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SoFi Checking and Savings Review: Combined Checking and Savings With Competitive APY

Review Updated
Robin Hartill, CFP
Author: Robin Hartill, CFP
Robin Hartill, CFP
Robin Hartill, CFP
Writer

Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

While we can't cover the whole market, we've evaluated over 100 banks and SoFi Checking and Savings made both our Best High-Yield Savings and Best Checking Accounts lists.

SoFi®'s dual banking approach combines competitive rates with access to several relationship benefits, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.00%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
Rating image, 5.00 out of 5 stars.
5.00/5
Brand & Reputation (20%)
Brand (20%)
Rating image, 5.00 out of 5 stars.
5.00/5
Account Features (15%)
Features (15%)
Rating image, 4.00 out of 5 stars.
4.00/5
Fees (15%)
Rating image, 4.00 out of 5 stars.
4.00/5



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

  • At Motley Fool Money, we rate savings accounts on a five-star scale (1 =poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

    Our scores are weighted as:

    • APY (50% of total star rating): Savings accounts with 5 stars have 10x the national average APY or greater, OR 6x to 9x the national average APY with $100+ welcome bonus.
    • Brand and reputation (20% of total star rating): Savings accounts with 5 stars come from institutions with long and stable histories with high levels of customer trust and satisfaction. These accounts are backed by significant industry awards and recognition. They also feature multiple customer support options, have a highly rated app with an average rating of 4.0 stars or higher between iOS and Google Play store ratings, and advanced safety features, like two-factor authentication.
    • Fees and minimums (15% of total star rating): Savings accounts with 5 stars have no account service fees, account closure fees, overdraft fees, or minimum balance fees. They also have no minimum requirements to earn the maximum APY.
    • Other perks (15% of total star rating): Our 5-star accounts offer most of the following features: ATM access through ATM or debit card, additional linked account integration, branch access, and relationship banking perks.

    Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 26, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. 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
N/A

What is SoFi® banking?

SoFi® is a financial company and online bank that has expanded its product line to include mortgages and personal loans, a credit card, investment accounts, and more recently, personal banking. The online bank offers a checking and savings account that both earn competitive APYs. Keep reading to learn more about SoFi®'s banking products and additional account benefits.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our Software Developers, Liz Wilson, uses the SoFi Checking and Savings account herself.

Here's Liz's review:
Image of reviewer

I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues.

Full SoFi Checking and Savings review

SoFi Checking and Savings interest rate

Account APY Minimum Deposit
SoFi Checking and Savings (Savings) up to 4.00%² $0
Data source: SoFi.

The higher-end APY offering on the savings portion of a SoFi Checking and Savings is competitive with some of our favorite high-yield accounts -- but there's a catch. You have to either set up direct deposit payments to your checking or savings, or deposit at least $5,000 every 30 days. If you don't meet the requirements, your APY will be far under those offered by the best accounts.

Fees

SoFi®'s goal is to eliminate bank fees as much as possible. Currently, SoFi Checking and Savings doesn't charge any account fees.

Fee Amount
Monthly account fee $0
Overdraft fee $0
Inactive account fee $0
Abandoned or unclaimed account fee $0
Return item fee $0
ATM transaction fee (Allpoint ATMs) $0
Data source: SoFi

Minimum balance

SoFi Checking and Savings does not require a minimum balance. This makes it a good choice for people who are just getting started with building an emergency savings fund, or anyone who wants to open a savings account with a small balance.

Unlike some savings accounts which require a large minimum balance to earn the best APYs, you don't need thousands of dollars to earn a high APY on your savings with SoFi®.

Withdrawal limit

SoFi Checking and Savings imposes some withdrawal limits on how much money you can move out of the account or spend on your debit card, including:

  • $1,000 per day of ATM and point-of-sale (POS) cash withdrawals
  • $6,000 per day of POS spending limits
  • $5,000 per Bill Pay transaction
  • $1,000 cumulative per day and $3,000 cumulative per month of peer-to-peer transactions

Some of the other best savings accounts do not have withdrawal limits. Although its debit card access is convenient, if you need to pay larger bills, make bigger purchases, or move larger amounts of money per day or per month, SoFi Checking and Savings might not be the best choice.

