SoFi Checking & Savings Review: Savings/Checking, Competitive Rates

advantages and disadvantages

Annual Percentage Yield (APY)

1% to 1.80% APY

Minimum Deposit Amount

none

Annual Percentage Yield (APY)

1% to 1.80% APY

Minimum Deposit Amount

none

professionals

  • high interest rate
  • Earn higher interest rates if you set up direct deposit
  • no minimum opening deposit
  • no monthly service fee
  • no overdraft fee
  • Bonus up to $300
  • Earn up to 15% cash back at local retailers if you use a SoFi debit card
  • No-fee overdraft coverage if you overdraft up to $50
  • savings tool
  • initial direct deposit
  • joint account available

Shortcoming

  • Declined purchases if you withdraw more than $50
  • Does not reimburse out-of-network ATM providers’ fees
  • Can deposit cash at Green Dot locations but there is a $4.95 fee


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more information

  • Free access to 50,000+ Allpoint ATMs worldwide
  • Hybrid checking/savings account
  • Earn up to 15% cash back at local retailers when you use the SoFi Debit Card; Retailer information available through online banking
  • Earn 1.80% APY with Direct Deposit
  • Earn 1% APY if you don’t have Direct Deposit
  • Earn a $300 Bonus until 9/30/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; Receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; Receive a $300 bonus if you make a direct deposit of more than $5,000 in the first 30 days;
  • Build up to 20 money vaults to save for personal savings goals like emergency funds or vacation
  • $4.95 fee each time you deposit cash at a Green Dot location
  • You must have at least $1,000 in direct deposit to receive no-fee overdraft coverage
  • FDIC Insured

SoFi Checking & Savings This is an excellent option if you don’t want to deal with standard bank fees. it does not charge monthly service fee, overdraft feeeither Out-of-Network ATM Fees,

The account also offers some unique perks. There is a savings tool called MoneyVault, which helps you save for personal goals. You can also earn competitive interest rates that are . More than Multiple traditional and high-yield savings accounts Pay if you set up direct deposit. Even if you don’t make a direct deposit, you will still earn a decent interest rate.

How SoFi works

SoFi is a fintech platform that offers Loan, investment accountsand banking options.

The SoFi checking and savings account is offered through SoFi Bank, the National Association (NA). In January 2022, the present Controller’s Office granted conditional approval to SoFi’s application for setting up of SoFi Bank, NA as a full-service bank. As part of the conditional authorization, SoFi Bank is acquiring Golden Pacific Bank, NA, an FDIC-insured bank with three branches in Northern California.

If you previously had a SoFi Money, fintech’s cash management account, you will be invited to upgrade to a SoFi checking and savings account. SoFi Money will also no longer be given to new customers.

Call Customer Support or use live chat Anytime from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.

is up to $250,000 FDIC Insured In a personal checking and savings account.

Sophie’s Trustworthiness and BBB Ratings

The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. BBB gives sophie and A+ rating,

A good BBB does not guarantee that your relationship with a company will be perfect. You might want to talk to existing customers or read customer reviews online.

Even though it has a very good BBB score, there has been a recent scandal at Sophie. In 2019, federal trade commission Sophie to stop running ads that falsely said customers could save more money by refinancing than they actually could.

How Sophie Compares

We compare SoFi Money with two other online accounts: chime And Friend,

All three accounts charge no monthly service fee and require no minimum initial deposit, which is great if you’re looking for accounts that are easy to open and manage.

Your decision between these three online accounts may ultimately depend on whether you want to open one account or a separate checking and savings account.

SoFi has a hybrid savings/checking account. If you want cashback features then this can be a good option. It also offered the highest interest rate. To earn 1.50% APY, you need to set up a direct deposit.

Jhankar and Allies let you set up separate checking and savings accounts. If you are not eligible to earn the highest interest rate on SoFi then these can be a better option. You’ll earn a solid interest rate, and you don’t need to meet any requirements at any bank.

Ally is also a better option if you don’t want to deal with out-of-network ATM fees. The bank doesn’t charge any fees for using out-of-network ATMs, and you’ll also get up to $10 per month in reimbursement. Meanwhile, SoFi will not reimburse out-of-network ATM fees, and Chime has a $2.50 fee.

Frequently Asked Questions (FAQs)

Is SoFi a real bank?

In January 2022, the current Comptroller’s Office authorized the application of SoFi conditionally authorized to establish SoFi Bank, NA as a full-service bank.

Keep in mind that SoFi is a fintech platform, however, and its investment and loan products are not FDIC insured. FDIC insurance only applies to banking options.

Does Sophie have a savings account?

SoFi has a hybrid savings/checking account, but does not have separate savings or checking accounts. With SoFi Checking & Savings, you still have many of the same features offered by online savings accounts. For example, you can earn interest on money deposited in your account and save for personal goals through MoneyVault.

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