SoFi Review: Checking and Savings
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Overall bank rating
Checking
Savings
Banking experience
Overdraft fees
4.5
The bottom line:
Financial services company and brokerage SoFi gained its bank charter in 2022 and launched a combination checking and savings account. The account offers strong rates, no monthly fees and a solid free overdraft coverage program for customers who qualify. Though this account is a combo account, we've covered the checking and savings portions separately since money held in the different parts of the account can earn different APYs.
Even after taking into account its customer complaints relative to asset size (see more info below), SoFi earns strong ratings.
Best for: Those who want to earn high interest and don’t mind using remote customer service instead of bank branches.
Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from SoFi’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.
Pros
- High rate if you set up direct deposit.
- No monthly maintenance fees or overdraft fees.
- Fee-free access to more than 55,000 Allpoint ATMs.
- Two-day early direct deposit.
Cons
- Cash deposits cost up to $4.95 and are available only through third-party retailers.
Full review
Checking
Member FDIC
5.0
/5 NerdWallet ratingSoFi's Checking and Savings account is a combined account but if you set up direct deposit, your money earns different APYs depending on where within the account you keep it. Your checking balance will earn 2.50% APY and your savings balance will earn 3.75% APY (APY is variable and subject to change). Without direct deposit, you'll earn 1.20% on all balances.
Early paycheck. In addition to a higher APY, customers who set up direct deposit also have the ability to receive their paycheck two days early. There’s no minimum direct deposit requirement to earn either perk, but there is a $1,000 monthly direct deposit requirement to qualify for overdraft coverage.
Wide access to ATMs and cash deposit services. SoFi is part of the Allpoint ATM network, so customers can access more than 55,000 nationwide ATMs for free to withdraw cash. If customers want to deposit cash, then they'll need to visit a Green Dot retail location. Green Dot charges a fee of up to $4.95 per deposit.
Savings
Member FDIC
5.0
/5 NerdWallet ratingFor customers who set up direct deposit, SoFi pays a competitive 3.75% APY on the savings balance. If a customer hasn’t set up direct deposit, then they will earn 1.20% on their account balance with no balance minimums or limits.
The savings account also comes with savings Vaults, which are subaccounts that can be designated for different savings goals. If a customer has at least one Vault, they can also set up an automatic savings program called Roundups, which allows SoFi to round up debit card purchases to the nearest dollar and deposit the difference into a Vault of the customer’s choice.
Banking experience
4.5
NerdWallet ratingConvenient remote customer service options. SoFi is an online-only bank and financial services company. It offers strong remote customer service options, including extended business hours seven days a week for customer service phone calls, a robust Twitter account to handle customer questions and complaints, a virtual assistant chat feature for customers who are logged in and a website with a large FAQ section. Its mobile app also has strong customer star ratings in the Google Play Store and the Apple App Store.
Note that customers can have either an individual account or a jointly owned account, but not both.
Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from SoFi’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.
Overdraft fees
5.0
NerdWallet ratingNo overdraft fees and strong overdraft protection programs. SoFi doesn’t charge overdraft fees. If a customer has direct deposits of $1,000 or more per month, they qualify to opt in to overdraft coverage services. For overdraft protection, SoFi will transfer funds from a customer’s general savings balance to cover a transaction when their checking balance is low. For overdraft coverage, SoFi will spot a customer up to $50 to cover a debit card transaction. For customers who opt out of overdraft protection or coverage, SoFi will simply decline any transactions that would result in an overdraft.
» Tend to overdraw your account? See our list of the best banks for overdrafts
Checking
Member FDIC
5.0
/5 NerdWallet ratingSoFi's Checking and Savings account is a combined account but if you set up direct deposit, your money earns different APYs depending on where within the account you keep it. Your checking balance will earn 2.50% APY and your savings balance will earn 3.75% APY (APY is variable and subject to change). Without direct deposit, you'll earn 1.20% on all balances.
Early paycheck. In addition to a higher APY, customers who set up direct deposit also have the ability to receive their paycheck two days early. There’s no minimum direct deposit requirement to earn either perk, but there is a $1,000 monthly direct deposit requirement to qualify for overdraft coverage.
Wide access to ATMs and cash deposit services. SoFi is part of the Allpoint ATM network, so customers can access more than 55,000 nationwide ATMs for free to withdraw cash. If customers want to deposit cash, then they'll need to visit a Green Dot retail location. Green Dot charges a fee of up to $4.95 per deposit.
Savings
Member FDIC
5.0
/5 NerdWallet ratingFor customers who set up direct deposit, SoFi pays a competitive 3.75% APY on the savings balance. If a customer hasn’t set up direct deposit, then they will earn 1.20% on their account balance with no balance minimums or limits.
The savings account also comes with savings Vaults, which are subaccounts that can be designated for different savings goals. If a customer has at least one Vault, they can also set up an automatic savings program called Roundups, which allows SoFi to round up debit card purchases to the nearest dollar and deposit the difference into a Vault of the customer’s choice.
4.5
NerdWallet ratingConvenient remote customer service options. SoFi is an online-only bank and financial services company. It offers strong remote customer service options, including extended business hours seven days a week for customer service phone calls, a robust Twitter account to handle customer questions and complaints, a virtual assistant chat feature for customers who are logged in and a website with a large FAQ section. Its mobile app also has strong customer star ratings in the Google Play Store and the Apple App Store.
Note that customers can have either an individual account or a jointly owned account, but not both.
Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from SoFi’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.
5.0
NerdWallet ratingNo overdraft fees and strong overdraft protection programs. SoFi doesn’t charge overdraft fees. If a customer has direct deposits of $1,000 or more per month, they qualify to opt in to overdraft coverage services. For overdraft protection, SoFi will transfer funds from a customer’s general savings balance to cover a transaction when their checking balance is low. For overdraft coverage, SoFi will spot a customer up to $50 to cover a debit card transaction. For customers who opt out of overdraft protection or coverage, SoFi will simply decline any transactions that would result in an overdraft.
» Tend to overdraw your account? See our list of the best banks for overdrafts
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
