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SoFi® is a great choice if you are comfortable with a fully online banking experience. At SoFi, you're able to save, invest, and explore a variety of loan options. SoFi is one of our top picks for the best online banks.
SoFi Bank 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 Checking and Savings customers have access to over 55,000 fee-free ATMs in the Allpoint ATM network.
SoFi Checking and Savings members can protect up to $2 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 SoFi products primarily through online and mobile banking.
The bank's mobile app is rated 4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store. The SoFi 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.
SoFi Bank: Pros and Cons
SoFi Pros
- up to $300 cash bonus with SoFi Checking and Savings
- 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 SoFi Checking and Savings
- Other online banks have more credit card options
- $1,000 minimum loan amount for student loans
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 Fees, Rates and Financial Benefits
Understanding SoFi's Fee Structure
SoFi is a great option if you're priority is to avoid common bank fees.
The SoFi Checking and Savings Account has no monthly service fee 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 $15 insufficient funds fee, though.
SoFi Interest Rates
You can earn up to 4.00% APY on savings balances and Vaults when you set up direct deposits or deposit $5,000 or more every 30 days. Otherwise, you'll earn 1.20% APY on savings balances and Vaults. SoFi checking balances earn 0.50% APY.
SoFi Savings and Checking Account Review
SoFi Checking and Savings (Member FDIC)
no monthly service fee
up to 4.00%
$0
up to $300
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
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)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.00% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi Checking and Savings (Member FDIC) is featured in our best high-yield savings accounts and best bank account bonuses. 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.
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 up to $300.
See Business Insider's SoFi Checking and Savings Review.
SoFi Personal Loans Review
SoFi® Personal Loan
8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
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.
Compare Personal Loan Rates
SoFi Student Loans Review
SoFi Undergraduate Student Loans
5.54% - 15.99% variable and 3.54% - 15.99% fixed (with AutoPay discount)
N/A
Undisclosed
Minimum of $1,000
- No origination fees, prepayment penalties, or late fees
- Solid APR
- Several options for repayment term length
- Quick application process
- Credit check required
SoFi is an excellent lender for borrowers who want a competitive APRs. It's also a great lender for those who don't want to worry about fees.
SoFi Undergraduate Student Loans- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
SoFi Graduate Student Loans
5.54% - 15.86% variable and 3.54% - 14.83% fixed (with AutoPay discount)
Undisclosed
Minimum of $1,000
- No origination fees, prepayment penalties, or late fees
- Highly competitive APR
- Several options for repayment term length
- Quick application process
- Credit check required
- $1,000 loan minimum
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
SoFi offers student loans for undergraduate, graduate, law school, MBAs, and health profession degrees.
See Business Insider's SoFi Student Loans Review.
SoFi Invest Review
SoFi Active Invest®
$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading
0% for active trading and automated investing
Get up to $1,000 in stock when you fund a new account.
- No account minimum
- No account or trading fees, and low fees to own funds
- Access to Certified Financial Planners at no additional charge
- IPOs available
- SoFi 1% IRA match
- No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
- No option for stop-loss orders when actively investing. SoFi's active investing account only uses market orders
- Currently only available to US residents
SoFi Invest is a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.
SoFi Active Invest- Promotion: Get up to $1,000 in stock when you fund a new account.
- App store rating: 4.8 iOS/3.8 Android
- Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.
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 certified financial planners at no additional cost.
See Business Insider's SoFi Invest Review.
SoFi Credit Card Review
SoFi Credit Card
$0
N/A
20.24% - 29.99% variable
N/A
Good to Excellent
- Earn 2% cash back on every purchase, with no bonus categories to keep track of
- Automatic deposit available to your SoFi accounts
- Rewards can potentially grow when you invest them through SoFi
- No annual fee and no foreign transaction fees
- Redemptions other than deposits to eligible SoFi accounts offer lower value
If you're looking for a hassle-free cash-back credit card with no annual fee, the SoFi Credit Card is an interesting option. Anyone can apply, but you'll get the best return if you bank, invest, or have loans with SoFi.
SoFi Credit Card- Earn 3% cash back rewards on SoFi Travel
- Earn unlimited 2% cash back rewards on all purchases any way you want to redeem them, including statement credit
- No annual fee
- No foreign transaction fee
- Includes zero fraud liability protection and cell phone protection up to $1,000
- Mastercard World Elite Benefits including 24/7 Travel Concierge and $5 monthly Lyft credits
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.
SoFi Mortgages Review
SoFi Home Loans
620
3%
Conventional, FHA, VA, HELOC, JUMBO
- Easy to use
- Great rate personalization tool
- Allows low scores on VA loans
- Member benefits available to previous customers
- Doesn’t offer USDA loans
- Minimum credit score for FHA loans is 600
SoFi Home Loans is a convenient online mortgage lender for conventional mortgage borrowers looking for an easy online experience. It also recently started offering FHA and VA loans, and will accept credit scores as low as 600 on both of these mortgages.
SoFi MortgageYou may like SoFi if you're comfortable with an online lending experience. SoFi doesn't offer USDA loans, though.
See Business Insider's SoFi Mortgages Review.
How SoFi Banking Compares
We compare SoFi checking and savings to two other banks: Ally and Chase.
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 Ally and SoFi are great choices if you're looking for a bank where you can save and invest. The two financial institutions are featured in our best savings accounts guide and best online brokerages 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.
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. SoFi 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 Bank N.A. 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 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 | 4.25 |
| Personal Loans | 4 |
| Student Loans | 4 |
| Invest | 4.65 |
| Credit Card | 3.5 |
| Mortgages | 3.91 |
| Trustworthiness | 4.5 |
| Total | 4 |
FAQs: SoFi Bank
SoFi is a good option for people who are searching for an online bank where they may 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.
SoFi has customer support available by phone and live chat. SoFi's customer support hours vary depending on the product. For example, if you have questions about SoFi Checking and Savings, 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.
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 and ETFs through SoFi. In January 2024, SoFi also announced customers would be able to invest in 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).
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
