SoFi Bank, N.A. 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 Bank, N.A.’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 Bank, N.A. 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 bank's mobile app. Customer service is handled by phone or chat seven days a week and on social media.
SoFi Bank, N.A. pros and cons
Pros:
• Earn competitive annual percentage yields (APYs) on savings and checking balances.
• Access more than 55,000 fee-free ATMs within 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
11/18/19 - One Benefit Of Sofi Money Account
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
Credit In Perfect Shape
I had been trying to work on my own credit during the lockdown period in 2021 and did a pile of research and still to no success did I repair my own credit how'd I was explained I could, watching different YouTube videos. From my own experience I can say it important to find a seasoned professional. That's XAPCREDITSOLUTION AT GMAIL DOT COM, he's got something truly amazing and it worked for me. My scores soared right up after one week of hiring him! Can you believe it he removed my discharged chapter 13 bankruptcy off all three credit reports! I had been battling with them and the courts over a year! My Experian, Transunion, and Equifax are over the 780s. I used 609 letters lexis, nexis freezing and no success! 5 stars for speed and effectiveness but their customer service is lacking, sometimes I found myself not being able to get hold of XAP immediately but he always responded within a day, this could raise a concern to certain people but I have no problems as they delivered results. Lexington law and others had great customer service but they didn't deliver so I gotta go with what truly brings helps my credit score and not totally rely on just customer service reps trained to pacify you.
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.
So Hard To Work With....
I had tried opening a SoFi money account a few years back, wasn't approved, tried talking to support, never could tell me why. They dropped their rate so I didn't really care and moved on
So, last week I saw the blurb about the 1.25% with direct deposit and $300 bonus and figured I'd give it another shot, went back, tried again, after uploading my photo ID I was approved, no problem.
Then, tried to add DW to my account as a joint holder (since they don't support beneficiaries). I sent the invitation, she filled out the form, immediately rejected for "Our inability to verify certain information that is required under the Patriot Act.". Really, what? No offer to upload photo ID or other supporting documents, just NO.
Did a chat with customer support, they said, her account is locked nothing we can do, have to wait 7 days for it to unlock before they can look at it and try again. Really, 7 days. Fine, it's still a good rate in today's market so I wait.
7 days later, go through the process again, same problem. Request denied, same reason.
Chat with customer support, can't tell me why she can't be added, tell me to wait 7 days and try again. Call customer support, can't be told why she can't be added. Ask to speak to a supervisor, wait 10 minutes, get a supervisor, confirms my information, then hangs up.
Oy, no thanks. I'll do my direct deposit, get my $300 bonus and close the account. These guys are not ready for prime time and I don't trust them with my money.
GARBAGE COMPANY
GARBAGE COMPANY, DECEIVERS, CREDIT RUINERS, BLOOD SUCKERS! I ASKED THE REPRESENTATIVE TO CHARGE ME FULLY AND THE REPRESENTATIVE DID NOT, OF COURSE, I WAS REPORTED TO CREDI TBUREAUS, AND 50 POINTS WERE DROPPED. THEY HAD THE AUDACITY TO TELL ME TO DISPUTE DESPITE IT WAS THEIR FAULT COMPLETELY! UNBELIEVABLE! I WASTED MY TIME REACHING OUT TO ALL CREDIT BUREAUS AND COMPLAINING AGAINST THIS PEACE OF CRAP COMPANY! STAY AWAY!
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 1176 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.54% |
| Return on Equity - YTD | 11.06% |
| Annual Interest Income | $1.24B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $27.36B$17.7B |
| Loans | Q2 2024vs Q2 2023 | $22.72B$14.13B |
| Deposits | Q2 2024vs Q2 2023 | $23.12B$13.25B |
| Equity Capital | Q2 2024vs Q2 2023 | $3.8B$2.37B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $51.9MM$41.2MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $33.4MM$16.8MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |