SoFi is an online bank that positions itself as a one-stop shop for your finances. The San Francisco-based bank provides a wide variety of services and products. You’ll find personal loans, mortgages, bank accounts and more.
SoFi’s combination checking and savings account offers a competitive rate, charges no monthly account fees and comes with a bonus when you set up direct deposit. It also includes no-fee overdraft coverage when you make the required direct deposit every 30 days.
Although SoFi has no physical branches, you can access more than 55,000 fee-free ATMs worldwide within the Allpoint Network. You’ll have to be comfortable managing your money online or with the SoFi mobile banking app. Customer service is handled by phone or chat seven days a week and on social media.
SoFi Bank pros and cons
Pros:
• Earn competitive annual percentage yields (APYs) on savings and checking balances.
• Access more than 55,000 fee-free ATMs in the Allpoint network.
• Opt for no-fee overdraft coverage.
• Pay no monthly account fees.
• Manage your money with a robust mobile app.
Cons:
• Deposit $5,000 every 30 days to earn these APYs unless you direct deposit your paycheck.
• Receive no reimbursement for out-of-network ATM fees.
• Make a direct deposit of at least $1,000 every 30 days, and coverage is limited to $50 on debit card purchases only.
• Pay a fee to make a cash deposit.
• Have no access to physical branches for in-person service.
Related Posts
7/11 - Checking Decreases To 0.50%, Savings Increases To 4.40%
6/10 - Sofi Savings Rate Ticks Up To 4.30%
4/25 - Savings Rate Nudges To 4.20%
3/17 - Sofi At 1.20% Checking, 4% Savings With Direct Deposit
1/4 - Sofi Savings 3.75% APY
11/30 - Sofi Savings 3.25%
10/31 - Savings Increases To 3.0% APY On 11/3/22
9/30 - Sofi Checking And Savings 2.50% With Direct Deposit
9/9 - Up To $1,000 Bonus For Adding To Balance For 2 Months
8/12 - Updated Review of SoFi Checking and Savings Account and Bonus Offer
8/12 - Sofi Increased To 2.0% With Direct Deposit
7/26 - Sofi Now At 1.8% With Qualifying Direct Deposits
6/28 - Sofi at 1.5% APY
5/5 - Sofi Money To Stop Paying Interest
4/30 - Review of SoFi Checking and Savings Account and Its Market-Leading Rate
4/5 - Sofi Ups Checking/Savings To 1.25%
3/11 - Now Available: Sofi 1% On Balances Up To $150K, DD Required
2/19 - Coming Soon: 1% APY On Up To $150K In Deposits In Sofi Money
10/31/19 - Sofi Money APY Drops To 1.60%
9/19/19 - Sofi Quietly Slips APY On Money Account Down To 1.80%
8/19/19 - Review of SoFi Money
8/1/19 - Sofi Money Mirrors The FED, Rate Drops From 2.25% To 2.00% Effective 8/1/19
2/13/19 - Sofi 2.25% Checking Account Dropped All Direct Deposit & Spending Restrictions
Sofi Is Awesome!
SoFi is amazing! They don't run a credit check which is nice for people who are in consumer reporting agencies.
The app is modern, well-designed, and this online bank offers everything besides a secured credit card/builder which would be nice to see. I love the early direct deposit feature, APY%, and other great features they offer as a online bank.
I would like to see them open up branches in the future, now, that would be even more awesome!!! SoFi has been phenomenal and banking with them has been a breeze!
Why I Left Sofi
Great products and fee structure. Good Digital Bank. There are other businesses that have a higher APY and a similar or better no-fee structure. My time with Sofi was okay. The relationship was like a lover that didn't just work out and you both know it. I left because of a low-interest rate, and it took 2 months instead of the time given to settle my dispute with Grubhub for not refunding me in full when I received a messed up order. Grubhub treated me like I was lying about it. I went to DoorDash and I don't have as many of the same issues as Grubhub. https://yieldfinder.app/
Sofi Checking And Savings Does Not Allow Beneficiaries
At the time of this review, I can confirm that there is no way to add a beneficiary to SoFi Checking and Savings. Sometimes there is confusion because apparently you can add a beneficiary to a SoFi IRA brokerage account, but not to a Checking and Savings. I'm in for the $300 DD bonus, but I can't stick around after that. No POD beneficiary is a long term dealbreaker for me.
Not A Real Bank
Sofi is not a bank. It's a amalgamation of computer programs and rigid policies.
If something goes wrong, none of their agents are able to do anything to help you. They just mindlessly recite policies, or say that it is impossible.
Do not go here if you need any banking services beyond deposits and a debit card. They can't do it.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 1013 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.04% |
| Return on Equity - YTD | 15.36% |
| Annual Interest Income | $1.71B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $24.06B$9.12B |
| Loans | Q4 2023vs Q4 2022 | $19.76B$7.65B |
| Deposits | Q4 2023vs Q4 2022 | $18.88B$7.37B |
| Equity Capital | Q4 2023vs Q4 2022 | $3.4B$1.18B |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $54.7MM$40.8MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $27MM$12.7MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |