SoFi Checking and Savings Review 2023: Earn up to 4.60% APY

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account. You can earn a competitive interest rate if you set up direct deposit or deposit minimum $5,000 per month. And earn a cash bonus of up to $300 if you are a new customer and set up direct deposits, or as an existing customer that hasn’t set up direct deposits yet. The account is listed in our guides for the best high-yield savings accounts and best bank account bonuses.Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct depositno monthly service feeup to 4.60%$0up to $300SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.Earn up to 4.60% on savings balances if you set up direct deposit or deposit minimum $5,000 per monthUp to $300 bonus with qualifying direct deposit for eligible customers (through 6/30/24)Good interest rate even if you don’t set up direct deposit or deposit minimum $5,000 per monthNo minimum opening depositNo monthly service feesSavings toolsReceive your paycheck up to 2 days sooner with early direct deposit SoFi Checking and Savings is an excellent choice if you don’t want to deal with standard bank fees. It doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees.The account offers a couple of unique perks. There’s a savings tool called Money Vaults, which helps you save for individual goals. You can earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay if you set up direct deposit or have qualifying deposits of $5,000 or more per month. Even if you don’t have qualifying deposits, you’ll still earn a great interest rate.If you’re a new customer or existing customer who hasn’t set up direct deposits yet, you could also get a cash bonus of up to $300.To qualify for the cash bonus, all you need to do is receive at least one qualifying direct deposit, the first of which must be received on or after December 7, 2023. You’ll earn a $50 cash bonus if you receive direct deposits between $1,000 and $4,999.99, or a bonus of $250 if you receive direct deposits of $5,000 or more within 25 days. The bonus will be deposited into SoFi Checking and Savings around seven business days after the 25-day period.Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct depositno monthly service feeup to 4.60%$0up to $300SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.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.). In January 2022, the Office of the Comptroller of Current conditionally approved SoFi’s application to establish SoFi Bank, N.A. as a full-service bank. As part of the conditional authorization, SoFi Bank is acquiring  Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.For customer support call or use live chat anytime from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.In March, SoFi announced that SoFi Checking and Savings members will be able to protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.Is SoFi Trustworthy? The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.A great BBB doesn’t guarantee your relationship with a company will be perfect. You’ll also want to speak with current customers or read online customer reviews.SoFi hasn’t been involved in any recent public controversies in the last three years. In January 2022, the Office of the Comptroller of Current conditionally authorized SoFi’s application to establish SoFi Bank, N.A. as a full-service bank.Bear in mind SoFi is a fintech platform, though, and its investment and loan products aren’t FDIC insured. FDIC insurance only applies to banking options.SoFi has a hybrid savings/checking account, but it doesn’t have separate savings or checking accounts. With SoFi Checking and Savings, you still have many of the same features offered by online savings accounts. For example, you can earn interest on money deposited in your account and save for individual goals through Money Vaults. Through the SoFi Insured Deposit Program, SoFi Checking and Savings members will be able to protect up to $2 million in deposits. SoFi has partnered with Banc of California, Bell Bank, Centennial Bank, Citizens Bank, Enterprise Bank & Trust, First Western Trust Bank, HSBC Bank USA, Luther Burbank Savings, Metropolitan Commercial Bank, Sallie Mae Bank, Third Coast Bank, and Wintrust Bank. Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 6/30/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct depositno monthly service feeup to 4.60%$0up to $300SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.We compared SoFi Checking and Savings to two popular online banks with separate checking and savings accounts: Chime and Ally. SoFi has a hybrid savings/checking account, so it could be more appealing than Ally if you are looking for an all-in-one account. Ally may be more suitable than SoFi if you want a variety of bank account options — it offers CDs and a money market account, which SoFi doesn’t have.SoFi Checking and Savings offers a higher interest rate on savings balances than the Ally Savings Account if you set up direct deposit or deposit minimum $5,000 per month. Ally may be a better option if you don’t want to set up a direct deposit, though. The Ally Savings Account pays a flat interest rate of 4.25% Annual Percentage Yield (APY), while SoFi members only earn 1.20% APY on all account balances when they don’t have qualifying activities.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 get up to $10 per month in reimbursements if an ATM charges you a fee. Meanwhile, SoFi won’t reimburse out-of-network ATM charges.Chime offers a checking and savings account. Both SoFi and Chime charge zero monthly service fees and require no minimum opening deposit, which is great if you’re looking for accounts that are easy to open and manage. SoFi Checking and Savings currently pays a higher interest rate on savings balances than the Chime Savings Account if you have qualifying activities. If you do not want to set up a direct deposit or add qualifying deposits, then Chime may be more appealing. At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars.For our SoFi Checking and Savings review, we combined our bank account methodologies for savings and checking accounts by looking at the minimum opening deposit, interest rate, monthly service fee, overdraft protection option, ATM network/fees, customer support availability, mobile app ratings, and ethics of the company. All of the categories have equal weight in our rating.  See which accounts made our top checking account guide.

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