SoFi Checking and Savings Review (2024): What Does it Have to Offer?

Since SoFi Money became SoFi Checking and Savings, is the online banking account still worth it? Let's take a closer look at platform including some pros and cons.

Review: https://fioney.com/sofi-money-review/
Referral link: https://fioney.com/sofi-money-bonus

Back in the day, I reviewed the then-named SoFi Money account, which ended up becoming one of my favorite options. Since then, a lot has happened, including the fact that SoFi’s banking account offering has transitioned to the simply named SoFi Checking and Savings. So, how do these accounts hold up to the competition in 2024? Let’s discuss a few things to know along with my opinion on the current product.

The first thing to know about SoFi Checking and Savings is that the FinTech is now a licensed bank.

In 2022, SoFi completed an acquisition of Golden Pacific Bancorp, forming SoFi Bank. As a side effect of this, the former SoFi Money account, which was a hybrid checking and savings account, was split to form, well, SoFi checking and savings. The other big difference is that SoFi now provides its own FDIC insurance. But, on top of their 250,000 per deposit, they do still have an insured deposit program with partner banks, allow for up to $2 million in insured funds.

Next, as the name implies, SoFi Checking and Savings now consists of two separate accounts - but neither carries any fees.

True to previous forms of SoFi’s banking offerings, neither their savings nor checking accounts have fees. This not only means no monthly fees but also no overdraft fees, monthly minimums, dormant account fees, or even card replacement fees among others. Considering how many traditional bank account have some sort of fees if you don’t meet certain requirements, this fee schedule or lack thereof is a big mark in the win column for SoFi customers.

In terms of earning interest, SoFi’s rates are fairly competitive - but there’s a bit of a catch.

At the time of this recording in March 2024, SoFi savings customers can earn up to 4.60% APY. However, in order to earn that rate, accountholder must either sign up for direct deposit or deposit at least $5,000 every 30 days. Those who fail to meet at least one of these two requirements will currently earn 1.20% APY. Also, these rates are only for funds in your Savings account. Funds in SoFi Checking currently earn 0.50% APY — which, while not being very high is better than most checking accounts.

As for how SoFi’s 4.6% APY compares to other option at this moment it time, it’s near the top — although you might find something higher somewhere. So, if you plan on using directy deposit into your SoFi account, then this may be a good option.

As for other banking features, the accounts offer fee-free ATM access, bill pay, and even the option to order paper checks.

With your SoFi checking account, you’ll have access to more than 55000 fee-free ATMs that are part of the Allpoint network. Also notable is the Bill Pay options… although I haven’t actually ever used this feature for myself. On the savings side, SoFi also offers a number of Autopilot tools for recurring deposits, rounds up, and more.

Meanwhile, another aspect of SoFi that I have used and appreciate is that you can order paper checks for free. In the app or on the site, under the Banking tab, tap the More button and scroll down to Order Checks. From there, you can confirm your information (such as mailing address) and place your order. One order includes 25 checks, although you can reorder as long as it’s been at least seven days.


Although not everyone may need these specific banking offerings, considering how many account skimp on them these days, I think its nice that SoFi includes them.

Lastly, if you are considering opening a SoFi Checking and Savings account, then you might be able to take advantage of one of their bonus offers.

Over the year, SoFi has been known to offer some attractive bonuses to new members. For example, at the time that I’m editing this video, those who join SoFi Checking and Savings can earn up to $300. Actually, by using a referral link like the one I’ll leave in the description box and pinned comment, you can currently earn up to $325 in bonuses. This includes $25 when you open the account and then up to another $300 when you sign up for direct deposit. However, this latter bonus will depend on how much you direct deposit, starting with $50 bonus for $1,0000 and then the $300 bonus kicking in at $5,000.

Of the banking bonuses out there, this one is pretty easy to take advantage of even if you can’t quite swing the amount required to get the full $300. But, if you are considering opening an account, then be sure to do so when one of these bonus offers is in effect.


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