Members will be able to unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Learn more. You can earn 1.20% without these two options for savings and 0.50% for checking. As a result, you can grow your savings much quicker. This account doesn’t charge any fees, and there’s no minimum balance needed in order to earn interest. You can also earn up to $250 with qualifying direct deposit.
SoFi Checking and Savings makes it effortless to manage your money on the go with its mobile app and online tools. You can deposit checks, view transactions, track spending, and more.
The company also lets you transfer funds into “vaults” to organize your savings account. These are extensions of your account that let you earmark money for certain things and can help you save for specific goals or upcoming costs. For example, you might have a vault dedicated to saving for a down payment or a home renovation.
What’s more, the AutoSave feature will automatically put a portion of your paycheck into your savings. Roundups on all debit card purchases help accelerate your savings further. Every payment is rounded up to the nearest dollar, and the difference is transferred automatically to the vault of your choice. So if you spend $5.35, the additional $0.65 will go to savings.
Despite being an online bank, SoFi Checking and Savings offers plenty of traditional banking services. The company provides free worldwide access to 55,000+ ATMs in the Allpoint network. SoFi Checking and Savings also offers personal loans, student loans, credit cards, investment accounts, mortgages, insurance, and more.
Unfortunately, SoFi Checking and Savings has no physical locations or branches.
Members will be able to unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Learn more. You can earn 1.20% without these two options for savings and 0.50% for checking. These interest rates are variable, and SoFi Checking and Savings can change them at any time.
|Monthly Fees||APY (with direct deposit or depositing $5,000 or more every 30 days)||APY Savings (without direct deposit)||APY Checking||Minimum balance required to earn interest|
|SoFi Checking and Savings||No monthly account fees||4.50%||1.20%||0.50%||$0|
You can reach out to SoFi Checking and Savings customer support over the phone at 855-456-SOFI (7634) for assistance with your savings and checking account. Phone hours are 5am-7pm (PT) on Monday-Thursday, and 5am-5pm on Friday-Sunday.
There’s also the option of chatting online with a virtual assistant, and it can connect you to an agent during working hours if you need more assistance. You can also contact SoFi on Twitter @SoFiSupport.
In general, SoFi gets positive reviews for its customer service. For example, it has a 4.6 rating on Trustpilot, with nearly 6,000 reviews.
The SoFi website features a helpful FAQs section and informative blog posts, and it provides a user-friendly experience. In addition to the site, the app is easy and intuitive to use.
The signup process for a SoFi Checking and Savings account is clear, and you can do it in minutes online. In order to open an account, you'll need to provide your name, address, date of birth, citizenship status, social security number, phone number, and email address.
You may also need to provide information like your driver's license or some kind of photo ID to verify your identity.
SoFi Checking and Savings has a user-friendly mobile app that lets you manage your accounts remotely. You can use it to deposit checks, monitor your savings, set up automatic saving, and transfer funds, among other things. There’s also a SoFi rewards program where you can earn points for activities like spending or saving. You can turn these points into cash, statement credits, and more.
The app has thousands of positive reviews, and you can download it for free on Android and iOS devices. Go to the app store of your choice, or scan the QR code on the website to download it.
SoFi uses Secure Sockets Layer (SSL) encryption to keep customer information safe and supports two-factor authentication to further protect user accounts. The company monitors for suspicious activity and fraud and can restrict accounts to minimize potential damage until it has dealt with the issue.
Each individual account is also FDIC-insured for up to $250,000 by the Federal Deposit Insurance Corporation. This means that your accounts are protected in case of a bank failure.
If SoFi fails, this insurance would reimburse you the amount in your deposit account, up to the $250,000 limit. This insurance provides peace of mind and gives you confidence that your money is safe.
In addition, SoFi offers up to $2,000,000 through the SoFi Insured Deposit Program.
SoFi maintains technical, physical, and administrative safeguards to protect customer data and ensure your money is safe, as well. The company also outlines the information it collects, why and how it collects it, and where it’s shared.
The SoFi Checking and Savings Account is a no-fee account with a generous APY to grow your wealth. There are no minimum balance requirements or service charges, and the accounts are FDIC-insured, and you can earn up to $250 with qualifying direct deposit. You can have 24/7 access to your account, thanks to the SoFi Checking and Savings mobile app. The app also makes it easy to deposit checks, transfer funds, and view transactions.
This review was created using information from the SoFi website, as well as the company's privacy and security policy. Online reviews from Trustpilot were also used for research purposes.
* SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% 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 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
* Members will be able to unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Learn more.