Learn about our commitment to fostering a welcoming workforce. Add your SoFi debit card information. The SoFi Bank Debit Mastercard is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. If you do not allow this by either your browser settings or if you select "No (Opt-Out)" in the toggle below, you will experience less targeted advertising from our partners. Currently, in addition to the 3.75% APY on savings balances, direct deposit members also earn 2.50% APY on checking account balances, 50x the national interest checking average7. At Social Finance, Inc. (SoFI), we promise to treat your data with respect and will not share your information with any third party. Currently, in addition to the 3.75% APY on savings balances, direct deposit members also earn 2.50% APY on checking account balances, 50x the national interest checking average7. Here are details on the debit card daily spending limits. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. SoFi continued to improve the award-winning Checking and Savings offering throughout the last year. SoFi also reserves the right to stop or change the Program at any time. Wide access to ATMs and cash deposit services. Look for zero maintenance fees, high interest rates, and free access to a large network of ATMs. 1 Log in to your account or follow the steps below to get started. Our partners cannot pay us to guarantee favorable reviews of their products or services. Learn about our commitment to fostering a welcoming workforce. Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. 5 Stars. Read less. Since launch, members have earned more than $50 million4 in interest on their bank balances, helping them get more for their money amid high inflation. Facebook Twitter LinkedIn Was this article helpful? Interest rates are variable and subject to change at any time. This is the first time I've ever come across this issue. Read more. We know this is just the beginning of our journey in the banking space, and we are excited to grow our business and product offerings for our millions of members.. Pay it off today with a low fixed-rate personal loan. Chanelle Bessette is a personal finance writer at NerdWallet covering banking. Transaction limitations and fees may apply with money market accounts but may not apply with checking accounts. Many or all of the products featured here are from our partners who compensate us. As a SoFi member, you get access The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the Promotion) offered by SoFi Bank, N.A, Member FDIC (SoFi). community, and career. 2023 SoFi Bank, N.A. http://www.sofi.com/legal/banking-rate-sheet. It is mandatory to procure user consent prior to running these cookies on your website. Also, please note that the option selected here will only apply to the device you are currently using. That's more than double of what most of the best high-yield savings accounts are currently offering.. This can include your Social Security or other ID number, drivers license number, or other financial-institution numbers, such as debit cards, routing numbers, or account numbers. Without direct deposit, you'll earn 1.20% on all balances. Refer your friends & family to SoFi and get paid. These rates are current as of 1/4/2023. It is said on their official website:Please note, though SoFi doesnt charge foreign transaction fees, there is a foreign exchange fee of 1% charged by Visa that is not waived According to the actual experiences, this means you will pay a 1% fee when make purchases, while it is absolutely free to withdraw cash from ATM. Neither SoFi Bank, N.A. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. It's honestly inexplicable. If you didnt have enough cash on hand, or didnt want to use it, a check was an obvious alternative. Are you wanting checking, savings, or both? If customers want to deposit cash, then they'll need to visit a Green Dot retail location. Here are some steps you might encounter: Prove its you. The SoFi app makes it easy for users to upload deposits via mobile . Members get 15% off their trust, will, or guardianship estate plans. No monthly maintenance fees or overdraft fees. Download the app. You'll also want to speak with current customers or read online customer reviews. SoFi Money accounts earn 0.25% APY on all . 4 Early access to direct deposit funds is based on the timing in which we receive notice of impending payment, which is typically up to two days before the scheduled payment date. That's why SoFi doesn't charge any account fees on your checking and savings accounts. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Best for: Those who want to earn high interest and dont mind using remote customer service instead of bank branches. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. See terms. Application Link. Get Started SoFi Checking and Savings is offered through SoFi Bank, N.A. Here is a list of our partners. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. of You can withdraw cash or pay for goods and services without extra cost. Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). To re-save preferences, please return to this screen after clearing your cookies. Comments? Select "Don't see your bank". Up to $250,000 is FDIC insured in an individual checking and savings account. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. SoFi is a fintech platform that offers loans, investment accounts, and banking options. SoFi Money is a good choice for someone looking for a hybrid account with savings and checking in one account. NO ATM fee worldwide! Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet, Stay up to date on the latest business news and stock You are now leaving the SoFi website and entering a third-party website. It offers strong remote customer service options, including extended business hours seven days a week for customer service phone calls, a robust Twitter account to handle customer questions and complaints, a virtual assistant chat feature for customers who are logged in and a website with a large FAQ section. Sofi Money; Benefits. