SoFi Bank review December 2023
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BLUEPRINT
Updated 1:47 p.m. UTC Dec. 11, 2023
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SoFi
Pros
- No deposit account fees.
- Competitive yields.
- Up to $2 million in additional FDIC insurance.
- Excellent third-party reviews.
Cons
- No brick-and-mortar locations.
- Cash deposit fees may apply.
- Outgoing wire transfers only allowed for home purchases; no foreign incoming wires accepted.
SoFi basics
Checking / Savings accounts: SoFi Checking and Savings Account*.
Other Accounts: SoFi Unlimited Credit Card * The information for the SoFi Unlimited Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , SoFi Home Mortgage Loans, auto loan refinance, personal loans, private student loans, student loan refinancing, SoFi Invest, SoFi Protect (insurance), estate planning, SoFi Insights, SoFi Business Solutions.
Bank branches or online only: Online only.
About SoFi
SoFi was founded in 2011, specializing in private and federal student loan refinance. The company has since expanded its menu and now offers a wide range of financial services. It celebrated one million members in 2020 and started offering a checking and savings account in 2022.
All rates and conditions are accurate as of December 11, 2023.
Checking and Savings Account
The SoFi Checking and Savings Account is a hybrid bank account that separates your checking and savings balances. There are no account fees, overdraft fees, monthly maintenance fees or minimum balance requirements. And you can currently earn a $50 or $300 cash bonus after opening an account, depending on the direct deposit amount within a 25-day evaluation period.
You’ll need to meet certain requirements in order to attain the highest APY:
If you have either direct deposit set up or a qualifying deposit of $5,000 every 30 days, you’ll earn 0.50% APY on checking and up to 4.60% APY on savings when enrolled in direct deposit, the savings yield drops to 1.20% if deposit requirements aren't met. (You could consider the best high-yield savings accounts instead.)
By having a direct deposit however, no matter how much it is, you can get paid up to two days early. And, direct deposit or not, you can still use nifty account tools, 55,000 fee-free ATMs and the SoFi Insured Deposit Program, which offers up to $2 million in additional FDIC insurance.
One of the tools is called Roundups, which allows you to round up your debit card transactions and deposit the change into your savings. So, if you spend $9.75 at the grocery store, for instance, $0.25 will be set aside for savings.
Even though SoFi is a digital bank, you can deposit cash by visiting a store that partners with Green Dot services. Stores include CVS, Foodlion, 7-Eleven, Walgreen and Walmart locations. The third party may charge a fee of up to $4.95 per deposit.
How SoFi stacks up
SoFi vs. CIT Bank
The CIT Bank Platinum Savings offers a slightly higher yield of 5.05% APY with a balance of $5,000 or more and 0.25% APY on balances less than $5,000 compared to SoFi’s 0.50% to 4.60%* APY. You’ll find separate savings and checking accounts, a money market account, and three types of CDs with varying terms at this competing digital bank, but there are no borrowing options (aside from its home loans) and no investing options or credit cards.
SoFi vs. Ally Bank
Ally Bank is another online bank that offers many of the same accounts as SoFi, including credit cards, home loans, auto loans, personal loans and investment services. Both banks also let you organize your savings balance into buckets for different savings goals.
Overall, Ally is larger, offering more banking products: separate checking and savings accounts, money market accounts and different types of CDs with varying term lengths.
However, you’ll earn a higher APY with SoFi’s Checking and Savings Account when you set up direct deposit. (The Ally Money Market Account * The information for the Ally Money Market Account has been collected independently by Blueprint. The product details on this page have not been reviewed or provided by any third party. offers only 4.40% APY and 4.25% APY on all balances APY on the Ally Bank Savings Account compared to SoFi’s APY.) And SoFi offers more FDIC insurance through its sweep program: up to $2 million in additional FDIC insurance per account category and depositor, versus Ally Bank’s $250,000 limit.
SoFi vs. First Internet Bank
First Internet Bank offers digital checking and savings accounts, CDs, IRAs, credit cards, personal loans, student loans and auto financing. The best offerings are available on the First Internet Bank certificates of deposit, which pays from 4.18% to 5.35% APY. But the First Internet Bank Free Savings pays far less — 0.80% APY — and the First Internet Bank Money Market Savings * The information for the First Internet Bank Money Market Savings has been collected independently by Blueprint. The product details on this page have not been reviewed or provided by any third party. pays a lower APY on balances less than $1 million as well. It offers 3.76% APY on daily balances of $1 million or less and 5.46% APY on daily balances over $1 million.
Yes, with a caveat: SoFi offers an APY of 0.50% APY on checking and up to 4.60% APY on savings when enrolled in direct deposit, the savings yield drops to 1.20% if deposit requirements aren’t met. The account is a hybrid checking and savings account.
Yes, SoFi Bank’s checking and savings accounts have Federal Deposit Insurance Corp. (FDIC) coverage. If you need insurance on deposits greater than $250,000, you can opt for the SoFi Insured Deposit Program, which allows participating partner banks to hold your funds, thus increasing your coverage for up to $2 million in additional FDIC insurance.
Yes, SoFi is a legitimate bank with a national charter.
No, SoFi’s Checking and Savings accounts effectively replaced the SoFi Money account.
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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.
*The information for the SoFi Unlimited Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
