SoFi Checking Accounts Review
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Fast Facts
APY:
0.50%
Cost:
None
Sign-up bonus:
$300
ATM access:
Over 55,000 fee-free ATMs
A checking account serves as a fundamental tool for managing money efficiently and securely. Whether it's for depositing paychecks, paying bills, or making everyday purchases, a checking account is a cornerstone of personal finance.
It provides a centralized hub from which we conduct our financial transactions, offering convenience and accessibility that align with modern banking needs. As such, choosing the right bank account can significantly impact how smoothly we navigate our financial obligations and goals.
SoFi Checking checks all the boxes of a modern checking account, fusing convenience and features.
Jump To
What is SoFi Checking?
SoFi Checking is an offering by SoFi, a personal finance company that started with student loan refinancing, offering lower interest rates and credit score improvement. It has since expanded to offer a variety of financial products and services, including personal loans, home loans, investment products, banking services, and credit cards with tailored rewards. In short, SoFi aims to be a one-stop shop for financial needs.
SoFi Checking is among the banking services provided by SoFi, which also offers a high-yield savings account.
SoFi Checking is a high-yield online checking account. One of its primary advantages is the competitive annual percentage yield (APY) of 0.50% on checking balances, which is 7x the national average checking rate. Additionally, SoFi Checking comes with no account fees. There aren’t any minimum balance requirements either.
When you open a SoFi Checking account, SoFi Bank automatically opens a SoFi Savings Account for you as well. The savings account offers up to 4.60% APY on balances with direct deposit, allowing for easy management of both checking and savings accounts in one place.
SoFi Checking also offers attractive bonus incentives. New members can receive up to a $300 bonus by enrolling and setting up early direct deposit. Furthermore, by signing up for direct deposit, you can receive your paycheck up to two days early.
Another beneficial feature is the automatic roundups on all debit card purchases. These rounded-up amounts are transferred to your savings Vault, helping you save money effortlessly over time.
SoFi Checking is offered through SoFi Bank NA, member FDIC. As an online bank, SoFi provides convenient access to banking services through its mobile app and website. While SoFi Savings primarily operates digitally, you can still deposit cash into your account through participating ATMs. The account comes with FDIC insurance of $250,000 per account and $500,000 for joint accounts.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Information required to open SoFi Checking account
To open a SoFi Checking account, you will need to provide:
- Name
- Home address
- Date of birth
- Citizenship status (US citizen, permanent resident, non-permanent resident)
- Social Security number or Individual Taxpayer Identification Number (ITIN)
- Phone number
- Email address
Identity verification may require additional documentation, such as a driver's license or current photo ID.
SoFi checking fees
SoFi bank account comes with no monthly maintenance fees. Yes, you read that right!
This means no overdraft fees (for overdrafts up to $50), minimum balance fees, monthly service fees, and no fees for using ATMs within SoFi’s network of over 55,000 ATMs. This fee-free structure ensures more money stays with you, enhancing your overall savings.
If you’re in another country and use your debit card, you must be mindful of the 0.2% foreign conversion fee, which is baked into your actual transaction. SoFi pays a 0.9% foreign convenience fee rather than passing the cost on to you.
SoFi Checking features
High-yield APY
SoFi Checking offers an annual percentage yield (APY) of 0.50% on checking balances, seven times the national average. This allows your money to grow faster compared to traditional checking accounts.
Joint accounts
SoFi Checking offers the convenience of joint accounts, allowing users to open and manage accounts with a partner or family member. This feature is particularly beneficial for couples or those sharing finances.
No account fees
There are no account fees associated with SoFi Checking.
Automatic savings account
When you open a SoFi Checking account, a SoFi Savings Account is also automatically opened for you. The savings account offers up to 4.60% APY on balances with direct deposit.
Bonus incentives
Enrolling and setting up direct deposit can earn new members up to a $300 cash bonus. This attractive incentive encourages users to make SoFi Checking their primary account.
