2024 SoFi Checking & Savings Review: Discover the Pros, Cons & Best Alternatives!
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SoFi Checking and Savings (Member FDIC) is a fantastic choice for those looking to combine their checking and savings accounts into one convenient place. With a competitive interest rate awaiting those who set up direct deposit or maintain a monthly deposit of at least $5,000, you can also snag a cash bonus of up to $300 if you’re a new customer who sets up direct deposits — or if you’re an existing customer yet to enroll!
SoFi Checking and Savings (Member FDIC)
Fees
No monthly service fee
Up to 4.00%
Minimum Opening Deposit
$0
SoFi Checking and Savings is a powerful account for anyone looking to integrate their banking needs into a single, user-friendly platform.
- Sign-up bonus of up to $300 with qualifying direct deposits.
- Earn up to 4.00% APY with direct deposit or monthly deposits of $5,000 or more.
- FDIC insured, with coverage of up to $2 million through a network of partner banks.
- Access to over 55,000 fee-free ATMs nationwide.
Learn About SoFi®
SoFi is an innovative online-only bank that offers a range of financial products including loans, investments, and banking solutions.
Their Checking and Savings account is available through SoFi Bank, National Association. Recently, SoFi Bank received approval to operate as a full-service bank and has acquired another FDIC-insured bank.
With the SoFi Insured Deposit Program, account holders can enjoy up to $2 million in FDIC protection, ensuring peace of mind for your deposits.
SoFi Checking and Savings: Pros and Cons
Advantages
- Earn up to 4.00% APY with qualifying direct deposits
- Potential bonus of up to $300 with qualifying direct deposits
- No minimum opening deposit required
- Zero monthly service fees
- Helpful savings tools like Money Vaults
- Early direct deposit available
Disadvantages
- Online banking only
- Declined purchases when overdrawn by more than $50
- Cash deposit fees apply
SoFi Checking and Savings Fees
One of the key features of SoFi Checking and Savings is its minimal fee structure.
There are no monthly maintenance fees or overdraft charges, and if you set up qualifying direct deposits of $1,000 or more, you can benefit from overdraft protection up to $50.
SoFi Online and Mobile Banking Experience
SoFi’s banking platform provides a seamless experience for managing your accounts, loans, and investments, all under one roof. You can utilize common online banking features like bill pay and 24/7 account monitoring.
The mobile app has garnered high ratings, receiving 4.7 out of 5 stars on Apple and 4.0 out of 5 on Google Play.
Interest Rates and Earnings
SoFi offers competitive interest rates with the potential for up to 4.00% APY on savings balances for account holders who set up direct deposits or maintain qualifying deposits.
SoFi Membership Features
SoFi Member Rewards
By opening an account with SoFi, you automatically become a member, gaining access to perks like the SoFi Member Rewards program.
SoFi Financial Consultation
SoFi members can access free online financial consultations with planners to help improve their financial health.
Customer Support and Service
SoFi offers a dedicated help center for inquiries regarding your Checking and Savings account, along with live chat support available during extended hours.
Is SoFi Trustworthy?
SoFi holds an A+ rating from the Better Business Bureau, indicating strong business practices and customer service.
SoFi Checking and Savings: Is It Right for You?
If you’re seeking a user-friendly, no-fee banking option with competitive interest rates and unique savings tools, SoFi Checking and Savings (Member FDIC) may be the perfect match for you.
SoFi Checking and Savings Alternatives
Comparison with Other Banks
When considering your options, it’s also wise to compare SoFi with alternatives like Chime and Ally, both of which offer unique features and benefits.
