SoFi Bank Review 2025
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At a glance
Overview
SoFi Bank is ideal for consumers who are looking to get a competitive yield on a checking and savings account, interested in getting early direct deposit and looking to avoid overdraft fees.
Highlights:
High APY Free Checking No Min DepositHighlights:
Checking
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
SoFi Bank offers a competitive yield for checking and savings customers who have a qualifying direct deposit with SoFi. But customers will need to open both a checking and savings account to bank with SoFi and will have to use direct deposit or make qualifying deposits of at least $5,000 to earn the top APY.
Pros
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SoFi offers competitive yields on both its checking and savings accounts.
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SoFi Bank offers early direct deposit.
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At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.
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The bank doesn’t have overdraft fees.
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Those who live close to SoFi Stadium — or attend games at SoFi Stadium — might benefit from this account through 25 percent cash back on eligible purchases, such as team merchandise and food in the stadium, and VIP access at the stadium.
Cons
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To earn the bank’s top APY, you’ll need to set up qualifying direct deposits.
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You’re required to get both a checking and a savings account; you can’t just open one or the other.
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The bank’s top bank account bonus requires direct deposits of $5,000 or more during the 30-day evaluation period.
SoFi banking products
SoFi High Yield Savings Account
Pros
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The SoFi savings account allows you to earn a competitive yield, as long as you have a direct or qualifying deposit with SoFi.
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SoFi doesn’t require a minimum opening deposit or charge any fees.
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Customers can set up savings Vaults to set aside money for specific goals.
Cons
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You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.
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Without qualifying direct deposits, the savings yield is much lower.
Rate history for SoFi's Savings account
SoFi Online Checking Account
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Overdraft fees:Great5/5Charges applied when a customer spends more money than is available in their account, resulting in a negative balance.NSF fees:Great5/5Non-sufficient funds fees are incurred when a transaction is attempted without enough money in the account to cover it.APY offering:0.50%5/5APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.ATM network:Great5/5Accessibility to ATMs for account holders within a specific network or financial institution, facilitating cash withdrawals and transactions.
Pros
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Early direct deposit is offered.
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You won’t have to pay an overdraft fee for overdrawing $50 or less, as long as you have direct deposits of at least $1,000 set up.
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You can earn a competitive yield on a checking account.
Cons
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You can’t just get a checking account; you have to open a savings account also.
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Only customers with qualifying direct deposits are eligible for up to $50 of overdraft coverage.
How SoFi compares to other banks
Compare different account types offered by SoFi. Annual percentage yields (APYs) shown were updated between June 7, 2025 and June 13, 2025.
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Selected bank
SoFi checking account
Bankrate score
4.9
Bankrate Checking rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
Most comparable
Discover Bank checking account
Bankrate score
N/A
Bankrate Checking rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
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Bankrate score
Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between June 7, 2025 and June 13, 2025.
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| 0.50% | N/A | |
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Minimum balance to open
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| $0.00 | N/A | |
| SoFi Checking and Savings lets you earn a competitive annual percentage yield and it gives you access to direct deposits up to two days early. The account also lets some customers overdraft by $50 or less without being charged a fee. | Discover Bank’s Cashback Debit account offers a top-notch cash back program for a checking account. Customers can earn 1% cash back on up to $3,000 in debit card purchases each month. What’s more, the account comes without monthly maintenance fees or overdraft fees. | |
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N/A
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Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None* |
| Excessive transaction fee | None |
Customer experience
Customer support
Support hours. You can chat with SoFi’s customer service seven days a week. The hours are Monday-Thursday 5 a.m. to 7 p.m. PT and Friday-Sunday 5 a.m. to 5 p.m. PT.
Low customer satisfaction. SoFi scored below average in overall satisfaction among online-only banks for both its checking and savings accounts, according to J.D. Power’s 2024 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. SoFi’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, more than 380,000 users have reviewed the app. SoFi’s app also comes with a financial insights dashboard, which offers helpful digital resources such as a budget planner, spending insights and free credit score monitoring. Moreover, you can easily find all the details of your financial products in one place, from banking and investments to personal loans.
Cluttered interface. While the app is highly rated, the user interface can be bogged down with information and marketing materials. “Because the app includes access to all of SoFi’s financial products, there’s quite a bit of marketing that comes along with it,” said a Bankrate staff member with a SoFi account. “Pop ups during in app sessions and push notifications for credit cards and personal loans are frequent and can be annoying.”
The above images were last updated on Dec. 11, 2023.
Bankrate staff insights
Where did this quote come from?
Our focus at Bankrate is on delivering accurate content and the right context for making well-informed financial decisions.
We gather real quotes from real people through surveys, interviews, and testimonials from Bankrate staff and consumers like you who have actual experience with these products. We then hand-pick what to feature to ensure credibility and relevance.
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
Video overview: Brand recognition and sign-up bonus
All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
SoFi Bank customer reviews
SoFi Bank has 50 reviews
Dive into community reviews below and see what others think about SoFi Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