Mobile app

The SoFi - Banking & Investing mobile app gives you a one-stop shop to manage your SoFi Checking and Savings account and any other SoFi® accounts.

SoFi®'s mobile app gets rave reviews for iOS, with 4.8 out of 5 stars on the App Store -- this is one of the highest ratings we've seen for any banking app.

SoFi® earned slightly lower ratings for its Android app (3.8 stars), where some users complained about cluttered navigation and difficulty making money transfers.

Top perks

Competitive APY: SoFi® customers can earn up to 4.00%² APY on savings, and 0.50% APY on checking balances.

Welcome offer: New customers can earn a $300 cash bonus with a qualifying direct deposit of $5,000 or more within 25 days.¹ Customers with direct deposits of $1,000 to $4,999 within 25 days can earn $50 cash. Terms apply.

No fees: SoFi® doesn't charge monthly maintenance fees³ on either of its accounts. There are also no overdraft fees on its checking account and no fees for withdrawals at any of the 55,000-plus ATMs within the Allpoint network.⁵

Early access to direct deposits: Customers can receive their direct deposit paychecks up to two days early through SoFi®.⁶ Access to this benefit depends on when your employer's payroll service provider processes payments.

Savings tools: SoFi Checking and Savings provides access to some helpful tools to maximize savings efforts. Vaults are pockets you can set up within your savings account to earmark specific funds for savings goals you set. Customers can create up to 20 Vaults at a time. RoundUps automatically deposit the extra change from rounded-up debit card purchases to the Vault of your choice.

FDIC insured: SoFi® deposits are insured for amounts up to $2 million through the SoFi Insured Deposit Program.⁴

What could be improved

No standalone products: When you open a SoFi® account, you receive a checking and savings account. SoFi® doesn't offer a standalone checking or savings account.

Cash bonus requirements: SoFi® offers a cash bonus to its checking and savings account holders with qualifying direct deposits during the promotion period. To earn the highest cash bonus, though, you must have $5,000 or more in total qualifying direct deposits during the 25-day evaluation period.¹

Overdraft protection requirements: You must have monthly direct deposits of $1,000 or more to unlock free overdraft protection.³ SoFi®'s overdraft protection only covers purchases if you overdraw by $50 or less.

No local branches: As an online-only bank, SoFi® doesn't offer in-person banking or support. Customer support options are limited to phone and chat.

Fee for cash deposits: You must visit participating GreenDot retail locations to deposit cash into your SoFi® accounts. GreenDot charges a service fee of up to $4.95 per deposit.

We want to know what you think about SoFi Checking and Savings

Do you have first-hand knowledge of SoFi Checking and Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

SoFi Checking and Savings
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I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

How to access your money

SoFi® is an online-only bank, but still offers plenty of ways to access or move funds quickly, most of which are fee free.

Deposit options

There are numerous ways to deposit funds into your SoFi Checking and Savings accounts, including:

  • Electronic bank transfer from a linked bank account
  • Direct deposit
  • Mobile check deposit
  • At GreenDot partner retail locations

You can transfer funds between your SoFi Checking and Savings accounts at any time through your online account. You can't deposit cash through Allpoint ATMs, but you can at participating local retailers through a partnership with GreenDot. In-person cash deposits come with a service fee of up to $4.95 per transaction.

Deposited funds are typically available within one to five business days.

Withdrawal options

SoFi® withdrawal options include:

  • Electronic bank transfer
  • Physical checks
  • ATM withdrawals
  • Peer-to-peer transfers
  • Online bill pay

Withdrawals at Allpoint ATMs come without fees. SoFi® doesn't charge a fee for out-of-network ATM use, but the ATM operator may charge you a fee.⁵

SoFi® limits ATM withdrawals to $1,000 maximum daily and debit card use to $6,000 daily.

SoFi® offers paper checks to its customers at no cost upon request.

