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.
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.
Caveat Emptor
Setting up a joint account is a nightmare, requiring two separate registrations. Getting them to join is met with further problems.
Telephone help is very poor, some handled offshore, with variable competency. Could not get adequate answers to important questions.
Transferring funds from other banks to Sofi is through a third party, PLAID, which requires you to give them your secure Password to your other bank account! Security??????
Sofi Bank has only existed since 2022 and appears to be pushing hard for their other Sofi products.
They offer only Checking and Saving account combined but not one or the other, separately.
The main attraction is relatively high interest rate, but other online banks are likely to increase theirs with the Feds changing plans.
Before jumping in, check all reviews, not just the glowing ones that are at the top.
Be aware that there is a limit to transfer money out to another Bank (via Plaid) to $5000 at one time and total of $50,000 per month, per customer service rep. info. (could not find in writing anywhere on their web site). Easy to get money in but hard to get it out if you have a large deposit.
There is no obvious way of communicating directly by email with the Bank.
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.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26881 |
| Year Established | 1986 |
| Employees | 1528 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.13% |
| Return on Equity - YTD | 14.68% |
| Annual Interest Income | $733.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $32.86B$25.66B |
| Loans | Q1 2025vs Q1 2024 | $27.11B$20.37B |
| Deposits | Q1 2025vs Q1 2024 | $27.38B$21.76B |
| Equity Capital | Q1 2025vs Q1 2024 | $4.73B$3.5B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $44.4MM$51.3MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $25.1MM$32.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |