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SoFi | 2024 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.

Visit SoFi ➜

SoFi, Member FDIC.


Pros and Cons

   Competitive interest up to 4.60% 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 4.60% 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

  • Flexible Spending – SoFi accounts have no overdraft fees and an added option for overdraft protection on select debit purchases.
  • 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.
  • Overdraft Protection – Customers with direct deposits of $1,000 or more per month can opt for overdraft protection services.
  • Savings Vaults – 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.
  • Accessible ATMs – Enjoy a wide network of 55,000+ fee-free ATMs.
  • Our site regularly updates rates, fees, and other banking information displayed. Please click here or visit 'VIEW RATES' at the bottom of this page for the latest information.

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

Final Thoughts

SoFi Bank 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.


Not ready to commit? Find more online banks with competitive rates, great account variety, and solid customer support here.

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.