SoFi Checking and Savings

SoFi's Checking and Savings account is a compelling option for those seeking a modern, all-in-one financial solution. Let's examine its features, benefits, and potential drawbacks.

Key Features

High-yield APY: Up to 4.20% on savings balances with qualifying direct deposits
No monthly fees
Access to 55,000+ fee-free ATMs
Combined checking and savings functionality
User-friendly mobile app
Early direct deposit
No-fee overdraft coverage up to $50
Savings vaults for goal-specific saving
Additional FDIC insurance up to $2 Million

Why Choose SoFi Checking and Savings?

SoFi's account offers a compelling package that caters to the needs of modern banking customers. The high APY is particularly attractive, especially when compared to traditional banks. With no monthly fees and extensive ATM access, it's an excellent choice for those looking to maximize their savings while maintaining easy access to their funds.

User Experience and Mobile App

One of SoFi's strengths lies in its user-friendly interface. The mobile app is intuitive and feature-rich, allowing customers to manage their finances on the go. From checking balances to transferring funds between savings vaults, the app provides a seamless banking experience.

Who is SoFi for?

SoFi Checking and Savings is particularly well-suited for:

Tech-savvy individuals comfortable with online banking
Those looking to maximize interest on their savings
Customers seeking an account-fee free banking experience
People who prefer having checking and savings in one account

Potential Drawbacks

While SoFi offers numerous benefits, it's important to consider potential limitations:

No physical branches for in-person banking
High APY requires direct deposits
Cash deposits can be challenging

Our Verdict

SoFi Checking and Savings offers a robust, modern banking solution that combines high-yield savings with the convenience of a checking account. Its competitive APY, user-friendly features, and minimal fees make it an attractive option for those comfortable with online banking.

For individuals seeking to optimize their savings while enjoying the flexibility of a checking account, SoFi presents a compelling choice in the evolving world of digital finance.

Pros

Customizable Savings Vaults: Users can create multiple sub-accounts within their savings, each earning a high APY, to organize funds for specific goals like "Vacation" or "Emergency Fund"

Automated savings: The feature automatically moves a predetermined percentage or amount from direct deposits into savings or vaults

Two-day early paycheck: Direct deposits can be received up to two days earlier than traditional banks

Cons

Complex wire transfer process: Initiating wire transfers requires contacting customer service and may take up to 72 hours of lead time

Joint account limitations: Co-owners cannot deposit checks or use Apple Pay with their SoFi Credit Card

No cash deposits: As an online-only bank, SoFi does not provide a direct method for depositing cash