SoFi® is an overall solid choice but not one of our picks for the best banks.
Business Insider's personal finance team found it's a great choice if you are comfortable with a fully online banking experience — you're able to save, invest, and explore a variety of loan options. However, you may prefer a different online bank for more bank account variety or credit card options. Other popular financial institutions have stronger offerings.
SoFi Bank, N.A. Overview
SoFi® is an online bank that helps you save and invest. You may also apply for personal loans, student loans, mortgages, and credit cards.
SoFi customers have access to over 55,000 fee-free ATMs in the Allpoint ATM network.
Members can protect up to $3 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.
SoFi Digital Experience and App Usability
SoFi® is an online-only bank. This means the bank doesn't have any physical branches. You'll have to manage products primarily through online and mobile banking.
The SoFi app is rated 4.1 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store. The mobile app user experience includes many essential banking features. For example, you can make mobile check deposits, find ATMs, and set alerts for managing bill payments.
SoFi Customer Service and Support
Customer support is available through phone or live chat. Representatives are available seven days of week, but the exact hours vary depending on the product.
If you have questions about SoFi® Checking and Savings (Member FDIC), SoFi® Personal Loan, or SoFi Undergraduate Student Loans, support is available from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.
Representatives can answer questions about SoFi Home Loans from 6 a.m. to 3 p.m. PT Monday through Friday. If you need to talk to a representative about SoFi Active Invest®, you can contact the bank from 5 a.m. to 5 p.m. PT Monday through Friday. Lastly, credit card support is available 24/7 by phone.
Understanding SoFi's Fee Structure
SoFi® is a great option if you're priority is to avoid common bank fees.
SoFi® Checking and Savings (Member FDIC) has no monthly service fee, no overdraft fees, no minimum balance fees, and no inactive account fees.
The SoFi Credit Card has $0 annual fee. It has a cash advance fee of $10 or 5% of the total advance amount. There's also a late payment fee of up to $41 to be mindful of.
SoFi Active Invest has no advisory fees and no commission fees. There's a $20 IRA closing fee, and a $30 insufficient funds fee, though.
SoFi Interest Rates
You can earn up to 3.10% APY (Annual Percentage Yield) on savings balances and Vaults when you set up direct deposits or deposit $5,000 or more every 30 days. Otherwise, you'll earn up to 1.00% APY on savings balances and Vaults. Checking balances earn 0.50% APY.
SoFi Plus
SoFi® also has SoFi Plus, which offers perks like discounts and rewards. You can qualify for it by opening SoFi® Checking and Savings (Member FDIC) with eligible direct deposits or paying a $10 subscription fee every 30 days.
SoFi Banking Pros and Cons
SoFi Pros
- Can qualify for SoFi Plus by opening SoFi® Checking and Savings (Member FDIC) with eligible direct deposits
- Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸ Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. cash bonus with SoFi Checking and Savings (Member FDIC)
- One of the best investing apps for beginners
- One of the best personal loans
- One of the best private student loans
SoFi Cons
- Declines purchase if you overdraw by more than $50 on bank account
- Other online banks have more credit card options
- $1,000 minimum loan amount for student loans
Open an Account
no monthly service fee
up to 3.10%
$0
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸ Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Pros
Cons
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more.. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/.
- These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Banking Options with SoFi
SoFi® Checking and Savings (Member FDIC)
SoFi® Checking and Savings (Member FDIC)'s top rate pays just a little less than our top picks in our best high-yield savings accounts, but it still pays well for a well-known national brand.
You'll get the most out of your account if you set up direct deposits or have qualifying deposits of $5,000 or more per month. That way, you'll qualify for the higher interest rate tier and earn more on your savings balances.
See Business Insider's SoFi® Checking and Savings Review.
Personal Loans with SoFi
You might like SoFi® if you have a good credit score. A SoFi® Personal Loan does not have origination fees or late payment fees.
See Business Insider's SoFi® Personal Loans Review.
Student Loans with SoFi
SoFi® offers student loans for undergraduate, graduate, law school, MBAs, and health profession degrees.
See Business Insider's SoFi® Student Loans Review.
Investing with SoFi
SoFi Active Invest® is a solid choice if you're a beginning investor. You may open an account with $0, and there's access to complimentary certified financial planners with SoFi Plus.
See Business Insider's SoFi Invest® Review.
Credit Cards with SoFi
The SoFi Credit Card may be worthwhile if you're searching for a credit card with no annual fee that lets you earn 2% cash back on purchases.
See Business Insider's SoFi Credit Card Review.
