SoFi Bank
SoFi Bank is an online-only bank that was originally founded in 2011 as an alternative lender for loan products such as student loans, mortgages, etc. In 2022, the company received its national bank charter and started offering a checking and high-yield savings product.
SoFi Bank Overview
SoFi Bank is a simple and straightforward bank that offers two accounts: a high-yield savings account and a high-yield checking account. The checking account comes with a debit card that gives customers fee-free access to the more than 55,000 Allpoint ATMs throughout the country.
| Competitive APY on its savings account | No physical branches. |
| No monthly service charges. | Deposits can only be made at participating locations/ATMs and there may be a small fee. |
| Peer-to-Peer transactions available via Zelle. | Must deposit at least $5,000 every 30 days to qualify for the highest APY. |
| Access to more than 55,000 ATMs nationwide via the Allpoint network. | |
| No minimum deposit requirements. | |
| $300 bonus for new members when they set up direct deposit. |
SoFi Bank Product Offerings
Savings Accounts
SoFi Bank offers only one savings account, their high-yield savings account. There isn't a minimum opening deposit or average daily balance requirement, but it does have a minimum monthly deposit requirement to qualify for the highest APY. Here are the latest savings account details for April 2025:
Checking Accounts
SoFi Bank offers one checking account with a debit card and is as straightforward as accounts get: no fees and no balance requirements. Here are the latest account details for April 2025:
Bank Fees
Overdraft fee: None
Savings and Money Market Account withdrawals: None
Account closure fee: None
Wire transfer fee: None
Non-network ATM fee: None
Monthly service charge: None
Stop payment fee: None
Paper statement fee: None
SoFi Bank Features
SoFi Bank customer service representatives are available via chat Monday–Thursday from 5 a.m. to 7 p.m. PST and Friday–Sunday from 5 a.m. to 5 p.m. PST. The bank's mobile app allows customers to manage their accounts and provides some financial tools to help customers manage their finances. Customers also have access to their accounts via the more than 55,000 Allpoint ATMs throughout the country.
SoFi Bank FAQs
Our Take
SoFi Bank is a simple bank that seems to cater more to customers who may not or cannot bank with traditional banks. Although they offer a competitive APY with their high-yield savings account, the only way to fund the account is via Green Dot, which charges a fee to send money to a Varo account. It does offer the convenience of making funds available for withdrawal via the 43,000+ Allpoint ATMs throughout the country. If you need to have different accounts or want the option to have different types such as a money market, CD, etc., this bank may not be for you.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.