SoFi Bank Review: Fee-Free High-Yield Savings

It used to be that online banks only specialized in one or two products — meaning you had to mix and match different banks for different needs, like having your checking account with one bank and your investments with another.

But some of them, like SoFi Bank, have expanded to offer a whole mix of products. SoFi started out as a student loan refinancing company, but it now offers pretty much every type of product or service you could need from a bank. 

The only catch is it’s still online-only, so you need to be comfortable with all-digital banking.

Overview of SoFi Bank

SoFi Bank is an online bank that offers high-yield savings accounts, with a welcome offer¹ and interest rates that are higher than traditional large banks and comparable to many other online-only banks. 

SoFi also offers a joint checking and savings account, but no certificates of deposit (CDs) or money market accounts. 

The savings and checking accounts have no minimum balances, no maintenance or overdraft fees, and a network of fee-free ATMs.² However, there are fees for cash deposits and international ATMs. 

With SoFi, your money is FDIC-insured up to $3 million, which is higher than most banks.

SoFi is known for its student loan products and also offers commission-free trading and robo-advisory services with just a $1 minimum balance through SoFi Invest. 

SoFi Bank Checking and Savings Products

SoFi offers one checking account and one savings account that links to the checking account.

SoFi Online Checking Account

While most checking accounts offer low (or no) interest earning rates, SoFi’s checking account is a relatively high 0.50%.³ 

As an online bank, there are no branches; however, you can withdraw funds without fees within the Allpoint network of more than 55,000 ATMs. SoFi does not reimburse any fees at out-of-network ATMs and there is 0.2% foreign transaction fee at ATMs outside the U.S.

Cash deposits can be made at GreenDot locations but a $4.95 fee may be applied. 

With a SoFi checking account, there’s no minimum balance, no maintenance fees, and no overdraft charges. Overdraft protection will cover up to $50 if you opt for it — with it, SoFi will automatically transfer money from your savings account to your checking account for payments over your balance.

READ MORE: What Is Overdraft Protection?

SoFi High-Yield Savings Account

The SoFi Checking and Savings Account offers up to 4.00% annual percentage rate (APY) for up to six months.⁴ 

To get that rate, you’ll need to open a new SoFi Checking & Savings account and enroll in SoFi Plus (and pay the $10 SoFi Plus subscription every 30 days), or receive eligible direct deposits, or receive qualifying deposits of $5,000 every 31 days by March 30, 2026.

SoFi’s high-yield savings account allows unlimited transactions each month, which isn’t always offered with savings accounts. SoFi also offers “vaults” that allow you to separate your money into savings categories, such as for a vacation or a car. 

READ MORE: Checking vs. Savings Accounts: What’s the Difference?

What We Like About SoFi Bank

We appreciate how high the APY is on SoFi’s savings account — currently at 4.00%, which is high even for online banks. Plus, there are no monthly maintenance or overdraft fees.

We also like that SoFi makes it easy to save for specific goals. The account vaults let you divide your savings into different categories, so you can see exactly how close you are to a goal, such as a vacation or down payment on a home, without having to do any calculations.

What We Dislike About SoFi Bank

A big downside of SoFi is that it has no in-person branches, and we don’t love that your cash deposits at GreenDot locations are subject to a fee. 

Also, SoFi currently doesn’t offer other types of banking products, such as CDs and money market accounts. If you’re looking for those options, you’ll need to go elsewhere.

READ MORE: Money Market vs. Savings: Which Account Is Best for You?

Who Should Use SoFi Bank?

SoFi will appeal to people who want to keep their cash in a high-yield savings account but don’t want the withdrawal restrictions that are typically put on those types of accounts. With SoFi, you can earn a high APY while still also using your account for regular bill payments and other transactions.

Also, if you’re a fan of the envelope budgeting method, you’ll likely appreciate SoFi’s vault system for organizing your savings.

But if you prefer having access to an in-person branch, you likely won’t enjoy banking with SoFi. As an online bank, you’ll need to be comfortable doing everything digitally.

And if you frequently use ATMs, you may want to seek out an account that reimburses you for ATM fees.

FAQs

Bottom Line

SoFi Bank started as a student loan refinancing company, but now offers all kinds of financial products, including checking and savings accounts, investing services, insurance, mortgages, and more.

If you’re looking for a high-yield savings account, the SoFi Checking and Savings Account has one of the highest APYs out there.

---

1. New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $400 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

2. We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

3. Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

4. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.