SoFi Review: Checking and Savings - NerdWallet (2024)

FAQs

Is SoFi checking and savings legit? ›

On Trustpilot, SoFi has 4.6 stars with over 7,500 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don't like how hard it is to deposit cash—or that the process comes with a $4.95 fee.

SoFi Bank Checking Account Overview

The main drawback is that it doesn't reimburse ATM fees for using out-of-network ATMs. 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.

After your first direct deposit, you'll have a 25-day period called the "bonus period." Whatever you receive in direct deposits during this period will determine your bonus amount. If your direct deposits total $4,999.99 or less, you'll get $50. If they total $5,000 or more, you'll get $300. Receive your bonus.

Which Bank Gives 7% Interest Rate? Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.

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.

Any new deposit made into a SoFi Invest account is placed on a five-business-day hold. The sixth business day is when your funds are available to be withdrawn.

SoFi takes your security very seriously. Upon depositing funds into your SoFi checking and, or savings accounts (including vaults), the balance is FDIC insured up to $250,000 per account holder across all deposit accounts. Joint accounts will be insured up to $500,000.

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan.

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 banks in the SoFi Insured Deposit Program.

SoFi Checking and Savings is offered through SoFi Bank, N.A. The SoFi® Bank Debit Mastercard® is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted.

Should I set up direct deposit with SoFi? ›

When you set up direct deposit, you unlock the best of SoFi, including 4.60% APY (annual percentage yield) on Savings accounts and Vaults, plus features like No-Fee Overdraft Coverage and Early Paycheck. You can set up direct deposit here.

Zelle is not currently a feature in the SoFi app, however you can download the Zelle app separately and connect your SoFi debit card to send and receive money via Zelle.

Sofi Checking and Savings accounts are FDIC insured. Your funds are protected by FDIC insurance of up to $250,000 per member or $500,000 for joint accounts. If you'd like additional FDIC insurance, you can enroll in the SoFi Insured Deposit Program for up to $2 million in FDIC coverage.

Is SoFi Bank safe? Yes. SoFi is FDIC-insured, meaning you have standard coverage up to $250,000 per customer, per account. Increased FDIC coverage of up to $2 million is also available with SoFi.

Yes, SoFi is a legitimate lending company that offers various financial products, including loans, investing, credit cards and more. It was founded in 2011 as Social Finance Inc.

SoFi is an FDIC insured, nationally chartered bank that offers SoFi Checking and Savings. SoFi became a bank in order to bring you the best features, including a simple, market-leading interest rate of 4.60% APY across both SoFi Checking and Savings accounts (requires an active direct deposit).