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SoFi Bank Review 2025

Updated January 2, 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 Deposit
4.3
Rating: 4.3 stars out of 5
Bankrate Score
Info Icon

Checking

Rating: 4.9 stars out of 5
4.9 /5

Savings

Rating: 4.5 stars out of 5
4.5 /5
4.3
Rating: 4.3 stars out of 5
Customer Score
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Sponsored offers
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Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 6/9/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
3.65
%
APY
APY
Info Icon
As of 6/9/2025
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Backed by the financial expertise of Goldman Sachs.
Bank logo
Member FDIC
Savings Account
3.60
%
APY
APY
Info Icon
As of 6/9/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free 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

  • Checkmark Icon

    SoFi offers competitive yields on both its checking and savings accounts.

  • Checkmark Icon

    SoFi Bank offers early direct deposit.

  • Checkmark Icon

    At the time of our review, SoFi Bank had a bank account bonus for opening its checking and savings account.

  • Checkmark Icon

    The bank doesn’t have overdraft fees.

  • Checkmark Icon

    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

  • To earn the bank’s top APY, you’ll need to set up qualifying direct deposits.

  • You’re required to get both a checking and a savings account; you can’t just open one or the other.

  • 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

4.5
/5
Rating: 4.5 stars out of 5

Pros

  • Checkmark Icon

    The SoFi savings account allows you to earn a competitive yield, as long as you have a direct or qualifying deposit with SoFi.

  • Checkmark Icon

    SoFi doesn’t require a minimum opening deposit or charge any fees.

  • Checkmark Icon

    Customers can set up savings Vaults to set aside money for specific goals.

Cons

  • You can’t just get a savings account at SoFi. You need to get both a checking and savings account at this bank.

  • Without qualifying direct deposits, the savings yield is much lower.

Rate history for SoFi's Savings account

SoFi
APY
APY
Info Icon
National average APY
How do we get this data?
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SoFi Online Checking Account

4.9
/5
Rating: 4.9 stars out of 5
SCORE BREAKDOWN
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum deposit:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Fee to use out-of-network ATM:
Great
Rating: 5 stars out of 5
5/5
Info Icon
Peer-to-peer payments:
Good
Rating: 4 stars out of 5
4/5
Info Icon
Early direct deposit:
Great
Rating: 5 stars out of 5
5/5
Info Icon
  • Overdraft fees:
    Great
    Rating: 5 stars out of 5
    5/5
    Info Icon
    NSF fees:
    Great
    Rating: 5 stars out of 5
    5/5
    Info Icon
    APY offering:
    0.50%
    Rating: 5 stars out of 5
    5/5
    Info Icon
    ATM network:
    Great
    Rating: 5 stars out of 5
    5/5
    Info Icon

Pros

  • Checkmark Icon

    Early direct deposit is offered.

  • Checkmark Icon

    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.

  • Checkmark Icon

    You can earn a competitive yield on a checking account.

Cons

  • You can’t just get a checking account; you have to open a savings account also.

  • 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 2, 2025 and June 8, 2025.

Selected bank
SoFi checking account
SoFi Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Most comparable
Discover Bank checking account
Discover Bank Logo
Bankrate score
Rating: 0 stars out of 5
N/A
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Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
Info Icon
0.50% N/A
Minimum balance to open
$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.
  • Customers can receive early direct deposits at SoFi Bank.
  • SoFi customers have access to Allpoint network ATMs.
  • SoFi customers earn a competitive APY.
  • The SoFi checking and savings account doesn’t have fees, which includes overdraft fees.
  • Discover Bank’s checking account offers a stellar cash back deal.
  • There are no monthly maintenance, overdraft or non-sufficient funds fees associated with the account.
  • Customers have access to more than 60,000 fee-free ATMs nationwide.
    N/A
  • You can’t just get a checking account – you have to get both a checking and savings account.
  • The Cashback Debit account doesn’t earn interest.
    N/A

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
*Third parties may charge you a fee if you use an out-of-network ATM.

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.”

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The above images were last updated on Dec. 11, 2023.

Bankrate staff insights

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“Aside from the notifications and common marketing, the SoFi app has been extremely easy to use, and the bank seems to take a very “technology forward” approach to an industry that’s sometimes lacking in that area,” said a Bankrate staff member with an account. “The lack of physical locations does mean that large expenses that require cash or cashiers checks require a bit more planning, but I think that’s a fair trade off for a competitive rate and positive app experience.”

"I use their app basically all the time. They notify me after every transaction. I can see exactly where my money is going and they also really try to help you with budget tracking."

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

Thumbnail title card, "Bankrate staff User diary"

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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We want to know what you think about SoFi Bank

Do you have experience with SoFi? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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

CTA SoFi Bank has 50 reviews

SoFi Bank has 50 reviews

Dive into community reviews below and see what others think about SoFi Bank.

4.3 Star Icon
50 ratings
Info Icon
Score breakdown
5 stars
54%
4 stars
32%
3 stars
10%
2 stars
2%
1 star
2%
Score by category
Overall Rating 4.3 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.3 / 5
Customer support 4.2 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

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.

Community Reviews

See what users like you are saying about SoFi Bank.
Search Icon
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Anonymous account holder
February 25, 2025
SoFi Bank offers incredible customer service and a smooth digital experience, making it my top choice for long-term banking.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 25, 2025
As Sofi Bank doesn't have any physical branch I have always used their website and some of the time I face lag or even the servers are very slow and it has hindered my transactions many times in the past.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
February 24, 2025
I love Sofi bank they are easy to use I love their mobile app and their customer service is great
Score by category
Amount of fees 4 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 24, 2025
Overall it’s pretty good I don’t have many issues the only thing I don’t like is how long it takes to do a mobile deposit
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
February 24, 2025
The mth. fee needs to be lower and I like talking to real people.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 24, 2025
Very easy to use. The online banking has lots of information. They have everything in one place.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 24, 2025
So far I haven't had any problems the app is very convenient and easy to use I was hesitant about using this bank because it's completely on-line in my area but so far the customer service department has been able to resolve any issues I've encountered.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 24, 2025
So far, I am pleased with the entirety of this bank. I can do all of my banking or really my financial needs through the one online app (the SoFi app). That is very convenient. They are amazing with showing charts and graphs allowing you to visually see my spending in all categories. They have loan offers, credit card offers and anything I have even thought might be needed through a bank. Regardless if I need those extra tools or needs for my personal use; knowing that I have the option is comforting. I have not had too much experience with customer service just yet. But I can tell you that the security of my account is something they definitely don't mess around on. I have honestly even found myself a bit irritated by the high level and amount of procedures and protocols they take to ensure my account is completely safe and only being used by me. It's a pretty decent all-around banking operation.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 23, 2025
They've done nothing wrong and I haven't had one hiccup using them.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 23, 2025
Very happy never really have any complaints or problems that they can’t solve
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5