SoFi Bank Review
Bottom Line
SoFi Bank is best for people who want banking, investing, and loans in one place. High APY on checking AND savings and no fees make it stand out, though no physical branches is worth considering.
Key Features
Rating Breakdown
Pros & Cons
SoFi Bank Pros
- + High APY on checking AND savings
- + No fees
- + Early direct deposit
- + Investing and loans in one app
SoFi Bank Cons
- - No physical branches
- - Newer bank
- - Limited cash deposit options
Savings Calculator
See how much more you'd earn with SoFi Bank vs. the national average.
National average savings APY: 0.46% (FDIC, March 2026). For illustrative purposes only.
Who Is SoFi Bank Best For?
SoFi Bank is ideal for people who want banking, investing, and loans in one place. If that describes you, it's one of the strongest options available in 2026.
Key advantages include high apy on checking and savings, no fees, early direct deposit. The main drawbacks to be aware of are no physical branches and newer bank.
Our Verdict: 4.6/5
SoFi Bank earns a top rating from us. It excels in nearly every category and is one of our highest recommendations.
Ready to get started with SoFi Bank?
Apply securely on SoFi Bank's official site. Always read terms before applying.
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Frequently Asked Questions
Yes, SoFi Bank accounts are FDIC insured up to $250,000 per depositor, per ownership category. Your deposits are protected even if the bank fails.
SoFi Bank currently offers 3.80% on savings accounts. Rates are variable and subject to change — always check the bank's official site for the latest figures.
SoFi Bank's checking account has a $0 monthly fee. Many fee-waiver options are typically available, such as maintaining a minimum balance or setting up direct deposit.
SoFi Bank stands out for people who want banking, investing, and loans in one place. Compared to the competition, it offers high apy on checking and savings and no fees, though no physical branches may be a consideration.
SoFi Bank is best suited for people who want banking, investing, and loans in one place. If you're new to banking, look at the minimum deposit requirements and account features to determine if it fits your needs.
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