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SoFi's Checking and Savings account is a good fit if you can route a paycheck or $5,000 a month into it, since that earns 3.30% APY on savings with no account fees; without that, savings drops to 0.80%. It is legitimate: SoFi Bank, N.A. is an OCC-regulated national bank, FDIC certificate 26881, owned by publicly traded SoFi Technologies. The tradeoff is service: SoFi draws thousands of CFPB complaints a year, mostly about frozen or closed accounts and getting help, so keep a second bank account and don't park money you need on short notice in a single app.
- Savings APY
- 3.30% with Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 days; 0.80% without; rates current as of September 23, 20262
- New member boost
- Extra 0.90% APY for up to 6 months, for up to 4.20% total, while you keep qualifying deposits1
- SoFi Plus
- $10 a month subscription; members earn 4.50% APY on the first $20,000 in savings and 3.30% above that2
- Checking APY
- 0.50% on all balances2
- Fees
- $0 monthly, minimum balance, overdraft and replacement card fees; $30 outgoing domestic wire; Instant Transfer out 0.75% ($1 to $30); retail cash deposits up to $4.953
- FDIC insurance
- $250,000 per depositor per ownership category at SoFi Bank; up to $3 million through the SoFi Insured Deposit Program sweep1
- Bank charter
- SoFi Bank, National Association, Cottonwood Heights, UT; FDIC cert 26881; regulated by the OCC; $56.8 billion in assets as of June 30, 20264
- Complaints
- CFPB: 7,367 complaints against SoFi Technologies, 3,503 in the last 12 months, about two thirds on checking or savings; BBB: 2,206 in 3 years5
Pros
- 3.30% savings APY with direct deposit, plus up to 4.20% for new members for 6 months
- No monthly, minimum balance or overdraft fees
- FDIC insured, with up to $3 million in coverage through the sweep program
- 55,000+ fee-free Allpoint ATMs and early direct deposit
- Banking, loans, investing and a credit card in one well-rated app
Cons
- Savings drops to 0.80% APY without direct deposit or $5,000 a month
- Very high complaint volume: 3,503 CFPB complaints in the last 12 months
- Account freezes and closures are the top complaint
- No branches; cash deposits through retailers cost up to $4.95
- Outgoing wires cost $30 and Instant Transfers out cost up to $30
Best for: People who can send a paycheck or $5,000 a month to SoFi and want a fee-free, high-yield account in one app with loans and investing.
Skip it if: You can't meet the direct deposit or deposit requirement, need cash deposits or branches, or can't risk a temporary account freeze on your only bank account.
SoFi vs. competitors
| Company | Top savings APY (Oct 2026) | What you need for the top rate | Monthly fee | Branches |
|---|---|---|---|---|
| SoFi | 3.30% (0.80% without qualifying deposits) | Direct deposit, $5,000 every 31 days, or SoFi Plus | $0 | None, online only |
| Ally Bank | 3.10% as of October 8, 2026 | Nothing, same rate for all balances | $0 | None, online only |
| Capital One 360 Performance Savings | Variable; check capitalone.com | Nothing required | $0 | Branches and Capital One Cafes |
SoFi pricing at a glance
SoFi Checking and Savings rates, effective September 23, 20262
| If you have | Savings APY | Checking APY |
|---|---|---|
| No direct deposit, no $5,000 in deposits, no SoFi Plus | 0.80% | 0.50% |
| Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 days | 3.30% | 0.50% |
| New member with qualifying deposits (0.90% boost, up to 6 months) | Up to 4.20% | 0.50% |
| SoFi Plus ($10 a month), balances up to $20,000 | 4.50% | 0.50% |
| SoFi Plus, portion above $20,000 | 3.30% | 0.50% |
Rates are variable. The 0.90% boost can't be combined with the SoFi Plus 4.50% rate. Peer-to-peer transfers, bank transfers and tax refunds don't count as Eligible Direct Deposit, though they can count toward the $5,000 Qualifying Deposits.
SoFi, step by step
Apply online
Open SoFi Checking and Savings in the app or on sofi.com; SoFi says the median application takes about 2 minutes. There's no minimum deposit.
Verify your identity
SoFi may ask for ID or documents. Many CFPB complaints involve accounts restricted during verification, so respond quickly.
Set up direct deposit
Route recurring payroll, pension or Social Security by ACH, or bring in $5,000 every 31 days, to earn 3.30% APY instead of 0.80%. Check the APY Details page the day after your first deposit.
Use the account
Debit card, Zelle, bill pay and fee-free Allpoint ATMs. With $1,000 or more in monthly direct deposits, overdraft coverage covers up to $50 on debit card purchases.
Closing the account
Move your direct deposit first, transfer the balance out by standard ACH (free) rather than a $30 wire, then ask SoFi to close it.
