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Online banks have changed the game for the banking industry, making it easier and more convenient to manage your money while also providing a lot more value than traditional banks and even credit unions.

The SoFi Checking and Savings account is no exception. In addition to a signup bonus for new customers, the account offers a lot of valuable features, including early direct deposit, savings vaults, additional FDIC insurance coverage and a high yield on your deposits. 

However, there are some drawbacks to using a purely digital bank account, and depending on what features you're looking for, you may be able to find a better option elsewhere. Here's what you need to know about the SoFi Checking and Savings account to determine if it's right for you.

SoFi Checking and Savings

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  • Our Rating 5/5 How our ratings work Read the review
  • APY0.50% - 4.60% More Info

    Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

  • Minimum
    Deposit Required
  • Intro Bonus $50-$300Expires June 30, 2024 More Info

    New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY 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.


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.

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  • 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


  • No physical branch locations

The SoFi Checking and Savings account offers several valuable features for people who prefer a digital banking experience. New customers can earn up to $300 when opening an account, enjoy other cash-back offers, and get some extra help tracking and achieving various savings goals.


  • Generous signup bonus
  • No fees
  • Rewards with select merchants
  • High APY on deposits


  • No free cash deposits
  • No physical branches
  • Can't open either account individually
SoFi app


SoFi Checking and Savings: Main Benefits and Features

If you're considering a SoFi Checking and Savings account, here are some of the headline perks you'll get.


New account holders can earn a signup bonus of up to $300 when they open an account and receive one or more direct deposits totaling $1,000 or more within 25 calendar days. 

If you receive between $1,000 and $4,999.99 in direct deposits during that period, you'll earn a $50 bonus. If your total is $5,000 or more, you'll receive the full $300. You'll receive the bonus within seven business days after the end of the promotional period.

SoFi also offers a referral bonus of $75 for each person who opens an account and funds it within 14 days of receiving your unique referral link. They'll also receive a $25 bonus.

High Yield

When you set up direct deposit or deposit a minimum of $5,000 into the account every 30 days, you'll also earn a solid 4.60% APY on your savings balances and 0.50% APY on your checking balance. 

If you don't meet either of those requirements, however, you'll earn just 1.20% APY on your savings balances and 0.50% APY on your checking balance. 

Savings Features

In addition to a high interest rate on your balances, SoFi allows you to create up to 20 vaults for individual savings goals. 

You can name each vault and define your target amount, then track your progress with a progress percentage display. You can also set up recurring transfers from your savings account to individual vaults, and automatically transfer a portion of your paychecks to individual vaults.  

Additionally, you can set up a roundup feature, which rounds up every purchase you make with your debit card to the nearest dollar, transferring the difference to a vault of your choice. That said, you can't use roundups for more than one vault.

Overdraft Protection and Coverage

While those two sound like the same, they work a little differently, and SoFi offers both:

  • Overdraft protection: When you enable this feature, SoFi will pull money from your savings account anytime you overdraw your checking account using any type of transaction.
  • Overdraft coverage: If you don't have enough cash in your savings account to cover a debit card purchase, SoFi will spot you up to $50.

In both cases, SoFi doesn't charge a fee in the event that you overdraw your account. However, you must receive a minimum of $1,000 in monthly direct deposits to qualify for overdraft coverage.  

FDIC Insurance Coverage

The maximum FDIC insurance coverage you can get with most banks is $250,000 per depositor, per ownership category. But if you have more than that, SoFi can spread your money across a network of banks, increasing your maximum coverage up to $2 million.

Other Benefits

  • Early direct deposit: Like many online banks, SoFi can make your paychecks available up to two days early once you set up direct deposit.
  • ATM access: You'll have access to more than 55,000 fee-free ATMs in the Allpoint® Network.
  • Cash deposits: Unlike many online banks, SoFi allows customers to make cash deposits at local retailers through the Green Dot® Network. That said, there is a fee of up to $4.95 per deposit, and there are limits of $500 per transaction, $1,000 per day, $3,000 per week and $5,000 per month. 


The SoFi Checking and Savings account doesn't charge any account fees or service charges. It doesn't even charge a fee when you use an out-of-network ATM, but you will be subject to a third-party fee from the ATM owner.

Who Should Open a SoFi Checking and Savings Account?

woman banking on SoFi app outdoors


SoFi packs a lot of value into its free bank account. In particular, you may consider opening an account if any of the following describe your situation:

  • You want a signup bonus: If you receive enough direct deposits to qualify for the account's maximum signup bonus, it's an easy one to earn. Even if you can't meet the $5,000 requirement, a lower bonus is better than what most bank accounts offer (which is nothing).
  • You have multiple savings goals: SoFi's vault feature makes it easy to work toward several savings goals at once without needing to open multiple savings accounts.
  • You primarily use a debit card: There are other debit cards that offer rewards on all of your purchases, but if you like the idea of earning up to 15% back with local merchants, the SoFi Checking and Savings account is worth considering.
  • You're fee-averse: Most online bank accounts don't charge a monthly fee, but the SoFi Checking and Savings account is unique in that it doesn't charge any fees at all.
  • You want more flexibility with deposits: If you generally prefer a digital banking experience but want the option to deposit cash now and then, other banks may not offer that feature.
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SoFi Checking and Savings Account: Up to $300 Bonus Offer

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Who Shouldn't Open a SoFi Checking and Savings Account?

While the account offers some clear and valuable features, there are some situations where it might not make sense:

  • You want a bank with physical branches: If you regularly deposit cash into your bank account or you generally prefer in-person service, you'll want to open an account with a traditional bank or credit union.
  • You want a higher return on your savings: While the yield on the SoFi Checking and Savings account is high, it can't quite compete with the very best high-yield savings accounts that over over 5% APY. Just keep in mind that some banks that offer high-yield savings accounts don't offer a companion checking account.
  • You don't want to use SoFi as your primary bank: In some cases, it can make sense to bank with multiple financial institutions, primarily if the bank you have a checking account with doesn't offer a high-yield savings account. With SoFi, however, you can't maximize the savings benefits without using the checking account as your primary money management account.

The Bottom Line

The SoFi Checking and Savings account can be a great option for someone who wants an online bank account with various opportunities to earn cash back along with a solid interest rate. It's also worth considering if you want to track individual savings goals without needing to open multiple savings accounts.

High APY for Checking and Savings

Ready to on an account? Start here.

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But as with any online-only bank, SoFi may not be a good option if you want access to physical branches. If you're focused on an individual feature, such as savings account yield, everyday debit card rewards or ATM fee rebates, be sure to shop around and compare the account with several other online bank accounts to find the best fit.

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Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.