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SoFi Bank
SoFi Checking and Savings is a strong mobile-first account with no monthly or minimum-balance fees, 0.50% checking APY, a 3.10% savings APY after eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 55,000+ fee-free Allpoint ATMs. A temporary new-account promotion advertises up to 3.80% on savings for six months. Customers who miss the activity test earn 0.80% on savings, and cash deposits use fee-charging Green Dot retailers.
What to know about SoFi Bank
SoFi Checking and Savings is a strong mobile-first account with no monthly or minimum-balance fees, 0.50% checking APY, a 3.10% savings APY after eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 55,000+ fee-free Allpoint ATMs. A temporary new-account promotion advertises up to 3.80% on savings for six months. Customers who miss the activity test earn 0.80% on savings, and cash deposits use fee-charging Green Dot retailers.
Pros
- No monthly or minimum-balance fees and interest-bearing checking
- Competitive 3.10% qualified savings APY with a temporary boost for eligible new accounts
- Strong mobile ecosystem with Vaults and 55,000+ Allpoint ATMs
Cons
- Savings APY falls to 0.80% without recurring qualifying activity
- Cash deposits use Green Dot retailers and may cost up to $4.95 each
- No branches and substantial cross-selling inside the app
Scoring breakdown
- Fees4.8/5
- APY4.6/5
- Digital Experience4.6/5
- Access & ATM Network4.2/5
- Customer Service4.2/5
Verified product facts
- Monthly Fee
- $0 monthly, minimum-balance, and standard overdraft fees on SoFi Checking and Savings
- APY
- 3.10% qualified savings and 0.50% checking; 0.80% savings without qualifying activity; temporary new-account boost up to 3.80%
- Deposit Insurance
- Standard SoFi Bank coverage plus optional additional coverage up to $3 million through participating banks
Where SoFi Bank ranks
Every DollarScout ranking that includes SoFi Bank.
SoFi Bank reviews
Fact-checked July 18, 2026. Sources: SoFi Checking Account current product terms, SoFi high-yield savings and temporary APY boost, SoFi Bank current rate sheet, SoFi direct deposit benefits and bonus terms, SoFi withdrawals, Allpoint ATMs, and Green Dot deposits, SoFi cash-deposit process and partner fee, SoFi extended FDIC insurance program, SoFi Checking and Savings support center.