How Banks Are Building Trust with Customers in 2024
Dec. 12, 2024
What Is a Savings Account and How Does it Work?
Dec. 12, 2024
How to Choose the Right Online Bank for You
Dec. 12, 2024
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time
Members will be able to unlock SoFi's highest savings rate by setting up a direct deposit OR by depositing $5,000 or more every 30 days. Learn more. You can earn a 1.20% Annual Percentage Yield without these two options for savings and 0.50% for checking. As a result, you can grow your savings much quicker. This account has no minimum balance needed in order to earn interest. You can also earn up to $300 with qualifying direct deposit**.
SoFi Checking and Savings (member FDIC) 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 has no physical locations or branches.
Members will be able to unlock SoFi Checking and Savings' highest savings rate by setting up a 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. Note that 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, member FDIC | No monthly account fees | 4.00% | 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, member FDIC, 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 offers a generous APY to grow your wealth. There are no minimum balance requirements or service charges, and the accounts are FDIC-insured. You can earn up to $300 with qualifying direct deposit**. You also 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's website, as well as the company's privacy and security policy. Online reviews from Trustpilot were also used for research purposes.
*Terms Apply
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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of 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 Direct Deposit can earn 4.00% 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 4.00% APY for savings (including Vaults). Members without Direct Deposit 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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 theSoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
* Members will be able to unlock SoFi's highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Learn more.
** Direct Deposit Promotion begins on 12/7/23 and will be available through 12/31/24.
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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of 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 Direct Deposit can earn 4.00% 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 4.00% APY for savings (including Vaults). Members without Direct Deposit 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 12/3/2024. 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 with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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 theSoFi 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 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access - SoFi has 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 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
