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SoFi Review

30-Second Review

Enjoy comprehensive banking solutions with SoFi Bank's Checking and Savings account, offering competitive interest rates of up to 4.60% 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.

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  • Combined Checking and Savings Account: SoFi offers a single account for both checking and savings, each with different interest rates.
  • Federal Insurance: Typical FDIC insurance covers personal funds up to $250,000, but SoFi’s network of banks means funds can be federally insured up to $2 million, well exceeding traditional bank limits.
  • Savings Features: SoFi's savings account includes savings vaults for different savings goals and an automatic savings program called Roundups, which rounds up debit card purchases to the nearest dollar and deposits the difference into a designated vault.
  • Convenient Customer Service: SoFi provides robust remote customer service options, including extended customer service phone hours, a responsive social media, a virtual assistant chat, and informative website tools.
  • No Overdraft Fees: SoFi does not charge overdraft fees, and customers with direct deposits of $1,000 or more per month can opt for overdraft protection services.

Pros and Cons


  • Competitive Interest: Particularly with direct deposit, SoFi’s APY rates are desirable for individuals looking to earn interest on their account(s).
  • Early Pay: Get access to funds two days sooner with early paycheck availability.
  • Accessible ATMs: Enjoy a wide network of 55,000+ fee-free ATMs.
  • Flexible Spending: SoFi accounts have no overdraft fees and an added option for overdraft protection on select debit purchases.


  • Cash Deposit Charge: SoFi’s cash deposit services require a visit to a Green Dot retail location with fees of up to $4.95 per deposit.
  • High APY Requirements: For the highest savings interest rate, you must make a minimum monthly direct deposit of $5,000.

Final Thoughts

SoFi Bank offers a unique Checking and Savings account that provides customers with various financial benefits. With an option to earn competitive interest rates, including 0.50% on checking balances and up to 4.60% with direct deposit on savings balances, early paycheck access, wide ATM access, and no overdraft fees, SoFi combines convenience and financial growth. SoFi reserves the right to change interest rates, fees, and other pricing. To see the most up-to-date information, please visit their site here:

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Additionally, their strong remote customer service, up to $2 million in federal insurance, and overdraft protection programs further enhance the banking experience, making SoFi a compelling choice for digital-first money management.

Frequently Asked Questions (FAQ)

Opening an online bank account is remarkably simple. In most cases, the process can be completed within 10 to 15 minutes. Streamlined digital applications, reduced paperwork, and quick verification make it a hassle-free experience, saving you time and effort.
Depositing and withdrawing money online is a quick, easy, and secure process. To deposit, you can transfer funds from another account, set up direct deposits, or use mobile check deposit features. For withdrawals, you can transfer funds to another account, use ATMs, or request electronic transfers.
Manage bills and payments with efficiency through your online bank account. Most online banking platforms offer bill pay services, allowing you to schedule and make payments to various recipients. You can set up recurring payments, view payment history, and receive alerts to ensure all your financial obligations are met conveniently and on time.
Many online banks partner with ATM networks providing access to physical access to ATMs nationwide, with some banks even reimbursing customers for out-of-network ATM fees.
Yes, online banking is generally safe so long as you select a reputable financial institution. Robust encryption, secure login procedures, and routine monitoring protect your financial information. Many also offer two-factor authentication for added security. Additionally, government regulations FDIC insurance provide further safeguards, making online banking a secure choice for managing your finances.