SoFi Bank Review 2024 | Bankrate (2024)

Table of Contents
At a glance Overview Highlights Advertiser Disclosure How We Make Money SoFi American Express Jenius Bank Advertiser Disclosure How We Make Money SoFi American Express Jenius Bank EverBank LendingClub Overall Pros Cons SoFi banking products SoFi savings overview SoFi savings rates Advertiser Disclosure How We Make Money American Express SoFi checking overview Advertiser Disclosure How We Make Money SoFi Bank fees Customer experience Customer support Digital experience About SoFi Bank How does SoFi Bank compare to other banks? SoFi Bank vs. Ally Bank SoFi Bank FAQs Review methodology FAQs

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At a glance

SoFi Bank Review 2024 | Bankrate (1)

4.5

Rating: 4.5 stars out of 5

Bankrate Score

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

Overview

Sofi Bank is ideal for consumers who are looking to get a competitive yield on a checking and savings account, interested in getting early direct deposit and looking to avoid overdraft fees.

Highlights

  • No Min Deposit
  • Free Checking
  • High APY

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

SoFi Bank Review 2024 | Bankrate (2)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

SoFi Bank Review 2024 | Bankrate (4)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

SoFi Bank Review 2024 | Bankrate (6)

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 5 stars out of 5

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

SoFi Bank offers a competitive yield for checking and savings customers who have a qualifying direct deposit with SoFi. But customers will need to open both a checking and savings account to bank with SoFi and will have to use direct deposit to earn the top APY.

Pros

  • SoFi offers competitive yields on both its checking and savings accounts.

  • SoFi Bank offers early direct deposit.

  • At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.

  • The bank doesn’t have overdraft fees.

  • Those who live close to SoFi Stadium — or attend games at SoFi Stadium — might benefit from this account through 25 percent cash back and VIP access at the stadium.

Cons

  • To earn the bank’s top APY, you’ll need a direct deposit.

  • You’re required to get both a checking and a savings account; you can’t just open one or the other.

  • The bank’s top bank account bonus requires direct deposits of $5,000 or more during the 25-day evaluation period.

SoFi banking products

5.0

/5

Rating: 5 stars out of 5

See methodologyCompare savings rates

SCORE BREAKDOWN

APY offering:

4.60%

Rating: 5 stars out of 5

5/5

Minimum balance to earn interest:

$0.00

Rating: 5 stars out of 5

5/5

Monthly service fee:

$0.00

Rating: 5 stars out of 5

5/5

Minimum balance to avoid fee:

$0.00

Rating: 5 stars out of 5

5/5

Access to funds:

Great

Rating: 5 stars out of 5

5/5

FEATURES

SoFi savings overview

The SoFi savings account offers a competitive yield, but it’s only for customers with direct deposit at the bank. Customers without a direct deposit at SoFi will still earn a yield much higher than the national average, but SoFi’s direct deposit yield is much more competitive with top online banks. At the time of this review, there’s a cash bonus for opening a new account and setting up direct deposit.

You can’t withdraw from the savings account at an ATM. But because you have to get both a checking and savings account, you can transfer money from savings to checking and then withdraw from the checking account at an ATM.

The account comes free of fees, including monthly fees, overdraft fees or minimum balance fees. Moreover, the account comes with overdraft coverage, which will cover you up to $50 if you overdraw your account. Otherwise, your transaction will be declined. This coverage is only available to customers with monthly direct deposits of $1,000 or more.

Pros

  • The SoFi savings account allows you to earn a competitive yield, as long as you have a direct deposit with SoFi.

  • SoFi doesn’t require a minimum opening deposit or charge any fees.

  • Customers can set up savings Vaults to set aside money for specific goals.

Cons

  • You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.

  • Without qualifying direct deposits, the savings yield is much lower.

  • See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

    SoFi

    APY

    APY

    National average APY

    How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

SoFi Bank Review 2024 | Bankrate (18)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min balance for APY

View offerArrow Right

Promoted offer:

4.9

Rating: 4.9 stars out of 5

Bankrate Score

Compare top checking rates

SoFi checking overview

SoFi’s checking and savings account package is a checking and a separate savings account. At the time of our review, SoFi was offering a competitive yield as long as you had a qualifying direct deposit with the bank.

SoFi checking has some other modern features. One is early direct deposit, which allows you to access your paycheck two days early. The bank also doesn’t have overdraft fees and it offers a $50 overdraft cushion.

The bank is also a part of the Allpoint ATM network. This allows its checking customers to access 55,000 Allpoint ATMs without paying a fee.

As of our review, you could also earn a bank account bonus based on your direct deposit amount.

Some other perks of the account include free checks, automatic roundups on debit card purchases and 15 percent cash back on qualifying purchases.

