker and apex clearing BOTH said Sofi is the one who charged it. Sofi customer service reps lied on numerous recorded calls as in my state of ny, i can record them without them knowing.

Sofi then VIOLATED its OWN terms and conditions, since i filed arbitration in finra, and they admitted they made serious illegal actions, they VIOLATED their mandatory arbitration and filed a frivolous suit in my local supreme court with the intent to get an inexperienced judge, not finra who prosecutes these crimes daily to try and silence me. Sofi then hired an attorney who then harassed my family by serving the lawsuit on 4am 5am and 6am on christmas eve, which is illegal serving on top of a frivolous suit. They been begging me and threatening me to stop writing my FACTUAL reviews with EVIDENCE and continue to abuse the law. I encourage all victims to contact FINRA and SEC, and depending on your finances, you may get a fee waiver and sue for free to recoup any scammed funds from sofi.

Also apparently they illegally used my social to apply for a loan with them AFTER i was suing them so know i am suing them in finra Arbitration as well as federal court for FCRA Violations. They keep violating my first amendment by removing my FACTUAL review FRAUDULENTLY claiming it's false, fraud, i wasnt a customer and other lies. Luckily i am well financed with 99% assets in a cooks island trust, completely protected from frivolous suits and criminals like sofi. I am going in this for the long run and will post all public records as it moves forward unless they settle out of court. Also now im suing them for censorship for violating my first amendment by constantly fraudulently removing reviews. So they being sued for:

Violating my first amendment with censorship
Fraud
Negligence
Harassment
FCRA Violations by applying for loans randomly without consent
Breach of their own contract, terms and conditions
Frivolous suit
Blackmail

Bait and switch

I now have 4 attorneys who took this on, and they will help anyone who needs help with this criminal enterprise. Each time Sofi removes my FACTUAL review, ill pay for the first 10 people who email me full cost of attorneys to sue in finra arbitration.

30 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 17, 2019

I signed up for SoFi Money under the $50 bonus offer. I complied with ALL requirements. I even sent them print screens of the offer I responded to and of my transactions with the account--at their request. But they still would not honor their advertised offer. Since they only have a 2 Star rating here, apparently I'm not the only one having problems with them. There are other companies offering better rates and probably less drama. From my experience don't trust their advertised offers.

SoFi Checking and Savings response

Hey J, thanks for the feedback. In reviewing your information it looks like our account specialist team has been trying to reach you and aren't having much luck. We have also sent emails requesting information to confirm your bonus and haven't heard back. Can you please give us a call at your earliest convenience?

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 3, 2019

How can you get your money right when you hold Cash Deposits for 4 Days? That is WRONG!!!! Not Right. Banks take no more than 2 days and my Credit Union allows cash to be made available immediately. No Waiting whatsoever. WHY are you holding out MONEY for 4 DAYS? IT IS JUST NOT RIGHT!

SoFi Checking and Savings response

Hey Jeffrey, at this time SoFi does not accept cash deposits, as we do not have any physical locations to receive deposits. Can you send us a direct message with your email address to confirm any issues there may be with your SoFi account? We'd like to make sure you're taken care of.

20 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 28, 2019

Take your money easily but on day 5 of trying to withdraw over 8 hours on phone countless emails and nothing to satisfy them. Voided check from my bank account. Wasn't good enough then they made me delete my account and re-add it to try that and that didn't work and after three hours of being on the phone today he pretty much let me go cuz we couldn't figure it out. They're just safes.

SoFi Checking and Savings response

Hey Ryan - we're sorry to hear about your experience. We're digging deeper into what happened with this situation, and suggest initiating a transfer from your external account to receive funds. Hope this helps!

19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 25, 2019

Ughhh! If I could leave 0 stars, I would! I signed up solely because their advertising offer that theyll give you $50 when you do sign up. So I started an account almost 2 months ago & when I never saw the $50 they promised (surprise, surprise) I sent them an email asking about it... no reply. Sent another email a week later, still nothing! All in all, I've sent like 4 or 5 emails over these 2 months and NOTHING. No automatic reply, nothing. So that shows plenty on how they don't care about their customers. Their severe lack of customer service, because they can't even reply to a simple email. But the main thing being how they lie just to get people to sign up! I thought the look of the card was different and kind of cool, but the fact they're liars and can't even reply, don't waste your time with them!

Check out Varo or T Mobile Money. They have good offers and actually do follow through with what they offer when you sign up! My boyfriend has TMobile money (debit card) and what's awesome about them, is they have 24/7 customer service and you can overdraft up to $50 with no fees! I just switched to Varo and they have a good referal bonus where if you get someone to sign up and they put your name down, you both ACTUALLY RECEIVE $50, it's not just something they lie and say to get customers!

13 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 15, 2019

Coworker sent a referral link. Initially, the application was simple. It took only a few minutes. I was surprised and concerned it was denied. I have credit score above average and did not read that credit check is done for savings account. I receive prompt stating an email has been sent with further info. The email itself was vague and I called SoFI. I expressed concerns for lack of information after I provided specific info like my SSN. I told them I was married within this year but I legally changed my name and all documents reflected this life event.

