As one of the top online banks, SoFi Bank is known for its high-yield deposit accounts with no monthly fees. It only offers a checking account and a savings account — which are only available as a combined account — but both accounts make the cut for the best checking accounts and best savings accounts in the country.
If you’re comfortable with managing your account exclusively online, SoFi Bank could be an excellent option to consider. We at the MarketWatch Guides team have put together an in-depth review of its products and reputation so you can decide if SoFi Bank is right for you.
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Sofi Bank Summary
Our SoFi Bank Ratings
We give SoFi Bank 4.5 out of 5 stars after looking into categories including its branch availability, account fees, interest rates and customer support. It scores highest for its savings and checking accounts, while its overall banking experience earns a lower score since SoFi doesn’t offer in-person banking access.
Here’s how the bank scores in each of these factors:
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SoFi Bank
SoFi Bank vs. Other Top Banks
When compared to top banks such as Chase Bank, Wells Fargo and Bank of America, SoFi has advantages and disadvantages as an online bank. SoFi Bank has better accounts overall because of its lower fees and higher interest rates. It also has a bigger ATM network thanks to its partnership with Allpoint. However, SoFi Bank doesn’t have in-person branches.
SoFi Bank is more similar to Ally Bank, another online-only bank. Although SoFi Bank has a more extensive ATM network than Ally, it only offers a checking and savings account. Ally Bank has more deposit account options, including CDs and a money market account.
| SoFi Bank | Ally Bank | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|---|
| Our rating | 4.5 | 4.5 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 55,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available deposit products | Checking, savings | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes | Yes |
>> Related: Learn more about the best online banks
SoFi Bank Accounts
SoFi Bank only offers a checking account and a savings account, and you’ll receive both accounts in the form of a combined account called SoFi Checking and Savings. SoFi bank accounts can be managed online or through SoFi’s mobile app.
Both deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor and account ownership category. SoFi also offers up to $2 million in FDIC insurance for customers enrolled in its SoFi Insured Deposit Program.
| SoFi Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| SoFi Checking | 0.50% | $0 | $0 |
| SoFi Savings | 4.30% with qualifying monthly deposits 1.20% without qualifying monthly deposits | $0 | $0 |
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
SoFi Bank Checking Accounts
Best for Cash-Back Incentives
SoFi Bank Savings Accounts
Best Checking and Savings Account Combo
SoFi Bank Customer Experience
SoFi Bank has an excellent reputation. It has an A+ rating from the Better Business Bureau (BBB), but it’s not BBB accredited. It also has 5 out of 5 stars from Bauer Financial and an average of 4.6 out of 5 stars from customers on Trustpilot.
SoFi Bank receives solid reviews for its mobile app. However, there’s a slight split between Apple and Google Play reviews. SoFi Bank has 4.8 out of 5 stars on the App Store, as most reviewers find the app easy to use, well-designed and included desired features. On Google Play, SoFi Bank has 4 out of 5 stars. Most reviews are positive, but some express frustration with glitches, bugs and the app being slow.
The Bottom Line: Is SoFi Bank Right for You?
SoFi Bank is best for someone who is looking for a high-yield checking or savings account since the financial institution doesn’t offer other banking services. If you’re comfortable with just those two accounts, and doing your banking online, then SoFi is certainly worthy of consideration. Its checking and savings account have no fees or balance requirements and pay competitive rates, which are desirable to anyone looking to open a deposit account.
SoFi Bank can offer these benefits because it saves money by not operating physical branch locations. But if you want face-to-face customer service with your bank or in-person banking access, it would be better to go with a traditional brick-and-mortar bank.
>> Related: Learn more about SoFi personal loans
Learn More About SoFi Bank
See how SoFi stands out in our roundups of the best financial institutions and deposit products available today:
- #1 on Best High-Yield Savings Accounts
- #1 on Best Savings Accounts
- #1 on Best Savings Accounts for Teens
- #1 on Best Online Banks
- #1 on Best Checking Accounts
- #1 on Best Free Checking Accounts
- #1 on Best Online Checking Accounts
- #1 on Best Bank Bonuses
- #2 on Best Banks and Credit Unions
- #3 on Best Student Checking Accounts
FAQ: SoFi Bank Reviews
Yes, SoFi is considered to be a trustworthy bank. It is a nationally chartered bank approved to operate across the country. Its deposit products also have FDIC insurance up to the maximum allowable limit, just like traditional banks.
The main downside of SoFi Bank is that it doesn’t have physical branch locations, so you can only get customer support by phone or live chat. It also doesn’t offer a wide variety of deposit products, including CDs and money market accounts.
Yes, SoFi is a valid bank. Even though it’s online-only, it provides the same types of products, account benefits and FDIC protection you would receive from a traditional bank.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
