SoFi Bank Review 2023
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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
- No Min Deposit
- Free Checking
- High APY
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.9/5
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 by our partners, which impacts how, where, and in what order the products appear.
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.
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.
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.
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.
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 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 and VIP access at the stadium.
Cons
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To earn the bank’s top APY, you’ll need a direct deposit.
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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.
SoFi banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/10/2023
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 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.
SoFiAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 2023 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 200,000 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.”
About SoFi Bank
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 does SoFi Bank compare to other banks?
SoFi Bank vs. Ally Bank
As online-only banks, both SoFi and Ally offer all the digital bells-and-whistles of modern banking, including little-to-no fees and high yields on savings accounts. Both banks are part of the Allpoint ATM network.
However, Ally is a full-fledged bank offering multiple deposit products, including separate savings and checking accounts, in addition to a wide array of CDs and a money market account. If you’re looking to bring your banking under one roof, Ally may be the better choice for you, especially since SoFi only offers one account package that includes a checking and savings account.
That noted, if you can set up direct deposit and you’re looking for the highest yield between the two, SoFi is the better option as it provides a high APY on its savings account — and that comes with an interest-bearing checking account, too.
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.
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