SoFi Checking and Savings: What to Know BEFORE Signing Up
Special Offer: click below to receive up to a $325 sign-up bonus when creating your SoFi Checking and Savings Account!
SoFi Checking and Savings
The Checking and Savings account by SoFi could be the best place for your everyday banking (and short-term to long-term savings). With one of the best APY rates across all competitors and numerous other enticing features covered in this article, SoFi could be the right choice for you. Of course, as with any bank account – there are some shortcomings worth considering.
Keep reading to see more details or check out our video review.
HYSA Overview
SoFi Checking and Savings is essentially an HYSA with a checking account included as well. For those who are new to the world of HYSAs – these are mostly online-only bank accounts offering higher APYs (and other features) vs. traditional brick-and-mortar banks. Since these accounts are often online only, expenses for the banks are lower allowing them to offer higher APYs.
Now specifically with SoFi, depending on when you are viewing this article you’ve likely noticed a high advertised APY. A key nuance to keep in mind is that you only receive this APY if you connect your account with direct deposit from your employer. If you do not connect direct deposit, the APY payout is much lower.
What does SoFi Stand for?
SoFi stands for Social Finance Inc. SoFi is a US-based personal finance company and online bank. You may be familiar with SoFi through SoFi Stadium, where the Los Angeles Rams and Los Angeles Chargers of the National Football League (NFL) play.
Is SoFi Safe?
Yes, it is! Your deposits are FDIC insured up to $2M. This high FDIC insurance amount is possible as SoFi partners with a network of banks. This means, that so long as your savings are within the $2M threshold, your money is FDIC insured.
Pros of SoFi Checking and Savings
- Competitive APY rate that adjusts to the economy quickly
- Sign-up Bonus: Up to $250 bonus with qualifying direct deposit for eligible customers**
- Early Paycheck (ability to receive paycheck two days early)
- Complimentary Debit Card
- Access to over 55,000 ATMs nationwide
- Supports beneficiary elections
- Easy-to-use web app and mobile app
**Available through 12/31/23
Cons of SoFi Checking and Savings
- Direct deposit is required for high advertised APY
- No Zelle support on SoFi app
- Cash deposit fee of ~$5
- Customer Service is not available 24/7
Recap
Above all, if you are looking for a safe place to store your savings and do daily banking all while earning a high APY, check out SoFi.
Looking for another HYSA option? Check out our review of Marcus by Goldman Sachs
