SoFi Bank Review

SoFi is a fintech platform that offers loans, investment accounts, and banking options. The SoFi Checking and Savings account is offered through SoFi Bank, National Association (N.A.), which gained its bank charter in 2022. Subsequently, SoFi launched a hybrid checking and savings account. The account offers strong rates, no monthly fees and a solid free overdraft coverage program.


  • Earn competitive yields on both checking and savings accounts.
  • No monthly maintenance fees or overdraft fees.
  • Fee-free access to more than 55,000 Allpoint ATMs.
  • Receive your paycheck up to 2 days sooner with early direct deposit.


  • Online-only account, no physical branches.
  • No standalone checking and savings accounts
  • The highest interest tier requires monthly direct deposits
  • Cash deposits cost up to $4.95 and are available only through third-party retailers.

How It’s Compared

SoFi Bank vs. Chime/Ally

SoFi has a hybrid savings/checking account. Chime and Ally let you set up separate checking and savings accounts.

Furthermore, Ally may be better option if you don’t qualify to earn the highest interest rate at SoFi, as the Ally High Yield Savings Account pays a flat interest rate of 3.30% Annual Percentage Yield (APY).

Ally is also a better choice if you don’t want to deal with out-of-network ATM fees. The bank doesn’t charge a fee for using an out-of-network ATM, and you’ll also get up to $10 per month in reimbursements. Meanwhile, SoFi won’t reimburse out-of-network ATM fees, and Chime has a $2.50 fee.

Bottom Line

SoFi Checking and Savings is a great account option for those who want to earn high interest and don’t mind using remote customer service instead of bank branches. You can earn an even better competitive interest rate if you set up a direct deposit.

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