Personal Finance Banking Savings
Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
- Overall Rating
- Pros and Cons
- About SoFi
- FAQs
- SoFi Savings and Checking
- Personal Loans
- Student Loans
- Investment Account
- Credit Card
- Mortgages
- How SoFi Bank Compares
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The bottom line:SoFi Bank is a great choice if you are comfortable with a fully online banking experience. At SoFi, you're able to save, invest, and explore a variety of loan options. SoFi is one of our top picks for the best online banks.
SoFi Checking and Savings (Member FDIC)
SoFi Bank, N.A., Member FDIC
Insider’s Rating
4.25/5
Perks New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.50%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings (Member FDIC) review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi Bank Review: Overall Rating
| Product | Business Insider rating (out of 5) |
| Banking | 4.25 |
| Personal Loans | 4 |
| Student Loans | 4 |
| Invest | 4.65 |
| Credit Card | 3.5 |
| Mortgages | 3.91 |
| Trustworthiness | 4.5 |
| Total | 4 |
SoFi Bank Pros and Cons
| Pros | Cons |
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About SoFi Bank
SoFi is an online bank that helps you save and invest. You may also apply for personal loans, student loans, mortgages, and credit cards.
SoFi Checking and Savings customers have access to over 55,000 fee-free ATMs in the Allpoint ATM network.
SoFi Checking and Savings members can protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.
SoFi Bank Digital Experience and App Usability
SoFi Bank is an online-only bank. This means the bank doesn't have any physical branches. You'll have to manage SoFi products primarily through online and mobile banking.
The bank's mobile app is rated 4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store. The SoFi Bank mobile app user experience includes many essential banking features. For example, you can make mobile check deposits, find ATMs, and set alerts for managing bill payments.
SoFi Bank Customer Service and Support
Customer support is available through phone or live chat. Representatives are available seven days of week, but the exact hours vary depending on the product.
If you have questions about SoFi Checking and Savings (Member FDIC), SoFi Personal Loan, or SoFi Undergraduate Student Loans, support is available from 5 a.m. to 7 p.m. PT Monday through Thursday or 5 a.m. to 5 p.m. PT Friday through Sunday.
Representatives can answer questions about SoFi Home Loans from 6 a.m. to 3 p.m. PT Monday through Friday. If you need to talk to a representative about SoFi Invest®, you can contact the bank from 5 a.m. to 5 p.m. PT Monday through Friday. Lastly, credit card support is available 24/7 by phone.
Is SoFi Bank Trustworthy?
The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi anA+ rating.
SoFi has been involved in a recent public controversy. In 2021, the Securities and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell SoFi customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.
SoFi Fees, Rates and Financial Benefits
Understanding SoFi's Fee Structure
SoFi is a great option if you're priority is to avoid common bank fees.
The SoFi Checking and Savings Account has no monthly service fee and no inactive account fees.
The SoFi Credit Card has $0 annual fee. It has a cash advance fee of $10 or 5% of the total advance amount. There's also a late payment fee of up to $41 to be mindful of.
SoFi Investhas no advisory fees and no commission fees. There's a $20 IRA closing fee, and a $15 insufficient funds fee, though.
SoFi Bank Interest Rates
You can earn up to 4.50% APY on savings balances and Vaults when you set up direct deposits or deposit $5,000 or more every 30 days. Otherwise, you'll earn 1.20% APY on savings balances and Vaults. SoFi checking balances earn 0.50% APY.
SoFi Bank FAQs
What sets SoFi Bank apart from other online banks?
SoFi is a good option for people who are searching for an online bank where they may save, invest, and apply for credit cards and loans. You might prefer another bank if you'd like separate checking and savings accounts, or if you are interested in CDs or money market accounts. Other financial institutions may also offer more options for home loans and credit cards.
How does SoFi Bank support its customers?
SoFi has customer support available by phone and live chat. SoFi's customer support hours vary depending on the product. For example, if you have questions about SoFi Checking and Savings, representatives are available from 5 a.m. to 7 p.m. PT Monday through Thursday and 5 a.m. to 5 p.m. PT Friday through Sunday.
Can I invest with SoFi Bank?
Yes. SoFi Bank is one of the best online brokerages for beginners since it has low minimum opening requirements and no account or trading fees. You can trade stocks and ETFs through SoFi. In January 2024, SoFi also announced customers would be able to invest in mutual funds, money market funds, and alternative investment funds.
