Overall (9.6/10)
Interest Rates & APY (9.5/10)
Fees & Minimums (9.4/10)
Customer Service (9.7/10)
Mobile App & Digital Banking (9.6/10)
Rewards & Perks (9.7/10)

SoFi Review:

Intro

SoFi leads digital banking with top-tier checking & savings APY, up to $2M FDIC insurance, and zero-fee personal loans.

Full Review

SoFi Bank, N.A. (Social Finance) is a nationally chartered digital bank that delivers an all-in-one personal finance platform. SoFi Checking and Savings pays one of the highest APYs on the market with direct deposit, charges zero account fees, and offers up to $2 million in FDIC insurance through its network of participating banks.

SoFi is also a market leader in no-fee fixed-rate personal loans, student loan refinancing, and 2% flat-rate cashback credit cards.

Pros

  • Up to 4.50% APY on savings vaults with qualifying direct deposit
  • Zero account fees, zero overdraft fees (up to $50 coverage), and 2-day early paycheck
  • Up to $2M in expanded FDIC insurance via partner network
  • Fast, no-origination-fee personal loans up to $100,000

Cons

  • Top APY requires recurring direct deposit or $5,000 monthly deposit
  • Cash deposits via GreenDot retail partners carry third-party fees
  • No physical bank branches
Feature Value
Overall Rating 4.9
Savings APY / AER 4.50% APY
Deposit Insurance FDIC Insured (Up to $2M)

SoFi: Products

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SoFi Checking and Savings Account

SoFi Checking and Savings Account

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SoFi Fixed-Rate Home Purchase & Refinance Mortgage

SoFi Fixed-Rate Home Purchase & Refinance Mortgage

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SoFi Fixed-Rate Personal Loan

SoFi Fixed-Rate Personal Loan

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SoFi: Categories

Personal Loans

Personal Loans

Rated 9.2

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High-Yield Savings

High-Yield Savings

Rated 9.1

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Checking Accounts

Checking Accounts

Rated 8.9

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CD Rates & Fixed Deposits

CD Rates & Fixed Deposits

Rated 8.6

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Mortgages & Home Loans

Mortgages & Home Loans

Rated 8.5

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Credit Cards

Credit Cards

Rated 8.2

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