Advertiser Disclosure

Conor Keenan

Reviewed by Conor Keenan, AWMA®

Accredited Wealth Management Advisor® designee · Updated October 10, 2026

Editorial Independence: Our recommendations and reviews are our own. Partner commissions may help keep our site free and do not influence our editorial content.

CompareAccounts™ Checking Review

Want a better checking account? We rated this one 5/5.

We reviewed the benefits, everyday banking features, safety and current offers. SoFi® Checking & Savings earned our highest score. With $0 minimum to open, you can start small & see how it works for you.

5.0/5 Reviewed by CompareAccounts™
The 5/5 Checking Test

How good is your checking account?

Give your current account one point for every “yes.” Here's how SoFi compares on the five things we're looking at.

$0 monthly service fees?
✓ Yes
No overdraft fees?
✓ Yes
Early access to eligible paychecks?
✓ Yes
55,000+ fee-free ATMs?
✓ Yes
Savings earning a competitive APY?
✓ Yes
CompareAccounts™ score
★ 5/5
How It Works

Opening a new checking account doesn't have to be complicated.

You can start small, see whether SoFi works better for you, and decide later how much of your banking you want to move.

1

Open the account

SoFi Checking & Savings has a $0 minimum to open and no monthly service fees.3

2

Try the features

Use the account for the banking activity that matters to you, such as eligible direct deposit, spending or saving.

3

Decide later

If you prefer SoFi, you can gradually make it your primary account. There's no need to move everything at once.

A Lower-Stress Way to Switch

You don't have to move your entire financial life on day one.

Opening another checking account doesn't mean immediately changing every bill, subscription, transfer and deposit you have.

1

Keep your current account

You don't have to close the checking account you already use simply because you open SoFi.

2

Move what makes sense

Test SoFi with the banking activity you want to move first rather than changing everything immediately.

3

Switch fully only if it's better

Once you've used the account, you can make a more informed decision about where you want to do your everyday banking.

Why It Scored 5/5

The bonus gets attention. These are the features you'll keep using.

We think the everyday account experience matters more than a one-time promotion.

✓

$0 monthly service fees3

No routine monthly service fee just for maintaining the account.

✓

No overdraft fees3

One common checking-account fee you don't have to worry about.

✓

Get paid up to 2 days early6

Eligible direct deposits may become available before your scheduled payday.

✓

55,000+ fee-free ATMs5

Broad fee-free ATM access when you need cash.

↑

New higher Savings APY: up to 4.20%8

Eligible new customers can earn up to 4.20% APY on one SoFi Savings account with a +0.90% APY Boost for up to 6 months. Terms apply.

$

$50 or $400 bonus opportunity1

Eligible direct deposit during SoFi's promotional evaluation period can qualify for a cash bonus.

An Extra Reason to Open It Now

Eligible direct deposit could earn you $50 or $400.

You don't need to qualify for the highest bonus tier for the underlying checking account features to be useful.

$1–$999.99 $0 cash bonus
$1,000–$4,999.99 $50 cash bonus
$5,000+ $400 cash bonus
Important: You don't need $5,000 to open the account. The $5,000 amount relates to the highest promotional bonus tier. SoFi tracks Eligible Direct Deposits for 25 calendar days beginning with your first qualifying deposit. If you qualify, the bonus is deposited within 7 business days after the evaluation period ends. Terms apply.1
Is It Right for You?

Who we think SoFi Checking & Savings is best for

A 5/5 score doesn't mean every checking account is right for every person. Here's where we think SoFi fits best.

✓ A strong fit if you...

  • Want to avoid monthly service fees
  • Prefer online or mobile banking
  • Receive regular direct deposits
  • Want checking and savings together
  • Want your savings to earn a competitive APY
  • Value early access to eligible paychecks
  • Don't need a traditional branch for routine banking

Another account may fit better if you...

  • Prefer regularly visiting a local bank branch
  • Frequently need to make cash deposits
  • Only want a standalone checking account
  • Don't want to manage your banking primarily online
CompareAccounts™ Verdict

The account is the reason to consider SoFi. The current offers are the bonus.

SoFi® Checking & Savings earned our 5/5 score because of its combination of low fees, everyday banking features, ATM access and savings benefits.

The current up-to 4.20% promotional Savings APY and $50 or $400 direct-deposit bonus make the account more compelling right now, but we wouldn't recommend choosing a checking account based on a temporary promotion alone.

Reviewed by CompareAccounts™ for account features, fees, rates, accessibility and overall consumer usefulness.

Disclaimers:

1. $50 or $400 Bonus
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 Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.

8. 0.90% Savings APY Boost
Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

 

You should receive the bonus amount in your SoFi Checking account within 7 business days of completing all promotion requirements. You must have an open SoFi Checking account in good standing at the time of the bonus payment.