SoFi Review 2026: Checking and Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
In 2026, SoFi® Bank, N.A. won NerdWallet’s annual award for best overall bank; for all categories, it earns some of the highest scores among financial institutions we’ve rated.
SoFi gained its bank charter in 2022 and launched a combination checking and savings account, which is not a common offering. It has some of the best rates available, no monthly fees and a solid free overdraft coverage program for customers who qualify.
Though the account is a combo, we've covered the checking and savings portions separately, since money held in the different parts can earn different annual percentage yields.
To get SoFi’s highest rate on its savings account — a NerdWallet pick for best high-yield online savings — you'll need to meet monthly deposit or subscription requirements.
Here’s a quick look at SoFi’s APYs:
Checking account: 0.50% APY.
Account with either direct deposit, a paid SoFi Plus subscription, or $5,000 in monthly deposits: 3.10% savings APY.
Account without direct deposit, a paid SoFi Plus subscription, or $5,000 in monthly deposits: 1.00% savings APY.
No overdraft fees.
No monthly fees.
Competitive rate on savings account.
Large, free, nationwide ATM network.
Early direct deposit.
Requirements must be met to earn highest savings rate.
No branch access.
Fees for cash deposits.
"I’m all about making it easy to save money, so I appreciate how SoFi helps you put your savings on autopilot. You can sign up for automatic features, like rounding up debit card purchases to the nearest dollar and saving the spare change, or the 'set it and forget it' feature that puts a part of your paycheck into savings each time you get paid. You'll need to be comfortable banking online, though, since there aren't any branches. But there are also no monthly fees and both your savings and checking balances earn interest."
Product reviews
Savings
By meeting certain requirements, you’ll earn a higher rate on your savings balance than you would otherwise. SoFi pays a competitive 3.10% APY on the savings balance for customers who do one of the following:
Set up direct deposit in any amount.
Deposit a total of at least $5,000 every 31 days into their account using accepted methods.
Be a SoFi Plus member and pay a $10 subscription fee every 30 days (note that SoFi is currently offering an APY boost to members).
$5,000 is a steep requirement, and that’s necessary every 31 days in order to qualify for the higher APY unless you set up direct deposit or pay for a SoFi Plus subscription. It seems that setting up direct deposit — for which there’s no minimum requirement — is probably more feasible for most people. Other online savings accounts may offer a comparable APY without any requirements.
If a customer hasn’t met the requirements, then they will earn 1.00% on their savings account balance, with no balance minimums or limits. While that’s much lower than SoFi’s maximum rate, it still beats the national savings average of 0.38% APY.
Savings features. The savings account also comes with 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. These features can help make it easier to organize your money and manage your finances.
Checking
SoFi's Checking and Savings account is a combined account, but the checking and savings balances earn different rates. Whether you meet the savings requirements or not, you’ll earn 0.50% (APY is variable and subject to change) on your checking balance. That’s much higher than the national average of 0.07% for interest checking accounts.
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. SoFi is part of the Allpoint ATM network, so customers can use tens of thousands of nationwide machines for free to withdraw cash.
Costly cash deposit services. If customers want to deposit cash, then they'll need to visit a Green Dot retail location, which you can find at places including 7-Eleven, CVS, Safeway, Walgreens and Walmart. Green Dot charges a fee of up to $4.95 per deposit. Other online checking accounts allow customers to make cash deposits for free at retail locations.
More info from SoFi
SoFi says: "We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/."SoFi says: "Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary."
SoFi says: "We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time."
Customer experience & overdraft fees
Customer experience
Convenient 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 virtual assistant chat feature for customers who are logged in, and a website with an extensive FAQ section. Its mobile app also has strong customer star ratings in the Apple App Store, though Google Play Store ratings are lower. If you need paper checks, the bank will send them to you for free.
Note that customers can have either an individual account or a jointly owned account, but not both.
Federal insurance for up to $3 million. A unique feature that SoFi offers is the option to have up to $3 million of your account funds federally insured. The standard insurance coverage from the Federal Deposit Insurance Corp. is $250,000 per person, per bank, per category, but SoFi is able to offer FDIC insurance for a much higher amount through its partnership with a network of other banks.
Learn more about FDIC insurance limits and how to insure your money when you’re banking over $250,000.
More info from SoFi
SoFi says: "SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks."
Web experience
StrongMobile apps
Highly ratedPhone support
Monday through Thursday, 5 a.m. to 7 p.m. ET; Friday through Sunday, 5 a.m. to 5 p.m. ETBranches
Online onlyOverdraft fees
No 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 protection 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 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
More info from SoFi
SoFi says: "Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website."
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
Frequently asked questions
Is SoFi a trustworthy bank?
As a Federal Deposit Insurance Corp. member, SoFi is a safe place to keep money. A SoFi Checking and Savings account gets the full standard federal insurance of $250,000 per person on the account. SoFi also offers a program that allows account holders to have up to $3 million covered by FDIC insurance.
What bank owns SoFi?
SoFi is a nationally chartered bank that offers SoFi Checking and Savings.
Does SoFi use Zelle?
Yes. SoFi is now on the list of banks that use Zelle as a way to send and receive money to and from people you know.
How do you get the SoFi bonus?
SoFi offers new SoFi Checking and Savings customers a sign-up bonus of $50 or $$ with eligible direct deposits of at least $1,000. Get details and compare with other offers in our roundup of the best bank promotions.
Does SoFi offer savings accounts?
SoFi offers SoFi Checking and Savings, which is a combination checking and high-yield savings account.
How do you earn the highest SoFi APY?
You’ll need to either enroll in SoFi Plus and set up direct deposit, have at least $5,000 in qualifying deposits every 31 days into your account, or pay a $10 SoFi Plus subscription fee every 30 days. Qualifying deposits include cash and check deposits, ACH transfers and peer-to-peer transfers such as those made via PayPal or Venmo.
What happened to SoFi Money?
Previously, a product called SoFi Money was offered, but new SoFi Money accounts are no longer offered, and those accounts do not earn interest. An existing SoFi Money account can be converted to the interest-bearing SoFi Checking and Savings account.