Early paycheck access
By signing up for direct deposit, you can receive your paycheck up to two days early. This feature provides quicker access to your funds, which can be crucial for budgeting and financial planning.
Fee-free overdraft coverage
SoFi offers fee-free overdraft coverage up to $50, provided you have direct deposits of at least $1,000. This coverage helps avoid penalties and gives a buffer for small overdrafts.
Extensive ATM network
SoFi Checking account holders can access over 55,000 ATMs within the Allpoint network, ensuring convenient, fee-free cash withdrawals nationwide. The maximum daily ATM withdrawal is $1,000, and the daily debit card use is $6,000.
Automatic roundups on purchases
SoFi Checking allows for automatic roundups on all debit card purchases. These rounded-up amounts are transferred to your savings Vault, helping you save money effortlessly over time.
Comprehensive app
The SoFi app allows you to manage your accounts easily. You can pay bills, deposit checks, send money, and manage your digital wallet all in one place, providing a seamless and integrated banking experience.
Easy account opening
Opening a SoFi Checking account is straightforward, requiring only basic information to get started. This ease of setup makes it accessible to new users.
Who is SoFi Checking good for?
- Individuals seeking high-yield returns. Those looking to maximize their returns on checking account balances will benefit from the 0.50% APY, which is significantly higher than the national average.
- Fee-conscious customers. SoFi Checking is ideal for those who want to avoid common banking fees. There are no account fees, including overdraft fees (up to $50), minimum balance fees, monthly service fees, or ATM fees within SoFi’s network.
- Tech-savvy users. The comprehensive SoFi app offers an integrated and convenient way to manage finances, making it perfect for individuals comfortable with digital banking.
- People who want early paycheck access. Those who prefer receiving their paycheck up to two days early can benefit from SoFi’s direct deposit feature.
- New account seekers. New SoFi members can use the attractive $300 bonus by setting up direct deposit, making it a great choice for those opening a new primary account.
- Automatic savers. The automatic roundup feature on debit card purchases transfers the rounded-up amounts to a savings Vault, benefiting those looking to save effortlessly.
- Individuals without complex banking needs. SoFi Checking suits those who primarily need basic checking and savings services without needing more specialized banking products.
Who shouldn’t use SoFi Checking?
- Those preferring in-person banking. If you prefer face-to-face interactions for banking services, SoFi Checking might not be suitable as it operates primarily online.
- Individuals requiring extensive banking products. SoFi Checking may not be ideal for those needing specialized banking services like business accounts, extensive loan options, or comprehensive financial planning services.
- People with complex financial needs. Those who require more complex financial solutions, such as extensive credit products or wealth management services, might find traditional banks or other financial institutions more fitting.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Pros and cons
Pros
- High yield APY. Offers a competitive annual percentage yield (APY) of 0.50% on checking balances, significantly higher than traditional banks.
- No fees. No account fees, including no monthly service fees, minimum balance fees, or overdraft fees (up to $50).
- Bonus incentives. New members can earn up to a $300 bonus by enrolling and setting up direct deposit.
- Early paycheck access. Provides the option to receive your paycheck up to two days early with direct deposit.
- Automatic savings integration. Automatically opens a SoFi Savings Account alongside the checking account, offering up to 4.60% APY on savings balances with direct deposit.
- Extensive ATM network: Access to over 55,000 fee-free ATMs within the Allpoint network nationwide.
Cons
- Online-only. Limited access to in-person banking services; primarily operates through mobile banking and website.
- No physical branches. Lack of face-to-face customer service options may not appeal to those who prefer in-person banking interactions.
