SoFi® Bank Review 2025: Digital Banking, High Yields

SoFi is a powerhouse of the online banking industry. While SoFi does not have a wide selection of accounts, its checking and savings accounts offer very competitive annual percentage yields—making these accounts attractive options for consumers seeking to earn interest on funds that they still want to keep fairly liquid.

SoFi customers also have access to a network of more than 55,000 ATMs¹ nationwide and can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi’s website and mobile app. 

Rates are current as of Aug. 20, 2025, and are subject to change. 

SoFi at a glance

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 to earn the account’s highest APY. In that case, SoFi wouldn’t be a great pick as you’d only earn a APY on your savings—a rate you can easily exceed at another bank.

Also, SoFi lacks some 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 want to do all of your banking with one institution. And, if you prefer traditional brick-and-mortar locations or the ability to deposit cash without a fee, SoFi is probably not the bank for you.

Earn an even higher APY for a limited time

New customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by September 12, 2025 have an opportunity to earn a 4% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard 3.80% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)⁶

SoFi Plus is available at no extra cost for customers with eligible direct deposit. Otherwise, the cost of membership is $10 per month as of this writing.

Benefits for Plus members include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.

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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 free checking account boasts no fees², which can offer huge peace of mind. This means you won’t pay any monthly fees to keep the account open or fees if your account balance drops too low. For eligible customers who get at least $1,000 in direct deposits monthly, SoFi’s overdraft coverage will spot you up to $50 to cover a debit card transaction. 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 checking account bonus of up to $300 as of the time of writing. 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 totaling $1,000 to $4,999.99, you’ll get a $50 bonus instead.

Other perks we like about the SoFi checking account is the ability to get your paycheck up to two days early and automatic roundups on debit card purchases that go straight into your savings. 

Savings accounts

SoFi’s top APY of 3.80% makes it a competitive option for a high-yield savings account. 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. 

But we should stress that not everyone gets the 3.80% rate. 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% APY instead.

SoFi’s savings Vaults

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 Plus

SoFi offers a premium membership option, SoFi Plus, at no extra cost to customers. All that’s needed to become a SoFi Plus member is to have eligible direct deposits each month. Members can earn two times the rewards points, its highest APYs on its savings product, cash back rewards on the SoFi credit card, personal loan rate discounts, and financial planning.

How to open SoFi checking and savings accounts

Opening an account with SoFi is easy, but there are several steps involved. You have to create your login, fill out the application, and agree to the legal terms. First, SoFi will ask for your name, state, email, and a password.

Next, you’ll have to decide whether you want to open an individual account or a joint account. After that, you’ll provide your primary address, your date of birth, and your Social Security number.

You’ll also need to provide your citizenship status. You can choose from United States citizen, green card holder, or nonpermanent resident alien. SoFi also asks about your employment status, occupation, and annual income.

To make sure you’re a real person, SoFi will then ask to verify your phone number via a text message. Enter the verification code when prompted.

Finally, SoFi will ask if you’re subject to backup tax withholding by the IRS. If you’re not, you’ll be asked to review the final legal documents before agreeing and creating your account.

SoFi Invest

With SoFi Invest, you can trade stocks and exchange-traded funds (ETFs) with no commissions right from the SoFi app. But what sets SoFi apart from other investment services is the ability to invest in upcoming initial public offerings (IPOs) before they go public. You can also buy fractional shares of companies to help you diversify your investments.

If managing your investments on your own becomes too tricky, SoFi also offers financial planners and automated investing that take care of your portfolio for you. As a bonus, SoFi is offering (at the time of writing) up to $1,000 in free stock when you fund your account with at least $25 in the first 30 days.

Other services SoFi offers 

SoFi offers a number of financial services for personal customers and business owners, including: 

• Student loan refinancing: SoFi’s student loan refinancing loans offer competitive fixed rates starting at 4.49% 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 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 to 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 partnership, which offers coverage to protect yourself against incidents of identity theft, cyber extortion, and more. 
• Estate planning: For consumers who hope to create an estate plan for their financial future can do so online thanks to SoFi’s partnership with Trust & Will. SoFi members may get 20% 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 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 4.4 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 $3 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 4.3 stars with over 9,000 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 the popular forum site Reddit, some users shared that they suffered from account lockouts for no apparent reason, preventing them from accessing their money. They reported that when this happened, they didn’t find customer support especially helpful. On the plus side, many reviewers on Reddit liked the Vault feature and how it helps them save money.

Compare SoFi alternatives

SoFi	Ally Bank	Chime
Savings APY	Savings APY	Savings APY
Up to up to 3.80%%4 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply. Terms apply.	3.50%	Up to 3.75%
Savings account monthly fee	Savings account monthly fee	Savings account monthly fee
$0	$0	$0
Checking APY	Checking APY	Checking APY
0.50%	Up to 0.25%	0%
Checking account monthly fee	Checking account monthly fee	Checking account monthly fee
$0	$0	$0
Learn more	Learn more	Learn more
View offer at SoFi	View offer at MoneyLion	View offer at Chime

SoFi vs. Ally

Ally is also an online-only bank with a robust savings APY of 3.50%, although that’s not quite as strong as SoFi’s top rate at the time of writing. It also comes with a free checking account that can earn up to 0.25% APY, again not quite matching SoFi’s rate. 

Note that the Ally savings account is capped at 10 withdrawals per month, which could be limiting for some consumers. But, Ally also offers round-the-clock customer support and there’s no direct deposit requirement to get the top rates, unlike SoFi.

SoFi vs. Chime

Another online bank that doesn’t charge monthly account fees, Chime also offers checking and savings accounts. But unlike SoFi, its checking account doesn’t earn any interest. 

However, it does have more robust overdraft coverage. Chime’s SpotMe coverage protects you if you overdraft by as much as $200, compared to SoFi’s lower $50 limit.

SoFi beats out Chime when it comes to ATM withdrawals. That’s because SoFi doesn’t charge a fee if you go to an out-of-network ATM, but Chime will charge you $2.50 per withdrawal.

See more SoFi alternatives:

• Quorum Federal Credit Union: Competitive APYs and various account offerings, but limited customer service hours.
• Rising Bank: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.
• Prime Alliance Bank: A diverse mix of business and personal products, but only one physical branch.
• Ivy Bank: 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 generous APY. Its online-only infrastructure means you should be comfortable with navigating apps and websites to handle your financial transactions. If that’s you, 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 probably 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?

Yes, SoFi offers the option to send and receive money via Zelle from your SoFi bank account. SoFi also has its own peer-to-peer (P2P) payment feature called Pay-a-Friend.

Does SoFi have a minimum balance requirement?

SoFi does not have any minimum balance requirements. 

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 Comerica, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell Bank, Morgan Stanley, and more.

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SoFi Disclaimers

1.

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot 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.

2.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

3.

Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible 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.

4.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

5.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savingsis offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00%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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

6: 0.70% Savings APY Boost

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.