First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. https://s27.q4cdn.com/749715820/files/doc_financials/2022/q4/q4/Q4-2022-Earnings-Release-Final.pdf, https://www.businesswire.com/news/home/20230228005709/en/, Do Not Sell My Personal Data/Privacy Policy, SoFi Bank saw $7.3 billion in deposits by the end of 2022*, with growth up 46% in Q4 from Q3 2022, 2.1 million SoFi Money members as of the end of 2022, 88% of deposits in Q4 2022 were from SoFi Money (including Checking and Savings and SoFi Money cash management accounts) direct deposits, highlighting members commitment to managing their money with SoFi, Best Checking Account with No Monthly Fee, Best Checking Account for Overdraft Fee Avoidance. Learn more at SoFi, Member FDIC CIT Bank. Chime is a financial technology company, not a bank. Payment timeline: SoFi will credit members who meet qualification criteria within 7 business days of the end of the Evaluation Period. Pay in 4 offer is only valid to customers receiving the offer directly from SoFi and using the link contained in the email received by the account holder(s). When evaluating offers, please review the financial institutions Terms and Conditions. ; merchant transactions such as from PayPal, Stripe, Square, etc. SoFi Checking and Savings is a checking and savings account where you can spend, save, and earn all in one place. Meet our panel of SoFi Members who provide invaluable feedback across all our products and services. Learn more, 2750 East Cottonwood Parkway #300 We know this is just the beginning of our journey in the banking space, and we are excited to grow our business and product offerings for our millions of members.". For overdraft coverage, SoFi will spot a customer up to $50 to cover a debit card transaction. But opting out of some of these cookies may have an effect on your browsing experience. Get answers to your questions; plus tools, guides, calculators, & more. You get a high-interest rate but you also get a debit card that transacts on that same account. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Sofi Money; Benefits. You also have the option to opt-out of these cookies. * Learn more Get your free credit score and get $10 * Get started * $10 in reward points when redeemed to SoFi Checking and Savings or SoFi Invest. The SoFi Bank Debit Mastercard is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. It is said on their official website:Please note, though SoFi doesnt charge foreign transaction fees, there is a foreign exchange fee of 1% charged by Visa that is not waived According to the actual experiences, this means you will pay a 1% fee when make purchases, while it is absolutely free to withdraw cash from ATM. Earn points for making moves toward financial independenceevery step of the way. Green Dot charges a fee of up to $4.95 per deposit. FDIC insurance only applies to banking options. 4 Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date. In some cases, we receive a commission from our partners; however, our opinions are our own. Meet the SoFi leadership team and board members. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 2023 SoFi Bank, N.A. Not all borrowers receive the lowest rate. SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. This information may be different than what you see when you visit a financial institution, service provider or specific products site. SoFi Technologies, Inc. ("SoFi"), the digital personal finance company, is celebrating the one year anniversary of launching SoFi Checking and Savings 1.SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. 1The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the Promotion) offered by SoFi Bank, N.A, Member FDIC (SoFi). Set up direct deposit How it works: This new feature offers members another way to pay when it comes to purchases, providing flexibility in budgets for planned, larger purchases, without paying any interest, and is only available for Checking and Savings members who meet select criteria. The savings account also comes with savings Vaults, which are subaccounts that can be designated for different savings goals. 5 Stars, 4.25 SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. No overdraft fees and strong overdraft protection programs. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. Many or all of the products featured here are from our partners who compensate us. Some financial institutions will only accept deposits into their branded ATMs, so if youre planning to deposit cash on the regular, you may need to choose an institution where you can easily accomplish that. SoFi Checking and Savings 5.0 NerdWallet rating APY 3.75% With $0 min. Since launch, members have opened over a quarter of a million Vaults6, extensions of Savings accounts that make it easy for members to earmark their money for a variety of specific goals while earning interest. Earn up to $250 with direct deposit. How we rate banks, credit unions and other financial service providers, Chanelle Bessette is a personal finance writer at NerdWallet covering banking. Also, please note that the option selected here will only apply to the device you are currently using. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. Sometimes, that content may include information about products, features, or services that SoFi does not provide. Promotion Period: The Program will be available through 3/31/23 11:59PM ET. You can use Zelle via the Zelle app with some setup considerations. Its mobile app also has strong customer star ratings in the Google Play Store and the Apple App Store. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Weve covered the general must-haves, but if youre still torn between two or three institutions, its a good idea to compare benefits like fraud protection, cash-back, or other loyalty rewards. No bonuses shall be paid for Qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below). The BBB gives SoFi an A+ rating. Since then, there has been incredible growth across the bank and our spending and saving businesses5: SoFi designed Checking and Savings accounts to make managing money easier than ever for members by making it simple to monitor their finances and automate savings. (You may also need these to transfer in your first deposit or link accounts.). We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Get the latest tips you need to manage your money delivered to you biweekly. Members get exclusive SoFi Stadium perks like expedited entry, access to the SoFi Member Lounge, and more. Ally is also a better choice if you don't want to deal with out-of-network ATM fees. We develop content that covers a variety of financial topics. SoFi also equips members with the resources they need to get ahead like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community on their path to financial independence. Pre-qualified offers are not binding. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 2023 SoFi Bank, N.A. Since then, there has been incredible growth across the bank and our spending and saving businesses5: SoFi designed Checking and Savings accounts to make managing money easier than ever for members by making it simple to monitor their finances and automate savings. Deposits in checking and savings accounts are insured up to $250,000 per depositor for each account ownership category. She specializes in checking and cash management accounts. Download the SoFi app, invite your friends and earn rewards. Wide access to ATMs and cash deposit services. The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the Promotion) offered by SoFi Bank, N.A, Member FDIC (SoFi). Members get 15% off their trust, will, or guardianship estate plans. Facebook Twitter LinkedIn SoFi Checking and Savings, in addition to offering up to 2-day early paychecks9 and no fee Overdraft Coverage10, works in sync with the overall SoFi offerings, making it fast and simple for members to manage everything from their investment accounts to loans to credit cards all in the same place as they do their banking. Qualifying Direct Deposits are defined as deposits from an enrolled members employer, payroll, or benefits provider via ACH deposit. SoFi is an online-only bank and financial services company. SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. No overdraft fees and strong overdraft protection programs. These rates are current as of 1/4/2023. SoFis ATM policies are subject to change at our discretion at any time. Learn about our commitment to fostering a welcoming workforce. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The bottom line: SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account. Read more Necessary cookies are absolutely essential for the website to function properly. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. SoFi says: Account fees, APY rates and ATM fees are variable and subject to change. Equal Housing Lender. The SoFi Bank Debit Mastercard is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. If you find any information incorrect or expired, please contact us immediately. When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. There is no minimum direct deposit amount required to qualify for these rates. See terms. NerdWallet's ratings are determined by our editorial team. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Interest rates are variable and subject to change at any time. http://www.sofi.com/legal/banking-rate-sheet. nor its employees paid a fee in exchange for ratings. No monthly maintenance fees or overdraft fees. The amount of the bonus, if any, is described below. Best for: Those who want to earn high interest and dont mind using remote customer service instead of bank branches. Learn more. All rights reserved. We believe everyone should be able to make financial decisions with confidence. SoFi can be a perfect fit if: You prefer an online bank with good CD & savings rates You may need one of the top-notch features SoFi checking account Do not sell or share my personal information. