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
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.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 special lanes for SoFi members. Members can also get discounts on merchandise and food at SoFi Stadium.
Cons
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You need a direct deposit to earn the bank’s top APY.
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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. It might be difficult for some people to reach that 25-day total.
SoFi bank products
SoFi savings overview
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
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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.
Cons
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You can’t make ATM withdrawals from your SoFi savings account.
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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.
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.
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
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.
