2.50% APY With Direct Deposit


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In 2022, SoFi changed its widespread money administration account with SoFi Checking and Savings. This hybrid account combines the flexibleness of a checking account with the interest-earning energy of a high-yield financial savings account. And because you’re in SoFi’s ecosystem, you get entry to a variety of different perks and monetary providers when you open an account.

However, there’s a direct deposit requirement to unlock SoFi Checking and Savings’ greatest charges. That’s why our assessment is masking how this account works, what the necessities are, and the best way to determine if it is the fitting banking resolution for you.

Features – 9

Commission & Fees – 9

Customer Service – 8

Requirements – 6

Savings Tools – 7



SoFi Checking & Savings is a hybrid on-line checking account that allows you to earn curiosity and cash-back rewards. Other perks embody early paychecks, fee-free ATM withdrawals, and free overdraft safety. However, you’ll want to arrange direct deposit to maximise the perks.

Get Started With SoFi

Pros & Cons


  • Earn as much as 2.50% APY
  • No account charges or minimal deposit necessities
  • Earn as much as $300 for opening a brand new account
  • A aggressive cash-back rewards program for native retailers
  • Fee-free withdrawals at 55,000+ ATMs
  • Get paid as much as two days early
  • Access a wealth of different SoFi instruments, options, and perks


  • You must arrange direct deposit to unlock the very best APY and bonuses
  • Cash deposits have a $4.95 price

What Does SoFi Checking & Saving Offer?

The SoFi Checking and Savings account is a fee-free, hybrid account that allows you to earn curiosity in your money whereas nonetheless providing you with the flexibleness of a checking account. It additionally has a number of different options that will help you receives a commission quicker, keep away from charges, and earn rewards.

Earn Interest

The principal good thing about SoFi’s Checking and Savings account is the truth that it at present pays 2.50% APY. This is aggressive with lots of the high high-yield financial savings accounts available on the market.

However, you must arrange direct deposit to qualify for this APY. There’s no minimal direct deposit quantity, however with out direct deposit, you solely earn 1.20% APY.

Earning 1.20% APY remains to be higher than many primary checking accounts. But know that direct deposit is a requirement for incomes probably the most curiosity.

Early Paychecks

Another perk of establishing direct deposit is getting paid as much as two days early. How quickly you obtain your cash relies on when SoFi receives it, however that is sometimes two days earlier than the scheduled fee date.

Deposits in your SoFi checking and financial savings account additionally rise up to $250,000 in FDIC insurance coverage.

No-Fee Overdraft

If you will have direct deposits of at the very least $1,000 monthly, you qualify for no-fee overdraft protection for as much as $50. This may help you keep away from financial institution charges from overspending, though it is one of many SoFi Checking and Savings options that has a direct deposit minimal requirement.

Automatic Savings

To assist members get monetary savings, SoFi permits you to create Vaults for various monetary targets. For instance, you may create SoFi Vaults to your emergency fund, saving up for a downpayment, or your subsequent trip fund. You nonetheless earn curiosity on cash in every Vault, and you may at present create as much as 20 completely different Vaults.

Categorizing your financial savings may help you finances and attain numerous monetary targets. And SoFi additionally has a roundup function that allows you to roundup spare change from purchases together with your SoFi debit card to routinely contribute to particular Vaults.

For instance, when you allow roundups, the subsequent time you spend $1.50 on a espresso, SoFi can roundup the acquisition to $2 and transfer the additional $0.50 right into a Vault of your selection. You’re free to allow or disable roundups anytime, and it’s also possible to change the quantity you need to roundup by.

Microsaving apps like Acorns use an identical technique to assist individuals begin investing. And when you want a serving to hand with placing cash away, this SoFi function is a promoting level.

Cash-Back Rewards

With SoFi’s Checking and Savings account, you may earn as much as 15% money again at native retailers while you pay together with your debit card. You can discover out there cash-back affords underneath the “Shop native” tab within the SoFi app. From there, you activate affords you need to store for, transact together with your SoFi debit card, after which earn money again.

Just word that you must swipe your card and run it as a credit score transaction to earn money again. Also word that money again charges are topic to vary, and lots of affords pay 1-2% money again, not 15% each time.