SoFi legitimacy and licensing
Yes. SoFi Technologies, Inc. is a publicly traded company (NASDAQ: SOFI) founded in 2011 as a student loan refinancer. In 2022 it bought Golden Pacific Bancorp and now runs SoFi Bank, National Association, a national bank regulated by the Office of the Comptroller of the Currency. FDIC BankFind lists SoFi Bank under certificate 26881, based in Cottonwood Heights, Utah, with $56.8 billion in assets and $46.8 billion in deposits as of June 30, 2026.
Deposits are FDIC insured up to $250,000 per depositor per ownership category at SoFi Bank. The SoFi Insured Deposit Program can spread larger balances across partner banks for up to $3 million in coverage. Check the partner bank list if you also bank at one of those banks, since balances at the same bank are combined for FDIC limits.
Since January 2024, SoFi Bank and its affiliates have been supervised by the CFPB for federal consumer protection laws, in addition to the OCC.
SoFi savings rates explained
SoFi’s rate depends on what you deposit, not how much you keep. As of September 23, 2026:
- 3.30% APY on savings if you receive an Eligible Direct Deposit (recurring payroll, pension or government benefits by ACH) or $5,000 in Qualifying Deposits every 31 days.
- 0.80% APY if you do neither and don’t pay for SoFi Plus.
- Up to 4.20% APY for new members who qualify for the 0.90% boost, for up to six months.
- 4.50% APY on the first $20,000 for SoFi Plus members, who pay $10 a month; balances above $20,000 earn 3.30%.
Checking pays 0.50% APY. Rates are variable. Transfers from PayPal, Venmo, Zelle or another bank, and one-time deposits like tax refunds, don’t count as direct deposit. If SoFi doesn’t recognize your paycheck, call 855-456-7634; SoFi says it will apply the higher rate once it validates the deposit.
Is SoFi Plus worth $10 a month for the rate? On $20,000, the extra 1.20 points over the 3.30% rate is about $240 a year, versus $120 in fees, so only if you keep close to $20,000 in savings and value the other perks.
SoFi fees
SoFi charges no monthly maintenance, minimum balance, overdraft, inactivity, stop payment or replacement card fees. The fees you can run into, per SoFi’s May 18, 2026 fee sheet:
- Outgoing domestic wire: $30
- Outgoing Instant Transfer: 0.75% of the amount, $1 minimum and $30 maximum
- Global remittance: 0.50% of the amount
- Cash deposits at retailers: SoFi charges nothing, but partners can charge up to $4.95
- Out-of-network ATMs: SoFi doesn’t charge, but the ATM owner may
Overdraft coverage is free but limited: members with $1,000 or more in monthly direct deposits can be covered for up to $50 in negative balances on debit card purchases only.
What customers say about SoFi
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Quick, easy application and loan funding
- A well-rated app that combines banking, loans and investing
- Competitive savings rate with direct deposit and no account fees
- Early paycheck access with direct deposit
Common complaints
- Accounts frozen, restricted or closed, sometimes with funds held during review
- Hard to reach a live person, and repeated calls to fix one problem
- Fraud claims and unauthorized transactions not resolved to the customer's satisfaction
- Direct deposits not recognized, so the lower APY applies
- Loan application problems, including denials after early approval signals
What else SoFi offers
SoFi is more than a bank account. The same app offers personal loans, student loan refinancing, mortgages and home equity loans, a cash-back credit card, self-directed and automated investing, and crypto trading. Each product has its own pricing and terms, so judge them separately. For loans, see our SoFi personal loans review and SoFi student loan refinancing review.
SoFi’s personal loan page advertises an autopay discount of 0.25% and an extra 0.25% for members with SoFi Plus, direct deposit or qualifying deposits. If you’re declined, SoFi says you must wait 30 days to reapply alone.
SoFi complaints and regulatory history
SoFi’s complaint volume is high. The CFPB database lists 7,367 complaints against SoFi Technologies, with 3,503 received in the past 12 months. About two thirds involve checking or savings accounts, and the most common issues are managing an account, charges on the account, and account closures. SoFi responded on time to nearly all of them, and 501 were closed with monetary relief. The BBB rates SoFi A+ but lists 2,206 complaints in three years; it is not BBB accredited.
Past regulatory actions:
- FTC, 2018: SoFi Lending Corp. settled charges that it overstated how much borrowers would save by refinancing student loans. The order bars unsupported savings claims for 20 years; there was no fine.
- FINRA, May 2024: SoFi Securities was censured and fined $1.1 million over weak identity verification that let fraudsters open about 800 brokerage accounts in 2018 and 2019.
