SoFi Checking and Savings Review 2022

See how SoFi Checking and Savings stacks up against other accounts and see if it has what you need in a banking product.
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By Rebecca Lake

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SoFi checking and savings account mobile app

Today’s banking accounts can offer a simplified way to pay bills, save money, and spend wisely. With so many banking products on the market, how do you choose the best one for you? Cash management accounts share some similarities with checking and savings accounts, but they aren’t exactly the same.

SoFi Checking and Savings is a banking account that earns interest while charging minimal fees. If you’re familiar with SoFi Invest or SoFi loans, you may already know a little about the company.

What is SoFi Checking and Savings, and is it right for you? Read our SoFi Checking and Savings review to learn more about how this money management tool works.

SoFi Checking and Savings may be right for:

  • Individuals who have loans or investment accounts with SoFi.
  • People want an alternative to traditional checking and/or savings accounts.
  • Individuals who want to earn a competitive interest rate on balances.
  • People who want to minimize banking fees.
  • Anyone who also wants access to SoFi member benefits.

Types of Accounts SoFi Offers

SoFi offers a variety of different account types, including brokerage accounts and loans. This review focuses solely on the SoFi Checking and Savings account.

You can open these account types with SoFi Checking and Savings:

  • Individual accounts
  • Joint accounts

The SoFi Checking and Savings account allows you to perform a variety of money management tasks, including:

  • Depositing funds.
  • Setting up savings vaults.
  • Making purchases with the SoFi debit card.
  • Paying bills online.
  • Sending and receiving money via person-to-person transfers.
  • Earning interest on balances.
  • Earning cash back rewards on eligible purchases.

SoFi is offering a bonus for customers who open a new Checking and Savings accounts, a much better-than-average APY on deposits, and no account fees. Learn more:

Key Advantages of SoFi Checking and Savings Account

When comparing any savings or checking account, it’s important to know what’s good about it. Here are some of the top benefits of the SoFi Checking and Savings account:

  • Easily manage spending, bill payments, and savings in one place.
  • No monthly fees.
  • Enjoy fee-free overdraft coverage.
  • Earn interest on balances.
  • Access 55,000+ fee-free ATMs.
  • Enjoy SoFi member benefits with your account.
  • Easy to navigate online and mobile apps.

You might consider SoFi Checking and Savings if you already have an account with SoFi or plan to open one. For example, you might be thinking about opening a SoFi invest account to start building a portfolio. In that scenario, it might make sense to keep the money you plan to spend or save in a SoFi Checking and Savings account. The same goes if you already have a student loan or personal loan through SoFi.

SoFi Checking and Savings Was Previously SoFi Money

SoFi Money is now SoFi Checking and Savings. SoFi Money was not technically a bank, but SoFi Checking and Savings is a bank. Because of this change, your deposits with SoFi Checking and Savings are directly and immediately covered by Federal Deposit Insurance Corporation (FDIC) insurance.

How SoFi Checking and Savings Works

When you open a SoFi Checking and Savings account, you’re getting a bank account. There is no minimum balance requirement to open an account. Account holders earn 1% interest on balances of up to $50,000 by having one direct deposit per month made to the account.

You can manage your SoFi Checking and Savings account online or through the SoFi app. You’ll have a SoFi debit card that you can use to make purchases. You can also use your card to make fee-free ATM withdrawals at more than 55,000 ATMs in the Allpoint network.

Account features include:

  • Automated bill pay
  • Simple person-to-person payments with no fees
  • Goal-based savings
  • Career coaching and financial advising services through SoFi member benefits
  • Debit card lock and unlock

While preparing this review, MoneyRates found that SoFi Checking and Savings is fee-friendly. You pay no:

  • Monthly fees
  • Account minimum fees
  • Overdraft fees
  • ATM fees in the Allpoint network
  • Debit card replacement fees
  • Account opening fees
  • Inactivity fees
  • Bill payment fees
  • Return item fees
  • Mobile check deposit fees
  • Foreign transaction fees

The lack of fees is one of the things that sets SoFi Checking and Savings apart from traditional bank accounts. If you’re interested in only checking or savings account, you get the best of both worlds with SoFi Checking and Savings, with no hidden fees.

Compare SoFi Checking and Savings to Other Money Management and Banking Accounts

SoFi Checking and Savings offers a comprehensive way to manage all your money. When combined with SoFi investing, it’s a way for you to be in control of your own money and put it to work for you. But how does SoFi Checking and Savings stack up against other money management platforms?