Sign-Up Bonus

At the time of writing, you may earn as much as $300 for opening a brand new SoFi Checking and Savings account while you obtain qualifying direct deposit quantities. There are three reward tiers:

Total Qualifying Direct Deposit Amount (25 Days) Cash Bonus
$1,000 – $1,999 $50
$2,000 – $4,999 $100
$5,000+ $300

Earning as much as $300 for opening a checking and financial savings account is without doubt one of the larger affords you may discover from cell banks and brokers. And you will have 25 days to obtain qualifying direct deposits to fulfill bonus necessities.

Easy Deposits & ATM Withdrawals

One draw back of some on-line banks or money administration accounts is that they do not settle for money or examine deposits. This is not all the time a dealbreaker, however it’s good to have the flexibleness to fund your account nonetheless you favor.

With SoFi Checking and Savings, you may withdraw money fee-free from 55,000+ AllLevel ATMs. You also can go to retailers with InexperiencedDot providers to make money deposits for a $4.95 price.

Is SoFi Checking & Savings Safe?

Your SoFi Checking and Savings account will get as much as $250,000 in FDIC insurance coverage. This is in-line with different cell banks, and it means your money is protected inside your account. Features like two-factor authentication and information encryption additionally assist defend your account and private info.

What Else Does SoFi Offer?

One benefit of opening a SoFi Checking and Savings account is that you just get to affix the SoFi ecosystem. This contains a variety of investing, banking, and mortgage providers you may make the most of, together with:

SoFi members also can arrange a name with a monetary planner, fee-free, to debate private finance and investing recommendation. This is one other distinctive promoting level for all of SoFi’s merchandise, and it could possibly assist you get monetary savings versus paying for recommendation from one other monetary planner.

How Do I Contact SoFi?

You can contact SoFi by utilizing its 24/7 buyer assist widget on its web site or cell app. Checking and Savings assist can be out there by cellphone at 855-456-7634. Phone assist is offered Monday by means of Thursday from 5 am to 7 pm PT and Friday by means of Sunday from 5 am to five pm PT.

Best Alternatives

If you desire a versatile checking account that pays a aggressive rate of interest and cash-back rewards, SoFi Checking and Savings is a superb selection.

However, the direct deposit requirement to earn the utmost rate of interest is likely to be a deal-breaker for some. Additionally, there are many different SoFi alternate options with glorious checking, financial savings, and hybrid accounts.

Ally is without doubt one of the most sturdy alternate options, and it additionally has a direct investing (Ally Invest) and robo-advisor choice like SoFi. Plus, you may open a high-yield financial savings account and cash market account with very aggressive charges.

Chime® is one other glorious different, and it affords options much like SoFi like early paychecks3, no-fee overdraft protection5, and even money advances.

Finally, CIT has a variety of fantastic financial savings and checking accounts, a cash market account, and fixed-income merchandise like CDs you can discover.

Bottom Line

As a SoFi buyer, you will have entry to a formidable variety of monetary providers. And if you need a versatile account with aggressive rewards, its checking and financial savings account is actually value opening.

A possible $300 sign-up bonus and entry to SoFi’s different perks solely assist sweeten the deal. However, a scarcity of direct deposits to this account makes it considerably much less aggressive, so hold this requirement in thoughts.

Chime Disclosure – Chime is a monetary know-how firm, not a financial institution. Banking providers and debit card supplied by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

3 Early entry to direct deposit funds relies on the timing of the submission of the fee file from the payer. We typically make these funds out there on the day the fee file is acquired, which can be as much as 2 days sooner than the scheduled fee date.

5 Chime SpotMe® Disclosure – Chime SpotMe is an non-obligatory, no price service that requires a single deposit of $200 or extra in qualifying direct deposits to the Chime Checking Account every month. All qualifying members will probably be allowed to overdraw their account as much as $20 on debit card purchases and money withdrawals initially, however could also be later eligible for the next restrict of as much as $200 or extra primarily based on member’s Chime Account historical past, direct deposit frequency and quantity, spending exercise and different risk-based elements. Your restrict will probably be exhibited to you throughout the Chime cell app. You will obtain discover of any adjustments to your restrict. Your restrict might change at any time, at Chime’s discretion. Although there are not any overdraft charges, there could also be out-of-network or third get together charges related to ATM transactions. SpotMe will not cowl non-debit card transactions, together with ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See phrases and circumstances.


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