SoFi Review: Checking and Savings

SoFi’s new account features a high APY, no monthly or overdraft fees and good remote customer service options.
Mar 16, 2022

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Overall bank rating

  • Checking

  • Banking experience

  • Overdraft fees


NerdWallet rating 

The bottom line:

Financial services company and brokerage SoFi recently gained its bank charter and launched its new combination account, SoFi Checking and Savings, which allows customers to have checking and savings balances in the same account. The account has a high interest rate, no monthly fees and a solid free overdraft coverage program for customers who qualify. For this review, we separated the checking features of the account from the savings features to evaluate each on its own merits.

Customers who had a SoFi Money cash management account have the option to upgrade to a SoFi Checking and Savings account. SoFi will no longer be opening any new SoFi Money accounts.

Best for: Those who want to earn high interest and don’t mind using remote customer service instead of bank branches.


  • High interest rate.
  • No monthly maintenance fees or overdraft fees.
  • Fee-free access to more than 55,000 Allpoint ATMs.
  • Two-day early direct deposit.


  • Cash deposits cost up to $4.95 and are available only through third-party retailers.

Full review

SoFi Checking and Savings
SoFi Checking and Savings


Member FDIC


 NerdWallet rating 
Monthly fee
With $0 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.

Checking features

High APY with a few requirements. SoFi’s checking features include a high annual percentage yield and the ability to receive your paycheck two days early. SoFi pays 1.50% APY on all account balances as long as you set up direct deposit. If a customer hasn’t set up direct deposit, then they will earn 0.90% on their account balance with no balance minimums or limits. Note that customers can have either an individual account or a jointly owned account, but not both.

There’s no minimum direct deposit requirement to earn the high APY or get your paycheck two days early, but there is a $1,000 monthly direct deposit requirement to qualify for overdraft protection and 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 features

High APY with subaccount options. The savings portion of SoFi’s account includes savings Vaults, which are subaccounts that can be designated for different savings goals. In addition to being able to earn 1.50% APY on the first $50,000 in the general checking and savings balance, customers can also earn 1.50% on an additional $100,000 stored in these Vaults.

Automatic savings programs. 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.

More info from SoFi

SoFi says: Account fees, APY rates and ATM fees are variable and subject to change.

Banking experience


NerdWallet rating 

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 robust Twitter account to handle customer questions and complaints, a 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.

Overdraft fees


NerdWallet rating 

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 and 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.


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.