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SoFi Checking and Savings Review: High APY and No Monthly Fees in 2024
Looking for a modern banking solution that combines high yields with zero fees? SoFi's Checking and Savings account might be exactly what you need. In this comprehensive review, we'll explore everything you need to know about this innovative financial product.
What Is SoFi Checking and Savings?
SoFi Checking and Savings is an all-in-one banking solution that combines the features of both a checking and savings account. Launched by SoFi (Social Finance), a fintech company founded in 2011, this account represents a shift toward more customer-friendly digital banking services.
Key Features:
- Up to 4.60% APY with direct deposit
- No minimum balance requirements
- No monthly maintenance fees
- Free ATM withdrawals at 55,000+ Allpoint® locations
- Early payday access (up to 2 days early with direct deposit)
- Automatic savings features
- FDIC insurance up to $2 million
SoFi Checking and Savings Pros & Cons
Pros:
- Industry-leading APY with direct deposit
- Zero monthly fees and minimum balance requirements
- Extensive ATM network with fee reimbursement
- Early payday access
- Automated savings tools and roundups
- Competitive cash back on debit card purchases
- Joint accounts available
- Mobile check deposit
- Free paper checks
Cons:
- Lower APY without direct deposit
- No physical branch locations
- Cash deposits require third-party retailers
- Foreign transaction fees apply
- Limited wire transfer options
Who Is the SoFi Checking and Savings Account For?
SoFi Checking and Savings is ideal for:
- Digital-First Banking Customers: If you're comfortable managing your money primarily through a mobile app and website, SoFi's digital platform offers a seamless experience.
- Direct Deposit Users: To maximize the high APY and unlock features like early payday access, setting up direct deposit is essential.
- Fee-Conscious Consumers: With no monthly maintenance fees and minimal additional charges, this account helps you keep more of your money.
- High-Yield Seekers: The competitive APY makes this account attractive for those looking to earn more on their deposits.
- Young Professionals: The combination of modern features, competitive rates, and financial planning tools appeals particularly to millennials and Gen Z.
Comparing SoFi Checking and Savings With Other Accounts
Let's see how SoFi stacks up against other popular banking options:
- vs. Ally Bank
- Similar APY offerings
- Both have no monthly fees
- Ally offers better CD options
- SoFi provides better member benefits
- vs. Chase Total Checking
- SoFi offers significantly higher APY
- Chase has extensive branch network
- Chase charges monthly fees unless waived
- SoFi provides better digital features
- vs. Capital One 360
- Similar digital banking experience
- SoFi typically offers higher APY
- Capital One has physical cafes
- Both offer excellent mobile apps
Consider Using Kudos To Maximize Your Banking Benefits
While SoFi Checking and Savings offers excellent banking features, you can enhance your financial benefits by using Kudos, a free AI-powered browser extension. Kudos helps you maximize credit card rewards whenever you shop online by automatically recommending the best card to use for each purchase.
Why combine Kudos with your SoFi account:
- Optimize rewards across all your credit cards
- Access exclusive Flash Boost events for up to 5X rewards
- Works with over 15,000 online stores
- Receive personalized card recommendations
Currently, Kudos is offering $20 back after your first eligible purchase — just sign up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
SoFi Checking and Savings stands out as a top choice for modern banking customers who prioritize high yields and digital convenience. With its combination of competitive APY, zero fees, and robust mobile features, it's particularly well-suited for tech-savvy individuals who want to maximize their banking benefits while maintaining flexibility in their financial management.
SoFi Checking and Savings FAQ
What's the minimum deposit to open a SoFi Checking and Savings account?
There is no minimum deposit requirement to open an account.
Is SoFi Checking and Savings FDIC insured?
Yes, funds are FDIC insured up to $2 million through partner banks.
Can I deposit cash into my SoFi account?
Yes, through Green Dot locations at participating retailers, though fees may apply.
How do I qualify for the highest APY rate?
Set up direct deposits of at least $5,000 per month to qualify for the highest APY.
Are there ATM fees with SoFi Checking and Savings?
No fees at 55,000+ Allpoint® ATMs, and SoFi reimburses third-party ATM fees up to $50 per month.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
