SoFi, a leading online fintech company, most notable for student loans. However, SoFi has quickly grown to offer brokerage accounts for investing and banking services. SoFi offers innovative features, user-friendly interfaces, and extremely competitive benefits for a modern banking experience. SoFi is a remarkable choice for individuals looking for a no-nonsense online checking and savings account.
SoFi Banking
SoFi’s banking services are in the top-tier of banking offerings. It offers the best benefits in the industry at the most competitive levels packaged under its umbrella of offerings. SoFi clearly focuses on user experience by offering great perks as a part of its services.
Sign Up Bonus
SoFi is currently offering a great sign-up bonus (up to $275)! By signing up for a checking and savings account, new members will get $25. Members will then get up to an additional $250 with the first direct deposit into the checking account!

That’s a lot of free money for opening a checking and savings account with a lot of perks included!
User-Friendly Experience
First and foremost, SoFi offers a seamless user experience in every interface. The account setup process is very straightforward, allowing you to get started in minutes. Its website and app interface are designed for simplicity with easy-to-use features. You can check your balance, transfer funds, and deposit a check very easily on the app itself. It’s obvious that SoFi makes user experience a top priority.
No Minimum Balance Or Fees
One of the standout features of SoFi’s checking and savings accounts is the absence of monthly fees and account minimums.
Unlike traditional banks, SoFi prioritizes customer satisfaction by eliminating unnecessary charges. Account holders can enjoy the benefits of their accounts without worrying about additional costs that would take away their hard-earned money.
No fee banking makes SoFi an attractive option for individuals who are tired of unnecessary banking fees without sacrificing essential banking services. SoFi offers everything you’d expect from a traditional big bank except the retail locations.
High-Yield Interest
SoFi offers a highly competitive interest rate on their accounts, particularly their savings accounts, which enables your money to work harder for you.
SoFi’s checking accounts earn 1.20% APY (annual percentage yield) with direct deposit while its savings account earns 4.30% APY with no minimum balance required to qualify (as of June 29, 2023).
Meanwhile, traditional big banks offer a fraction of a percent for both accounts. Why let your money sit earning 0.01% APY when it can earn 4.30% APY? SoFi allows account holders who want to boost their financial stability to grow their savings faster than at traditional banks.
$2M FDIC Insurance
The standard deposit FDIC insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Meanwhile, SoFi takes it a step further by insuring $2M for each member!
SoFi partners with multiple banks like Citizens Bank, HSBC Bank, and Sallie Mae Bank to provide up to $2M of FDIC coverage. This network of participating banks works the same as if members manually opened accounts with each different bank. SoFi offers this seamless benefit automatically.

This works the same way it would if you manually opened accounts with different banks. We just do it seamlessly and automatically and you can still access all your cash through SoFi.
It’s important for account holders to know if they have any deposits outside of SoFi at one of the other network banks since this may affect your coverage with that network bank. Those funds in that account will also count towards your total eligible FDIC insurance at that particular bank
Additional Perks and Benefits
SoFi goes above and beyond by offering several additional benefits to its banking customers. SoFi provides a variety of perks, such as free ATM access worldwide at any Allpoint ATM, mobile check deposit, and a dedicated customer support team available to assist you with any queries or concerns.

Additionally, the SoFi app offers a comprehensive financial dashboard that enables you to track your spending, set budgeting goals, and gain valuable insights into your financial habits. These value-added features further solidify SoFi as a well-rounded banking solution.
Considerations
Zelle
Unfortunately, Zelle is not available directly in the SoFi app, but members can link their SoFi debit card to their Zelle account. Members can link their SoFi debit card to their Zelle account by:
- Downloading the Zelle app
- Logging or creating an account
- Search for SoFi
- Select “Don’t see your bank”
- Enter your email for verification
- Add your SoFi debit card information
- Linked!
Cash Deposit Fees
While SoFi doesn’t directly charge member’s a fee for cash deposits, GreenDot does charge a service fee. Each time a member make a cash deposit via Green Dot, there is up to a $4.95 fee. Withdrawing cash at any Allpoint ATM is free though.
This is why having another bank account with a major bank comes in handy. You can deposit cash into another bank like a legacy bank with retail locations and then transfer money via electronic bank transfer to your SoFi checking account to avoid the cash deposit fee. Keep in mind that transfers can take several business days regardless of bank.
Conclusion
SoFi’s checking and savings accounts have undoubtedly raised the bar for modern banking services. By combining user-friendly interfaces, fee-free banking, high-yield interest rates, and additional perks, SoFi has created an exceptional banking experience.
Whether you’re a seasoned investor, a student managing their finances, or someone seeking a fresh and innovative banking solution, SoFi’s checking and savings accounts offer a seamless and rewarding financial experience.
If you routinely need cash or a retail bank experience, SoFi may not be the best solution for a primary bank account. It does well as a supplementary one though with all the perks!
Think of it as legacy banks for physical locations and SoFi for benefits and perks!
SoFi is, without a doubt, a trailblazer in the world of online banking and a fantastic choice for those looking to take control of their financial future with the perks that traditional banks just don’t offer.