The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site. Advertising Disclosure

CIT Bank Logo Top ⭱

SoFi 2024 Review

Enjoy comprehensive banking solutions with SoFi Checking and Savings accounts, offering competitive interest rates of up to 4.30% APY on savings and 0.50% APY on checking, while allowing you to receive your paycheck two days early with direct deposit.

Get fee-free ATM access, strong savings features, a robust remote customer service experience, and the option for up to $2 million in federal insurance, all while saying goodbye to overdraft fees.

Visit SoFi ➜

SoFi, Member FDIC.


Pros and Cons

✔ Competitive interest up to 4.30% APY
✔ Access to funds two days sooner with direct deposit
✔ No overdraft fees
✔ Combined checking and savings account with separate APYs

✖ Cash deposit services may come with a small fee
✖ Monthly direct deposit of $5,000+ is required to qualify for the best rates


How Does SoFi Work?

With an option to earn competitive interest rates, including 0.50% on checking balances and up to 4.30% on savings balancess (direct deposit requirement), early paycheck access, wide ATM access, and no overdraft fees, SoFi combines convenience and financial growth. The SoFi Checking and Savings Account offers a unique solution that serves both checking and savings needs, with each part of the account having different interest rates.

The savings component of the account is designed to support various saving goals through features like savings vaults and an automatic savings program known as Roundups. This program rounds up debit card purchases to the nearest dollar, depositing the difference into a designated vault.

Unlike typical banks which offer Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000, SoFi extends this protection through its network of banks, allowing funds to be insured up to $2 million. Plus, SoFi provides a range of convenient customer service options, including extended phone hours, a virtual assistant for chat support, and comprehensive website tools.


Key Features

  • SoFi accounts have no overdraft fees and an added option for overdraft protection
  • FDIC insurance up to $2 million beyond the typial $250,000
  • Overdraft protection services for customers depositing $1k+ per month
  • Automatic savings features for hassle-free saving
  • Responsive customer support and helpful web tools
  • 55,000+ fee-free ATMs
  • Our site is regularly updated with new rates.
    For the latest info, click here to visit SoFi's site.


Final Thoughts

SoFi offers a unique Checking and Savings account that provides customers with various financial benefits. SoFi reserves the right to change interest rates, fees, and other pricing. The company's strong remote customer service, up to $2 million in federal insurance, and overdraft protection programs make it a compelling choice for digital-first money management.

Visit SoFi ➜

SoFi, Member FDIC.


SoFi reserves the right to change rates, fees, and other pricing. For the most up-to-date information and to explore SoFi products, please click the button above to visit their site.

Not ready to commit? Find the product you need below and view side-by-side bank comparisons with competitive rates and low fees.
Best overall online banks
Best checking accounts
Best savings accounts

Want to compare more?
Back to bank reviews

SoFi Disclaimer: Direct Deposit Promotion begins on 12/7/23 and will be available through 12/31/24.


Frequently Asked Questions (FAQ)

You can deposit and withdrawal funds into your online account, and manage bills using your bank's secure mobile app, website portal, or by visiting an ATM. To deposit funds into your account, you can transfer money from another account, deposit mobile checks by uploading images of the front and back, use ATMs, or set up direct deposits for recurring incoming payments. For withdrawals, you can transfer money to another account, use ATMs, or request an electronic transfer. Use your online account's automatic payments and bill notifications features so you never miss a payment.
In most cases, you can use your online bank account right away. Opening an online account is fast, often taking just 10 to 15 minutes. Approval is typically granted immediately after application submission, allowing you to create your account, login, and begin banking straight away. If additional verification is needed, approval can take an additional 1 to 2 days.
Yes, nearly all online banks provide free ATMs nationwide and/or automatic reimbursements for ATM fees. Most online banks partner with large ATM networks to provide easy access to ATMs no matter where you live. If you run into difficulty locating in-network ATMs, oftentimes the bank will reimburse any out-of-network ATM charges.
The best bank depends on your financial needs. First, determine whether a checking account for everyday transactions or a savings account to earn interest on your deposits is right for you. Then, look for banks that offer low or no fees. competitive interest rates, great customer reviews, and helpful digital tools to manage your finances easily.
Yes, online banks must adhere to strict government regulations and licensing requirements just as traditional banks must, and many provide the same level of FDIC insurance. Robust encryption and cyber-security keep your personal information safe, in a similar way that traditional banks keep their customer databases secure. Selecting a reputable financial institution is key to any safe banking, so be sure to carefully evaluate and compare banks before agreeing to any terms.
FDIC insured banks are financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). This insurance protects deposits up to $250,000 per depositor, per bank, meaning, in the event a bank ever fails, your money is secure.