SoFi Savings and Checking Account Review
SoFi Checking and Savings (Member FDIC)
SoFi Checking and Savings (Member FDIC)
SoFi Bank, N.A., Member FDIC
Insider’s Rating
4.25/5
Perks New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
up to 4.50%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
- FDIC insured for $2 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
Cons
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi Checking and Savings (Member FDIC) review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 4.50% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi Checking and Savings (Member FDIC) is featured in our best high-yield savings accountsandbest bank account bonuses. You'll get the most out of your account if you set up direct deposits or have qualifying deposits of $5,000 or more per month. That way, you'll qualify for the higher interest rate tier and earn more on your savings balances.
If you're a new customer or existing customer who hasn't set up direct deposits yet, you could also get a cash bonus of up to $300.
See Business Insider's SoFi Checking and Savings Review.
SoFi Personal Loans Review
SoFi Personal Loan
SoFi Personal Loan
On SoFi's website
Insider’s Rating
4/5
Perks
0.25% AutoPay interest rate discount and a 0.25% direct deposit interest rate discount
Regular APR
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
8.99% - 29.99% fixed (with all discounts)
Loan Amount Range
$5,000 to $100,000
Minimum Credit Score
680
Pros
- High maximum loan limit
- No fees required
- Competitive APR
Cons
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
Insider’s Take
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
You might like SoFi if you have a good credit score. A SoFi Personal Loan does not have origination fees or late payment fees.
See Business Insider's SoFi Personal Loans Review.
Compare Personal Loan Rates
SoFi Student Loans Review
Compare SoFi student loans
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SoFi Undergraduate Student Loans
-
SoFi Graduate Student Loans
Regular Annual Percentage Rate (APR)
5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)
* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.74% APR to 15.86% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Show more
Recommended Credit
Undisclosed
Regular Annual Percentage Rate (APR)
5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)
*Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with a 0.25% autopay discount. Variable rates range from 5.74% APR – 15.86% APR a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Show more
Recommended Credit
Undisclosed
SoFi Undergraduate Student Loans
SoFi Undergraduate Student Loans
On SoFi's website
Insider’s Rating
4/5
Perks The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Earn up to $250 if you have a GPA of 3.0 or higher
Regular Annual Percentage Rate (APR)
* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.74% APR to 15.86% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)
Fees
N/A
Recommended Credit
Undisclosed
Loan Amount Range
Minimum of $1,000
Pros
- No origination fees, prepayment penalties, or late fees
- Solid APR
- Several options for repayment term length
- Quick application process
Cons
- Credit check required
Insider’s Take
SoFi is an excellent lender for borrowers who want a competitive APRs. It's also a great lender for those who don't want to worry about fees.
SoFi Undergraduate Student Loans review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
SoFi Graduate Student Loans
SoFi Graduate Student Loans
Compare loan options and get your rates today.
Insider’s Rating
4.25/5
Perks The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Earn up to $250 if you have a GPA of 3.0 or higher
Regular Annual Percentage Rate (APR)
*Interest Rates: Eligibility and Important Details. Fixed rates range from 3.74% APR to 14.83% APR with a 0.25% autopay discount. Variable rates range from 5.74% APR – 15.86% APR a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 8/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
5.74% - 15.86% variable and 3.74% - 14.83% fixed (with AutoPay discount)
Recommended Credit
Undisclosed
Loan Amount Range
Minimum of $1,000
Pros
- No origination fees, prepayment penalties, or late fees
- Highly competitive APR
- Several options for repayment term length
- Quick application process
Cons
- Credit check required
- $1,000 loan minimum
SoFi Graduate Student Loans review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
SoFi offers student loans for undergraduate, graduate, law school, MBAs, and health profession degrees.
See Business Insider's SoFi Student Loans Review.
SoFi Invest Review
SoFi Invest®
SoFi Invest®
On SoFi's website
Insider’s Rating
4.65/5
Perks Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Get up to $1,000 in stock when you fund a new account.
Account Minimum
$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading
Fees
0% for active trading and automated investing
Pros
- No account minimum
- No account or trading fees, and low fees to own funds
- Access to Certified Financial Planners at no additional charge
- IPOs available
- SoFi 1% IRA match
Cons
- No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
- No option for stop-loss orders when actively investing. SoFi's active investing account only uses market orders
- Currently only available to US residents
Insider’s Take
SoFi Invest is a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.
SoFi Invest review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Promotion: Get up to $1,000 in stock when you fund a new account.
- App store rating: 4.8 iOS/3.8 Android
- Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.
SoFi Invest® is a solid choice if you're a beginning investor. You may open an account with $0, and there's access to certified financial planners at no additional cost.
