SoFi

About SoFi

SoFi, or Social Finance, Inc., was founded in 2011 by Stanford business school students. While their original focus was connecting recent graduates with alumni in their community, they quickly expanded to student loan refinancing, private student loans, mortgage lending, personal loans, money management and investment products. In 2022, SoFi became a national bank, providing customers with FDIC-insured checking and savings accounts. In addition to their wide portfolio of products, SoFi also offers credit cards, auto loan refinancing, insurance and more, making them a true one-stop shop for your financial needs.

SoFi is a virtual bank, meaning there are no physical branches. Without the overhead costs of operating physical locations, SoFi is able to pass those savings along to their members, which is how online banks are able to offer higher interest rates and rock-bottom fees compared to traditional banks. Online banking means that sending money, depositing checks, paying bills and everything you’d normally do at a physical branch is done from your computer or mobile device. For those who want to avoid the hassle of getting to the bank during business hours and waiting in long lines, online banking is a great alternative. 

SoFi’s high yield savings account stands out for several reasons—high APY rates, no fees or minimum balances and a wide network of fee-free ATMs for easy withdrawals. We also like that SoFi bundles a free checking account with their high yield savings accounts, as it gives you more options for managing your money. And as an FDIC insured bank, your money (up to $250,000 for individuals or $500,000 for joint accounts), is automatically protected in case of institution failure.

Types of SoFi Accounts

In the banking category, SoFi’s main product is their bundled high yield savings and online checking accounts. They also offer variations on this core product to provide an option for couples and incentives for students. Let’s take a more in-depth look at their offerings:

High Yield Savings & Online Checking

When looking for a good high yield savings account, it’s important to consider fees, convenience, accessibility and account features in addition to APY.

When you open a high yield savings account with SoFi, you will automatically get an online checking account as well. Currently, SoFi does not offer either as a standalone product. This makes SoFi an excellent option for anyone who is not married to their current checking account, and is open to moving their banking business over to SoFi in order to take advantage of their highest APY and best cash welcome bonus.

Since SoFi bundles these two products together, we’ll do the same for the sake of this round up:

• APY: Unlock the highest rate by signing up for direct deposit, or depositing at least $5,000 every 30 days. If these requirements aren’t met, the interest rates default to 1% for savings and 0.50% for checking. As with all banks, interest rates are variable and subject to change at any time. 
• Minimum Balance: There are no minimum balance requirements for SoFi high yield savings or online checking accounts. 
• Withdrawal Limit: There are no limits on savings withdrawals and transfers between checking, savings and Vaults.
• Fees: There are no account fees and no service charges when banking with SoFi. That includes no overdraft fees, monthly maintenance fees, minimum balance fees or ATM fees.
• Insurance: SoFi is fully insured through the FDIC, which means that your money—up to $250,000 for individuals and $500,000 for joint accounts—is secure in the event that anything happens to the bank. Members may also enroll in expanded coverage for balances up to $3 million via the SoFi Insured Deposit Program.
• Accessibility: While there are no in-person locations, SoFi ensures its members’ needs are met through an all-inclusive mobile app and online experience, a large fee-free network of ATMs and ability to deposit cash via GreenDot at popular retailers nationwide.
• Security: SoFi provides around-the-clock fraud monitoring, zero-liability fraud protection, real-time alerts, two-factor authentication, card controls and more to keep your money safe and give you peace of mind.

Here are some other benefits of banking with SoFi:

• Collect a cash bonus by enrolling in direct deposit—$50 bonus for direct deposit amounts of $1,000 or more; $400 bonus for direct deposit amounts of $5,000 or more.
• Use AutoSave to automatically stash part of each paycheck into your savings account. 
• Store savings in different Vaults to earmark your money for specific goals, like emergency funds, vacations or larger purchases.
• Enable Roundups to automatically round up all debit card purchases to the next dollar, and deposit the extra in your savings Vault.
• Get a debit card with $0 fraud liability, instant digital wallet, contactless payments and access to 55,000+ ATMs.
• Get paid up to two days earlier when you enroll in direct deposit.
• Enjoy no-fee overdraft coverage of up to $50 with eligible direct deposit of at least $1,000.
• Easily manage your account with an intuitive mobile and online banking experience. 
• Get access to Zelle to easily send, request and receive money.

Joint Accounts

Couples may want to opt for a joint account at SoFi, where you can reap all the same benefits of their high yield savings and online checking accounts, plus FDIC protection for up to $500,000. Both members receive complete and unlimited access to the account to contribute, withdraw and transfer money to and from the shared checking and savings accounts.

Student Accounts

Students with a .edu email address can sign up for a SoFi’s student checking and savings offer and receive a $30 cash bonus just for signing up and funding their account with $10 or more. Students get access to all the same benefits as SoFi checking and savings members, and if you have a job while in school, you can also add direct deposit to take advantage of the higher APY and bigger cash welcome bonus. 

