SoFi Bank Review 2025
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Overview
SoFi Bank is good for consumers who want a competitive yield on a checking and savings account, are interested in getting early direct deposit and want to avoid overdraft fees.
Highlights:
High APY Free Checking No Min DepositHighlights:
Checking
Savings
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 Savings rating = 4.1/5
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 is an online-only bank that has just two deposit accounts: a checking and savings account — but the catch is you have to open them together. You can’t have one without the other. Both accounts are good, though. You can earn strong annual percentage yields (APYs) on all balances as long as you meet some requirements, and you won’t pay many fees.
Plus, you’ll get access to a wide ATM network, unique savings features, and extended customer service hours seven days a week.
If you want to see all your money easily in one place, SoFi’s combination checking and savings could work well for you. But if you need more friction between you and your savings, this account isn’t ideal.
Pros
-
SoFi offers strong yields on both your checking and savings balances.
-
The bank doesn’t have monthly or overdraft fees.
-
The checking account offers early direct deposit.
-
SoFi Bank often offers a bank account bonus for opening new accounts and depositing a certain amount of money.
Cons
-
To earn the bank’s top APY, you’ll need to set up qualifying direct deposits of any amount or make regular deposits of at least $5,000 each month.
-
You’re required to get both a checking and a savings account; you can’t just open one or the other.
SoFi banking products
SoFi High Yield Savings Account
Pros
-
The SoFi savings account allows you to earn a competitive yield.
-
There is no minimum opening deposit requirement.
-
The account doesn’t charge monthly fees.
-
No limit to monthly withdrawals.
-
Helpful savings tools are available, such as Vaults that allow you to set separate money for specific goals.
Cons
-
Without meeting certain qualifications, your savings yield is much lower.
The APY on SoFi’s savings account is good, but you need to qualify to earn it. You earn just 1 percent APY as a base rate when you open the account. You get the higher rate if you set up a direct deposit of any amount or make at least $5,000 in regular deposits every 30 days.
SoFi has helpful savings tools
SoFi’s savings account shines with its savings tools that help you organize and build your savings.
Vaults allow you to separate your savings goals and see your progress toward each one.
Roundups help you build your savings by rounding up your SoFi debit card purchases to the nearest dollar and moving the change into your savings.
Rate history for SoFi's Savings account
SoFi Online Checking Account
-
Overdraft fees:Great5/5Charges applied when a customer spends more money than is available in their account, resulting in a negative balance.NSF fees:Great5/5Non-sufficient funds fees are incurred when a transaction is attempted without enough money in the account to cover it.APY offering:0.50%5/5APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.ATM network:Great5/5Accessibility to ATMs for account holders within a specific network or financial institution, facilitating cash withdrawals and transactions.
Pros
-
You can earn a competitive yield, for a checking account.
-
Early direct deposit is offered.
-
No monthly fees.
-
Access to over 55,00 fee-free ATMs.
-
Free overdraft protection transfers from savings.
-
No overdraft fees and an overdraft buffer for those who qualify.
Cons
-
Only customers with qualifying direct deposits are eligible for up to $50 of overdraft coverage.
SoFi’s checking account has all the hallmarks of a good online checking account: no fees, competitive yield, early direct deposit and more. It also has a pretty forgiving overdraft policy, whether or not you enroll in overdraft protection services.
If you don't enroll, the bank will most likely reject an overdrawing transaction and it won’t charge you a fee.
If you do enroll in overdraft protection services, SoFi will pull money from your savings balance to cover your transaction. This feature is also free.
You can also qualify for an optional overdraft coverage program if you have direct deposits of at least $1,000 per month. With this program, SoFi will let you overdraw by $50 or less for free — not pulling the money from your savings. Instead, the bank will deduct the amount of money you “borrowed” from your next direct deposit.
How SoFi compares to other banks
Compare different account types offered by SoFi. Annual percentage yields (APYs) shown were updated between Nov. 27, 2025 and Dec. 3, 2025.
|
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. |
Search for or select a bank:
No banks found
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. |
|---|---|---|
|
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 Nov. 27, 2025 and Dec. 3, 2025.
|
||
| 0.50% | 0.00% | |
|
Minimum balance to open
|
||
| $0.00 | $0.00 | |
| SoFi Checking and Savings lets you earn a competitive annual percentage yield (APY) 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. | |
|
|
N/A
|
|
|
N/A
|
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.
Differing customer satisfaction. SoFi scored below average in overall satisfaction among online-only banks for its checking account but above average for its and savings account, according to J.D. Power’s 2025 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 400,000 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.
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.”
The above images were last updated on Dec. 11, 2023.
Bankrate staff insights
Where did this quote come from?
Our focus at Bankrate is on delivering accurate content and the right context for making well-informed financial decisions.
We gather real quotes from real people through surveys, interviews, and testimonials from Bankrate staff and consumers like you who have actual experience with these products. We then hand-pick what to feature to ensure credibility and relevance.
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.
Video overview: Brand recognition and sign-up bonus
All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.
We want to know what you think about SoFi Bank
Do you have experience with SoFi? Let us know your thoughts.
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.
