SoFi Bank Review 2026
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At a glance
Overview
SoFi 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. 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.
Highlights:
High APY Free Checking No Min DepositHighlights:
Checking
Savings
Customer Experience
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 = 4.6/5
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 = 4.5/5
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.
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.
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.
SoFi pros and cons
Pros
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SoFi offers solid yields on both your checking and savings balances.
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The bank doesn’t have monthly or overdraft fees.
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The checking account offers early direct deposit.
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SoFi Bank often offers a bank account bonus for opening new accounts and depositing a certain amount of money.
Cons
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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.
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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.
Editor insight
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.
SoFi banking products
SoFi High Yield Savings Account
Pros
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The SoFi savings account allows you to earn a solid yield.
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There is no minimum opening deposit requirement.
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The account doesn’t charge monthly fees.
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No limit to monthly withdrawals.
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Helpful savings tools are available, such as Vaults that allow you to set separate money for specific goals.
Cons
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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
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
SoFi Online Checking Account
Pros
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You can earn a competitive yield, for a checking account.
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Early direct deposit is offered.
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No monthly fees.
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Free overdraft protection transfers from savings.
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No overdraft fees and an overdraft buffer for those who qualify.
Cons
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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 are not enrolled in overdraft protection services, the bank will most likely just reject the overdrawing transaction and it won’t charge you a fee. If you’re enrolled in overdraft protection services, SoFi will automatically pull money from your savings balance to cover your transaction.
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.
Customer experience
Customer support
Support hours. You can chat with SoFi’s customer service seven days a week. The hours are Monday through Thursday 5 a.m. to 7 p.m. PT and Friday through Sunday 5 a.m. to 5 p.m. PT.
Low customer satisfaction. SoFi scored above average in overall satisfaction among online-only banks for both its checking and savings account, according to J.D. Power’s 2026 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. SoFi’s mobile app is highly rated on the Apple App store and just above middling on Google Play store. 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.
Video overview: Brand recognition and sign-up bonus
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How SoFi compares to other banks
Compare different account types offered by SoFi. Annual percentage yields (APYs) shown were updated between Oct. 10, 2026 and Oct. 16, 2026.
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Selected bank
SoFi 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. |
Most comparable
Capital One 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:
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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. |
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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 Oct. 10, 2026 and Oct. 16, 2026.
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Minimum balance to open
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| 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. | Capital One 360 Checking is a strong account all around. It charges no monthly fees and has no minimum balance requirements. Customers can take advantage of features like early direct deposit, fee-free ATMs and the ability to deposit cash at certain retail locations like CVS and Walgreens. You’ll also earn a bit of interest here, though it’s not very much. | |
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