The fintech company SoFi was launched back in 2011 by four Stanford graduates originally looking to provide more affordable options for students taking on debt to fund their education.
Today, SoFi is a publicly traded company on the Nasdaq providing an array of personal finance products including: lending, investing, cryptocurrency trading, banking, credit monitoring and insurance.
SoFi’s newest product, however, is the focus of this review. The SoFi Checking and Savings just launched at the end of March 2022 and is officially replacing their former cash management account called SoFi Money (more on that below).
SoFi Checking and Savings Account Details
The SoFi Checking and Savings account is actually 2 accounts that are opened together. They do not provide standalone checking or savings accounts.
The APY (annual percentage yield) you earn on each account is going to depend on whether or not you set up direct deposit.
If you set up direct deposit of at least $1,000 you’ll receive the following benefits:
- Higher APY on both savings and checking balances. See table below.
- Get paycheck 2 days early.
- No overdraft fees.
- Up to $250 cash bonus when you deposit $5,000 or more.
Checking and Savings Rates
|Account||Set up Direct Deposit||APY|
To put the yields above into perspective, the current national average on a savings account and an interest checking account sit at just 0.30% and 0.05% APY, respectively, according to the most recent FDIC data. That said, a small handful of the top online accounts and nationally available credit unions are now paying above the 4.00% APY mark on some high yield savings accounts.
$250 Cash Bonus (limited time)
For a limited time, SoFi is giving new members a cash sign-up bonus of either $50 or $250 depending on your qualifying direct deposit amount.
The bonus structure is as follows:
|Direct Deposit||Cash Bonus|
|$1k – $4,999||$50|
SoFi determines your cash bonus during a 30-day “Evaluation Period.” Within 14 calendar days following the evaluation period, SoFi will determine your cash bonus and deposit funds into your checking account.
These two accounts come with some additional noteworthy features. These are:
- 2-Day Early Paycheck. You must set up a direct deposit (no $ requirement) to enable this feature.
- No-Fee Overdraft coverage. You must set up a direct deposit of at least $1,000/mo to enable this feature.
- Get up to 15% cash back at local businesses when you pay with your SoFi debit card. No direct deposit set-up required.
- Automatic Savings Features. Set up savings goals, round-ups and save your change features. No direct deposit required.
There are no monthly maintenance fees associated with these accounts. There are also no fees on overdrafts (if criteria is met) or dormant accounts.
SoFi is a part of the Allpoint network, so there are no ATM fees at the 55,000+ Allpoint ATM locations worldwide.
Still have more questions about the SoFi Checking and Savings accounts? Here are some of the most commonly asked questions and their answers.
Does SoFi Checking and Savings have FDIC insurance?
Yes, all deposits are swept daily into one or more banks – which are referred to as “The Program Banks” – where they are eligible for FDIC insurance through those partnered banks. It may take 2 business days for your funds to reach one or more of the Program Banks, but once they do they are fully FDIC-insured up to $1.5 million.
What happened to SoFi Money?
SoFi Money was the cash management account offered by SoFi before the launch of Checking and Savings. Since SoFi Checking and Savings has the best features of SoFi Money and more, SoFi is no longer offering this product to new customers.
What if I Currently Have SoFi Money?
If you are an existing SoFi Money customer, SoFi has invited you to upgrade to SoFi Checking and Savings. This invitation can be found in your email or through the app. If searching your email the first invitation would have been sent in or around March 2022.
Does Sofi Checking and Savings have an app?
Yes. All of SoFi’s products can be accessed by downloading their IOS or Android apps. On Apple, they have a 4.8 out of 5 star rating based on over 147k reviews. On Google Play they have a 4.2 out of 5 star rating with just over 21k consumer reviews.
What if I just want the savings or checking account, but not both?
When you sign up for SoFi checking and savings, you will automatically receive both a checking and savings account. Both accounts earn 1.20% APY on balances unless direct deposit is set up. Once direct deposit is set up then the savings account earns 3.75% and balances in the checking account earn 2.50% APY. The interest is applied on all account balances (SoFi used to cap it at $50,000).