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SoFi Bank Review 2023

Updated January 6, 2023
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
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Checking

Rating: 4.9 stars out of 5

Savings

Rating: 4 stars out of 5

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

  • No Min Deposit
  • Free Checking
  • High APY
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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 to earn the top APY.

Pros

  • Checkmark

    SoFi offers competitive yields on both its checking and savings accounts.

  • Checkmark

    SoFi Bank offers early direct deposit.

  • Checkmark

    At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.

  • Checkmark

    The bank doesn’t have overdraft fees.

  • Checkmark

    Those who live close to SoFi Stadium — or attend games at SoFi Stadium — might benefit from this account through special lanes for SoFi members. Members can also get discounts on merchandise and food at SoFi Stadium.

Cons

  • You need a direct deposit to earn the bank’s top APY.

  • You’re required to get both a checking and a savings account; you can’t just open one or the other.

  • The bank’s top bank account bonus requires direct deposits of $5,000 or more during the 25-day evaluation period. It might be difficult for some people to reach that 25-day total.

SoFi bank products

4.0
Rating: 4 stars out of 5
Bankrate Score

SoFi savings overview

The SoFi savings account offers a competitive yield, but it’s only for customers with direct deposit at the bank. Customers without a direct deposit at SoFi will still earn a yield much higher than the national average, but SoFi’s direct deposit yield is much more competitive with top online banks.

You can’t withdraw from the savings account at an ATM. But you have to get both a checking and savings account, and you can transfer money from savings to checking and then withdraw from the checking account at an ATM.

Pros

  • Checkmark

    The SoFi savings account allows you to earn a competitive yield, as long as you have a direct deposit with SoFi.

  • Checkmark

    SoFi doesn’t require a minimum opening deposit.

Cons

  • You can’t make ATM withdrawals from your SoFi savings account.

  • You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

You can chat with SoFi’s customer service seven days a week. The hours are Monday-Thursday 5 a.m. to 7 p.m. Pacific and Friday-Sunday 5 a.m. to 5 p.m. Pacific. The SoFi app is highly rated on iOS, and the Android version is well rated on Google Play.

About Sofi

SoFi has been around since 2011 and became a chartered bank in early 2022. Shortly after that, it started offering its checking and savings accounts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.