SoFi bank review: Everything you need to know

SoFi was the first full-service fintech startup to get a formal U.S. banking license, so it’s safe to say it helped redefine what banking could look like. With high APYs and no account fees, it’s a suitable solution for those looking to modernize their everyday banking.

This guide has you covered with a full SoFi review, including how its checking and savings account works and what customers think.

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Sofi Bank: general overview

SoFi Bank is an online-only bank that combines checking and savings into a single account. There are no monthly fees or minimum balance requirements, and everything is managed through the SoFi app.

As a digital bank, SoFi focuses on features like early direct deposit, Vaults to organize savings goals, and a large network of fee-free ATMs. Deposits are FDIC insured, and customers can access a full suite of other SoFi financial products, from loans to investing, all within the same platform.

This mix of simple banking and additional services has made SoFi popular with customers who want to keep their money management in one place while earning a competitive yield.

SoFi Bank checking account reviews

SoFi’s checking account is only available as part of the combined Checking and Savings package, so you will need to open both at the same time.¹ While that may feel restrictive, it also means you can earn interest on your entire balance and keep everyday spending and savings in one place.

The account is built to be simple. There are no monthly fees or minimum balance rules, and everything is managed through the SoFi app. With qualifying direct deposits, you can unlock extra benefits like getting paid up to two days early and overdraft coverage of up to $50 on debit card purchases.

Cash access is straightforward, too. SoFi partners with the Allpoint® network, giving you fee-free withdrawals at more than 55,000 ATMs across the US.²

SoFi Bank savings account reviews

SoFi savings comes as part of the combined checking and savings account, so you cannot open it separately. The account is simple to manage in the SoFi app and includes tools like Vault for goal-setting and Roundups to grow your balance automatically.

Rates depend on how you use the account. With eligible direct deposits or $5,000 in qualifying deposits, you earn a high APY. SoFi Plus members can also access a temporary promotional boost. Without these requirements, the rate drops, but it still stays ahead of many traditional banks.⁴

Another benefit is security. Deposits are FDIC insured up to $250,000, and through SoFi’s Insured Deposit Program, that coverage can be extended up to $3 million.

SoFi Bank CD

SoFi doesn’t currently offer certificates of deposit (CDs). Instead, customers can use SoFi Vaults within their checking and savings accounts to set money aside for long-term goals. Vaults earn the same interest rate as your savings balance, which is higher than the national average for CDs.⁵

For customers who want to build wealth outside of savings, SoFi also provides investing options through SoFi Invest. These include stock trading, ETFs, retirement accounts, and automated investing tools.

SoFi Bank customer experience

SoFi is a digital-first bank with no branches, so everything happens online or in the mobile app. The app is highly rated and gives you access to budgeting tools, credit score tracking, and the ability to manage loans, investments, and insurance alongside your checking and savings.

Customer support is available seven days a week through phone and chat.⁶ While limited service hours may be a downside, SoFi adds extra value with member perks like financial planning, rewards, and event access at SoFi Stadium.

Overall, customers praise the convenience and the ability to keep all their finances in one place.

SoFi Bank overdraft fees

SoFi doesn’t charge overdraft fees. If your account balance drops below zero, transactions are usually declined.

However, customers who set up at least $1,000 in direct deposits each month qualify for overdraft coverage of up to $50 on debit card purchases. This feature is automatic once you meet the requirement and can help prevent declined transactions at checkout.⁷

Overall, SoFi’s approach removes the stress of unexpected overdraft fees while still offering limited protection for everyday spending.

SoFi Bank comparison

Not sure if SoFi is right for you? Here’s how it compares to other well-known banks and online providers in the US. You can also click through on the provider links to see more details about each account.

SoFi Bank pros and cons

SoFi is best for customers who are comfortable managing money online and want strong savings rates without paying monthly fees.

It’s a good fit if you like having checking, savings, loans, investing, and credit products in one app. On the other hand, it may not suit people who want in-person service or those who rely on larger overdraft cushions.

Pros

• No monthly maintenance fees or minimum balance requirements
• High APY on savings with eligible direct deposit or qualifying deposits
• Interest available on both checking and savings balances
• Early direct deposit to access paychecks up to two days sooner
• Over 55,000 fee-free ATMs through the Allpoint® network
• Extra member perks such as rewards, financial planning, and SoFi Stadium benefits

Cons

• No physical branches for in-person support
• Best APY requires qualifying activity; otherwise, the rate drops
• CDs are not offered
• Overdraft coverage is limited to $50 and is only available with direct deposit

Frequently asked questions about SoFi Bank

Thinking about opening an account with SoFi? Here are answers to some of the most common questions to help you decide.

Is SoFi a good bank?

SoFi is a good fit if you want a modern, digital-first bank that keeps fees to a minimum while offering strong savings rates. It’s especially appealing if you like the idea of having checking, savings, loans, investments, and even credit cards all under one roof.

Customers also get access to perks such as early direct deposit, free financial planning sessions, and member rewards that add extra value.

That said, SoFi may not work for everyone. If you prefer walking into a branch to deal with banking in person, or if you need more extensive overdraft protection, you might find the online-only setup limiting.

What is the rating for SoFi?

BankRate gives SoFi an overall score of 4.3 out of 5 in 2025, reflecting its strong savings rates and lack of fees.¹⁵ Many customer reviews highlight how easy it is to use the SoFi app, with features like budgeting tools and credit score tracking built right in.

Users also point out the convenience of managing checking, savings, and other financial products from one dashboard, which is something traditional banks don’t always offer.

Is SoFi a safe bank?

Yes. SoFi Bank is FDIC insured, which means your deposits are protected up to $250,000 per depositor. For added peace of mind, SoFi’s Insured Deposit Program extends coverage up to $3 million across participating partner banks.¹⁶ That’s far above the standard limit at most banks.

Security also extends to the app. SoFi uses 24/7 fraud monitoring, customizable alerts, and secure login to help keep your account safe. For digital-first customers who do everything from their phone, these protections can provide real reassurance.

Whether or not SoFi is right for you depends on how you like to bank. If you want a digital-first option with no monthly fees, competitive savings rates, and a strong mobile app, it could be a great fit.

If you prefer in-person service or more robust overdraft protection, another provider may suit you better.

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Sources

1. Bank Rate – SoFi online checking account pros and cons
2. SoFi – SoFi ATM locations
3. SoFi – Online checking account
4. SoFi – Banking Savings Account
5. SoFi Support – Does SoFi offer Certificates of Deposits (CDs)?
6. SoFi – Chat with checking and savings support
7. SoFi Support – Managing overdraft coverage with SoFi money
8. Bank of America – Account details and fees
9. Chase – Account details include
10. Chase – Checking Accounts & Savings Accounts APY
11. Chime – Chime savings vs. national banks
12. CitiBank – Everyday Benefits
13. PNC – What you need to know
14. TD Bank – Savings account
15. Bank Rate – SoFi Bank review
16. SoFi Support – What’s the SoFi Insured Deposit Program (SIDP)?

Sources checked 09/23/2025