Wealthfront Cash Account

Wealthfront Cash is a money management platform offering customers birds-eye and close-up views on where their money is and how it’s performing. With Wealthfront Cash, you can also link your Wealthfront investment accounts to it. SoFi Checking and Savings is a great place to start to manage money responsibly, while Wealthfront Cash might work better for someone who is more experienced with money management.

Copper Banking

Copper Banking is not a bank. Instead, it is a platform for consumers to manage their money. Copper Banking is different from SoFi Checking and Savings and most other financial apps and tools in that it’s geared to kids and teens. It’s a way for kids to start managing their money responsibly while parents can use the app to instill financial wisdom in their kids.

We want to make it easy for your to compare personal finance tools and find the one that’s best for you. See how SoFi Checking and Savings stacks up against other checking accounts.

What to Look for When Shopping for Checking and Savings Accounts

If you’re interested in checking and savings accounts, there are a number of online banks and money management companies that offer them. They aren’t all the same, so as you compare options, here are some of the most important things to consider.

Cost

Minimum balance fees, monthly maintenance fees, and overdraft fees can all make a dent in your bank account balance. If you’re looking to escape high fees with a cash management or bank account, pay attention to what fees you’ll pay to maintain it. SoFi Checking and Savings is light on fees, which is a plus if you’re hoping to save money.

Account types

Cash management accounts, checking accounts, savings accounts, and taxable brokerage accounts all offer something different. When evaluating your financial needs and money goals, consider which types of accounts may be the most suitable. Then, ask yourself what a checking and savings account might be able to do for you that another account won’t.

Added features and benefits

Some checking accounts may be better than others when it comes to features or extras. With the SoFi Checking and Savings account, for example, you can earn interest on balances and get cash back rewards when you shop. Those are nice incentives that not all bank or cash management accounts offer.

Customer service and support

When you have questions or issues with any account that involves your hard-earned money, it helps to know you can reach customer service quickly. When comparing accounts, take note of when and how customer support is available with each.

Educational resources

Learning the basics of budgeting, spending, and saving can be helpful if you’re new to managing money. When looking at banking and cash management account options, consider whether you get any educational tools, such as free money webinars or a blog that features personal finance articles.

Online and mobile access

Online and mobile apps make it convenient to manage your money, whether you need to schedule a bill payment or transfer funds. With SoFi Checking and Savings, you get both online and mobile access through a user-friendly platform.

When looking at this SoFi Checking and Savings review along with other reviews, consider how a checking, savings, or cash management account’s brand reputation stacks up when compared to other accounts. Cash management accounts are less common than regular bank accounts, so it’s important to know what kind of reviews or ratings they’ve received from people who have actually used them.

Bottom Line: How SoFi Checking and Savings Compares

This SoFi Checking and Savings review highlights what’s good about this option for managing your money.

In terms of cost, it’s hard to beat its no-fee structure. The fact that you have access to online and mobile banking tools as well as an extensive ATM network means it’s easy and convenient to manage your money on the go.

Overall, a SoFi Checking and Savings account is worth considering if you’re comfortable with managing your money online and you want to keep fees as low as possible. You may also consider this account if you already have loans or investment accounts with SoFi and want to consolidate money management in one place.

How to Take the Next Steps With SoFi Checking and Savings

If you’re interested in opening a SoFi Checking and Savings account, reading SoFi reviews is a good place to start. By now, you should understand what SoFi Checking and Savings is, how it works, and what benefits it offers. Armed with this knowledge, you can decide whether it’s the right type of account for your needs.

Steps to open an account with SoFi Checking and Savings

Opening an account with SoFi Checking and Savings is easy and the signup process can take less than 60 seconds.

1. You’ll need to provide SoFi with some basic information, including your name, address, date of birth, phone number, email, and Social Security number.

2. You’ll also need to link an external bank account to make an initial deposit.

3. After that, it takes five to seven days for your SoFi debit card to arrive.

If you’re ready to take the next steps, click the link below to open a SoFi Checking and Savings account now.

If you’ve read this SoFi Checking and Savings review but you’re not quite sure whether a SoFi Checking and Savings account or a cash management account is right for you, take time to research other options. Comparing other accounts offered by different online brokerages and banks can help with deciding where and how to invest your money.

About Author
Rebecca Lake joins MoneyRates as a contributor writing about banking, credit and debt, home-buying, investing, small business, and other personal finance topics. Rebecca brings her expertise as a personal-finance journalist to MoneyRates.com, having written about money for over five years. Her work has appeared online at U.S. News and World Report and many other publications.