SoFi Overview

SoFi secured its bank charter in 2022, and now presents a range of online banking services—notably a combined checking and savings account. With this account, you benefit from an Annual Percentage Yield (APY) of up to 4.50%, and zero overdraft or account fees.

Unlike many online banks, SoFi extends its services beyond basic accounts to offer student loan refinancing, mortgages, credit cards, loans, and more. With robust online and phone customer service, it’s ideal if you want to combine the savings and convenience of online banking with a rewards program.

SoFi at a Glance

Suitable For?

SoFi caters to customers who primarily handle their banking online but still want traditional banking features such as personal loans, paper checks, and mortgages. The platform extends its appeal to families and couples by offering joint accounts.

For students, SoFi provides a specialized checking and savings account. Students with a .edu email account can enjoy a $30 bonus by signing up for an account and depositing at least $10 within 5 days.

The bank's limitation on spending is also worth noting—ATM withdrawals are capped at $1,000/day, and debit card use at $6,000/day. This and the absence of business accounts make SoFi less fitting for entrepreneurs. Similarly, freelancers might not be best served here since some of the benefits SoFi offers are contingent on setting up direct deposit.

Advantages over traditional banks

Unlike many conventional banks, SoFi presents a unified checking and savings account instead of separate accounts. It distinguishes itself with features like no minimum deposits, no transaction fees, zero overdraft fees, and high-interest savings reaching up to 4.50% APY—all without monthly fees.

Customers opening a SoFi checking and savings account also gain automatic access to exclusive member benefits. Customers with direct deposit enabled also have access to more benefits through SoFi Plus, which includes:

Fast lanes and in-stadium discounts at Los Angeles’s SoFi Stadium.

• Invitations to various SoFi member events, including online financial seminars, in-person wine tastings, concerts, and more.
• $75 bonuses for referrals of friends and family who sign up for a SoFi checking and savings account.
• Access to certified online career coaches and financial planners.
• Participation in the SoFi reward points program, earning cashback for banking transactions.
• Discounts on various SoFi financial products and services, including personal loans.
• Overdraft protection, which automatically dips into your savings to cover transactions when funds are low.
• Overdraft coverage up to $50.

Cutting-edge banking services

You can enjoy the flexibility of making ATM withdrawals and purchases globally wherever Mastercard is accepted. The convenience extends to the app and online platform, where you can chat with live customer service agents, complete transactions, and freeze your accounts.

You also have the option to allocate funds into SoFi’s Vault feature, segregating savings from your checking account and broader savings. This feature is valuable for targeted savings goals, such as planning a vacation.

Automating savings is streamlined through 2 Vault features. The Roundup feature automatically rounds your debit purchases up to the nearest dollar and deposits the difference into your Vault. Alternatively, the AutoSave feature allows you to designate a percentage of your paycheck to be deposited into your Vault every payday.

Furthermore, SoFi regularly offers promotions and bonuses. For instance, SoFi has offered up to a $300 bonus for your first direct deposit before.

Traditional banking services

You’ll benefit from fee-free access to over 55,000 Allpoint network ATMs using your SoFi cards. Beyond this, you can apply for traditional banking services, spanning credit cards, private student loans, loan refinancing, IRAs, mortgages, investment products, estate planning services, insurance, and more—all from the app or desktop platform.

The SoFi Unlimited 2% Credit Card, featuring no annual fees, stands out by offering up to 2% cashback on most purchases, with the potential to earn up to 3% cashback on travel spending—without limits or caps.

Another benefit is the SoFi Member Rewards program. Points accrue with most transactions, including checking account balances and everyday spending. You get even more points by using the app for transactions. Your points can be used to reduce credit card balances or can be converted into cash deposited directly into savings and checking accounts.

Interest rates and fees

You can earn up to 4.50% APY on your savings balances if you have direct deposit set up or if you deposit at least $5,000 every 30 days. If you don’t have direct deposit or the monthly deposit minimum, you’ll still earn 1.20% APY. Checking account balances have a 0.50% APY.

In addition, SoFi checking and savings account holders have few fees:

Customer service and online experience

Account holders can engage with a SoFi Member Services Representative via chat or phone. Operating hours are Monday to Friday from 7am-5:00pm PST and Saturdays from 7am-2pm PST.

Extensive support is also available through a comprehensive online FAQ and help center. Furthermore, SoFi has a wealth of general financial information via its YouTube channel, blog, and SoFi Learn—an online portal featuring financial guides and archived seminars on topics like saving, credit building, and more.

SoFi boasts a 4.7 rating on Trustpilot based on over 7,000 reviews and an A+ rating from the Better Business Bureau. While the BBB website shows a 1.74 rating based on over 200 customer reviews, SoFi has successfully resolved over 780 complaints in the past year, showcasing a commitment to customer satisfaction despite not being BBB accredited.

Mobile app

Available on Android and iOS, the SoFi app offers a versatile range of functionalities, allowing you to make payments, view transactions, execute ACH transfers or peer-to-peer transfers, pay bills, contact customer service, lock your accounts, check balances, and more. Mobile check deposits are also an option if you maintain a minimum balance of $500 in your checking and savings account.

An additional standout feature is SoFi Relay, which provides tools to track credit scores, access spending breakdowns, and review recent transactions. It offers comprehensive reports and graphs depicting inflows and outflows, empowering you to manage your funds effectively and work towards improving your credit scores.

The SoFi app stands out with an impressive 4.8 rating on the Apple Store, derived from over 300,000 reviews, and a solid 4.0 rating on Google Play, based on feedback from over 30,000 users.

Watch this short video to learn more about the SoFi app.

Security

SoFi uses 2-factor authentication and enables biometric login with face and fingerprint verification through your device. SoFi also has its system audited by 3rd-party providers using SSAE18 SOC2 and PCI DSS security standards. It conducts 3rd-party penetration testing at least once a year and has a fraud department available on 844-945-7634 (option 8).

In addition, SoFi uses encryption-at-rest, SSL encryption, and other features to keep accounts safe.

Application Process

The application process for SoFi is straightforward:

• Visit the application page online or download the app.
• Decide whether you want a joint or individual account.
• Fill out the form requesting your name, email, and preferred password for your bank account.
• Fill out the rest of the application, which will require your contact information, social security number (SSN), citizenship status, employment information, annual income, and date of birth.
• Read and agree to the legal terms.
• Submit photos of any ID required.

To open an account, you must be a permanent resident or US Citizen with a physical US address and a valid SSN.

SoFi Summary

SoFi is an online bank that provides a unified checking and savings account, credit cards, mortgages, investments, and more. Distinguishing itself from many fintech companies, SoFi offers an appealing up to 4.50% APY and membership rewards, enhancing your savings.

SoFi marries the advantages of online banking savings with robust features akin to traditional banks. Particularly well suited for younger customers and students, the platform provides valuable educational materials and credit monitoring tools.

Physical Address

2750 E Cottonwood Parkway, Suite 300, Cottonwood Heights, UT 84121

Disclaimer

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

1. Up to $300 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 when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet .

2. APY disclosures

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet .

3. Fee Policy

SoFi's account fee policy is subject to change at any time.

4. Additional FDIC Insurance

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 the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

5. ATM Access

SoFi's 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 incurred when using out-of-network ATMs are not subject to reimbursement. 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 limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.