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SoFi Checking Account Review
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SoFi is a versatile financial institution that offers a wide range of banking and lending services. It serves as the second largest marketplace lender in the US, providing student loan refinancing, mortgages, personal loans, and now, checking and savings accounts. Sofi is headquartered in San Francisco and earns an A+ rating with the BBB.
How is SoFi rated?
Breakdown
4.8/5
Account Features
4.6/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials
Overall Rating: 4.6 / 5 (Excellent)
SoFi Money is a great option for checking accounts because it offers the wide range of features customers want with very few fees. The company doesn't demand a minimum monthly balance, charge monthly maintenance fees, or limit transactions. The SoFi app makes it easy for users to upload deposits via mobile app, pay bills online, and pay individuals via payment apps or P2P transfers. Customers who elect direct deposit get some perks like a higher APY and no overdraft fees for transactions up to $50.
SoFi Account Features
Account Features - 4.8 / 5
SoFi Money is more or less a hybrid savings and checking account with a yield APY of 1.25% for direct deposit customers. Those who don't elect direct deposit earn 0.7% on their balances. As SoFi has no actual branches, the account is entirely digital and has been optimized for mobile users. All features can be easily accessed online, and deposits can be made with photos of the checks through the mobile app. Users get the SoFi Money Debit Card which has the VISA logo and can be used for purchases or to withdraw money at any ATM. In addition, the SoFi account pays cash back when you make purchases through participating retailers.
One great feature of SoFi Money is that it integrates seamlessly with other SoFi accounts like personal or student loans. Also, its bill pay feature allows customers to pay utilities, credit cards, etc. SoFi Money also works with all of the most popular payment apps like Mint, Venmo, PayPal, Apple Pay, and Samsung Pay.
| Types of Checking Accounts | Free Checking Accounts Online Checking Accounts Joint Checking Accounts |
| Methods of Deposits | Mobile Check Deposit Online Transfer Direct Deposit |
| Integration with Other Online Accounts | Brokerage Accounts External Banks Loan Accounts |
| No-Fee ATM | Reimbursement for Domestic ATMs |
Interest (APY)
1.25%
Overdraft Protection
SoFi offers overdraft protection for its direct deposit customers, up to a maximum of $50.
| Integration with Mobile Payment Services | Venmo PayPal Apple Pay SamsungPay |
| Pay Bills Online | Yes |
| EMV Chip Technology | Yes |
| Bank Checks | Yes |
| Mobile App | Yes |
Bonus Features
SoFi Money allows customers to send P2P transfers to anyone via mobile app.
SoFi Fees and Restrictions
Fees and Restrictions - 4.6 / 5
SoFi Money is an extraordinarily customer-friendly account as it does not charge any of the traditional fees usually associated with bank accounts. There's no maintenance fee, no transaction or account minimums to maintain, no fees for P2P transfers, and no transaction fees of any kind. Customers who elect direct deposit are entitled to overdraft protection up to $50. Those who don't won't be charged overdraft fees for purchases: the company will simply not allow the transaction if you try to overdraw your account. In terms of ATM fees, SoFi does not charge any of those either, and will reimburse unlimited ATM fees charged by the ATM if it's displaying the Visa®, Plus®, or NYCE® logo
| Maintenance Fee | No fees |
| Minimum Balance | No minimum balance |
| Minimum Monthly Deposit | No minimum monthly deposit |
| Minimum Number of Transactions | No minimum number of transactions |
| Maximum Number of Insufficient Funds Fees Per Day |
SoFi Support, Reputation, and Financials
Support, Reputation, and Financials - 4.5 / 5
SoFi Money is a relatively new offering from a company that has previously focused on lending. So the majority of online feedback for the company centers around loan products. For example out of the 260 complaints lodged with the CFPB, only 15 of them have to do with checking accounts. SoFi earns an A+ rating from the BBB, but doesn't fare as well on Trustpilot, with a 2.7 out of 5-star rating. SoFi's customer service staff is available Mon-Thu 4am - 9pm PT; Fri-Sun 4am - 5pm PT.
| BBB Rating | A+ |
| Trust Pilot Rating | 2.7 out of 5 |
| Consumer Financial Protection Board (CFPB) Complaints | 260 |
| Date Collected | 2022-04-21 |
| Year Founded | 2011 |
| Customer Support Hours | Mon-Thu 4am - 9pm PT; Fri-Sun 4am - 5pm PT |
Contact Methods
- Phone
- Chat
- Social Media
Company Profile
| Full Name | SoFi Checking Account |
| Company Website | |
| Headquarters | 1 Letterman Dr Bldg A STE 4700, San Francisco, CA, 94129 |
Disclaimers
SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC.
1. We work hard to charge no account fees. With that in mind, our fee policy is subject to change at any time.
2. 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. Third party fees incurred when using out-of-network ATMs are not subject to reimbursement. Accounts opened prior to June 9, 2020 will continue to receive reimbursement for third party ATM fees under our prior policy. SoFi Securities’ ATM policies are subject to change at our discretion at any time.
3. As of 7/1/2020, accounts with monthly deposits of $500 or more will earn a 0.25% APY (0.25% interest rate). All other accounts will earn a 0.01% APY. Accounts opened prior to June 9, 2020, will continue to earn a 0.25% APY regardless of deposit activity. Interest rates are variable and subject to change at any time. SoFi Securities reserves the right to change its interest rate policy at our discretion at any time. Additional information about the interest earned on your SoFi Money Account can be found at http://www.sofi.com/legal/money-rate-sheet.
4. Accounts which are eligible to earn a 0.25% APY (including accounts opened prior to June 9, 2020) will also be eligible to participate in the SoFi Money Cashback Rewards Program.
The SoFi Money™ World Debit Mastercard® is issued by The Bancorp Bank pursuant to a license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi Securities, LLC does not charge foreign transaction fees when you use your SoFi Money debit card abroad. However, Mastercard may assess a 0.20% foreign exchange fee which is not reimbursed.
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Our Partner
Cash bonus up to $300 with direct deposit set up1
- Earn up to 0.50% APY2 on checking balance
- No monthly account fees
- Earn up to 4.60% APY2 on savings balance
- Up to $2M of additional FDIC insurance through a network of participating banks
1. Certain terms apply
2. Rates as of 10/23/2023
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