SoFi Checking vs. competitors
Here’s how SoFi Checking compares with Capital One and Green Dot:
Feature | SoFi Checking | Capital One 360 Checking | Green Dot Visa Debit Card |
APY on Checking Balances | 0.50% APY | 0.10% - 0.10% APY (tiered rates) | N/A |
Monthly Fees | None | None | $7.95 (waived with $500+ direct deposit) |
Minimum Balance | None | None | None |
Overdraft Fees | No fees (up to $50 coverage with direct deposit) | No fees (options available) | Up to $200 with opt-in & eligible deposits |
Early Paycheck Access | Yes (up to two days early) | Yes (up to two days early) | Yes (up to two days early for payroll) |
ATM Access | 55,000+ fee-free Allpoint ATMs | 40,000+ fee-free Capital One & Allpoint ATMs | Thousands of fee-free ATMs nationwide |
Savings Account | Yes (up to 4.60% APY with direct deposit) | Yes (0.10% - 0.10% APY on savings) | Yes (MoneyVault savings feature) |
Capital One
SoFi Checking offers a high annual percentage yield (APY) of 0.50% on checking balances, making it a more attractive option for those looking to earn more interest on their funds. In contrast, Capital One 360 Checking provides an APY of 0.10% on balances up to $9,999.99, with tiered rates for higher balances.
One of the standout features of SoFi Checking is its fee-free structure. There are no account fees, including overdraft fees for overdrafts up to $50, minimum balance fees, and ATM fees within SoFi's network. Similarly, Capital One 360 Checking also boasts no monthly fees and minimum balance requirements.
When it comes to ATM access, Capital One 360 Checking has a broader network, providing access to over 70,000 fee-free ATMs, including those in the Capital One, MoneyPass, and Allpoint networks.
Capital One 360 Checking offers the convenience of cash deposits at CVS, Walgreens, and Duane Reade locations. Customers can also receive in-person assistance at Capital One branches and cafés, which benefits those who prefer face-to-face interactions.
Green Dot
Instead of traditional checking accounts, Green Dot offers an unlimited cash-back account and Visa debit cards for day-to-day transactions.
Green Dot Visa Debit Card offers no monthly fees with a qualifying direct deposit of $500 or more in the previous monthly period of $7.95. SoFi Checking, in contrast, has no account fees, including monthly fees, minimum balance fees, and ATM fees within its network.
Both Green Dot and SoFi Checking allow users to get paid early with direct deposit. Green Dot offers up to 2 days early for payroll and up to 4 days early for government benefits. SoFi Checking also provides early paycheck access up to two days early.
Green Dot allows users to set aside money in the MoneyVault for free and access it anytime. SoFi Checking automatically opens a savings account alongside the checking account, offering up to 4.60% APY on savings balances with direct deposit.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
FAQs
What is SoFi Checking?
SoFi Checking is an online checking account offered by SoFi, designed to provide a high-yield option for everyday banking needs.
What is the APY offered on SoFi Checking?
SoFi Checking offers an annual percentage yield (APY) of 0.50% on checking balances, which is significantly higher than the national average.
Are there any fees associated with SoFi Checking?
No, SoFi Checking has no account fees, including no monthly service fees, minimum balance fees, or overdraft fees (for overdrafts up to $50).
Does SoFi offer a savings account?
Yes, SoFi automatically opens a SoFi Savings Account alongside your checking account, offering up to 4.60% APY on savings balances with direct deposit.
The bottom line
SoFi Checking offers a notable APY of 0.50% on checking balances, considerably higher than the national average. One of its standout features is the absence of account fees, including no monthly service fees, minimum balance fees, or ATM fees within its extensive network.
Additionally, SoFi Checking provides early access to paychecks, allowing direct deposit users to receive their funds up to two days earlier than traditional banking schedules. The account also includes a savings feature that automatically opens a SoFi Savings Account alongside the checking account, offering up to 4.60% APY on savings balances with direct deposit.
With a straightforward account opening process and a comprehensive mobile app for easy management, SoFi Checking is well-suited for individuals seeking competitive interest rates and fee-free banking convenience in a digital-first environment.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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