SoFi Checking and Savings Review 2023: Online Cash Management

SoFi is the brainchild of a few Stanford University business students who wanted to tackle the student loan debt issue in the United States by making it easier for borrowers to refinance student loans.

The founders later expanded SoFi’s focus to include several financial products and services, including online banking through SoFi Money. Currently, SoFi Money is now branded as SoFi Checking and Savings thanks to the company’s approval for a bank charter in early 2022. Today, SoFi offers many banking services with great benefits for consumers with or without student debt.

SoFI Checking Account Features

When you sign up for SoFi Checking and Savings, you open both a checking and a savings account and both are FDIC-insured with access to the same benefits from SoFi. SoFi does not offer standalone checking or savings accounts.

SoFi Checking Account

Best for SoFi Loan or Invest Customers

Key Features

• 2.00% APY
• Up to 15% cash back from local businesses
• No-fee overdraft protection up to $50

SoFi Checking and Savings covers nearly everything you need in an online bank account, with no monthly maintenance fees, a network of 55,000 fee-free Allpoint ATMs, no-fee overdraft protection up to $50, an aggressive APY for both savings and checking accounts, a cash-back debit card and an early payday with direct deposit. It connects with other SoFi products, so you can use it to automate investments or make loan or mortgage payments.

SoFi Checking Account

Monthly fees

None

ATM access

Fee-free at 55,000 Allpoint ATMs

Customer service

24/7 Virtual chat, Email, Twitter or by phone with limited hours

Prime perk

Up to 15% cash back with local merchants

More About SoFi Checking

SoFi has many attractive features as a checking account. Coupling a SoFi checking account with its other SoFi money accounts like automated investing and student loan refinancing can help consumers get the most out of the SoFi ecosystem.

You can earn up to 15% cash back at participating local retailers when you pay with your SoFi debit card, but unlike other credit and debit cards, SoFi does not offer a general cash back option for all your purchases.

SoFi checking accounts come with these transaction limits that could make it tough to use as a primary spending account:

• Withdrawal limits: $1,000 per day total, $150 over-the-counter cash withdrawal
• Peer-to-peer transfers: $3,000 per month
• Point-of-sale (cash register) transactions: 12 per day
• Point-of-sale spend limit: $6,000 per day

Still, a SoFi money checking account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts.

SoFi offers fee-free overdraft protection up to $50 as long as you receive at least $1,000 in direct deposits.

To open a SoFi Checking and Savings account:

1. Become a SoFi member by creating an account online or through the app with a valid email address.
2. Open a Checking and Savings account through your dashboard. You’ll need to enter your mailing address, phone number, birth date and Social Security number.
3. You can open an account with no minimum opening deposit and pay no account maintenance fees.
4. Set up direct deposit or a recurring transfer of at least $1,000 to qualify for overdraft protection.

More About SoFi Checking

SoFi has a lot of attractive features as a checking account. It might be most appealing to SoFi customers who use its other products, like automated investing and student loan refinancing.

You’ll earn up to 15% cash back at participating local retailers when you pay with your SoFi debit card, but SoFi doesn’t offer a general cash back option for all your purchases.

Unlike most checking accounts, SoFi accounts come with these transaction limits that could make it tough to use as your primary spending account:

• Withdrawal limits: $1,000 per day total, $150 over-the-counter cash withdrawal.
• Peer-to-peer transfers: $3,000 per month.
• Point-of-sale (cash register) transactions: 12 per day.
• Point-of-sale spend limit: $6,000 per day.

Still, your account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts.

SoFi offers fee-free overdraft protection up to $50 as long as you receive at least $1,000 in direct deposits.

To open a SoFi Checking and Savings account:

1. Become a SoFi member by creating an account online or through the app with your email address.
2. Open a Checking and Savings account through your dashboard. You’ll need to enter your mailing address, phone number, birth date and Social Security number.
3. You can open an account with no minimum opening deposit and pay no account maintenance fees.
4. Set up direct deposit or a recurring transfer of at least $1,000 to qualify for overdraft protection.

SoFi Savings Account Features

When you sign up for SoFi Checking and Savings for your checking account, you’ll also get a free savings account. Here’s an overview of its savings features.

SoFi Savings Account

Best for Accessible Savings

Key Features

• 2.00% APY
• No fees
• No monthly withdrawal limits

A SoFi Checking and Savings membership comes with access to both a checking and savings account, and the perks apply to your balance on both accounts. When you sign up for direct deposit into either account, you’ll get up to 2.00% APY on both accounts.* And you can grow your savings automatically with goal-based vaults and round-ups from your debit card purchases.

SoFi Savings Account

Fees

None

Balances

No minimum or maximum

Monthly withdrawal limits

6

Prime perk

Up to 3.50% APY

More About SoFi Savings

Both SoFi Checking and Savings come with the same benefits so you don’t have to worry about which bucket your money is in.

You’ll earn 3.50% APY on a total balance across accounts as long as you sign up for direct deposit (with no minimum deposit requirement). If you don’t use direct deposit, you’ll earn 1.20% APY on all balances.

The downside to having your checking and savings seamlessly connected is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow. 

The upside: The account structure makes your money more accessible through SoFi than in a traditional savings account, so you can build your savings knowing you can get to the money anytime if you need it.

Cash in SoFi Checking and Savings individual accounts is FDIC insured up to $250,000 and cash in SoFi Checking and Savings joint accounts is FDIC insured up to $500,000 through SoFi Bank, N.A.

More About SoFi Savings

Both of your accounts with SoFi Checking and Savings get the benefits, so you don’t have to worry about which bucket your money is in.