In addition to their core banking products, SoFi strives to be a full service financial institution, offering everything from a variety of loans, refinancing options and credit cards, to investment and financial planning tools and home, auto and life insurance products.

Opening a SoFi High Yield Savings Account

As is key with online banks, applying for a new account is quick, easy and best of all, completed from the comfort of your home. Here’s how it works with SoFi:

1. Apply: Visit SoFi.com to get started, or apply in the SoFi mobile app. In the application, you’ll be asked to provide a few key pieces of information, such as your name, home address and social security number. In some cases, SoFi may need additional documentation like driver’s license or photo ID to verify identity, so be sure to have those handy, too.
2. Fund: Add money to your new checking and savings accounts, and be sure to set up direct deposit to take advantage of the best APY rate and biggest cash bonus.
3. Manage: Access your accounts right away online or in the mobile app. Start exploring the variety of tools available to help set your financial goals and meet them faster. 

SoFi Customer Support

Since part of the online banking experience involves not having access to in-person interactions, SoFi ensures you’re supported by providing convenient support options that are available seven days a week. There are several ways to contact SoFi:

1. Start a chat online with SoFi’s virtual assistant (available 24/7) to help identify and fix your issue, or connect you with an agent via chat during business hours.
2. Send secure messages with chat support via the website or mobile app.
3. Call their customer service line to speak to an agent by phone during business hours.

SoFi Mobile App

SoFi has ensured that everything you need to do can be easily taken care of in their mobile app:

• Send, receive and deposit funds, anywhere, any time
• Move money between your accounts
• Set up online bill pay, automatic savings, savings Vaults
• Monitor balances, view transactions and download statements
• Get financial insights to help manage your money better
• Send domestic wire transfers 
• Access live customer support, seven days a week
• Find the nearest ATM locations

How SoFi Stacks Up

By this point, you may be thinking that SoFi sounds like a great option for your financial needs. But what about all of the other banks you’ve heard about? We’ve got you covered. Here’s how SoFi’s offerings stack up against some of the other biggest names out there:

SoFi vs. Ally

Ally and SoFi are both well known virtual banks offering high yield savings and checking accounts. They are similar in that both banks offer no fees or minimum balance requirements, additional ways to save (like buckets or vaults, roundups and automated savings) and the same standard FDIC insurance on balances of $250,000 or less. Here’s where they differ: 

• Transfer Limit: 10 per month limit at Apply; no limits at Sofi
• Cash Deposits: No option for cash deposits through Ally; SoFi has partnered with GreenDot to offer cash deposits at various retail locations
• Expanded FDIC Insurance: Not offered at Ally; up to $3 million at SoFi
• Standalone Checking and Savings: Available at Ally; not offered at SoFi

SoFi vs. Capital One

Capital One is a big name in banking. They have been around since the 1990s, and continue to operate in-person bank branches. But as consumers are turning more toward online banking for its bigger perks, Capital One has adjusted its product offering to keep up. Both SoFi and Capital One are FDIC insured, feature no fees or minimum balances and have options for making cash deposits. But they do differ in some key areas:

• Cash Withdrawals: Capital One does not allow cash withdrawals directly, funds must first be transferred to a checking account before they can be withdrawn; this option is available at SoFi
• Expanded FDIC Insurance: Not offered at Capital One; up to $3 million at SoFi
• Standalone Checking and Savings: Available at Capital One; not offered at SoFi
• Accessibility: Both banks offer a large network of ATMs. While Capital One has traditional branches and cafe locations for in-person services, they are only available in a very limited number of states; SoFi is an online-only bank with no in-person branches.

The Bottom Line: Why We Love It

If you’re looking to double down on your savings this year, a high yield savings account is a great place to start. It’s a low risk way to save, while keeping your cash liquid in case you need it fast. SoFi is a strong contender in the field, offering a bundled high yield savings and online checking account combo that will set you up for financial success. It is highly competitive, especially considering the other perks you get, including a cash welcome bonus, no minimum balance requirements, no fees, no limits on withdrawals and transfers, access to expanded FDIC insurance and robust account security. We love the additional savings tools, like AutoSave, Vaults and Roundups, which help you meet your goals faster. Another perk is the vast products offered by SoFi, like loans, refinancing, credit cards, investing, financial planning and more. SoFi is a top pick for anyone that’s looking to build their savings, especially those who are looking for a one-stop-shop to fuel their financial goals. 

DISCLOSURE
SoFi
1. Up to $400 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $400 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 3.10% 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 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 5/28/26. There is no minimum balance requirement. 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 5/28/28. 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 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 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. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) 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 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.