SoFi Checking and Savings Review 2022: Keep Track of Your Spending

Katie Stiner

SoFi is an online personal finance company founded in 2011 by four students at the Stanford Graduate School of Business. The company was started with the goal of providing affordable options to students taking on debt for education. Today, SoFi has grown into much more and is offering many financial products including mortgages, personal loans, investing, and banking.

Overall rating

4.8

Summary: If you’re looking for a way to track your spending and earn cashback rewards, SoFi Checking and Savings could be a great option.

SoFi Checking and Savings

chase bank logo

$0

Monthly Fee

1.25%

Est. APY


Reviews

5

Account Opening

4.5

Fees

4

Deposits & Withdrawals

5

Features

5

Customer Service

5

Safe & Secure

Pros

  • Vaults
  • Welcome bonus
  • FDIC-Insured account balance

Cons

  • Withdrawal limits
  • No Cash deposits

Best For

  • Easy management of your finances
  • Cashback Rewards
  • Early Paycheck

Features

HQSan Francisco, California, USA
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Paper Statement FeeNot disclosed
Overdraft FeeNo overdraft fee, up to $50
ATM FeeNo ATM fee at 55,000+ ATMs
RewardsNone
Debit CardMastercard
State RestrictionsAvailable in all US States

In depth review on SoFi Checking and Savings

The SoFi account allows you to simplify your banking, pay bills and earn interest. It also lets you earn interest while conducting your day-to-day banking activities for no fee.

SoFi Checking and Savings has no monthly maintenance fee and clients are not required to maintain a minimum balance to avoid the fee. They also let their customers receive their paychecks two days before most banks and make the funds available to account holders as soon as they receive a notice of impending payment. Clients are required to set up direct deposits with their employer to qualify for this service.

You can earn the APY on your entire account balance if you deposit at least $500 a month in your account. SoFi also offers no-fee overdraft protection for overdrafts up to $50.

SoFi Checking and Savings is best for

  • Easy management of your finances: SoFi provides a user-friendly app with a spending tracker that makes it easy for users to manage their finances. You can track your spending habits, set goals and plan accordingly.
  • Cashback rewards: Your SoFi debit card offers cashback deals at many retailers. These deals are constantly changing, so you’ll have to check your SoFi mobile app for the latest offers.
  • Early paycheck: Get paid up to 2 days earlier with direct deposit.

SoFi Checking and Savings benefits

  • Vaults: The account lets you create separate savings accounts or vaults, so you can create up to 20 separate vaults to save for different goals. You can also set up recurring payments from your SoFi account to your vaults. The funds in these vaults are also FDIC insured.
  • Welcome bonus: When you open an account with SoFi, you are eligible to receive a welcome bonus, given you meet certain requirements.
  • FDIC-Insured account balance: Your deposits in your SoFi Checking and Savings account are FDIC-Insured up to $1.5 million. SoFi has partnered up with six banks and sweeps your deposits into all partner banks while each bank insures deposits up to $250,000.

SoFi Checking and Savings drawbacks

  • Withdrawal limits: SoFi has limits in place for spendings and withdrawals, which can be a dealbreaker for some. You can only withdraw up to $1,000 at an ATM, $150 for over-the-counter withdrawals and make purchases of up to $6000 at a point of sale (POS). Additionally, users are allowed a maximum of 12 POS transactions a day.
  • No cash deposits: SoFi does not allow its clients to deposit cash into the account. You can deposit cash in another account and transfer the money over to your SoFi account.

Account opening

5

Opening a new account with SoFi is extremely easy and can be done within a few minutes. SoFi will ask you for some basic information such as your name, date of birth, address, contact number, email and Social Security number. Once you have opened your account, you can expect your debit card to arrive in five to seven days.

Fees

4.5

SoFi offers an extremely transparent fee structure, so you are not charged a maintenance fee or overdraft fee. You also have access to Allpoint ATMs when travelling abroad and do not have to pay a foreign transaction fee when making purchases abroad. However, a 0.20% fee may be charged by MasterCard. SoFi also charges a $20 fee for a replacement debit card if you lose your first debit card.

Features

4

The account offers several features that make it a great option to fulfil your banking needs. Some of the best features of this account are:

  • Complete online banking
  • No maintenance fee
  • Overdraft protection
  • FDIC insurance
  • Higher than average APY

Deposits and withdrawals

4

Unlike many traditional banks, SoFi does not offer cash deposits. However, you can utilize wire transfers, ACH transfers, and mobile check deposits to fund your account.

SoFi offers all traditional forms of withdrawing funds from your account such as ACH transfers, wire transfers, and ATM withdrawals. You can also request unlimited free checks at any time.

Customer service

5

You can speak to a customer representative over a call Monday through Thursday between 4 AM and 9 PM, Friday through Sunday between 4 AM and 5 PM. You can also log in to your account to chat with a representative if you do not want to call.

Safe and secure

5

SoFi allows clients to freeze their debit card online or from the SoFi app if they notice any suspicious activity or lose their card. You can also set up two-factor authentication to log in to your account, which can prevent unauthorized access. They also offer suspicious activity monitoring and inform clients via a call if unusual activity is noticed.

Your deposits in your account are FDIC-Insured up to $1.5 million because your deposits are split into six banks where each bank insures deposits up to $250,000.

Is SoFi Checking and Savings right for you?

If you feel comfortable managing your finances digitally, enjoy cashback rewards, and like the idea of having your checking and savings accounts in one place, then SoFi’s account can be the account for you. You can enjoy an account with no maintenance fee while earning an impressive interest rate. SoFi also lets you separate your account balances as required. The flexibility and the features offered by this account make it a very strong candidate if you are looking to open a new bank account.