[Update March 2022: New customers can snag a $120 bonus when they sign up and set up a direct deposit. More details below.]

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 APY + 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. Both accounts come with an APY (annual percentage yield) of either 1.0% or 0.25% depending on whether or not you set up a monthly direct deposit.

The good news is there is no monthly direct deposit requirement to earn the 1.0% APY. However, if you would like to unlock free overdraft coverage you’ll need to maintain a monthly direct deposit of $1,000 or more.

To put these yields into perspective, the current national average on a savings account and an interest checking account sit at just 0.06% and 0.03% APY, respectively, according to the most recent FDIC data.

Additional Features

These two accounts come with some additional noteworthy features. These are:

• $120 sign up bonus. Limited time offer! Must set up direct deposit. Final $100 will be deposited once your first paycheck hits the account.
• 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.

Account Fees

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.

FAQs

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. The 1.0% APY is paid on amounts in both accounts up to a combined $50,000. Amounts after that will just earn 0.05% APY.