What the SoFi Checking and Savings platform looks like:

Screenshot of SoFi Checking and Savings platform

SoFi Checking and Savings platform. Image source: Liz Wilson

Is it safe to put money in SoFi®?

Yes, money in SoFi® Bank accounts (checking and savings) is FDIC insured up to as much as $250,000 per depositor, and can qualify for as much as $2 million in FDIC insurance coverage if you opt in to the SoFi® FDIC Insurance Network.⁴

Customer service and experience

SoFi® offers several ways for members to get help. Support options include phone support Monday to Thursday, 5 a.m. to 7 p.m. PT and Friday to Sunday, 5 a.m. to 5 p.m. PT. You can also get help via chat support or through Twitter by messaging @SoFiSupport.

Members can also bank digitally through SoFi®'s mobile app. The highly rated app is available for iOS and Android.

Customer reviews

Like many banks, SoFi® gets mixed reviews from online customer review sites. Although SoFi® gets an A+ grade from the Better Business Bureau, it is not BBB accredited, and its rating on BBB.org based on customer reviews is only 1.46 stars out of 5.

Customers have complained on BBB.org about having trouble getting verified for SoFi Checking and Savings accounts, being denied new account welcome bonuses that they thought they deserved, and having accounts frozen without adequate explanation.

SoFi® gets much better reviews on Trustpilot, with 4.5 stars out of 5 -- this is one of the highest Trustpilot ratings we've seen from any bank. A few customers complained about having difficulties with setting up AutoPay, and another mentioned that they didn't like having to pay the fee (up to $4.95) to deposit cash into a SoFi Checking and Savings account.

Physical locations

SoFi® is an online-only bank with no traditional brick-and-mortar bank branches. But you can get cash from your SoFi Checking and Savings account at more than 55,000 ATMs with no ATM fees.⁵

Relationship benefits

When you open a bank account with SoFi®, you become a SoFi® member. With SoFi® membership comes access to several valuable benefits and perks. SoFi® member benefits include:

  • Access to SoFi® member rewards
  • Rate discounts on loan products
  • 15% off trust and will estate planning
  • Referral bonuses
  • Free financial planning help
  • Exclusive events and experiences
  • Access to SoFi®'s members-only Facebook community
  • Access to the member lounge at SoFi® Stadium in Los Angeles

SoFi Checking and Savings is right for you if:

If you need a checking and savings account, SoFi Checking and Savings could make sense, especially if you can meet the requirements to earn its highest interest rate. With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.

SoFi Checking and Savings isn't a good choice for those who are only looking for a standalone checking account or savings account or who prefer to do their banking in person at a local branch.

Other products by SoFi®

In addition to its banking products, SoFi®is known for its full-service lending and financial products and services. Here's a look at some other SoFi® reviews we've published:

SoFi® offers a wide range of products and services, including:

  • Mortgage refinancing
  • Cash-out refinancing
  • Jumbo loans
  • Home equity loans
  • Credit card
  • Personal loans
  • Investment and retirement accounts and services
  • Proprietary ETFs
  • Life insurance
  • Homeowners insurance
  • Auto insurance
  • Renters insurance
  • Estate planning
  • Small business financing

Keep reading about SoFi banking

FAQs

  • Yes, SoFi® Bank, N.A. is an FDIC-member bank based in Salt Lake City, Utah. It became a bank in early 2022 after it acquired Golden Pacific Bancorp, which allowed SoFi® to obtain a national bank charter.

  • Yes. SoFi's checking account comes with a Mastercard debit card that you can use to make purchases or withdraw funds at ATMs. Most customers receive the card within seven to 10 days of opening their account.

  • No. SoFi Checking and Savings doesn't charge monthly maintenance fees, nor does it charge account minimum fees or overdraft fees.

  • You can use any of the 55,000 ATMs in the AllPoint network for no fee.⁵ Many ATMs in the network are in retail stores like Target, CVS, Costco, and Speedway. However, if you use an out-of-network ATM, you won't be reimbursed for any fees you're charged.