SoFi Checking and Savings Review 2025: Online Cash Management

SoFi® is the brainchild of a few Stanford University business students who wanted to tackle the student loan debt issue in the United States by making it easier for borrowers to refinance student loans.

The founders later expanded SoFi’s focus to include several financial products and services, including online banking through SoFi Money. SoFi Money is now branded as SoFi® Checking and Savings (member FDIC⁴) thanks to the company’s approval for a bank charter in early 2022. Today, SoFi offers many banking services with great benefits for consumers with or without student debt.

What SoFi Checking & Savings Is and How It Works

When you sign up for SoFi Checking and Savings (member FDIC), you open both a checking and a savings account and both are FDIC-insured with access to the same benefits from SoFi. SoFi does not offer standalone checking or savings accounts.

More About SoFi Checking

SoFi has a lot of attractive features as a checking account. It might be most appealing to SoFi customers who use its other products, like automated investing and student loan refinancing.

Unlike most checking accounts, SoFi accounts come with some transaction limits that could make it tough to use as your primary spending account:

• Withdrawal limits: $1,000 per day total
• Point-of-sale (cash register) transactions: 12 per day.
• Daily debit card use limit: $6,000 per day.

Still, your account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts. And, if you set up direct deposit or keep $5,000+ in your account, you could earn up to 3.80% APY on savings and 0.50% on checking.²

SoFi offers overdraft protection up to $50 as long as you receive at least $1,000 in direct deposits.⁷

To open a SoFi Checking and Savings account:

1. Become a SoFi member by creating an account online or through the app with your email address.
2. Open a Checking and Savings account through your dashboard. You’ll need to enter your mailing address, phone number, birth date and Social Security number.
3. You can open an account with no minimum opening deposit and pay no account maintenance fees.
4. Set up direct deposit or a recurring transfer of at least $1,000 to qualify for overdraft protection.

More About SoFi Savings

When you sign up for SoFi Checking and Savings (member FDIC) for your checking account, you’ll also get a savings account. Here’s an overview of its savings features.

Both of your accounts with SoFi Checking and Savings get the benefits, so you don’t have to worry about which bucket your money is in.

You’ll earn up to 3.80% annual percentage yield (APY) on a total balance across accounts as long as you sign up for direct deposit (with no minimum deposit requirement).* Plus, for a limited time, earn an extra 0.70% Boost on Savings APY for 6 months on new accounts with Direct Deposit⁸. Terms apply. If you don’t use direct deposit, you’ll earn up to 1.00% APY on all balances.

The downside to having your checking and savings seamlessly connected is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow.

The upside: The account structure makes your money more accessible through SoFi than in a traditional savings account, so you can build your savings knowing you can get to the money anytime if you need it.

Cash in SoFi Checking and Savings is FDIC insured up to $250,000.

SoFi Rates, Fees & How to Earn its Best APY

SoFi boasts no fees across their services³ and they mean it.

• No third-party ATM fees
• No monthly fees, like an account maintenance fees or minimum balance fees
• No overdraft fees up to $50
• No foreign transaction fee
• No fee for a replacement card
• No bill pay fees
• SoFi covers foreign conversion fees

Fee structures are subject to change, but you can take comfort in knowing the lack of fees at SoFi is one of the most attractive features of online-only banking. A fee you may run into is one that some of its partners may charge: $4.95 per deposit for cash deposits. 

Not only will you earn up to 3.80% APY (with eligible direct deposit or $5,000 or more in qualifying deposits during the 30 day evaluation period) on money in savings and 0.50% on checking funds, there’s the possibility of up to a $300 bonus¹. The bonus is tiered; to get the full $300, make sure your qualifying direct deposits total $5,000 or more. And for a limited time, earn an extra .70% Boost on Savings APY for 6 months on new accounts with Direct Deposit. Terms apply.

Key Features and Other SoFi Products

You also can get paid up to two days early automatically when you set up direct deposit6, but another huge benefit to signing up for a SoFi Checking and Savings (member FDIC) account online is becoming a member of the greater SoFi ecosystem.

SoFi members are anyone who uses a SoFi product, like Checking and Savings. As members, consumers get exclusive benefits like member-only financial planning events and member rate discounts on SoFi loans.