You’ll earn 2.00% APY on a total balance across accounts as long as you sign up for direct deposit (with no minimum deposit requirement). If you don’t use direct deposit, you’ll earn 1.00% APY on all balances.

The downside to having your checking and savings seamlessly connected is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow.

The upside: The account structure makes your money more accessible through SoFi than in a traditional savings account, so you can build your savings knowing you can get to the money anytime if you need it.

Cash in SoFi Checking and Savings is FDIC insured up to $250,000 through SoFi Bank, N.A.

Other SoFi Products

The most attractive benefit to signing up for a SoFi money account online is becoming a member of the greater SoFi money ecosystem.

SoFi members are anyone who uses a SoFi product, like Checking and Savings. As members, consumers get exclusive benefits like member-only financial planning events and member rate discounts on SoFi loans.

• Personal Loans: Apply for a personal loan for things like student loan refinancing, credit card consolidation or home improvement. SoFi only offers fixed-rate personal loans for amounts between $5,000 and $100,000 with fixed rates as low as 7.99% APR. You can check the rates you may qualify for by creating a SoFi account and entering the amount you want to borrow. Checking rates with SoFi will not affect your credit score.
• Mortgages: Take out a home loan or refinance an existing mortgage through SoFi with as little as 3% down. You’ll save $500 on mortgage processing fees for being a SoFi member. SoFi also facilitates home equity lines of credit, allowing members to access up to 95% or $500,000 of their home’s equity.
• Investing: SoFi Invest is a brokerage account that lets you invest in stocks, ETFs and cryptocurrency right through the app. You can set up automated investing and let SoFi experts choose your portfolio for you or you can choose what to invest in. SoFi also offers Roth, traditional, and SEP IRAs to help you save for retirement. You can fund your SoFi investment account using a SoFi Checking and Savings account or an external checking or savings account.
• Credit Card: The SoFi World Elite Mastercard is designed to help you achieve financial goals along with other SoFi products and accounts. You’ll earn 2% cash back if you redeem it to save into a SoFi savings account, invest through SoFi Invest or pay down a SoFi loan or mortgage. Or earn 1% cash back if you redeem the reward as a statement credit.
• Insurance: Through SoFi Protect, you can be matched with affordable life, auto, homeowners and renters insurance. In most cases, you can apply and sign up online without speaking to an agent or facing a medical exam.
• Career Services: SoFi members can work one-on-one with a complimentary career coach to pave a path toward career and financial success. Career coaches provide guidance on career transitions, networking, building a resume and LinkedIn profile, negotiating, and personal branding.
• Financial Planning Resources: Members can make a free appointment with SoFi financial planners to get professional financial advice on anything from basic money management to retirement planning. SoFi also provides resources to educate you on debt, lending, money management, and investing, plus SoFi provides calculators to help you plan for borrowing and repaying debt.

SoFi Checking and Savings Fees

SoFi boasts no fees across their services and they mean it.

• No third-party ATM fees
• No monthly fees, like an account maintenance fees or minimum balance fees
• No overdraft fees up to $50
• No foreign transaction fee
• No fee for a replacement card
• No bill pay fees
• SoFi covers foreign conversion fees

Fee structures are subject to change, but you can take comfort in knowing the lack of fees at SoFi is one of the most attractive features of online-only banking.

SoFi Customer Experience

SoFi offers online-only services, so you won’t find a brick-and-mortar SoFi branch or even any SoFi-brand ATMs.

Cash Management

Customers do all their cash management through the app or website, plus nationwide at SoFi’s network of 55,000 fee-free ATMs. SoFi Checking and Savings account holders have access to these basic checking account features:

• Deposits: Set up direct deposit from your paycheck or recurring transfers from another bank account to automate your savings and grow your account balance. You can make cash deposits at participating Green Dot vendors with limits of $500 per transaction, $1,000 per day, $3,000 per week, and $5,000 per month.
• Mobile check deposit: Still get a paper paycheck (or a birthday check from your aunt)? Deposit it from anywhere using the SoFi app on your smartphone or tablet with a camera.
• Cash withdrawal: Use any ATM to take out cash when you need it with your SoFi debit card. You’ll pay no fees at more than 55,000 Allpoint ATMs nationwide and SoFi reimburses out-of-network ATM fees.
• Digital payments: Link your SoFi checking account to PayPal or Venmo to receive payments.
• Bill pay: Pay bills up to $10,000 per transaction directly from your SoFi checking account.

Mobile App

As an online-only institution, SoFi’s suite of digital tools is optimized for user ease and stacked with features like easy account transfers, bill pay and even budgeting tools.

SoFi banking happens primarily through the SoFi app, which is free to download for smartphones and tablets. Customers give the app 4.8 out of five stars in the Apple App Store and 4.0 out of five stars on Google Play.

The SoFi app lets you sign up for and access all SoFi products including Checking and Savings and free budgeting and money tracking tools.

Through the app, you can:

• See your checking and savings account balances and transaction history.
• Deposit money with mobile check deposit.
• Transfer funds to and from a linked financial institution or between accounts.
• Freeze and unfreeze your debit card.
• Chat with customer support.
• Monitor your TransUnion VantageScore credit score.
• Connect other financial accounts to track your spending and savings in one place.
• Access SoFi’s other financial products and services.

Customer Service

SoFi customer support is available through email, Twitter or by phone with limited hours.

• Phone number: (855) 456-7634, available Monday through Thursday 5 a.m. to 7 p.m. and Friday through Sunday 5 a.m. to 5 p.m. Pacific.
• Chat 24/7: Log into your account online or through the app.
• Twitter: @SoFiSupport
• Email: SoFi only provides an email for home loans: [email protected]