SoFi review (2025): Online banking with (almost) zero fees
Summary: Social Finance Inc. — better known as SoFi — is an online financial company founded in 2011 by a group of Stanford business school students. In 2012, SoFi launched its Student Loan Refinancing program for federal and private student loans. Currently, SoFi serves more than 6.9 million customers and has expanded its product offering to include lending, investing, personal banking, insurance, and more.
SoFi ranked among our top 10 picks for the best online banks. See our full ranking of the best online banks for 2025>>
SoFi offers an interest-bearing combination checking and savings account with no account fees, minimum balance requirement, or minimum opening deposit to get started. Users who sign up for direct deposit can also take advantage of SoFi's early paycheck feature and get paid up to two days early. SoFi currently offers a cash checking account bonus of up to $300 for new customers who meet certain requirements.
SoFi currently offers just one credit card. The SoFi Unlimited 2% Credit Card earns users unlimited 2% cash-back rewards for every dollar spent on purchases. With the SoFi credit card, you'll also earn 3% cash back on trips booked through SoFi travel. This card has no annual fee and offers zero fraud liability protection to ensure that you're never on the hook for unauthorized charges.SoFi customers can trade stocks and ETFs right in their SoFi mobile app with SoFi Invest account. Once it's active, you can trade stocks commission-free. Currently, SoFi offers up to $1,000 in stock when you fund a new account.* To participate in the bonus offer, customers must make a minimum deposit of at least $10 within 30 days of opening the account.
*Probability of Member receiving $1,000 is a probability of 0.028%.
SoFi offers student loan refinancing options with no origination fees, prepayment penalties, or late fees. It also offers private student loans with no fees and multiple repayment terms.
SoFi's personal loans range from $5,000 up to $100,000 to help you cover personal expenses such as your wedding, travel, and home improvements. Once approved, your money could be available as soon as the same day.
SoFi's home mortgage loans offer fixed terms ranging from 10 to 30 years, with as little as 3% down.
For extra protection, SoFi offers auto, home, life, renters, and cyber insurance.
SoFi offers auto loan refinancing offers through Lantern, its product comparison platform. Customers can use this platform to find the best product offers available to them and secure the lowest possible rate for their financing needs.
One of the benefits of banking with SoFi is that customers can expect to pay few, if any, fees. In fact, SoFi doesn't charge any account fees on your checking and savings accounts, including overdraft fees, ATM fees, or monthly maintenance fees.
Customers should note a few major perks and drawbacks before banking with SoFi.
No monthly account fees. SoFi prides itself on its no-fee model, which means it does not charge any monthly maintenance fees for its accounts.
No overdraft fees. SoFi does not charge overdraft fees. Instead, it offers customers fee-free overdraft protection to help them avoid excessive fees.
Competitive interest rates. SoFi's savings balances can earn customers an annual percentage yield (APY) well over 4% with qualifying direct deposits into their account, which is significantly higher than the national average.
No physical branches. SoFi is an online financial company with no physical branches for customers to visit for in-person banking needs.
Fee for cash deposits. SoFi used the Green Dot network for cash deposit, which requires customers to visit a participating retailer to deposit cash. Retail partners can charge a fee of up to $4.95 per cash deposit.
No separate checking and savings account options. SoFi does not currently offer a separate checking and savings option; it only offers a combination account.
SoFi customer support specialists are available to help with checking and savings products, personal loans, and student loans Monday through Thursday between 5:00 a.m. and 7:00 p.m. PT, and weekends from 5:00 a.m. to 5:00 p.m. PT.
For support with home loans, specialists are available Monday through Friday from 6:00 a.m. to 3:00 p.m. PT, and closed on weekends.
SoFi Invest customers can speak to a specialist Monday through Friday from 5:00 a.m. PT to 5:00 p.m. PT; support specialists are unavailable on the weekends. Credit card specialists are available 24/7 via telephone. SoFi also has a 24/7 virtual chat assistant.
Customers who like to bank from their mobile devices can download SoFi's mobile app from the App Store or Google Play. The app has a rating of 4.8 and 4.0, respectively, and customers can use it to track account balances, set savings goals, organize their cash into separate savings vaults, sign up to boost their savings with round-ups, and more.
SoFi's charitable giving arm, SoFi Gives, is a volunteer program that helps make it easier for SoFi employees to give back to their communities. According to SoFi's latest ESG report, in 2022, employees volunteered their time for over 2,700 hours and donated more than $80,000 to meaningful causes.
In partnership with the SoFi Circles (SoFi's network of resource groups), SoFi created donation opportunities and volunteer events for 16 causes specifically supporting underrepresented communities. SoFi has committed to giving $250,000 annually to organizations supporting various mental health initiatives.
SoFi has also committed to reducing its carbon footprint and in 2022, SoFi's headquarters earned the U.S. Environmental Protection Agency's (EPA) ENERGY STAR® certification for superior energy efficiency.
SoFi Bank, N.A.'s routing number is 031101334.
To make a withdrawal from your SoFi account, you'll need to visit an ATM within the Allpoint ATM network, which consists of more than 55,000 machines.
Zelle is not currently a feature in the SoFi app, however you can download the Zelle app separately and connect your SoFi debit card to send and receive money via Zelle.
Yes. You can transfer funds from your SoFi bank account to an external bank account using the SoFi app.
Yes, SoFi is an FDIC-insured, nationally chartered bank offering checking and savings accounts.
Yes, SoFi has a great reputation as a financial technology company, bank, and lender. It has an A+ rating from the Better Business Bureau.
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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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/.
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