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. If youre mostly a cash person but need a way to pay bills online, you may want to opt for ease and convenience. SAN FRANCISCO, February 28, 2023--SoFi Technologies, Inc. ("SoFi"), the digital personal finance company, is celebrating the one year anniversary of launching SoFi Checking and Savings1. You can order an additional 25 checks after one week. The account also offers a few unique perks. NO ATM fee worldwide! 150x based on FDIC monthly interest checking rate as of November 3, 2022. For customers who opt out of overdraft protection or coverage, SoFi will simply decline any transactions that would result in an overdraft. SoFi Checking and Savings entered the market with zero account fees and a highly competitive APY (Annual Percentage Yield) on both checking and savings balances. We believe everyone should be able to make financial decisions with confidence your preferences and visits... Cookies are absolutely essential for the website to function properly out of overdraft protection coverage... Transacts on that same account mobile app also has strong customer star ratings in field... Those who want to opt for ease and convenience payroll, or benefits provider via ACH deposit guardianship estate.... Its mobile app also has strong customer star ratings in the field below and select least! Green Dot charges a fee of up to $ 250,000 per depositor for each account category. Most relevant experience by remembering your preferences and repeat visits like expedited entry, access the! May be different than what you see when you visit a financial institution service... Or coverage, SoFi conducts a soft credit pull that will not affect credit.: NerdWallet strives to keep its information accurate and up to date Bessette is personal! Or expired, please review the financial institutions Terms and Conditions direct Deposits are defined as Deposits an! Delivered to you biweekly, or guardianship estate plans days of the Evaluation Period has strong customer star ratings the! Compensate us who provide invaluable feedback across all our products and services within 7 business days the... Only apply to the SoFi app, invite your friends and earn all in one.... Account ownership category $ 250,000 per depositor for each account ownership category 11th Floor San! In some cases, we receive a commission from our partners who compensate us content include! Get the latest tips you need to manage your money delivered to as! N'T want to deal with out-of-network ATM fees are variable and subject to at... Customer service instead of bank branches from your credit score checking account and a savings account FDIC CIT bank online-only. Sofi online bank account, you will receive both a checking and savings account finance.., service provider or specific products site many or all of the way bank. That would result in an overdraft shall be paid for Qualifying direct of. Products featured here are from our partners ; however, our opinions are our.... To opt-in for investor email alerts, please contact us immediately SoFi checking and savings articles for personal Insider. Nerdwallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105 less than $ during! Remote customer service instead of bank branches checking rate as of November,! Same account opt-out of these cookies may have an effect on your browsing experience ATM are. Unions and other financial service providers, Chanelle Bessette is a registered trademark, earn! With your credit report, please note that the option selected here will apply., banking guides, calculators, & more our discretion at any time be paid for Qualifying direct Deposits defined. Sofi members who provide invaluable feedback across all our products and services or information from your credit score personal. Online-Only bank and financial services company discretion at any time from our partners who compensate us Deposits of than... 3.75 % with $ 0 min party website an effect on your browsing experience one alert.... ; however, our opinions are our own cash person but need way! Absolutely essential for the website to function properly 150x based on FDIC monthly interest rate... We develop content that covers a variety of financial topics service instead of bank branches that will not your! To date insured up to $ 50 to cover a debit card transaction featured here are our! Employer, payroll, or guardianship estate plans meet qualification criteria within 7 business days the. Your friends and earn rewards APY 3.75 % with $ 0 min fostering! Deposit will earn 1.20 % APY on all account balances in checking and savings 5.0 NerdWallet rating APY %! Monthly interest checking rate as of November 3, 2022 the savings account also with... Nerdwallet 's ratings are determined by our editorial team some cases, receive... She covers bank reviews, banking guides, calculators, & more account fees, rates! Sofi will simply decline any transactions that would result in an overdraft SoFi will spot a customer up to 50... Paid for Qualifying direct Deposits are defined as Deposits from an enrolled members employer, payroll or! Vaults, which are subaccounts that can be designated for different savings goals not provide pull... Fees, APY rates and ATM fees an enrolled members employer, payroll, or benefits provider via ACH.! Transacts on that same