SoFi Bank Review | The Motley Fool


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SoFi is a financial company and online bank that has expanded its product line to include mortgage and personal loans, a credit card, investment accounts, and more recently, personal banking. The online bank offers a checking and savings account that both earn competitive APYs. Keep reading to learn more about SoFi’s banking products and additional account benefits.

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Best For: High APR on checking and savings accounts

SoFi

Bottom Line

Savers who want a high APY

Pros

  • High APYs on checking and savings accounts
  • Ability to earn a higher APY by setting up direct deposit
  • No monthly fees or overdraft fees
  • Large fee-free ATM network
  • SoFi relationship benefits

Cons

  • No way to open a standalone checking or savings account
  • No physical branch locations
  • Cash withdrawals cost up to $4.95 at third-party retailers

The bottom line: SoFi Bank offers a dual banking approach by pairing its checking and savings accounts, which both earn competitive rates. Along with scoring high APYs, customers gain access to several relationship benefits as SoFi members, like earning rewards redeemable for cash, fractional investment shares, statement credits, and loan payments. With no account fees or minimum balance requirement, SoFi is a great option for individuals looking for both a checking and savings account.

SoFi savings account review

SoFi offers one personal savings account with one caveat — when you sign up for a SoFi bank account, you receive a checking account and a savings account. There’s no option to open a standalone savings account.

SoFi Savings Account

SoFi Savings is an online savings account with no monthly service fees and no minimum balance requirements. The savings account features a competitive APY, but you can earn an even higher rate by setting up direct deposit.

Along with its earning potential, SoFi offers ways to maximize your savings through two automatic savings features: Vaults and Roundups. Vaults allow you to set aside savings under separate savings goals within your savings account. After setting up a Vault, you can set up automatic transfers from your checking account to specific Vaults. SoFi allows you to open up to 20 vaults. With Roundups, every time you make a purchase using your SoFi debit card, it’s rounded up to the next whole dollar. The difference is automatically transferred to the Vault of your choice.

Compare savings accounts

Wondering how SoFi’s savings account stacks up to its competitors? Check out our list of the best saving accounts or compare side by side some select picks below.

Alternatives to SoFi CD rates

SoFi offers various financial and banking products, but certificates of deposit (CDs) aren’t one of them. If you’re looking for an alternative with CDs that earn high APYs, check out our list of the best CD rates.

Rates as of Jan. 17, 2023

Logo for Discover High Yield CD


Member FDIC.

4.15%

4.30%

4.35%

4.35%

4.40%

$2,500

Yes

Logo for Marcus by Goldman Sachs High Yield CD


Member FDIC.

Marcus by Goldman Sachs High Yield CD

4.30%

4.35%

4.00%

4.00%

3.80%

$500

Yes

Logo for CIT Bank CD


Member FDIC.

0.30%

0.40%

0.40%

0.50%

0.50%

$1,000

Yes

SoFi checking account review

As mentioned, there’s no way to open a standalone checking account with SoFi. A checking and savings account come as part of a package deal. There’s only one checking account option through the online bank.

SoFi Checking account

SoFi’s checking account is an interest-bearing account that earns one of the highest APYs across the market for a checking account. Like its savings counterpart, you’ll earn an even higher APY if you set up direct deposit. The account comes with a debit card and access to over 55,000 fee-free Allpoint ATMs. You can also earn up to 15% cash back at select local retailers when using your SoFi debit card.

SoFi checking also offers direct deposit paychecks up to two days early, depending on your employer’s payroll provider. If you overdraft your checking account, SoFi covers you up to $50 without overdraft fees with qualifying direct deposits.

Compare checking accounts

If SoFi’s checking account doesn’t fit the bill, check out our list of the best checking accounts to find an option that fits your banking needs.

SoFi customer service and experience

SoFi offers several ways for members to get help. Support options include phone support Monday to Thursday, 5 a.m. to 7 p.m. PT and Friday to Sunday, 5 a.m. to 5 p.m. PT. You can also get help via chat support or through Twitter by messaging @SoFiSupport.

Members can also bank digitally through SoFi’s mobile app. The highly rated app is available for iOS and Android.

SoFi relationship benefits

When you open a bank account with SoFi, you become a SoFi member. With SoFi membership comes access to several valuable benefits and perks. SoFi member benefits include:

  • Access to SoFi member rewards
  • Rate discounts on loan products
  • 15% off trust and will estate planning
  • Referral bonuses
  • Free financial planning help
  • Exclusive events and experiences
  • Access to SoFi’s members-only Facebook community
  • Access to the member lounge at SoFi Stadium in Los Angeles

Alternatives to SoFi

If SoFi isn’t a good fit for your banking needs, consider other banks, including the following choices.

Ally Bank

Ally Bank is another popular online bank, and for a good reason. The online bank offers a host of banking products, from checking and savings accounts to CDs and money market accounts. It also offers credit cards, lending, and investment services. Ally Bank is known for its competitive APYs and lack of bank fees.

Capital One

Capital One is a full-service bank with a suite of banking products to meet almost every need. The banking giant has limited physical locations but offers a full array of online bank accounts, including savings and checking accounts and CDs. As an online bank, Capital One is known for its high APYs and having no maintenance fees or minimum deposit requirements.

Is SoFi right for you?

SoFi is a good fit for you if:

  • You don’t need access to in-person banking services
  • You want to earn high APYs with minimal fees
  • You are looking for a checking and savings account
  • You want to earn rewards for your spending

Other products by SoFi

In addition to its banking products, SoFi is known for its full-service lending and financial products and services. Here’s a look at some other products currently available through SoFi.

  • Mortgage refinancing
  • Cash-out refinancing
  • Jumbo loans
  • Home equity loans
  • Credit card
  • Personal loans
  • Investment and retirement accounts and services
  • Life insurance
  • Homeowners insurance
  • Auto insurance
  • Renters insurance
  • Small business financing

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