3 Reasons I Switched to a SoFi Bank Account

Switching banks isn't exactly on everyone's bucket list. But when your current bank starts to feel like a frenemy, it might be time to move on. In April 2024, I had my "a-ha" moment when interest rates were skyrocketing at other banks. My big-ol' brick-and-mortar had retained my loyalty for several years. But when it declined to raise my savings rate from 0.01%, I knew it was time to find another bank.

I had heard friends raving about SoFi® for some time, but I only considered it when I saw it was offering a hefty bonus for new clients. Since switching to SoFi Checking and Savings, I couldn't be happier.

Here are three reasons why I switched -- and why you should consider switching, too.

1. No monthly maintenance fee

The SoFi Checking and Savings has minimal fees. The "no fees" list is long and includes maintenance, inactivity, dormant, overdraft, return item, and debit card replacements. You also don't have to meet account minimums to "waive" the fees. The account is always free -- even if you only seldom use it.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. The sign-up bonus is spectacular

New account holders can earn $50 or $300. To earn $300, you have to set up direct deposits and receive at least $5,000 within a bonus period (25 days starting after SoFi® receives your first direct deposit).

If you don't receive $5,000, you can still get a $50 bonus for receiving between $1,000 and $4,999.99 within the same bonus period. Earning $300 in cash is one of the best bank bonuses on a free account.

3. The APY on savings is competitive

Beyond the sign-up bonus, the account's APY was another perk that caught my eye.

Account holders can get up to 4.00%² APY on their savings by setting up direct deposits into the checking or savings account. If you don't have direct deposits set up, you can still snag this rate with a deposit of at least $5,000 every 30 days.

What's more, the checking account also earns 0.50% APY. Not bad, especially since most free checking accounts earn nada.

Now, earning up to 4.00%² APY is one of the best rates you'll find on a savings account. But there are some high-yield savings accounts that still have rates above 5.00% APY. If you're trying to maximize interest on your savings, it might be worth looking at what else is out there.

For one-stop banking, however, this hybrid checking and savings accounts checks off several boxes at once. Its debit card lets you withdraw cash from over 55,000 in-network ATMs. It can also pay up to two days early on eligible direct deposits. And you can transfer money between your checking and savings accounts instantaneously.

I wouldn't recommend it to everyone. For example, if you're making cash deposits frequently, SoFi® probably wouldn't suit you (cash deposits cost $4.95 each). But if you're okay with online banking, give the SoFi Checking and Savings a try. You can see what all the hype is about, and maybe earn a $300 bonus while you're at it.