To lower your risk, keep an account at a second bank, respond quickly to any verification request, and if SoFi freezes your account and doesn’t resolve it, file a complaint with the CFPB or the OCC’s Customer Assistance Group.
Who should look elsewhere
If your paycheck will stay at another bank and you won’t move $5,000 a month, SoFi’s 0.80% base savings rate trails banks like Ally that pay their full rate with no requirement. If you deposit cash often, the retail deposit fees add up. If you want to walk into a branch, consider Capital One or a local credit union. And if you are worried about an online bank freezing your only account, split your money between two institutions.
Alternatives to SoFi
- Ally Bank Pays a similar savings rate without any direct deposit requirement, so it's simpler if your paycheck stays at another bank. Read review
- Capital One 360 Fee-free online accounts plus physical branches and Cafes if you want in-person help. Read review
- A local credit union Federally insured credit unions often offer in-person service and fewer account freezes handled only by app, with NCUA insurance up to $250,000.
- Treasury bills through TreasuryDirect A free, government option for cash you won't need for a few weeks or months, with no bank involved.
SoFi reviews
Written by readers, read by our moderators, never edited by the company.
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Frequently asked questions
Is SoFi a real bank?
Yes. SoFi Bank, National Association is an OCC-chartered national bank, FDIC certificate 26881, owned by SoFi Technologies. It became a bank in 2022 after buying Golden Pacific Bancorp.
Is my money safe at SoFi?
Deposits are FDIC insured up to $250,000 per depositor per ownership category, and up to $3 million through SoFi's Insured Deposit Program sweep. FDIC insurance doesn't cover investments or crypto in SoFi Invest.
What is SoFi's savings interest rate?
As of September 23, 2026, 3.30% APY with direct deposit or $5,000 in deposits every 31 days, and 0.80% APY without. New members can earn up to 4.20% for six months, and SoFi Plus members earn 4.50% on the first $20,000.
Does SoFi charge fees?
No monthly, minimum balance or overdraft fees. You may pay $30 for an outgoing wire, 0.75% (up to $30) for an Instant Transfer out, and up to $4.95 for a retail cash deposit.
What counts as direct deposit at SoFi?
Recurring payroll, pension or government benefit payments sent by ACH. Transfers from PayPal, Venmo, Zelle or other banks, and one-time deposits like tax refunds, don't count, though they can count toward the $5,000 Qualifying Deposits option.
How much does SoFi Plus cost?
$10 a month. It raises the savings APY to 4.50% on the first $20,000 and adds discounts and rewards on other SoFi products.
Why did SoFi freeze or close my account?
Account restrictions and closures are the top CFPB complaint about SoFi, often tied to identity or fraud reviews. Respond to verification requests quickly, and if it isn't resolved, file a complaint with the CFPB or the OCC.
Can I deposit cash at SoFi?
Yes, at participating retailers. SoFi doesn't charge, but the retailer network may charge up to $4.95 per deposit.
Does SoFi have branches?
No. SoFi is online only, with fee-free withdrawals at 55,000+ Allpoint ATMs.
What is SoFi's BBB rating?
A+, but SoFi is not BBB accredited, and the BBB lists 2,206 complaints in the last three years as of October 2026.
Sources (19)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- SoFi: Online banking, Checking and Savings (accessed October 12, 2026)
- SoFi Bank: Rate sheet, effective September 23, 2026 (accessed October 12, 2026)
- SoFi Bank: Fee sheet, effective May 18, 2026 (accessed October 12, 2026)
- FDIC BankFind: SoFi Bank, National Association (cert 26881) (accessed October 12, 2026)
- CFPB: Consumer complaint database, SoFi (accessed October 12, 2026)
- BBB: SoFi profile (accessed October 12, 2026)
- Trustpilot: SoFi reviews (accessed October 12, 2026)
- Apple App Store: SoFi Bank, Invest and Crypto (accessed October 12, 2026)
- SoFi: SoFi Plus (accessed October 12, 2026)
- SoFi: Personal loans (accessed October 12, 2026)
- FTC: SoFi settles charges over false loan refinancing savings claims (2018) (accessed October 12, 2026)
- Consumer Financial Services Law Monitor: FTC finalizes settlement with SoFi (March 2019) (accessed October 12, 2026)
- GRC Report: FINRA fines SoFi Securities $1.1 million (May 2024) (accessed October 12, 2026)
- SoFi Technologies: 2024 annual report (SEC filing) (accessed October 12, 2026)
- Ally Bank: Online savings account (accessed October 12, 2026)
- Capital One: 360 Performance Savings (accessed October 12, 2026)
- TreasuryDirect: Treasury bills (accessed October 12, 2026)
- NCUA: Share insurance coverage (accessed October 12, 2026)
- OCC: Customer Assistance Group (accessed October 12, 2026)
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