SoFi Review: Online Bank With an Extensive Array of Products
Written by
Karen Doyle
Edited by
Lindsey Kloosterman
Commitment to Our Readers
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GOBankingRates Score
SoFi
-
Checking and Savings Account
5.0
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Member Rewards
4.8
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Breadth of Products
5.0
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Banking Experience
4.8
Pros
- High interest rates on checking and savings
- Rewards for using the app
- No account fees or minimum balance requirements
- Extensive ATM access through the Allpoint Network
Cons
- No physical branches
SoFi Overview
SoFi is an online bank with over 6.9 million members. SoFi offers a checking and high-yield savings account, loans, credit cards, insurance and investing options. In short, you can use SoFi for all of your financial needs.
GOBankingRates has ranked SoFi among the Best Online Banks of 2024 and the Best Checking Accounts of 2024.
SoFi Banking Review: Key Features
SoFi has a wide variety of features, with products and services for just about anyone. Here are a few of the features that stand out.
Checking and Savings Account
The SoFi Checking and Savings account, Member FDIC, is a single account that combines checking and savings features. It was ranked among the Best Checking Accounts of 2024 because of its unique structure and member benefits.
Members get lots of perks when they use it with direct deposit or by depositing $5,000 or more every 30 days. You’ll earn Annual Percentage Yield (APY) on your checking balance and get your paycheck up to two days earlier. You’ll also be covered for overdrafts, up to $50 for free.
The funds that you designate for savings earn up to APY.
The SoFi account has no monthly maintenance fees, and you can use over 55,000 ATMs in the Allpoint Network for free. You can also earmark funds for certain goals by putting them in Vaults and save painlessly with Roundups.
New customers can get a bonus of up to $300 when they open a SoFi Checking account and set up direct deposit. If your direct deposits are between $1,000 and $4,999.99, you get a $50 bonus. When you get direct deposits of $5,000 or more within 25 days of the first direct deposit, you get a bonus of $300. There is no bonus for direct deposits of less than $1,000.
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Member Rewards
SoFi has a Member Rewards program that provides points for saving money, getting paid and using the SoFi app. Points can be redeemed for cash into your SoFi Checking and Savings account, for fractional shares of stock in your SoFi Active Invest account, for an extra loan payment on a SoFi loan or for a statement credit to your SoFi credit card.
Breadth of Products
SoFi was ranked as one of the Best Online Banks of 2024 because it offers a complete suite of banking, lending and investment products. In addition to the SoFi account, which includes checking and savings, you can get a student, personal, home or auto loan. Also included are auto, life, homeowners, renters and cyber insurance. You can obtain estate planning services and finally, open a SoFi credit card.
With a SoFi Invest account, you can trade your own stocks and ETFs with no commissions. If you want personalized investing advice, you can schedule an appointment with a SoFi financial planner for free. Clients can also use SoFi’s investing robo-advisor, which provides an automated diversified portfolio based on their unique needs. SoFi customers can even invest in IPOs and cryptocurrency and purchase fractional shares.
Banking Experience
At the heart of the SoFi banking experience is the app. The SoFi app lets you track all your finances in one place, making it easy to move money from one account to another and see your total financial picture at once.
The SoFi app has a rating of 4.8 stars out of 5 on the App Store, and 4.0 stars on Google Play.
Comparable Online Bank Options
Choosing a new bank is a big decision, so you want to understand your options. Be sure to compare the features you’ll use. If you have no interest in CDs or don’t require an auto loan, you can ignore those products and focus on those you need. As you narrow down your bank based on your needs, here are some comparable banks to consider.
Capital One
Capital One’s 360 Checking Account offers everyday banking services with no monthly fees or overdraft charges. You’ll also earn APY* on your balance, and you can access over 70,000 ATMs in the Capital One network. Clients who sign up for a Capital One 360 Performance Savings account earn APY on their balances and enjoy no fees or account minimums.
Ally
Like SoFi, Ally has a full suite of products: checking, savings, CDs, auto and personal loans, credit cards and investment products — including stocks, ETFs, crypto and mutual funds. Interest rates at Ally are slightly lower, with checking accounts paying up to APY and savings paying APY.
Final Take
If you’re looking for a single home for all your financial business, and you don’t need to be able to walk into a branch and talk to a teller, SoFi is a solid choice for you. The interest rates are very good, and you can earn rewards and discounts by having everything in one place.
FAQ
Here are the answers to some of the most frequently asked questions about SoFi.- Is SoFi a legitimate bank?
- SoFi is a nationally chartered bank insured by the FDIC. Clients who open a bank account with SoFi automatically receive up to $250,000 in banking protection from the FDIC, which they can increase to $2 million by opting into the SoFi Insured Deposit Program. SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks
- What bank is SoFi with?
- Customers who open a SoFi checking and savings account are banking with SoFi Bank, N.A., a nationally chartered bank insured by the FDIC.
- What are the cons of SoFi?
- SoFi offers virtually any financial service you might need, including consumer banking, loans, mortgages, credit cards and investment services. However, since it is an online bank, there are no physical branches you can visit. It also lacks business banking options, although it does provide small business funding solutions.
- Who is behind SoFi Banking?
- SoFi's current CEO is Anthony Noto, who has extensive investment banking and executive leadership experience at various companies, including Twitter and Goldman Sachs. SoFi Bank is publicly traded on the NASDAQ under the SOFI ticker symbol.
- Is SoFi or Ally Bank better?
- SoFi and Ally offer a similar range of products, including checking and savings accounts, credit cards, loans, mortgages and investment services. However, SoFi's checking account interest offer is currently higher than Ally's rate. The APY for savings accounts with SoFi is also higher than Ally's. Ultimately, deciding between SoFi and Ally depends on your personal needs.
More on SoFi Banking
Virginia Anderson contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 10, 2024.
*Capital One interest rates accurate as of 9/27/24. See website for all current rates.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.30% 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 4.30% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% 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 1.20% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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