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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.
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.
Deposits & Withdrawals
Safe & Secure
|HQ||San Francisco, California, USA|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Paper Statement Fee||Not disclosed|
|Overdraft Fee||No overdraft fee, up to $50|
|ATM Fee||No ATM fee at 55,000+ ATMs|
|State Restrictions||Available in all US States|
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.
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.
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.
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:
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.
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.
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.
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.