• Personal Loans: Apply for a personal loan for things like student loan refinancing, credit card consolidation or home improvement. SoFi only offers fixed-rate personal loans for amounts between $5,000 and $100,000 with fixed rates as low as 8.99% APR. You can check the rates you may qualify for by creating a SoFi account and entering the amount you want to borrow. Checking rates with SoFi will not affect your credit score.
• Mortgages: Take out a home loan or refinance an existing mortgage through SoFi. You’ll save $500 on mortgage processing fees for being a SoFi member. SoFi also facilitates home equity lines of credit, allowing members to access up to 90% or $500,000 of their home’s equity.
• Investing: SoFi Invest is a brokerage account that lets you invest in stocks and ETFs right through the app. You can set up automated investing and let SoFi experts choose your portfolio for you or you can choose what to invest in. SoFi also offers Roth, traditional, and SEP IRAs to help you save for retirement. You can fund your SoFi investment account using a SoFi Checking and Savings account or an external checking or savings account.
• Credit Card: See if you qualify for one of its several credit card options. 
• Insurance: Through SoFi Protect, you can be matched with affordable life, auto, homeowners and renters insurance. In most cases, you can apply and sign up online without speaking to an agent or facing a medical exam.
  

Pros of Using SoFi 

We’ve rounded up pros about SoFi Checking and Savings to help you decide if this personal finance company is right for you.

• No minimum opening deposit
• No maintenance fees
• No overdraft fees
• ATM access in-network
• Slick app with a lot of features
• High-yield account with a competitive interest rate
• Solid ATM network (55,000+ fee-free ATMs)⁵
  

Potential Drawbacks to Consider

Here are several cons to using SoFi Checking and Savings:

• Restricting transaction limitations
• No business banking options
• No brick-and-mortar banking options
• There are no standalone checking or savings accounts

Is SoFi Safe and Trustworthy?

SoFi not only holds a national bank charter and boasts millions of users, SoFi Checking and Savings deposits are FDIC insured up to $250,000.

In fact, as an online-only institution, SoFi banking happens primarily through the SoFi app for smartphones and tablets. Customers give the app 4.8 out of five stars in the Apple App Store and 4.3 out of five stars on Google Play.

The SoFi app lets you sign up for and access all SoFi products including Checking and Savings and budgeting and money tracking tools.

Through the app, you can:

• See your checking and savings account balances and transaction history.
• Deposit money with mobile check deposit.
• Transfer funds to and from a linked financial institution or between accounts.
• Freeze and unfreeze your debit card.
• Chat with customer support.
• Monitor your TransUnion VantageScore credit score.
• Connect other financial accounts to track your spending and savings in one place.
• Access SoFi’s other financial products and services.
  

Final Verdict: Best For Which Users?

SoFi Checking and Savings could be a perfect replacement for your primary checking or money market accounts, plus a good fit for short-term savings and managing money you want to invest through SoFi.

It could be a fit for you if:

• You need access to SoFi’s other money products including loans and investing.
• You have short-term savings goals such as vacation savings, home down payment, buying a car or holiday shopping
• You receive a regular paycheck via direct deposit
• You prefer to do your banking online or through a mobile app

It might not be a fit for you if:

• You prefer in-person service from local bank tellers or loan agents
• You’re frequently or primarily paid in cash
• You have no need for additional products and services like mortgages, debt consolidation, student loan refinancing or financial planning
• You have a high volume of daily transactions, like if you travel or shop a lot
• You need small business banking
• Your savings goals are mostly long term, like retirement or college savings

Ultimately, it’s ideal for users wanting high APY, no fees and digital convenience. It’s less ideal for those needing cash handling or in-person support.

Sign up here. 

FAQs About SoFi Checking and Savings (member FDIC)

1. Up to $300 Bonus Tiered Disclosure: 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit.

If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible 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 Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures: SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

3. Fee Policy: 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. Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

5. ATM Access: 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: 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: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible 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.

8. 0.70% Savings APY Earn up to 4.50% Annual Percentage Yield (APY) on SoFi a 0.70% APY 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. 3.80% Savings with SoFi Bank, Boost.

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