This is where all the back and forth started. They wanted me to put account in my maiden name because they couldnt verify my married name. They said they use public infomation to verify customers. When I asked for specifics, they dodged and said that was proprietary. I asked the representative if he would continue this process without thinking it was shady and or messy. This company has limited resources and places the burden on their customer. This some millennial and I am too old school for their nonsense. One star is for how well the customer service representatives answered my questions. I am not a friendly caller, but very direct and blunt. I told them if my coworker tries to refer others, I would raise the red flag.

SoFi Checking and Savings response

We understand how frustrating it can be to not get more specific information regarding a SoFi Money application. Regrettably, we are unable to disclose many details to ensure the security of both SoFi and our members. We appreciate your understanding.

16 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Nov. 1, 2019

Some people worry about the money not being secured until it reaches a partner bank, but just know that SoFi has never not let someone withdraw money (unless your account has been flagged for security). I use Sofi as a way to make money with money, This is an account that has APY better than my Wells Fargo account and most other major banks. I can access my money with no problem in the event of an emergency. You can withdraw money from any Visa ATM, this includes all; Wells Fargo, CHASE, and most other major banks ATMs. I love it. I only wish I had a physical bank to visit. But I don't ever go to my branch nowadays. If you use a referral code to sign up you also get $50 after a week of having your bank account with a balance of at least $100. Use my code if you decide to sign up. https://www.sofi.com/share/money/**/

10 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 24, 2019

Sofi never pays the referral bonuses, charges illegal fees and unauthorized charges, lies about many aspects of your invest account, and illegally seizes your money if you complain. The SEC, FINRA, Attorney General, FTC all seen my evidence and are opening an investigation. I have a call tomorrow with the FBI, and the media as well. This company uses false advertising and bait and switch to grow its clients and inflate its books without paying the agreed referral fees. They make false statements about your brokerage account and if you call 5 times, you get 5 answers... it should be 1 answer...

They charged an incoming acat fee which even they agree is an illegal, unauthorized charge and yet said it will take 2 weeks to refund the money they stole!!! They holding my thousands hostage and won't let me withdraw. Once they get your money, your referrals info, expect zero customer support, even from their “presidents office”. Expect your money to be used as their piggy bank and good luck trying to withdraw it. Good luck trying to get an honest answer. This company has breached numerous regulations and fiduciary responsibilities, as well as laws. Even do a small search, it's not the first time the FTC is investigating their fraud and won't be the last. You been warned.

39 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 12, 2019

First, they wouldn't link my bank account so I couldn't send myself money to get the referral fee. Then after I finally get money sent to me the referral money poof never appears. After that, I try to link it to an existing bill and it says this account is not eligible to link with any of my cards. Ok I get it. My credit isn't 700 or above, but if my credit score doesn't make me eligible then why the heck did you approve the account in the first place? I can't even use it, other than to send money back to the person who sent it to me because they have an account. All in all, I don't recommend using this service if you don't have great credit because it's nothing more than a giant waste of time. Also, when I linked the debit card it said Costa Rica?! Seems a little fishy to me.

14 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Aug. 9, 2019

SoFi has a competitive high APR and moving money between my "brick and mortar banking accounts" and my SoFi account is a breeze...and without fees. I have given up on my credit union for any decent return.

12 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Aug. 1, 2019

I would consider them average although I haven't dealt with lots of pure online banks to be fair. As with any company nowadays being on hold is becoming standard. The agent was friendly and did know the answer to my question.

10 people found this review helpful
Customer increased Rating by 4 stars!
Verified Reviewer
Original review: July 31, 2019

So I opened an account and fund it, I started to refer some of my friends to get the bonus 50x50x50. I checked my account today and my bank account disappeared without notice. So unprofessional! I would stay away from these kind of "new banking" companies. Well established banks would never do something like this, I had to email them today to figure it out what happened. Do they need to verify my information? Is it my credit score? Regardless of the reasons, I think they should be more transparent about their processes and they should get their process together. You can't just open accounts and close them as you wish.

12 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 30, 2019

I've been banking with SoFi for about 2 months and so far I'm really glad I opened up the SoFi Money account. I was getting 2.25% apr until the feds just dropped the interest rate, however it's still a respectable 2.00%which is 99% more than my Wells Fargo savings account pays out...ever. Setting up the account took about 30 seconds and was incredibly easy. I've had no issues transferring money into my account. My favorite part is being able to use an ATM card with $0 ATM fees and it's one of the biggest reasons I decided to go with SoFi. In fact they have $0 fees for virtually everything concerning their money management account.

My only issue is that when you transfer your money from one bank account into your SoFi bank account it's not actually insured while in transit and that can take a couple of days. So if something were to happen, say SoFi went bankrupt and your money didn't actually land in the bank yet, you will lose everything in the transfer. That's one reason I won't set up direct deposit and also because it takes 3 to 4 days until you can gain access to your money and who has that much time to wait to get money from their paycheck? So right now I'm in the process of slowly transferring my money from my savings account with WF into my SoFi account. With that being said, I'm happy so far with my decision to go with SoFi.

10 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 8, 2019

Opened an account with them and everything was going fine until I tried to connect another account to fund this one. They denied the link. Which makes no sense at all. How are you going to give someone an account then not let someone fund it. Company has several predatory issues as well.

17 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