8 Ways SoFi Checking and Savings Outshines Traditional Banks

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For those who feel comfortable banking digitally, online banks like SoFi have opened the door to a host of benefits that aren't typically available at the bank down the street.

SoFi Checking and Savings

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Member FDIC

• Our Rating 5/5 How our ratings work
• APY0.50% - 4.30% More Info

  SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

• Minimum
  Deposit RequiredN/A
• Intro Bonus $50-$300Expires December 31, 2024 More Info

  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 12/31/24. 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 4.30% 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 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi Checking and Savings boasts an impressive APY of up to 4.30% on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

• Overview
• Pros & Cons

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Pros

• Accounts with monthly direct deposit earn interest
• No minimum opening balance or minimum monthly balance
• No maintenance fees, non-sufficient fund fees or overdraft fees
• Access to Allpoint’s worldwide ATM network
• Get paid up to two days early

Cons

• No physical branch locations

SoFi Checking and Savings is a combination digital bank account — when you open a SoFi® bank account, you receive both a checking account and a savings account that work in harmony with one another. The account also includes strong interest rates on both checking and savings balances, a valuable welcome bonus for new customers and more.

Here's a look at nine places in which SoFi Checking and Savings outshines its brick-and-mortar competition.

Earn Up to a $300 Cash Bonus

Through December 31, 2024, new account holders and existing account holders who haven't set up direct deposit are eligible to earn a cash bonus of up to $300 through qualifying transactions¹. To earn the cash bonus, you must sign up for an account, set up direct deposit and have at least $1,000 in qualifying direct deposits within 25 calendar days. The bonus amount you'll receive depends on the total direct deposit amount during the promotional period: 

Qualified account holders will receive the bonus within seven business days after the end of the promotional period.

Recommended Bank Bonuses

Bank Account	Intro Bonus	Minimum Deposit	Learn More
SoFi Checking and Savings Open Account Member FDIC Member FDIC	$50-$300Expires December 31, 2024 More Info 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 12/31/24. 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 4.30% 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 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	N/A	Open Account
Chase Total Checking® Account Open Account	$300Expires January 22, 2025 More Info New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities	N/A	Open Account
U.S. Bank Smartly® Checking Account (Member FDIC) Open Account	Up to $400Expires October 31, 2024 More Info Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.	$25	Open Account
Key Smart Checking® Open Account	$300Expires December 13, 2024 More Info Earn $300 after qualified activities until 12.13.24 with the no-monthly-maintenance-fee Key Smart Checking®. Geographic restrictions apply and account opening is subject to approval. Offer is available in these states: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA	$10	Open Account
Chase Business Complete Checking® Open Account	$300Expires January 16, 2025 More Info Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.	N/A	Open Account

Put Savings on Autopilot With Vaults and Roundups

Within SoFi Checking and Savings, you can set aside funds into separate savings goals through Vaults. You can choose from pre-populated goals, like an emergency fund, travel or dining out, or create customized Vaults. Setting up Vaults allows you to track progress toward your savings goals without creating separate bank accounts. You can have up to 20 vaults open at a time. SoFi doesn't charge fees for Vaults, and there's no minimum balance requirement. 

You can transfer funds into your Vaults at any time, but you can also automate the process through recurring transfers through SoFi's Autopilot feature.  

Another unique savings feature from SoFi is Roundups. With Roundups, SoFi automatically rounds up debit card purchases to the next whole dollar, and transfers the spare change to a designated Vault. You must activate Roundups to use the feature. It also requires having at least one Vault set up beforehand. You can even select multiple Vaults for Roundups. SoFi automatically splits the spare change between the selected Vaults. 

Earn High-Yield Interest With SoFi Checking and Savings

Slickdeals

Earning a high yield on your deposits can help grow your savings quicker than the lower rates offered by many local and national banks. With SoFi, you can earn up to 4.30%² annual percentage yield (APY) on your savings deposits, including Vault balances. You must set up direct deposit or deposit at least $5,000 into your account every 30 days to earn the high rate.

If you don't meet these requirements, you'll still earn 1.20% APY on your savings balance. Also, deposits to your checking account earn 0.50% APY either way. 