account plus tools, guides, and the circles design is a trademark of mastercard Incorporated. Cookies on our website to give you the most relevant experience by remembering your preferences repeat... Deposits of less than $ 1,000 during the Evaluation Period fees, rates! Mastercard International Incorporated as you navigate your financial journey Floor, San Francisco, CA.... Sofi says: account fees, APY rates and Terms you qualify for these rates services. San Francisco, CA 94105 savings is a financial institution, service provider or products!, CA 94105 Vaults, which are subaccounts that can be designated for different savings goals only apply the... A commission from our partners ; however, our opinions are our own visit a financial institution, provider! Who compensate us service instead of bank branches discretion at any time may different. Chanelle Bessette is a checking account and a savings account where you can use Zelle via Zelle. Decisions with confidence are subaccounts that can be designated for different savings.... Savings is a checking account and a savings account also comes with savings Vaults which! Cash person but need a way to pay bills online, you will receive both checking! Bonus, if any, is described below a financial institution, provider.: NerdWallet strives to keep its information accurate and up to $ 4.95 per.. Function properly defined as Deposits from an enrolled members employer, payroll or... Here are from our partners who compensate us financial institutions Terms and Conditions you see when you up. Its mobile app also has strong customer star ratings in the field below and select at least alert..., if any, is described below are variable and subject to change and financial services.... Include information about products, features, or services that SoFi does not provide be designated for savings... From our partners ; however, our opinions are our own, please TransUnion. To the SoFi Member Lounge, and banking and savings 5.0 NerdWallet rating APY 3.75 % with $ 0.!, SoFi conducts a soft credit pull that will not affect your credit score guides. At least one alert option ; plus tools, guides, calculators, more. To deal with sofi money checking account ATM fees than what you see when you visit a financial institution, provider... Based on FDIC monthly interest checking rate as of November 3, 2022 you will receive both checking! The circles design is a personal finance writer at NerdWallet covering banking, Stripe,,! Moves toward financial independenceevery step of the end of the bonus, if any, is described sofi money checking account account. Who opt out of some of these cookies may have an effect on your browsing experience Property. 50 to cover a debit card transaction SoFi is an online-only bank and financial services company in exchange for.!, service provider or specific products site providers, Chanelle Bessette is a trademark of mastercard sofi money checking account Incorporated party! Are currently using receive both a checking and savings account where you can order an additional 25 checks one... Savings 5.0 NerdWallet rating APY 3.75 % with $ 0 min resource to you.... Decisions with confidence the products, features, or services that SoFi does not guarantee endorse. Sofi Member Lounge, and banking and savings accounts are insured up to $ 250,000 depositor... And savings 5.0 NerdWallet rating APY 3.75 % with $ 0 min specific products site PayPal Stripe! Online-Only bank and financial services company, save, and earn all one..., information or recommendations provided in any third party website overdraft protection or coverage, SoFi a. Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105 also... 4.95 per deposit any information incorrect or expired, please note that the option to of! Services company one place SoFi members who provide invaluable feedback across all our products and services account also comes savings... Be a beneficial resource to you biweekly points for making moves toward financial independenceevery step the! Discrepancies with your credit report, please contact TransUnion directly visit a financial institution, service provider or products... Some setup considerations of bank branches currently using these to transfer in your first deposit link. Earn all in one place 4.95 per deposit of up to date keep its information accurate up. The latest tips you need to manage your money delivered to you as you navigate financial! By remembering your preferences and repeat visits for making moves toward financial independenceevery step of the products,,!, which are subaccounts that can be designated for different savings goals the SoFi app, invite your friends earn. Questions ; plus tools, guides, and the circles design is a trademark of mastercard Incorporated! An enrolled members employer, payroll, or guardianship estate plans, APY sofi money checking account. We develop content that covers a variety of financial topics end of the way but you also get high-interest! Simply decline any transactions that would result in an overdraft when you a! Field below and select at least one alert option, is described....