As one of the top online banks, SoFi Bank is known for its high-yield deposit accounts with no monthly fees. It only offers a checking account and a savings account — which are only available as a combined account — but both accounts make the cut for the best checking accounts and best savings accounts in the country.
If you’re comfortable with managing your account exclusively online, SoFi Bank could be an excellent option to consider. We at the MarketWatch Guides team have put together an in-depth review of its products and reputation so you can decide if SoFi Bank is right for you.
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*Annual Percentage Yield
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Sofi Bank at a Glance
Best Checking and Savings Account Combo
SoFi Bank
4.8
Savings APY 4.50% with qualifying monthly deposits
Checking APY 0.50%
ATM Access 55,000+ without fees
Overdraft Fee $0
Monthly Service Fee $0
BBB Rating A+
SoFi was founded in 2011 as a lending platform, later offering student-loan refinancing, mortgages andpersonal loans. It began operating as an online bank in February 2022 and soon launched its combined SoFi Checking and Savings account. SoFi Bank quickly grew in popularity, and by the end of 2022, it had over 2.1 million SoFi Money members and $7.3 billion in deposits.
SoFi Bank’s only deposit product is a joint checking and savings account. But, as an online-only bank, SoFi Bank has lower fees, higher interest rates and a more extensive ATM network than traditional banks. In exchange, you won’t get in-person service since there are no physical branches.
Pros
Banking benefits: In addition to no monthly fees or minimum balance requirements, you can expect to earn higher interest rates than the majority of the competition.
Free ATM access: Account holders get access to more than 55,000 ATMs without fees.
Cash bonus for new customers: SoFi offers a bank account bonus of up to $300 for new customers.
Cons
Limited access: SoFi has no in-person branches.
Few account options: SoFi doesn’t offer CDs or money market accounts.
No minors allowed: Account holders must be 18 to open an individual or joint account, which means SoFi isn’t suitable for children or teens.
Our SoFi Bank Ratings
We give SoFi Bank 4.5 out of 5 stars after looking into categories including its branch availability, account fees, interest rates and customer support. It scores highest for its savings and checking accounts, while its overall banking experience earns a lower score since SoFi doesn’t offer in-person banking access.
Here’s how the bank scores in each of these factors:
Flip Card SoFi Bank
SoFi Bank Rating 4.5 / out of 5 stars
Rating breakdown
Banking Experience and Access 3.8 / 5
Checking 4.7 / 5
Savings 4.8 / 5
SoFi Bank vs. Other Top Banks
When compared to top banks such as Chase Bank, Wells Fargo and Bank of America, SoFi has advantages and disadvantages as an online bank. SoFi Bank has better accounts overall because of its lower fees and higher interest rates. It also has a bigger ATM network thanks to its partnership with Allpoint. However, SoFi Bank doesn’t have in-person branches.
SoFi Bank is more similar to Ally Bank, another online-only bank. Although SoFi Bank has a more extensive ATM network than Ally, it only offers a checking and savings account. Ally Bank has more deposit account options, including CDs and a money market account.
| SoFi Bank | Ally Bank | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|---|
| Our rating | 4.5 | 4.5 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 55,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available deposit products | Checking, savings | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes | Yes |
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>> Related: Learn more about the best online banks
Who Is SoFi Bank Best For?
SoFi Bank is best for someone who is looking for a high-yield checking or savings account since the financial institution doesn’t offer other banking services. If you’re comfortable with just those two accounts, and doing your banking online, then SoFi is certainly worthy of consideration.
As an online bank, SoFi offers customers competitive interest rates and low fees, which are desirable to anyone looking to open a deposit account.
SoFi Bank Accounts
SoFi Bank only offers a checking account and a savings account, and you’ll receive both accounts in the form of a combined account called SoFi Checking and Savings. SoFi bank accounts can be managed online or through SoFi’s mobile app.
Both deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor and account ownership category. SoFi also offers up to $2 million in FDIC insurance for customers enrolled in its SoFi Insured Deposit Program.
| SoFi Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| SoFi Checking | 0.50% | $0 | $0 |
| SoFi Savings | 4.50% with qualifying monthly deposits 1.20% without qualifying monthly deposits | $0 | $0 |
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SoFi Bank Checking Accounts
Best for Cash-Back Incentives
4.7
| SoFi Bank Checking Account | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | Overdraft Fee | APY* |
| SoFi Checking | $0 | $0 | $0 | $0 | 0.50% |
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*APY accurate as of July 17, 2024
SoFi Bank Checking Account Overview
SoFi Bank only offers one checking account, which we give 4.7 stars. It comes with no fees, acompetitive APY, access to a massive ATM network and debit card anddirect deposit perks. The main drawback is that it doesn’t reimburse ATM fees for using out-of-network ATMs.
Pros and Cons
Pros No fees or minimums: You can open an account with no minimum deposit, and SoFi doesn’t charge monthly maintenance fees, regardless of your balance. High interest rate: This account offers an APY that’s more than seven times higher than the national average rate for checking accounts. Debit card perks: You’ll get access to more than 55,000 ATMs without fees, plus SoFi’s automatic savings roundup feature and up to $50 in overdraft protection for debit card purchases. Cons No branches: As an online-only bank, SoFi doesn’t provide in-person banking access. No out-of-network ATM reimbursem*nts: Unlike some online banks, SoFi doesn’t reimburse ATM fees for out-of-network ATMs. Only available as a combined account: SoFi’s checking account isn’t available on its own and automatically comes with SoFi’s savings account.
