SoFi Bank Review May 2024: An online bank with solid APYs and a long list of financial services
Over the past decade, SoFi has established itself as a powerhouse of the ona bet:online banking industry. While SoFi does not have a wide selection of accounts, it does offer competitive checking and savings APYs as well as a 🌸generous welcome offer of up to $300.
SoFi at a glance
APY | 4.60% |
Minimum Balance Required to Earn APY | $0 |
Minimum Opening Deposit | $0 |
Monthly Maintenance Fee | None |
Who is SoFi good for?
SoFi’s savings and checking account combo is a good fit for people wanting to earn a high APY on their money. It’s rare to see a checking account APY, let alone one that beats out most savings APYs from big banks. Paired with a high savings APY, these accounts can help you maximize your money. Because the savings account requires you to get direct deposits to earn the highest APY, it’s also best for people with regular paycheck deposits. Finally, you’ll need to be comfortable with online-only banking and using ATMs to get cash as SoFi doesn’t have in-person branches.Who shouldn’t use SoFi?
If you work part-time or don’t receive direct deposit, you likely won’t be able to meet the $5,000 minimum requirement. In that case, SoFi wouldn’t be a great pick as you’d only earn a 1.2% APY on your savings—a rate you can easily exceed at another bank. Also, SoFi lacks other banking products. If you’re also looking to open a certificate of deposit (CD) or create a money market account (MMA), you won’t be able to do that with this bank. That’s not ideal if you prefer to do all of your banking with one institution. If you prefer traditional brick-and-mortar locations or the ability to deposit cash without a fee, SoFi is not the bank for you.Pros
- No minimum deposit requirements
- No monthly account fees
- Competitive rates on deposit accounts
Cons
- Direct deposit required for highest savings annual percentage yield (APY)
- Must open both a checking and savings account (can’t have just one or the other)
- Direct deposit amount must total $5000 or more within 25 calendar days to receive $300 bonus
SoFi rates and products
SoFi offers a combo checking and savings account option—you can’t get one without the other. Both of these accounts have no monthly fees or overdraft fees, helping you save even more cash. Unfortunately, these are the only two banking products it currently offers.Checking accounts
SoFi’s ona bet:free checking account charges absolutely no fees, which can offer huge peace of mind. If y🔯ou’re not sure exactly what a free checking account entails, this means you won’t pay any monthly fees to keep the account open or fees if your account balance drops too low. It’s also free to access your money from certain ATMs. Since SoFi is part of the Allpoint network, you can access over 55,000 free ATMs across the country.
SoFi also offers a good ona bet:checking account bonus of up to $300. To qualify, you’ll need to have a total of at least $5,000 in direct deposits within the first 25 days of having your account. If you only get direct deposits tota♕ling $1,000 to $4,999.99, you’ll get a $50 bonus instead.
Other perks we like about the SoFi checking account are the ability to get your paycheck up to two days early as well as automatic roundups on debit card purchases that go straight into your savings.Savings accounts
SoFi’s top APY of 4.60% makes it one of the ona bet:current top high-yield savings accounts. That’s typically a rate you’d see for a CD where you’d have to lock away your money for several months or years—not a liquid account with unlimited withdrawals and deposits. Learn more about ona bet:high-interest savings accounts and how they can help grow your money over time.
Of course, not everyone gets the 4.60%. You’ll need a fair amount of direct deposits each month to qualify. Each new member will have a 30-day period to receive at least $5,000 in qualifying direct deposits. If you’re able to do that, you’ll receive the higher APY until another 30-day evaluation period begins. If you don’t, you’ll be stuck with a low 1.20% APY instead. One feature we like about SoFi’s savings is its Vaults. These are a way to set aside money for specific goals like buying a new car or saving for an emergency fund. You set a goal amount for each Vault, and then you can move dedicated funds into it whenever you’d like. You can also turn on automatic roundups and have them sent directly into your Vaults to fast-track achieving your goals.SoFi’s interest rate compared to current top rates*
While SoFi is a great option, there are some institutions that offer higher interest rates. Compare ona bet:the rates above to this list of competitors:
Other services SoFi offers
SoFi offers a number of financial services for personal customers and business owners, including:- Online banking: SoFi offers ona bet:online banking accounts with no fees, including checking accounts and savings accounts that earn up to 0.5% and 4.6% APY, respectively.
- Investments: SoFi users can trade stocks, exchange-traded funds (ETFs), and more directly within the SoFi app with no commissions.
- Student loan refinancing: SoFi’s student loan refinancing loans offer competitive fixed rates starting at 5.24% and zero fees.
- Private student loans: SoFi’s private student loan offerings include Master of Business Administration (MBA) loans, law school loans, undergraduate loans, parent loans, and more.
- Personal loans: Consumers who are on the hunt for a ona bet:personal loan can apply for a SoFi loan directly online and potentially qualify for anywhere from $5,000 to $100,000.
- Mortgage loans: SoFi’s mortgage loans offer low down payment options, low rates, and flexible repayment terms ranging from 10–30 years.
- Auto loan refinancing: SoFi customers can compare auto refinancing rates from a network of top lenders and submit an application without any fees or obligation.
- Credit cards: The SoFi credit card offers unlimited 2% cash back rewards on every purchase and no annual fee.
- Insurance products: SoFi offers auto, life, homeowners, and renters insurance as well as a newly added cyber insurance, which offers up to up to $10,000 in coverage to protect yourself against incidents of identity theft, cyber extortion, and more.
- Estate planning: For consumers who hope to ona bet:create an estate plan for their financial future can do so online thanks to SoFi’s partnership with Trust & Will. SoFi members get 15% off select services.
- Financial insights: Credit monitoring services, budgeting tools, investment trackers, and more are all available on SoFi’s platform.
- Business financing and solutions: SoFi offers small business financing, as well as tools to help businesses better support their employees.
SoFi platform and customer support
Customers can request assistance 24/7 by reaching out to SoFi via phone, chat, email, and even sending general questions to the X (formerly Twitter) account at @SoFiSupport. This bank offers both online and mobile banking platforms, available for download on the Apple App Store and Google Play. The app currently has an average rating of 4.8 and 4.0 on each digital storefront, respectively.Is SoFi secure?
SoFi uses two-factor authentication (2FA) and biometric login to keep your online account secure. It also provides real-time alerts any time you use your debit card so you can immediately identify a fraudulent transaction. If you think something is amiss, you can freeze your account instantly in the SoFi app. Additionally, SoFi is one of the few banks to offer up to $2 million in FDIC insurance. It does this through its SoFi Insured Deposit Program, which works by depositing your money into different deposit accounts at a network of participating banks. While this sounds convoluted, it won’t take any extra effort on your part, and you can still access all of your cash through SoFi.SoFi user reviews
On the whole, SoFi Bank customer reviews are mixed. On Trustpilot, SoFi has 4.6 stars with over 7,500 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don’t like how hard it is to deposit cash—or that the process comes with a $4.95 fee. On Reddit, many users also shared how they suffered from account lockouts for no apparent reason, preventing them from accessing their money. When this happened, they found that customer support wasn’t helpful. On the plus side, many reviewers on Reddit liked the Vault feature and how it helps them save money.Compare SoFi alternatives
- ona bet:Quorum Federal Credit Union review: Competitive APYs and various account offerings, but limited customer service hours.
- ona bet:Rising Bank review: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.
- ona bet:Prime Alliance Bank: A diverse mix of business and personal products, but only one physical branch.
- ona bet:Ivy Bank review: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements.
Is SoFi right for you?
Overall, we think SoFi works well for technology-savvy customers looking to earn a top APY. Its online-only infrastructure means you’ll need to be comfortable with navigating apps and websites to handle your financial transactions. If you are, the ability to earn a high APY on both your savings and checking accounts is a huge selling point. If you’re not, you’ll be better off finding a bank that offers brick-and-mortar locations near you instead.Frequently asked questions
Is SoFi a real bank?
Yes. SoFi is an FDIC-insured, nationally chartered bank. Does Zelle work with SoFi?
Zelle is not available directly in the SoFi app, but you can link your SoFi debit card to your Zelle account. SoFi does have its own peer-to-peer (P2P) payment platform, however.Does SoFi have a minimum balance requirement?
SoFi does not have any minimum balance requirements.Is SoFi financially stable?
SoFi is doing well financially. The company saw a 27% increase in year-over-year revenue in the third quarter of 2023. Company leadership expects SoFi to have a positive net income in the fourth quarter of 2023 for the first time.What are the cons of SoFi?
SoFi does not have any in-person branches you can bank at. Also, it has a hefty direct deposit requirement if you want to get the account opening bonus.What banks are partnered with SoFi?
SoFi partners with many banks for its SoFi Insured Deposit Program, including Banc of California, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell Bank, Enterprise Bank & Trust, and more.EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.
high-yield savings account reviews
Bread Savings Review May 2024: No checking accounts, but high APYs on savings accounts and CDs
1/19UFB Direct review May 2024: Limited account options but high-yield savings and money market accounts with APYs above 5%
2/19FNBO Direct review May 2024: High-yield online savings and online checking
3/19SoFi Bank Review May 2024: An online bank with solid APYs and a long list of financial services
Currently on4/19CIBC Agility Review May 2024: Savings and CDs with high APYs
5/19Popular Direct Review May 2024: Deposit accounts boast high APYs, but savers will need to make larger minimum deposits
6/19Barclays Bank Review May 2024: Stellar APYs but limited account options and no physical locations
7/19CFG Bank Review May 2024: Maryland bank making top money market and CD rates available to all
8/19CIT Bank review May 2024: An online bank with checking, savings, CDs, and MMAs
9/19Milli Bank Review May 2024: Stellar high-yield savings account but few account options
10/19My Banking Direct review May 2024: A high-yield savings account with a stellar 5.55% APY but few other account options
11/19Ivy Bank Review May 2024: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements
12/19TAB Bank Review May 2024: High-yield savings, CDs, and cash back checking accounts
13/19Bask Bank Review May 2024: High APYs, zero fees, and no ATM access
14/19Salem Five Direct Review May 2024: Offers competitive deposit APYs, but its CDs require a $10,000 minimum balance
15/19Varo Bank Review May 2024: Free checking and savings with a 5.00% APY
16/19Rising Bank review May 2024: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit
17/19American Express National Bank Review May 2024: High-yield savings and CDs are compelling for savers
18/19Capital One 360 Review May 2024: checking, savings, CDs, and no monthly fees
19/19