SoFi Review: Extensive Array of Products

SoFi is a digital-first powerhouse, offering everything from checking and savings accounts to personal loans and investment options — all in one place.

Known for its high-yield savings accounts and lack of maintenance fees, SoFi® is a great choice for those who prefer managing their finances online. With a convenient mobile app and a valuable member rewards program, SoFi has earned a reputation for putting customers first while offering top-notch financial products.

SoFi® is an online bank with over 9.4 million members, offering everything from checking and high-yield savings accounts to loans, credit cards, insurance and investing options. SoFi has earned GOBankingRates’ awards for Best Checking Accounts of 2025 and Best Online Banks, thanks to its interest-bearing accounts and comprehensive financial services.

SoFi Checking Accounts

SoFi’s Online Checking Account, Member FDIC, combines checking and savings features, offering perks like an APY on your balance and early paycheck access when you use direct deposit or deposit $5,000 or more every 30 days. Plus, it provides free overdraft coverage up to $50. GOBankingRates has ranked SoFi as one of the Best Checking Accounts of 2025.

• Earn an annual percentage yield on your balance.
• Get your paycheck up to two days earlier with direct deposit.
• No monthly maintenance fees.
• Access to over 55,000 ATMs.
• Free overdraft coverage up to $50.

5.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

SoFi Checking Account

Start Banking

Best For

Checking Accounts

Online Banks

Mobile App

Great APYs

No Fees

Earn Interest on Your Balance

SoFi’s checking account combines checking and savings, offering an APY, no monthly fees and free overdraft coverage up to $50.

Pros

• Wide access to ATMs
• Checking account earns interest up to
• No monthly fees
• No overdraft fees 

Cons

• Depositing cash can be challenging and may incur fees
• Lack of physical branches
• Overdraft limitations

Quick Take

SoFi’s Checking account is ideal for individuals comfortable with digital banking who seek high interest rates and minimal fees. The account’s competitive APY and lack of standard banking fees make it appealing.

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SoFi Savings Accounts

SoFi’s Savings Account stands out for its competitive APY, which is especially beneficial for those who set up direct deposits or maintain significant monthly deposits. If you have a checking account with SoFI, you are automatically also in a savings account. Checking and savings accounts earn different rates, but opening a new account with direct deposits can earn up to a $300 bonus. 

• High rates — APY on savings balances if you deposit at least $5,000 every 30 days. 
• Extensive ATM network.
• Early direct deposit.

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

SoFi Saving Account

Start Banking

Best For

Checking Accounts

Online Banks

Mobile App

Great APYs

No Fees

SoFi’s Savings Account offers a competitive APY of up to with direct deposits of $5,000. Enjoy no fees, access to a vast ATM network and the ability to earn interest on both checking and savings balances.

Fees

No monthly service fee

Pros

• No monthly maintenance or overdraft fees
• Earn APY without direct deposits 
• Earn APY with direct deposits that total at least $5,000 monthly 
• Unique savings features to help account holders with financial goals

Cons

• No physical branches
• Cash deposit limitations 
• Combined account structure 
• High direct deposit requirement to earn top rate

Quick Take

When you sign up for a checking account, it is combined with a savings account. The SoFi Savings Account has an APY of when you deposit $5,000.

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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 in your SoFi Checking and Savings account, fractional shares of stock in your SoFi Active Invest account, an extra loan payment on a SoFi loan or a statement credit to your SoFi credit card.

Breadth of Products

SoFi 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 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

If you need to contact customer service, call 1-855-456-7634 from Monday to Thursday from 5 a.m. to 7 p.m. PT and Friday to Sunday from 5 a.m. to 7 p.m. PT. You can also access customer service online 24/7 via the virtual chat on the website. 

The SoFi app is at the heart of the banking experience. It 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 simultaneously.

The SoFi app has a rating of 4.8 stars out of 5 on the App Store and 3.9 stars on Google Play.

Comparable Banks

Choosing a new bank is a big decision, so you want to understand your options. Be sure to compare the features you’ll use. Here are some comparable banks to consider.

SoFi vs. Capital One 

Capital One’s 360 Checking Account offers everyday banking services with no monthly fees or overdraft charges. You’ll also earn interest on your balance and 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.

SoFi vs. Ally

Like SoFi, Ally offers 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 savings paying APY.

SoFi vs. Synchrony 

Synchrony Bank is an online bank that offers high-yield savings accounts, money market accounts and CDs but doesn’t offer a traditional checking account. Those seeking a broader range of options may prefer SoFi since it offers a combined checking and savings account with a competitive APY, loans, credit cards and insurance.

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.

More on SoFi Banking

Virginia Anderson and Karen Doyle contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024. 

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.

To determine rankings for the Best Checking Accounts of 2025, 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 of the minimum to avoid fees 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 stores. All factors were then scored and combined, with the lowest score being the best. Factor (1), (2 and (5) weighed 0.5 times, and Factor (4) weighed 1.5 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.

To determine the Best Online Banks of 2025, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percent the minimum to avoid 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 stores. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (7) were weighed 2 times. For all savings and checking account data, only the basic accounts or products offered at each institution were analyzed. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.

*Capital One interest rates accurate as of Dec. 10, 2024. See website for all current rates.

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.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi has partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.