Table of Contents

SoFi Bank: 2024 Banking Review

This online bank makes money management simple and straightforward -- all without a physical branch.

Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
SoFi Bank

SoFi is an online bank with a sleek online banking platform and mobile app designed to make money management fun and easy. It offers a competitive annual percentage yield on its checking and savings accounts -- well above the national average. It also offers the opportunity to earn rewards with your debit card and provides a host of online savings tools, all with minimal fees.

It’s one option worth considering if you want your checking and savings accounts all in one place. But SoFi lacks some key banking offerings, like certificates of deposit and money market accounts, so it may not work for everyone. It’s also an entirely online bank, so you may want to look elsewhere or maintain a separate bank account if in-person service is important to you.

Here’s our take on SoFi Bank, its checking and savings accounts and who it’s best suited for. 

What we like:

  • No monthly maintenance fees
  • No minimum deposits 
  • 55,000 Allpoint ATMs
  • Banking services at Greendot locations 
  • Competitive APYs on deposit accounts
  • Wide range of investing and financing products 

What we don’t like:

  • $4.95 fee for depositing cash 
  • No CDs or money market accounts 
  • No standalone checking or savings account option 
  • No physical branches

Who is SoFi Bank suited for?

You can earn a highly competitive APY with SoFI on both your checking and savings account, making this bank an excellent pick for anyone looking to earn more on the money they park. But SoFi is only a good fit if you’re comfortable managing your money online. It has no physical branches, though it does offer some banking services, including depositing cash through the Greendot network and at more than 55,000 ATMs. 

If you set up your paychecks for direct deposit, you may benefit from SoFi’s limited-time $250 welcome bonus when you direct deposit at least $6,000 within a 25-day period from account opening. 

SoFi also has helpful tools to help you zero in on savings goals. Its Vaults feature helps you set up a savings goal within a given period and track your progress. It also allows you to set up recurring transfers toward this goal and account for financial responsibilities, like rent or utility payments. It offers competitive interest rates on both checking and savings accounts. And you won’t need a minimum deposit to get started. On top of that, SoFi has a few investing and financing products -- including a rewards credit card, personal loans and insurance. 

SoFi Bank products


When you open a SoFi checking account, you also get a savings account. The checking account doesn’t charge any monthly maintenance fees, overdraft fees or require a minimum deposit. We like that the bank sometimes offers limited-time sign-up bonuses, like earning $50 or $250 when you open an account and direct deposit a certain amount into your account.


Another perk of this account is getting your paycheck up to two days sooner when you set up direct deposit.


Plus, you can deposit and withdraw cash at any 55,000 Allpoint ATMs without surcharge fees. And you can also deposit money at any retailer that offers GreenDot services, including 7-Eleven, Dollar General, Walgreens and more -- depending on your location. The downside is the $4.95 charge when you deposit cash at Greendot locations, which is deducted from your deposit amount. Lastly, the account offers overdraft protection for up to $50 after you set up direct deposits -- but only if you have monthly direct deposits of at least $1,000.


Checking Account Features


APY 2.50% APY
Min balance to open $0
Monthly maintenance fee $0


Rates as of March 3, 2023 


SoFi’s savings account comes with several account features to manage your money. You can use the app to set savings goals and recurring transfers with SoFi Vaults. And Roundups round each purchase to the nearest dollar so you can add your spare change to your savings.


The account has a competitive APY, and there’s no maximum amount for earning interest. We also like that there’s no minimum deposit requirement or monthly maintenance fees.


One thing worth noting about SoFi is that you’ll get a checking and savings account when you sign up. Standalone accounts are not available, but you can set up a direct deposit and transfer money to both accounts. Keep in mind that SoFi’s checking and savings accounts have different APYs and features.


Savings Account Features


APY 3.75% APY
Min balance to open $0
Monthly maintenance fee $0


Rates as of March 3, 2023 

Overdraft fees 

SoFi doesn’t charge overdraft or insufficient funds fees. Instead, it can pull money from your savings account to cover transactions if your checking account has insufficient funds. Overdraft coverage is also available to cover up to $50 of SoFi debit transactions. However, coverage is only available if your monthly direct deposits are $1,000 or more. You’ll need to enable the overdraft protection feature online or in the SoFi app. If you don’t have overdraft coverage set up to pull from your savings and you go over the $50 amount, the transaction will be declined.

Other banking products 

SoFi doesn’t offer CDs or money market accounts. However, the bank provides several other banking products and services. 

  • Mortgages: Home equity, jumbo and refinancing home loans 
  • Personal loans: Credit card consolidation, family planning, home improvement, travel and wedding
  • Private student loans: Undergraduate, graduate, refinancing, law, MBA, health profession and parent student loans 
  • SoFi Credit Card: No-annual-fee cash-back card with World Elite Mastercard® benefits. 
  • SoFi Invest®: Investing options for cryptocurrency, IPO and stocks, as well as automated investing, ETFs and IRAs
  • SoFi Protect: Auto, homeowners, life and renters insurance policies 

Banking experience 

We like that SoFi offers a variety of investing and financing products. You’ll earn a competitive rate on both checking and savings accounts. And its APYs are higher than the national average and on par with other online banks. What sets SoFi apart is its simple money management services and app features.

SoFi scores a 4.5 out of 5 based on Trustpilot’s reviews. Customers find the bank’s customer service helpful and professional. Many reviews also note that the loan application process is fast and account management tools are simple.

However, if you want to handle banking services at a nearby bank regularly or you’re looking for banking products beyond a checking and savings account, it’s best to consider other options. Capital One, for example, offers a range of products and services and has physical locations. And Ally and Bank5 Connect are online banks with competitive rates and a full suite of banking services. 

Customer service 

You can reach SoFi a few ways, depending on the banking product or service you need assistance with. Each department has different customer service hours, but you generally can reach the bank Monday to Thursday from 5 a.m. to 7 p.m. PST and Friday to Sunday from 5 a.m. to 5 p.m. PST. Here are the numbers

  • Checking, savings and personal loans: (855) 456-SOFI (7634)
  • Credit cards: (844) 945-SOFI (7634)
  • Investing: (855) 525-SOFI (7634)

SoFi’s virtual assistance is available 24/7 online for help, and you can tweet @SoFiSupport for help. SoFi also has an extensive FAQs page and a help center for customers.  

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.