SoFi Bank, N.A. Review January 2025: An online bank with solid APYs and a long list of financial services

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.

SoFi vs. Milli

Milli is also an online-only bank with a robust savings APY of Contact institution for details% and a free checking account. However, there is no sign-on bonus and no APY on the checking account, so you may be able to get more for your money with SoFi. Milli is also part of the Allpoint ATM network, giving customers access to over 55,000 fee-free locations. 

SoFi vs. Chime

Another online bank without any account fees, Chime also offers checking and savings accounts. But unlike SoFi, its checking account doesn't earn any interest. However, it does have more robust overdraft coverage. Chime's SpotMe coverage allows you to overdraft by as much as $200, compared to SoFi's lower $50 limit.

SoFi beats out Chime when it comes to ATM withdrawals. That's because SoFi doesn't charge a fee if you go to an out-of-network ATM, but Chime will charge you $2.50 per withdrawal.

See more SoFi alternatives

• Quorum Federal Credit Union review: Competitive APYs and various account offerings, but limited customer service hours.
• Rising Bank review: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.
• Prime Alliance Bank: A diverse mix of business and personal products, but only one physical branch.
• Ivy Bank review: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements.

Is SoFi right for you?

Overall, we think SoFi works well for technology-savvy customers looking to earn a top APY. Its online-only infrastructure means you’ll need to be comfortable with navigating apps and websites to handle your financial transactions. If you are, the ability to earn a high APY on both your savings and checking accounts is a huge selling point. If you’re not, you’ll be better off finding a bank that offers brick-and-mortar locations near you instead.

Frequently asked questions

1:

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.

2: Our account fee policy is subject to change at any time.

3: 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/.

4: 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.

5: 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.