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SoFi offers a combined Checking and Savings Account that provides competitive rates, no monthly fees, and solid overdraft protection. Launched after SoFi gained its bank charter in 2022, this account stands out for its high APY, especially with direct deposit, and features such as early access to paychecks. SoFi’s account is ideal for those comfortable with online banking, as it lacks physical branches and relies on digital platforms for customer service.

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Written by:Casey Newton

Top Benefits

  • High APYs
  • No Fees: SoFi charges no monthly fees, overdraft fees, or NSF (non-sufficient funds) fees.
  • ATM Access: Free access to over 55,000 ATMs via the Allpoint network.
  • Early Paycheck Access: With direct deposit, you can receive your paycheck up to two days early.

Vendor Payments

While SoFi doesn't specifically focus on vendor payments, it offers various transfer methods for personal use, including:

  • ACH Transfers
  • Direct Deposits
  • Wire Transfers

These methods can be used to pay personal or business expenses, but it lacks advanced vendor payment features like bill pay automation or scheduling recurring payments.

Transactions

SoFi provides several options for managing your money:

  • Deposit Options:
  • ACH transfers
  • Wire transfers
  • Direct deposits
  • Mobile check deposits

Withdrawal Options:

  • Fee-free access to 55,000+ Allpoint ATMs
  • ACH and wire transfers
  • Cash Deposits: Available through Green Dot retail locations with a fee of up to $4.95.

Safety and Security

SoFi offers strong safety features, including:

  • FDIC Insurance: Deposits are insured up to $2 million through SoFi's network of partner banks (standard FDIC limit is $250,000).
  • Security Features: SoFi uses encryption and multi-factor authentication to protect customer accounts.

Mobile App

SoFi’s mobile app is highly rated on both Apple’s App Store and Google Play, providing a user-friendly platform for managing finances:

  • Account Management: Check balances, track spending, and manage transactions.
  • Money Transfers: Easily move funds between accounts or pay friends.
  • ATM Locator: Find fee-free ATMs through the Allpoint network.
  • Financial Tools: Access budgeting features, track financial goals with Vaults, and use automatic savings tools like Roundups.

Who Should Use This Checking Account?

The SoFi Checking and Savings Account is best suited for:

  • Individuals seeking high APYs on savings.
  • Those who don’t need to deposit cash frequently or visit a physical branch.
  • Customers comfortable with online-only banking and digital customer service.

How to Open an Account

Opening a SoFi account is straightforward and fully online. All you’ll need is basic personal information: Name, address, and Social Security number.

Direct Deposit Setup: To take full advantage of the highest APYs and overdraft protection, set up direct deposit.

Funding Options: Transfer money into your account through ACH, direct deposit, or mobile check deposit.


Conclusion

The SoFi Checking and Savings Account offers one of the best APYs available. It’s an ideal option for individuals comfortable with digital banking and looking for no-fee banking with additional benefits such as early paycheck access and overdraft protection. However, the lack of physical branches and fees for cash deposits may be drawbacks for those needing frequent in-person banking services.