Today, SoFi offers many banking services with great benefits for consumers with or without student debt.
SoFi does not offer standalone checking or savings accounts.
SoFi Checking Account
SoFi has many attractive features as a checking account.
Individual and joint accounts are available, which is rare among online banking accounts.
It might be most appealing to SoFi customers who use its other products, likeautomated investingandstudent loan refinancing.
Keep in mind, SoFi doesnt offer a general cash back option for all your purchases.
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Still, your account gives you access to a debit card and gives you the option toorder checks.
Individual and joint accounts are available, which is rare among online banking accounts.
Heres an overview of its savings features.
If you dont use direct deposit, youll earn 1.20% APY on all balances.
- If you dont use direct deposit, youll earn up to 1.20% APY on all balances.
Cash in SoFi Checking and Savings is FDIC insured up to $250,000 through SoFi Bank, N.A.
SoFi members are anyone who uses a SoFi product, like Checking and Savings.
As members, consumers get exclusive benefits like member-only financial planning events and member rate discounts on SoFi loans.
SoFi Checking and Savings Fees
SoFi boasts no fees across their services and they mean it.
SoFi banking happens primarily through the SoFi app for smartphones and tablets.
Is SoFi Right for You?
There are hardly any fees with most SoFi products.
SoFi is not compatible with Zelle.
- SoFi Checking and Savings (member FDIC):
1.
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.
Interest rates are variable and subject to change at any time.
These rates are current as of 10/31/2024.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
Only SoFi Plus members are eligible for other SoFi Plus benefits.
Interest rates are variable and subject to change at any time.
These rates are current as of 1/24/25.
There is no minimum balance requirement.
Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
See the SoFi Plus Terms and Conditions athttps://www.sofi.com/terms-of-use/#plus.
Fee Policy
Our account fee policy is subject to change at any time.
Deposits may be insured up to $3M through participation in the program.
See full terms atSoFi.com/banking/fdic/sidpterms.
See list of participating banks atSoFi.com/banking/fdic/participatingbanks.
SoFis ATM policies are subject to change at our discretion at any time.
Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
It sounds appealing right?
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