SoFi Bank Review 2024
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At a glance
Checking
Savings
About Bankrate Score
Overview
SoFi Bank is ideal for consumers who are looking to get a competitive yield on a checking and savings account, interested in getting early direct deposit and looking to avoid overdraft fees.
Highlights
- High APY
- Free Checking
- No Min Deposit
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
SoFi Bank offers a competitive yield for checking and savings customers who have a qualifying direct deposit with SoFi. But customers will need to open both a checking and savings account to bank with SoFi and will have to use direct deposit or make qualifying deposits of at least $5,000 to earn the top APY.
Pros
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SoFi offers competitive yields on both its checking and savings accounts.
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SoFi Bank offers early direct deposit.
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At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.
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The bank doesn’t have overdraft fees.
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Those who live close to SoFi Stadium — or attend games at SoFi Stadium — might benefit from this account through 25 percent cash back on eligible purchases, such as team merchandise and food in the stadium, and VIP access at the stadium.
Cons
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To earn the bank’s top APY, you’ll need to set up qualifying direct deposits or make a certain number of qualifying deposits.
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You’re required to get both a checking and a savings account; you can’t just open one or the other.
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The bank’s top bank account bonus requires direct deposits of $5,000 or more during the 25-day evaluation period.
We want to know what you think about SoFi Bank
Do you have experience with SoFi? Let us know your thoughts.
SoFi banking products
APY last updated between 12/21 and 12/27.
SoFi savings overview
You can’t withdraw from the savings account at an ATM. But because you have to get both a checking and savings account, you can transfer money from savings to checking and then withdraw from the checking account at an ATM.
The account comes free of fees, including monthly fees, overdraft fees or minimum balance fees. Moreover, the account comes with overdraft coverage, which will cover you up to $50 if you overdraw your account. Otherwise, your transaction will be declined. This coverage is only available to customers with monthly direct deposits of $1,000 or more.
Pros
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The SoFi savings account allows you to earn a competitive yield, as long as you have a direct or qualifying deposit with SoFi.
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SoFi doesn’t require a minimum opening deposit or charge any fees.
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Customers can set up savings Vaults to set aside money for specific goals.
Cons
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You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.
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Without qualifying direct deposits, the savings yield is much lower.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
SoFiAPYAPY last updated between 12/21 and 12/27.APYAPY last updated between 12/21 and 12/27.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None* |
| Excessive transaction fee | None |
Customer experience
Customer support
Support hours. You can chat with SoFi’s customer service seven days a week. The hours are Monday-Thursday 5 a.m. to 7 p.m. PT and Friday-Sunday 5 a.m. to 5 p.m. PT.
Low customer satisfaction. SoFi scored below average in overall satisfaction among online-only banks for both its checking and savings accounts, according to J.D. Power’s 2024 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. SoFi’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, more than 300,000 users have reviewed the app. SoFi’s app also comes with a financial insights dashboard, which offers helpful digital resources such as a budget planner, spending insights and free credit score monitoring. Moreover, you can easily find all the details of your financial products in one place, from banking and investments to personal loans.
Cluttered interface. While the app is highly rated, the user interface can be bogged down with information and marketing materials. “Because the app includes access to all of SoFi’s financial products, there’s quite a bit of marketing that comes along with it,” said a Bankrate staff member with a SoFi account. “Pop ups during in app sessions and push notifications for credit cards and personal loans are frequent and can be annoying.”
Bankrate staff insights
“Aside from the notifications and common marketing, the SoFi app has been extremely easy to use, and the bank seems to take a very “technology forward” approach to an industry that’s sometimes lacking in that area,” said a Bankrate staff member with an account. “The lack of physical locations does mean that large expenses that require cash or cashiers checks require a bit more planning, but I think that’s a fair trade off for a competitive rate and positive app experience.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
The above images were last updated on Dec. 11, 2023.
About SoFi
SoFi has been around in one form or another since 1986. In August 2011, Social Finance, Inc., began. The institution has undergone many changes over time, including what financial products and services it provides.
In the past, SoFi has been primarily known for providing personal loans and refinancing services for student and auto loans. It became a chartered bank in early 2022. Shortly after that, it started offering its checking and savings account.
How SoFi compares to other banks
Compare different account types offered by SoFi. Annual percentage yields (APYs) shown were updated between Dec. 21, 2024 and Dec. 27, 2024.
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Selected bank
SoFi checking account
Bankrate score
4.9
Bankrate Checking rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
Most comparable
Discover Bank checking account
Bankrate score
5.0
Bankrate Checking rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 21, 2024 and Dec. 27, 2024.
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| 0.50% | 0.00% | |
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Minimum balance to open
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| $0.00 | $0.00 | |
| SoFi Checking and Savings lets you earn a competitive annual percentage yield and it gives you access to direct deposits up to two days early. The account also lets some customers overdraft by $50 or less without being charged a fee. | Discover Bank’s Cashback Debit account offers a top-notch cash back program for a checking account. Customers can earn 1% cash back on up to $3,000 in debit card purchases each month. What’s more, the account comes without monthly maintenance fees or overdraft fees. | |
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SoFi Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
SoFi Bank customer reviews
SoFi Bank has 25 reviews
Dive into community reviews below and see what others think about SoFi Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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