See Business Insider's SoFi Invest Review.
SoFi Credit Card Review
SoFi Credit Card
SoFi Credit Card
Read Review
Insider’s Rating
3.5/5
Perks
Earn 3% cash back rewards on SoFi Travel. Earn unlimited 2% cash back rewards on all purchases
Annual Fee
$0
Intro APR
N/A
Regular APR
20.24% - 29.99% variable
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros
- Earn 2% cash back on every purchase, with no bonus categories to keep track of
- Automatic deposit available to your SoFi accounts
- Rewards can potentially grow when you invest them through SoFi
- No annual fee and no foreign transaction fees
Cons
- Redemptions other than deposits to eligible SoFi accounts offer lower value
Insider’s Take
If you're looking for a hassle-free cash-back credit card with no annual fee, the SoFi Credit Card is an interesting option. Anyone can apply, but you'll get the best return if you bank, invest, or have loans with SoFi.
SoFi Credit Card review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn 3% cash back rewards on SoFi Travel
- Earn unlimited 2% cash back rewards on all purchases any way you want to redeem them, including statement credit
- No annual fee
- No foreign transaction fee
- Includes zero fraud liability protection and cell phone protection up to $1,000
- Mastercard World Elite Benefits including 24/7 Travel Concierge and $5 monthly Lyft credits
The SoFi Credit Card may be worthwhile if you're searching for a credit card with no annual fee that lets you earn 2% cash back on purchases.
See Business Insider's SoFi Credit Card Review.
SoFi Mortgages Review
SoFi Home Loans
SoFi Home Loans
Insider’s Rating
4.18/5
Recommended Credit
620
Minimum Down Payment
3%
Types of Loans Offered
Conventional, FHA, VA, HELOC, JUMBO
Pros
- Easy to use
- Great rate personalization tool
- Allows low scores on VA loans
- Member benefits available to previous customers
Cons
- Doesn’t offer USDA loans
- Minimum credit score for FHA loans is 600
Insider’s Take
SoFi Home Loans is a convenient online mortgage lender for conventional mortgage borrowers looking for an easy online experience. It also recently started offering FHA and VA loans, and will accept credit scores as low as 600 on both of these mortgages.
SoFi Mortgage review External link Arrow An arrow icon, indicating this redirects the user."
You may like SoFi if you're comfortable with an online lending experience. SoFi doesn't offer USDA loans, though.
See Business Insider's SoFi Mortgages Review.
How SoFi Bank Compares
We compare SoFi Bank to two other banks: Ally and Chase.
SoFi vs. Ally
SoFi and Ally are both online banks. You'll have to be comfortable with online-only banking or consider other options.
Both Ally and SoFi are great choices if you're looking for a bank where you can save and invest. The two financial institutions are featured in our best savings accounts guide and best online brokerages for beginners.
Ally has more banking options than SoFi, like money market accounts and CDs. But SoFi may be more compelling if you'd like to get a student loan.
Ally Bank Review
SoFi vs. Chase
Chase is a national bank with over 4,700 branches and 16,000 ATMs throughout the continental US. You'll likely prefer Chase over SoFi if you would rather bank at a branch than online. Chase may also be a better choice if you'd like more options for home loans or credit cards.
If you'd like to get a competitive interest rate on a savings account, you'll want to go with SoFi. SoFi Checking and Savings (Member FDIC) pays much higher rates than Chase's savings accounts.
Chase Bank Review
Is SoFi Bank Right for You?
Overall, SoFi is a great option if you'd like to open a checking and high-yield savings account at the same bank. It is also a strong choice if you're interested in investing or exploring a variety of loan options.
You'll prefer another online bank if you want to open CDs or money market accounts. SoFi Bank doesn't have these types of bank accounts. Other online banks also have more credit card options.
Why You Should Trust Us: How We Reviewed SoFi Bank
For our SoFi Bank review, we rated bank products and services using our editorial standards.
At Business Insider, we rate products on a scale from zero to five stars. We review different features for distinct products.
For example, for SoFi Checking and Savings we combined our bank account methodologies for savings and checking accounts to look at features like interest rates and ATM network size/fees. We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. With credit cards, we examined annual fees and rewards rates, and with personal loans, we looked at fees and term options.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
Western Alliance Bank High-Yield Savings Premier Earn 5.31% APY on your entire account balance – more than 10 times the national average 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 8/19/2024. See the FDIC website for more information. https://www.fdic.gov/resources/bankers/national-rates/index.html
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