Mortgages with SoFi
You may like SoFi® if you're comfortable with an online lending experience. It doesn't offer USDA loans, though.
See Business Insider's SoFi Mortgages Review.
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.
SoFi Alternatives
SoFi vs. Ally
SoFi® and Ally are both online banks. You'll have to be comfortable with online-only banking or consider other options.
Both are great choices if you're looking for a bank where you can save and invest. The Ally Savings Account pays 3.60% APY. The bank is also featured in our best investment apps for beginners.
Ally has more banking options than SoFi, like money market accounts and CDs. But SoFi may be more compelling if you'd like to get a student loan.
SoFi vs. Chase
Chase is a national bank with over 4,700 branches and 16,000 ATMs throughout the continental US. You'll likely prefer Chase over SoFi® if you would rather bank at a branch than online. Chase may also be a better choice if you'd like more options for home loans or credit cards.
If you'd like to get a competitive interest rate on a savings account, you'll want to go with SoFi. SoFi® Checking and Savings (Member FDIC) pays much higher rates than Chase's savings accounts. Chase Savings℠ pays 0.01% APY, and the Chase Premier Savings℠ Account only offers 0.01% to 0.02%APY.
SoFi Bonus
SoFi® offers one of the best bank account bonuses. 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 Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸ Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC..
To get the bonus, you must open an account, enroll in direct deposit, and receive qualifying direct deposits within the 25-day evaluation period. If direct deposits equal $1,000 to $4,999.99, you'll receive a $50 bonus. If direct deposits equal $5,000 or more during the evaluation period, you'll receive a $300 bonus. Keep in mind, the 25-day evaluation period won't go beyond the promotion period expiration date.
Is SoFi Right for You?
Overall, SoFi® is a great option if you'd like to open a checking and high-yield savings account at the same bank. It is also a strong choice if you're interested in investing or exploring a variety of loan options.
You'll prefer another online bank if you want to open CDs or money market accounts. It doesn't have these types of bank accounts. Other online banks also have more credit card options.
Why You Should Trust Us: How We Reviewed SoFi
For our SoFi® review, we rated bank products and services using our editorial standards.
At Business Insider, we rate products on a scale from zero to five stars. We review different features for distinct products.
For example, for SoFi® Checking and Savings (Member FDIC) we combined our bank account methodologies for savings and checking accounts to look at features like interest rates and ATM network size/fees. We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. With credit cards, we examined annual fees and rewards rates, and with personal loans, we looked at fees and term options.
SoFi Review: Business Insider's Rating
| Product | Business Insider rating (out of 5) |
| Banking | 4.75 |
| Personal Loans | 4 |
| Student Loans | 4 |
| Invest | 4.67 |
| Credit Card | 3.5 |
| Mortgages | 4.28 |
| Trustworthiness | 4.5 |
| Total | 4.25 |
SoFi Banking FAQs
Is SoFi Bank, N.A. a good bank?
SoFi® is a good option if you want to save, invest, and apply for credit cards and loans. You might prefer another bank if you'd like separate checking and savings accounts, or if you are interested in CDs or money market accounts. Other financial institutions may also offer more options for home loans and credit cards.
Is SoFi legit?
Yes. SoFi® is a legitimate, safe financial institution. The Office of the Comptroller of Currency conditionally approved its application to create SoFi Bank N.A. as a full-service national bank in 2022. It needed to acquire Golden Pacific Bank.
How does SoFi support its customers?
SoFi® has customer support available by phone and live chat. Customer support hours vary depending on the product. For example, if you have questions about SoFi® Checking and Savings (Member FDIC), representatives are available from 5 a.m. to 7 p.m. PT Monday through Thursday and 5 a.m. to 5 p.m. PT Friday through Sunday.
Can I invest with SoFi?
Yes. SoFi® is one of the best online brokerages for beginners since it has low minimum opening requirements and no account or trading fees. You can trade stocks, ETFs, mutual funds, money market funds, and alternative investment funds.
Sofi Active Invest: Investments are not FDIC-insured - Are not bank-guaranteed - May lose value - Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. https://www.sofi.com/sofiplus/invest/#disclaimers.
SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth's advisory operations, services, and fees is set forth in SoFi Wealth's current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
1. Up to $400 Bonus Tiered Disclosure New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26.. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance (must be bolded) SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi's ATM policies are subject to change at our discretion at any time. 6. Early Access to Direct Deposit Funds Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non- debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.90% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Fixed rates from 8.74% to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 08/08/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 11/03/25. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Interest Rates: Eligibility and Important Details. Fixed rates range from 2.45% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.
