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SoFi is an online financial services company that offers a variety of banking and investment products — including a combined checking and savings account.

This account comes with no monthly fees, no minimum balance requirements, and offers competitive rates on both its checking and savings account options. 

If that wasn't enough, this combined account comes loaded with features like early direct deposit, savings tools, and virtual debit cards. 

We examined SoFi’s combined checking and savings account to see how it compares in terms of features, convenience, interest rates, and fees.

Fox Money rating: 9.1/10

While SoFi lacks some features of traditional banks, its digital-first offerings come with attractive interest rates and convenience not found at most brick-and-mortar institutions.

SoFi Bank is a relatively new player in the online banking scene, starting initially as a lending platform. Despite this, SoFi Bank has quickly made a name for itself by offering a range of innovative financial products and services designed to help customers save, spend, and invest their money wisely. 

With a focus on technology, user experience, and financial education, SoFi Bank is a solid option for those looking for a modern, seamless banking experience.

SoFi Checking and Savings Account review

SoFi offers a combined checking and savings account with competitive interest rates, no fees, and no minimum balance requirements.

Remember you must open both accounts — you can’t open one separately. Here’s a closer look at each account.

What to know:

• APY: 0.50% 
• Minimum initial deposit: $0
• Fees: None

SoFi’s online checking account has no minimum balance requirement or monthly fees — making it one of the best free checking accounts. That makes it a good choice for people who don’t want to jump through hoops to avoid bank fees.

You’ll earn 0.50% on your checking balance if you set up direct deposit, helping your money grow faster.

Like other online banks, SoFi offers overdraft protection, access to a vast fee-free network of 55,000+ ATMs, supplemental FDIC coverage of up to $2 million, and early direct deposit. 

Many online banks don’t allow you to deposit cash. SoFi offers a solution by letting customers deposit cash through a GreenDot realtor. There’s a fee of up to $4.95 for this service, but it can be helpful if you need to make infrequent cash deposits.

What to know:

• APY: Up to 4.60% 
• Minimum deposit: $0
• Fees: None

SoFi’s savings account is one of the best high-yield savings accounts. While it doesn’t offer the highest possible rates on the market, it beats out much of the competition.

This account also has no minimum balance requirements or fees, making it easy to start with just a small amount. Keep in mind that to earn the highest APY, you need to set up direct deposit.

SoFi’s savings account also comes with added features to help you save. The Vaults feature can help you track separate savings goals, like building an emergency fund or saving for a vacation. An automatic round-up feature also allows you to transfer spare change from your debit purchases to your savings account.

Another nice perk is the elevated level of FDIC insurance. Most banks only offer coverage for up to $250,000 per account per person. SoFi splits your balance among several partner banks to offer up to $2 million in FDIC coverage.

Checking and savings accounts are SoFi’s primary banking products. It does not offer certificates of deposit or a money market account.

Outside of bank accounts, SoFi offers various financial services products. This includes:

• Credit cards
• Brokerage and retirement accounts
• Robo-advisor services
• Private student loans
• Student loan refinancing
• Mortgages
• Renters, homeowners, auto, and life insurance
• Small business lending

SoFi Bank online and digital experience 

SoFi's website is sleek, modern, and easy to navigate, allowing customers to manage their accounts, track their spending, and set financial goals with ease. 

SoFi's mobile app, available for both iOS and Android devices, takes the convenience factor even further, enabling users to deposit checks, send money, and monitor their accounts on the go. It also has solid ratings (4.8/5 on App Store and 4/5 on Google Play). 

In addition to its core banking features, SoFi's digital experience includes a range of valuable tools designed to help customers make the most of their money. The bank's "Vaults" feature allows users to set up separate savings goals and track their progress over time, while the "Relay" tool helps users budget and track their money across their accounts. 

SoFi Bank also places a strong emphasis on financial education, offering a wealth of articles, videos, and interactive courses through its online learning center. 

One of the most appealing aspects of SoFi Bank is its commitment to minimizing fees. 

The bank's checking and savings accounts have no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. 

SoFi also offers free ATM access at over 55,000 ATMs worldwide, and the bank will even reimburse any fees charged by out-of-network ATMs.

While SoFi does charge fees for certain services, such as outgoing wire transfers and stop payments, these fees are generally lower than those charged by traditional banks. 

SoFi is an excellent option if you’re looking for an online-first bank account with attractive interest rates. But keep in mind that SoFi is a digital-only bank with no branch access.

You may want to consider SoFi’s checking and savings account if:

• You prefer banking digitally via mobile apps over in-person banking
• You want to maximize interest on your checking and savings funds
• You manage your finances on the go
• You want to simplify your banking across checking and savings
• You want a bank that offers other financial services, like investing or loan financing

But before you open a SoFi account, make sure it supports your needs:

• If you make frequent cash deposits, you want to consider a bank with fee-free cash deposits
• If in-person banking is essential to you, SoFi lacks physical branch locations

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 

• Interest rates: SoFi's combined checking and savings account stands out for its competitive interest rates, particularly the high APY on the savings portion (up to 4.60%). While direct deposit is required to access the highest savings rate, the checking account's 0.50% APY is still competitive compared to many traditional banks.
• Fees: The account's fee structure is excellent, with no monthly service fees, overdraft fees, or minimum balance fees. The lack of ATM fees at 55,000+ in-network ATMs is another big perk. 
• Requirements: SoFi also excels in its minimum deposit and balance requirements, with no minimum initial deposit or ongoing balance requirements for either the checking or savings portion of the account.
• Product mix: SoFi offers a unique combined checking and savings account, as well as credit cards, loans, and investment services. However, it lacks standalone checking or savings accounts, money market accounts, and CDs, which may be a drawback for some.
• Customer service: SoFi offers multiple support channels. However, the absence of in-person assistance due to its online-only model may be a concern for some. 
• Digital experience: The bank offers a user-friendly mobile app and online banking platform that includes features like mobile check deposit, early direct deposit, and savings goals. The high mobile app ratings on both the App Store and Google Play further demonstrate SoFi's commitment to providing a seamless digital banking experience.
• ATM & branch access: Lastly, while SoFi offers access to a large network of fee-free ATMs, its lack of physical branch locations may be a drawback for customers who prefer in-person banking. The ability to deposit cash through GreenDot retailers (albeit with a fee) is a helpful feature, but the absence of out-of-network ATM fee waivers may be an inconvenience.
   

For an online checking and savings account, SoFi leads with solid interest rates, innovative mobile banking, and no fees. The availability of early direct deposit, ATM access, and cash back debit card rewards also makes SoFi a rewarding banking option.

While it lacks some features of traditional banks, if you want to earn more interest without sacrificing convenience, SoFi is worth considering.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 06/30/24. 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 4.60% 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi's account fee policy is subject to change at any time.

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.

TJ Porter

TJ Porter has eight years of experience as a personal finance writer covering investing, banking, credit, and more. He has written dozens of articles for Bankrate and other popular finance websites such as Credit Karma and the Balance.

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