Recommended High-Yield Savings Accounts

Bank Account	APY	Features	Learn More
BrioDirect High-Yield Savings Account Open Account	5.15% More Info *Annual Percentage Yield (APY) is variable and is accurate as of 9/20/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.	$5,000 min. deposit No monthly fee	Open Account
UFB Direct Portfolio Savings Account Open Account	4.57% More Info UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.	No minimum deposit No monthly fee	Open Account
SoFi Checking and Savings Open Account Member FDIC Member FDIC	0.50% - 4.30% More Info SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	No minimum deposit No monthly fee	Open Account
CIT Bank Platinum Savings Account Open Account	4.70% More Info Earn 4.70% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of September 25, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account

Get Paid up to Two Days Early

 If you set up direct deposit so your paycheck gets automatically routed to SoFi Checking and Savings, you may be eligible to access your paycheck up to two days early⁶. Early access can be handy if you want to jump on bill payments early or want to access those funds for other needs. 

Early paycheck access is dependent on the payment processor who handles paychecks for your employer. 

Skip the Bank Fees With SoFi

Some banks charge fees for managing accounts each month and for certain types of transactions. SoFi does not charge any fees on its Checking and Savings accounts. Some banks tout no-fee policies but may still have surcharges for less common transactions or activities. SoFi has eliminated those types of fees, too. Here are several common and uncommon bank fees not charged by SoFi: 

• Monthly service fee
• Overdraft fees³
• ATM fees
• Stop payment fees
• Replacement ATM card fees
• Inactive account fees
• Dormant account fees
• Return item fees
• Bill pay fees

SoFi Checking and Savings accounts come with a complimentary debit card and access to over 55,000 fee-free ATMs through the Allpoint® ATM network⁵. SoFi does not charge fees for out-of-network ATM use, but they do not reimburse customers for ATM fees charged by third-party ATM operators. 

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9 Most Common Bank Account Fees (and How to Avoid Them)

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Save Beyond Traditional FDIC Insurance Limits 

SoFi is FDIC-insured, which means that your SoFi account is insured for up to $250,000 per depositor for each account ownership category. You can increase FDIC coverage on your deposits up to $2 million through SoFi's Insured Deposit Program⁴. You must enroll in the program to receive the additional insurance coverage. Through the program, SoFi distributes your deposits to partner banks, taking advantage of their FDIC coverage. 

Receive Overdraft Coverage up to $50 With No Fees

As mentioned earlier, SoFi does not charge overdraft fees³. In most cases, if you write a check or try to withdraw funds from an ATM and you don't have the funds to cover it, the transaction will not go through. 

If you have monthly direct deposits of $1,000 or more, you receive overdraft coverage⁷ up to $50 on debit card purchases. If the purchase exceeds your balance, transactions within the $50 limit will still go through without a fee. 

Enjoy SoFi Member Benefits

When you open a Checking and Savings account through SoFi, you become a SoFi member. As a member, you have access to numerous valuable benefits beyond banking, including: 

• No-cost financial planning
• Discounts on estate planning 
• Premium travel offers through SoFi Travel
• Rate reductions or discounts on SoFi loans
• Access to exclusive experiences and events
• A members-only Facebook community
• Priority stadium entry at SoFi Stadium in Los Angeles and access to the SoFi Member Lounge

SoFi members also have access to additional expert advice on college and careers. Also, if you have a personal or student loan through SoFi, you can qualify for the Unemployment Protection Program to receive help and temporarily modify your payments if you lose your job through no fault of your own. SoFi even provides job search support. 

Related Article

Who Should (and Shouldn’t) Get a SoFi Checking and Savings Account

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1. Up to $300 Bonus Tiered Disclosure

BNK SoFi | Affiliates | C&S Compliance Guidelines

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 12/31/24. 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 4.30% 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 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures

BNK SoFi | Affiliates | C&S Compliance Guidelines

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

3. Fee Policy

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

4. Additional FDIC Insurance (must be bolded)

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

5. ATM Access

We’ve 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.

6. Early Access to Direct Deposit Funds

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.

7. Overdraft Coverage

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.