SoFi Bank Review: Services, Pros and Cons (original) (raw)
As one of the top online banks, SoFi Bank is known for its high-yield deposit accounts with no monthly fees. It only offers a checking account and a savings account — which are only available as a combined account — but both accounts make the cut for the best checking accounts and best savings accounts in the country.
If you’re comfortable with managing your account exclusively online, SoFi Bank could be an excellent option to consider. We at the MarketWatch Guides team have put together an in-depth review of its products and reputation so you can decide if SoFi Bank is right for you.
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Featured Savings Accounts
FEATURED
Lending Club
4.3
APY 3.50%
Bonus N/A
Min. Deposit Amount $0
Earn up to 4.75% APY with $250+ deposits per month
SoFi Checking + Savings
4.8
APY 3.80%
Bonus Up to $300
Min. Deposit Amount $0
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either 50(withatleast50 (with at least 50(withatleast1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR 300(withatleast300 (with at least 300(withatleast5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
UFB Portfolio Savings
4.6
APY 4.01%
Bonus N/A
Min. Deposit Amount $0
Unlock up to 4.21% APY, Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%
Discover
4.6
APY 3.75%
Bonus N/A
Min. Deposit Amount $0
Sofi Bank Summary
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The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Best for Cash-Back Incentives
SoFi Checking + Savings
4.7
Savings APY 3.80% with qualifying monthly deposits
ATM Access 55,000+ without fees
SoFi was founded in 2011 as a lending platform, later offering student-loan refinancing, mortgages and personal loans. It began operating as an online bank in February 2022 and soon launched its combined SoFi Checking and Savings account. SoFi Bank quickly grew in popularity, and by the end of 2022, it had over 2.1 million SoFi Money members and $7.3 billion in deposits.
SoFi Bank’s only deposit product is a joint checking and savings account. But, as an online-only bank, SoFi Bank has lower fees, higher interest rates and a more extensive ATM network than traditional banks. In exchange, you won’t get in-person service since there are no physical branches.
Pros
Banking benefits: In addition to no monthly fees or minimum balance requirements, you can expect to earn higher interest rates than the majority of the competition.
Free ATM access: Account holders get access to more than 55,000 ATMs without fees.
Cash bonus for new customers: SoFi offers a bank account bonus of up to $300*** for new customers.
Cons
Limited access: SoFi has no in-person branches.
Few account options: SoFi doesn’t offer CDs or money market accounts.
No minors allowed: Account holders must be 18 to open an individual or joint account, which means SoFi isn’t suitable for children or teens.
Our SoFi Bank Ratings
We give SoFi Bank 4.5 out of 5 stars after looking into categories including its branch availability, account fees, interest rates and customer support. It scores highest for its savings and checking accounts, while its overall banking experience earns a lower score since SoFi doesn’t offer in-person banking access.
Here’s how the bank scores in each of these factors:
SoFi Bank vs. Other Top Banks
When compared to top banks such as Chase Bank, Wells Fargo and Bank of America, SoFi has advantages and disadvantages as an online bank. SoFi Bank has better accounts overall because of its lower fees and higher interest rates. It also has a bigger ATM network thanks to its partnership with Allpoint. However, SoFi Bank doesn’t have in-person branches.
SoFi Bank is more similar to Ally Bank, another online-only bank. Although SoFi Bank has a more extensive ATM network than Ally, it only offers a checking and savings account. Ally Bank has more deposit account options, including CDs and a money market account.
| SoFi Bank | Ally Bank | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|---|
| Our rating | 4.5 | 4.5 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 55,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available deposit products | Checking, savings | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes | Yes |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
>> Related: Learn more about the best online banks
SoFi Bank Accounts
SoFi Bank only offers a checking account and a savings account, and you’ll receive both accounts in the form of a combined account called SoFi Checking and Savings. SoFi bank accounts can be managed online or through SoFi’s mobile app.
Both deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of 250,000perdepositorandaccountownershipcategory.SoFialsooffersupto250,000 per depositor and account ownership category. SoFi also offers up to 250,000perdepositorandaccountownershipcategory.SoFialsooffersupto2 million in FDIC insurance for customers enrolled in its SoFi Insured Deposit Program.
| SoFi Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| SoFi Checking | 0.50% | 0∣0 | 0∣0 |
| SoFi Savings | 3.80% with qualifying monthly deposits1.20% without qualifying monthly deposits | 0∣0 | 0∣0 |
*APY accurate as of November 14, 2024
SoFi Bank Customer Experience
SoFi Bank has an excellent reputation. It has an A+ rating from the Better Business Bureau (BBB), but it’s not BBB accredited. It also has 5 out of 5 stars from Bauer Financial and an average of 4.6 out of 5 stars from customers on Trustpilot.
SoFi Bank receives solid reviews for its mobile app. However, there’s a slight split between Apple and Google Play reviews. SoFi Bank has 4.8 out of 5 stars on the App Store, as most reviewers find the app easy to use, well-designed and included desired features. On Google Play, SoFi Bank has 4 out of 5 stars. Most reviews are positive, but some express frustration with glitches, bugs and the app being slow.
The Bottom Line: Is SoFi Bank Right for You?
SoFi Bank is best for someone who is looking for a high-yield checking or savings account since the financial institution doesn’t offer other banking services. If you’re comfortable with just those two accounts, and doing your banking online, then SoFi is certainly worthy of consideration. Its checking and savings account have no fees or balance requirements and pay competitive rates, which are desirable to anyone looking to open a deposit account.
SoFi Bank can offer these benefits because it saves money by not operating physical branch locations. But if you want face-to-face customer service with your bank or in-person banking access, it would be better to go with a traditional brick-and-mortar bank.
>> Related: Learn more about SoFi personal loans
Learn More About SoFi Bank
See how SoFi stands out in our roundups of the best financial institutions and deposit products available today:
- #1 on Best High-Yield Savings Accounts
- #1 on Best Savings Accounts
- #1 on Best Savings Accounts for Teens
- #1 on Best Online Banks
- #1 on Best Checking Accounts
- #1 on Best Free Checking Accounts
- #1 on Best Online Checking Accounts
- #1 on Best Bank Bonuses
- #2 on Best Banks and Credit Unions
- #3 on Best Student Checking Accounts
FAQ: SoFi Bank Reviews
Yes, SoFi is considered to be a trustworthy bank. It is a nationally chartered bank approved to operate across the country. Its deposit products also have FDIC insurance up to the maximum allowable limit, just like traditional banks.
The main downside of SoFi Bank is that it doesn’t have physical branch locations, so you can only get customer support by phone or live chat. It also doesn’t offer a wide variety of deposit products, including CDs and money market accounts.
Yes, SoFi is a valid bank. Even though it’s online-only, it provides the same types of products, account benefits and FDIC protection you would receive from a traditional bank.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
**SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
***New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either 50(withatleast50 (with at least 50(withatleast1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR 300(withatleast300 (with at least 300(withatleast5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.