You can deposit cash into your account through a GreenDot retailer. But there’s a charge of up to $4.95 for this service.

Pros

  • Early direct deposit is offered.

  • You won’t have to pay an overdraft fee for overdrawing $50 or less.

  • You’re able to earn up to 15 percent cash back at certain local stores when you pay with your debit card.

  • You can earn a competitive yield on a checking account.

  • SoFi doesn’t charge a fee for international debit card transactions.

Cons

  • You can’t just get a checking account; you have to open a savings account also.

  • Only customers with qualifying direct deposits are eligible for up to $50 of overdraft coverage.

Current Checking Rate

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

SoFi Bank Review 2024 | Bankrate (20)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/29/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

To open

$0

To avoid fees

View offerArrow Right

Compare more:Bankrate's best high-yield savings account offers

Bank fees

FeeCharged?
Overdraft feeNone
Non-sufficient funds feeNone
Monthly maintenance feeNone
Out-of-network ATM feeNone*
Excessive transaction feeNone

*Third parties may charge you a fee if you use an out-of-network ATM.

Find out:Tips to avoid common bank fees

Customer experience

Customer support

Support hours. You can chat with SoFi’s customer service seven days a week. The hours are Monday-Thursday 5 a.m. to 7 p.m. PT and Friday-Sunday 5 a.m. to 5 p.m. PT.

Low customer satisfaction. SoFi scored below average in overall satisfaction among online-only banks for both its checking and savings accounts, according to J.D. Power’s 2023 Direct Banking Satisfaction Study.

Digital experience

Highly rated mobile app. SoFi’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, more than 200,000 users have reviewed the app. SoFi’s app also comes with a financial insights dashboard, which offers helpful digital resources such as a budget planner, spending insights and free credit score monitoring. Moreover, you can easily find all the details of your financial products in one place, from banking and investments to personal loans.

Cluttered interface. While the app is highly rated, the user interface can be bogged down with information and marketing materials. “Because the app includes access to all of SoFi’s financial products, there’s quite a bit of marketing that comes along with it,” said a Bankrate staff member with a SoFi account. “Pop ups during in app sessions and push notifications for credit cards and personal loans are frequent and can be annoying.”

Bankrate staff insights

“Aside from the notifications and common marketing, the SoFi app has been extremely easy to use, and the bank seems to take a very “technology forward” approach to an industry that’s sometimes lacking in that area,” said a Bankrate staff member with an account. “The lack of physical locations does mean that large expenses that require cash or cashiers checks require a bit more planning, but I think that’s a fair trade off for a competitive rate and positive app experience.”

The above images were last updated on Dec. 11, 2023.

About SoFi Bank

SoFi has been around in one form or another since 1986. In August 2011, Social Finance, Inc., began. The institution has undergone many changes over time, including what financial products and services it provides.

In the past, SoFi has been primarily known for providing personal loans and refinancing services for student and auto loans. It became a chartered bank in early 2022. Shortly after that, it started offering its checking and savings account.

How does SoFi Bank compare to other banks?

SoFi Bank vs. Ally Bank

As online-only banks, both SoFi and Ally Bank offer all the digital bells-and-whistles of modern banking, including little-to-no fees and high yields on savings accounts. Both banks are part of the Allpoint ATM network.

However, Ally is a full-fledged bank offering multiple deposit products, including separate savings and checking accounts, in addition to a wide array of CDs and a money market account. If you’re looking to bring your banking under one roof, Ally may be the better choice for you, especially since SoFi only offers one account package that includes a checking and savings account.

That noted, if you can set up direct deposit and you’re looking for the highest yield between the two, SoFi is the better option as it provides a high APY on its savings account —and that comes with an interest-bearing checking account, too.

Learn more:The best banks of 2024

SoFi Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

SoFi Bank Review 2024 | Bankrate (2024)

FAQs

Is SoFi Bank trustworthy? ›

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.

Discover More ›
What is the downside of SoFi? ›

Though the SoFi Checking and Savings account offers numerous advantages, there are some disadvantages to consider, such as foreign transaction fees, limited overdraft protection and a lack of bank branches. No bank branches: SoFi is an online bank with no branch access.

See Details ›
Is SoFi Bank safe from collapse? ›

Yes, funds deposited into SoFi checking and savings accounts are FDIC insured for up to $250,000 per depositor, for each ownership category, in the event of a bank failure.

Tell Me More ›
Is SoFi financially stable? ›

Investment risk

SoFi has liabilities of $24.5 billion, of which $8 billion are deposits from clients. While the total assets are $30 billion, the equity comes to $5 billion, and that already includes a cash position of $3 billion as of the end of 2023 for some financial cushion.

Tell Me More ›
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