SoFi Checking and Savings Review: Savings/checking, Competitive Rate

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Pros and cons

SoFi Checking and Savings is an excellent choice if you don’t want to deal with standard bank fees. It doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees.

The account also offers a few unique perks. There’s a savings tool called Money Vaults, which helps you save for individual goals. You can also earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. Even if you don’t set up direct deposits, you’ll still earn a great interest rate.

How SoFi works

SoFi is a fintech platform that offers loans, investment accounts, and banking options.

The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.). In January 2022, the Office of the Comptroller of Current conditionally approved SoFi’s application to establish SoFi Bank, N.A. as a full-service bank. As part of the conditional authorization, SoFi Bank is acquiring  Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.

If you previously had SoFi Money, the fintech’s cash management account, you’ll be invited to upgrade to the SoFi Checking and Savings account. SoFi Money will also no longer be offered to new customers. 

For customer support call or use live chat anytime from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.

Up to $250,000 is FDIC insured in an individual checking and savings account.

SoFi trustworthiness and BBB rating 

The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.

A great BBB doesn’t guarantee your relationship with a company will be perfect. You’ll also want to speak with current customers or read online customer reviews.

Even though it has a great BBB score, SoFi does have a recent scandal.  In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.

We compared SoFi Money to two other online accounts: Chime and Ally. 

All three accounts charge no monthly service fees and require no minimum opening deposit, which is great if you’re looking for accounts that are easy to open and manage.

Your decision between these three online accounts might ultimately depend on whether you’d prefer to open one account or a separate checking and savings account.

SoFi has a hybrid savings/checking account. This might be a good choice if you’d like the cashback features. It also offered the highest interest rate. To earn 3.25% APY, you’ll need to set up a direct deposit.

Chime and Ally let you set up separate checking and savings accounts. Furthermore, Ally may be better option if you don’t qualify to earn the highest interest rate at SoFi. The Ally High Yield Savings Account pays a flat interest rate of 3.00% Annual Percentage Yield (APY).

Ally is also a better choice if you don’t want to deal with out-of-network ATM fees. The bank doesn’t charge a fee for using an out-of-network ATM, and you’ll also get up to $10 per month in reimbursements. Meanwhile, SoFi won’t reimburse out-of-network ATM fees, and Chime has a $2.50 fee.

Frequently asked questions (FAQ)