SoFi Bank Checking Account Information
SoFi’s checking account earns a respectable interest rate no matter how much or how little you have in the account. Its APY is more than seven times the FDIC’snational average rate of 0.45% for interest checking accounts.
This account comes with freepaper checks, a debit card, overdraft coverage and early direct deposit, where you can receive yourpaycheck up to two days early. You can also deposit cash into your account through a participating Green Dot retailer, which isn’t always an option with online banks.
Debit Card Perks
With SoFi’s debit card, you can make free withdrawals from over 55,000 Allpoint ATMs across the U.S. However, SoFi doesn’t reimburse for out-of-network ATM fees. SoFi also offers a roundup savings feature where you can round up each debit card purchase to the nearest dollar, putting the rest in your savings account.
SoFi Bank doesn’t chargeoverdraft fees, and you can receive up to $50 inoverdraft coveragefor debit card purchases. To qualify for coverage, you must make qualifying direct deposits of at least $1,000 per month.
SoFi Bank Checking Account Bonus
As a new SoFi member, you can receive up to a $300checking account bonuswhen you open a SoFi Checking and Savings account. To qualify for the bonus, you’ll need to set up an eligible direct deposit before the promotion ends on June 30, 2024. You’ll then have 25 calendar days to submit a certain amount of total direct deposits to earn the bonus.
The size of the bonus depends on how much you put in your account:
- If your total direct deposit amount is between $1,000 and $4,999.99, you can earn a $50 cash bonus.
- If your total direct deposit amount is $5,000 or more, you can earn the full $300 cash bonus.
If terms are met, SoFi will issue the bonus within seven business days.
SoFi Bank Savings Accounts
Best Checking and Savings Account Combo
4.8
| SoFi Bank Savings Account | Min. Opening Deposit | Min. Account Balance | Monthly Service Fee | APY* |
| SoFi Savings | $0 | $0 | $0 | 4.50% with qualifying monthly deposits 1.20% without qualifying monthly deposits |
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*APY accurate as of September 4, 2024
SoFi Bank Savings Account Overview
SoFi’s savings account earns 4.8 stars. This high-yield savings account can be an excellent option to consider if you’re able to meet the monthly direct deposit requirements to qualify for the best rate. If you don’t have that much money coming in each month, this might be a drawback as othertop high-yield savings accountsoffer similar rates without strict requirements.
Pros and Cons
Pros No fees or minimums: This account doesn’t charge a monthly fee or require a minimum balance to earn interest. Potential for high APY: If you’re able to meet the qualifying monthly deposits, you’ll earn a competitive APY. Save for different goals with Vaults: You can divide up your savings account into smaller accounts dedicated to different personal finance goals. Cons APY restrictions: You need to set up qualifying monthly deposits to earn the highest rate or you’ll earn a much lower rate. No standalone account option: SoFi’s savings account automatically comes with its checking account.
SoFi Bank Savings Account Information
SoFi’s savings account can earn an APY nearly 10 times the national average savings account interest rate of 0.50%. To earn the highest rate, you must either set up eligible monthly direct deposits or make qualifying deposits of $5,000 or more each month. If you don’t meet either condition, you’ll earn a much lower APY. But this APY is still nearly three times the FDIC’s national average savings rate.
You can also split your savings account balance between different SoFi Vaults, which are smaller savings accounts within your main savings account. These smaller accounts are designed to help you categorize your savings goals, such as saving for a vacation or an emergency fund.
SoFi Bank Reputation and Customer Satisfaction
SoFi Bank has an excellent reputation. It has an A+ rating from the Better Business Bureau (BBB), but it’s not BBB accredited. It also has 5 out of 5 stars from Bauer Financial and an average of 4.6 out of 5 stars from customers on Trustpilot.
SoFi Bank receives solid reviews for its mobile app. However, there’s a slight split between Apple and Google Play reviews. SoFi Bank has 4.8 out of 5 stars on the App Store, as most reviewers find the app easy to use, well-designed and included desired features. On Google Play, SoFi Bank has 4 out of 5 stars. Most reviews are positive, but some express frustration with glitches, bugs and the app being slow.
The Bottom Line: Is SoFi Bank Right for You?
If you’re looking for a high-yield checking or savings account and don’t mind managing your account online, SoFi Bank should be on your radar. Its checking and savings account have no fees or balance requirements and pay competitive rates.
SoFi Bank can offer these benefits because it saves money by not operating physical branch locations. But if you want face-to-face customer service with your bank or in-person banking access, it would be better to go with a traditional brick-and-mortar bank.
>> Related: Learn more about SoFi personal loans
Learn More About SoFi Bank
See how SoFi stands out in our roundups of the best financial institutions and deposit products available today:
- #1 on Best High-Yield Savings Accounts
- #1 on Best Savings Accounts
- #1 on Best Savings Accounts for Teens
- #1 on Best Online Banks
- #1 on Best Checking Accounts
- #1 on Best Free Checking Accounts
- #1 on Best Online Checking Accounts
- #1 on Best Bank Bonuses
- #2 on Best Banks and Credit Unions
- #3 on Best Student Checking Accounts
FAQ: SoFi Bank Reviews
Yes, SoFi is considered to be a trustworthy bank. It is a nationally chartered bank approved to operate across the country. Its deposit products also have FDIC insurance up to the maximum allowable limit, just like traditional banks.
The main downside of SoFi Bank is that it doesn’t have physical branch locations, so you can only get customer support by phone or live chat. It also doesn’t offer a wide variety of deposit products, including CDs and money market accounts.
Yes, SoFi is a valid bank. Even though it’s online-only, it provides the same types of products, account benefits and FDIC protection you would receive from a traditional bank.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
