SoFi customers have access to a network of more than 55,000 ATMs nationwide. Customers can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi’s website and mobile app. All rates and fees are current as of October 31, 2023, and are subject to change.

SoFi offerings 

While SoFi does not have a wide selection of accounts, it does offer an online bank account with competitive checking and savings APYs. 

Checking and savings accounts

• Monthly fee: $0 
• Overdraft fee: $0 
• Rewards: Up to 15% cash back at local establishments when you pay with your SoFi debit card.
• Bonus: Through the end of 2023, the bank offers a bonus worth up to $250 for customers with qualifying direct deposits. If your direct deposits total $5,000 or more, you’ll qualify for the full $250. For direct deposits between $1,000 and $4,999.99, you’ll receive a $50 bonus. You can expect to receive payment within seven business days following the 25-day evaluation period.

*National average rates as of October 16, 2023, according to the

SoFi’s savings rate compared to current top rates*

Other services SoFi offers 

SoFi offers a number of financial services for personal customers and business owners, including: 

• SoFi invest: SoFi users can trade stocks and ETFs, invest in crypto, and more directly within the SoFI app with no commissions.
• Student loan refinancing: SoFi’s student loan refinancing loans offer competitive fixed rates starting at 5.24% and zero fees. 
• Private student loans: SoFi’s private student loan offerings include MBA loans, law school loans, undergraduate loans, parent loans, and more.  
• Personal loans: Consumers who are on the hunt for a personal loan can apply for a SoFi loan directly online and potentially qualify for anywhere from $5,000 to $100,000. 
• Mortgage loans: SoFi’s mortgage loans offer low down payment options, low rates, and flexible repayment terms ranging from 10–30 years. 
• Auto loan refinancing: SoFi customers can compare auto refinancing rates from a network of top lenders and submit an application without any fees or obligation. 
• Credit cards: The SoFi credit card offers unlimited 2% cash back rewards on every purchase and no annual fee. 
• Insurance products: SoFi offers auto, life, homeowners, and renters insurance, as well as a newly added cyber insurance which offers up to up to $10,000 in coverage to protect yourself against incidents of identity theft, cyber extortion, and more. 
• Estate planning: For consumers who hope to create an estate plan for their financial future can do so online thanks to SoFi’s partnership with Trust & Will. SoFi members get 15% off select services. 
• Financial insights: Credit monitoring services, budgeting tools, investment trackers, and more are all available on SoFi’s platform. 
• Business financing and solutions: SoFi offers small business financing, as well as tools to help businesses better support their employees.

The SoFi platform and customer support 

Customers can request assistance 24/7 by reaching out to SoFi via phone, chat, email, and even sending general questions to the Twitter account at @SoFiSupport. This bank offers both online and mobile banking platforms, available for download on the Apple App Store and Google Play. The app currently has an average rating of 4.5 on both digital storefronts. 

Pros and cons of banking with SoFi

If you’re considering banking with SoFi, here are a few of the major perks and drawbacks to note:

Additional banks with competitive APYs to consider

• Quorum Federal Credit Union review: Competitive APYs, various account offerings, but limited customer service hours.
• Rising Bank review: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.
• Prime Alliance Bank review: A diverse mix of business and personal products, but only one physical branch.
• Ivy Bank review: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements.
• TAB Bank review: High-yield savings and CDs, but limited checking options.

Frequently asked questions

Is SoFi a real bank?

Yes. SoFi is an FDIC-insured, nationally chartered bank. 

Does Zelle work with SoFi?

Zelle is not available directly in the SoFi app, but you can link your SoFi debit card to your Zelle account. SoFi does have its own peer-to-peer payment platform, however.

Does SoFi have a minimum balance requirement? 

SoFi does not have any minimum balance requirements.