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No minimum balances
Earn up to $400 with direct deposit. Terms apply.
Automatically save money with Vaults
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SoFi® Checking and Savings Summary
SoFi® is an online bank founded in 2011. It provides a variety of banking services, including credit cards, mortgages, investments, loans, and of course, bank accounts. SoFi Checking and Savings provides a competitive APY, and when you open this savings account, you automatically get a checking account too. The accounts are FDIC-insured, and you can access them at any time through the mobile app.
SoFi Checking and Savings Pros & Cons
Pros
Competitive APY² if you set up direct deposit
No minimum balance
Fee-free ATMs within the Allpoint® Network⁵
Cons
No physical branches
No 24/7 phone support for bank accounts
SoFi Checking and Savings at a glance
9.6
Editorial scoreFees
No monthly fees
10.0
Security
FDIC insured through a partner; supports 2 factor authentication and SSL encrypted account
9.0
Customer Service
Customer service isn't 24/7 - available during typical business hours
9.0
Online and Mobile Experience
Excellent site, highly-rated mobile app; app is 4.8 out of 5 in the app store and 4.1 out of 5 on Google Play
10.0
Features and Benefits
Has banking bonus, digital savings tools, no min deposit, easy online transfers
10.0
SoFi Advantages Over Traditional Banks
SoFi members can earn a 0.80% Annual Percentage Yield without 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 $400 with qualifying direct deposit.¹
Cutting-Edge Banking Services
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.
SoFi Traditional Banking Services
Despite being an online bank, SoFi Checking and Savings offers plenty of traditional banking services. The company provides fee-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.
SoFi Savings Interest Rates and Fees
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 31 days or SoFi members with $5,000 or more in Qualifying Deposits during the 31-Day Evaluation Period can earn up to 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. You can earn a 0.80% Annual Percentage Yield without these 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.
| SoFi Checking and Savings, member FDIC | |
| Monthly Fees | No monthly account fees |
| APY² | 3.30% |
| APY Savings (without SoFi Plus or Qualifying Deposits) | 0.80% |
| APY Checking | 0.50% |
| Minimum balance required to earn interest | $0 |
SoFi Customer Service and Online Experience
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.
Mobile App
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.
Security
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 $3,000,000 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.
Summary
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 $400 with qualifying direct deposit.¹ 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.
Methodology
This review was created using information from SoFi's website, as well as the company's privacy and security policy. Online reviews from Trustpilot were also used for research purposes.
SoFi Checking and Savings Disclaimer:
1. $50 or $400 Bonus/APY
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/2026. 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 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://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 transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank 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 may be incurred when using out-of-network ATMs. 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 a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 1.10% Savings APY Boost (Offer 170.5)
Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Written byKale Havervold
Kale Havervold is a personal finance writer at BestMoney.com, specializing in business and personal loans. He has contributed to Yahoo, Hardbacon, and Loans Canada. Kale’s easy-to-digest, research-driven articles reflect his passion for helping readers make informed financial decisions.