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). SoFi Checking and Savings continues to offer a highly competitive 3.75% APY . Just want to talk? SoFi doesnt charge overdraft fees. Terms: SoFi members with direct deposit can earn up to 3.25% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. No bonuses shall be paid for Qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below). It can include perks such as spending-tracking, notifications, and bill pay reminders. SoFi Checking and Savings is offered through SoFi Bank, N.A. You are now leaving the SoFi website and entering a third-party website. https://s27.q4cdn.com/749715820/files/doc_financials/2022/q4/q4/Q4-2022-Earnings-Release-Final.pdf, https://www.businesswire.com/news/home/20230228005709/en/, Do Not Sell My Personal Data/Privacy Policy, SoFi Bank saw $7.3 billion in deposits by the end of 2022*, with growth up 46% in Q4 from Q3 2022, 2.1 million SoFi Money members as of the end of 2022, 88% of deposits in Q4 2022 were from SoFi Money (including Checking and Savings and SoFi Money cash management accounts) direct deposits, highlighting members commitment to managing their money with SoFi, Best Checking Account with No Monthly Fee, Best Checking Account for Overdraft Fee Avoidance. The company doesn't demand a minimum monthly balance, charge monthly maintenance fees, or limit transactions. In fact, the latest FDIC numbers numbers show that only 6.5% of Americans were unbanked, meaning that no one in the household had a checking or savings account. If youre mostly a cash person but need a way to pay bills online, you may want to opt for ease and convenience. NerdWallet deducted 0.5 star from SoFis overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. community, and career. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. This might be a good choice if you'd like the cashback features. To re-save preferences, please return to this screen after clearing your cookies. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. If you previously had SoFi Money, the fintech's cash management account, you'll be invited to upgrade to the SoFi Checking and Savings account. Starting in October 2022, eligible SoFi Checking and Savings members were enrolled in SoFi Plus, a new, premium membership program offering a full package of perks across SoFis suite of products, including our highest APY, extra cash back rewards, exclusive rate discounts and more. She specializes in checking and cash management accounts. Fee-free access to more than 55,000 Allpoint ATMs. SoFi has a hybrid savings/checking account. Open an account Meet SoFi's Checking and Savings. The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. For example, if SoFi receives between $1,000.00 and $4,999.99 in Qualifying Direct Deposits during the Evaluation Period, you will receive a cash bonus of $50. Meet our panel of SoFi Members who provide invaluable feedback across all our products and services. as a full-service bank. You can change your choices at any time by visiting your privacy controls. A Year of Better Banking: SoFi Checking and Savings Turns One. 5Weve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. http://www.sofi.com/legal/banking-rate-sheet. For overdraft protection, SoFi will transfer funds from a customers general savings balance to cover a transaction when their checking balance is low. SoFi also equips members with the resources they need to get ahead like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community on their path to financial independence. The BBB gives SoFi an A+ rating. Read about how SoFi worksand how we can help you reach your financial goals. If you're an existing SoFi Money member, we'll make it easy for you to upgrade to SoFi Checking and Savings (ensuring there are no interruptions to your account). But opting out of some of these cookies may have an effect on your browsing experience. Awards and ratings are independently determined and awarded by their respective publications. No overdraft fees and strong overdraft protection programs. See our terms and conditions. Interest rates are variable and subject to change at any time. We recommend that you review the privacy policy of the site you are entering. Your checking balance will earn, APY (APY is variable and subject to change). List of retailers may vary. Evaluation Period: The Evaluation Period begins when SoFi receives a Qualifying Direct Deposit (within the Promotion Period) and ends 25 days later (the Evaluation Period). Meet the SoFi leadership team and board members. SoFis ATM policies are subject to change at our discretion at any time. Information for investors in SOFI common stock. In January 2022, the Office of the Comptroller of Current conditionally approved SoFi's application to establish SoFi Bank, N.A. There is no minimum direct deposit amount required to qualify for these rates. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If so, you are in the right place! as well as other partner offers and accept our, Earn a higher interest rate if you set up direct deposit, Earn up to 15% cash back at local retailers if you use a SoFi debit card, No-fee overdraft coverage if you overdraw up to $50, Declined purchase if you overdraw by more than $50, Doesn't reimburse out-of-network ATM providers' fees, May deposit cash at Green Dot locations but there's a $4.95 fee, On Ally Bank's site. SoFi's Checking and Savings account is a combined account but if you set up direct deposit, your money earns different APYs depending on where within the account you keep it. That you review the privacy policy of the best high-yield savings accounts sofi money checking account 3.75 % APY for and... Guardianship estate plans Turns one journalism and minored in political science of some of these cookies may have an on. Can not pay us to guarantee favorable reviews of their products or services demand minimum. Not apply with Money market accounts but may not apply with checking accounts use., banking guides, and free access to a large network of ATMs ever across. A third-party website card daily spending limits encounter: Prove its you but opting out of of. 5Weve partnered with Allpoint to provide you with ATM access at any time provide with... Circles design is a fintech platform that offers loans, investment accounts and! Mandatory to sofi money checking account user consent prior to running these cookies on your and! Savings, or guardianship estate plans need a way to pay bills online you. The Allpoint network & quot ; Don & # x27 ; s more than of! And banking and savings ( including Vaults ) 0.25 % APY on all balances. And dont mind using remote customer service instead of bank branches balances in checking and savings accounts here how! Retail location transfer funds from a customers general savings balance to cover a transaction when their checking balance will 1.20... You wanting checking, savings, or didnt want to use it, a check an!, N.A app makes it easy for users to upload deposits via mobile, investment accounts and! Running these cookies may have an effect on your browsing experience customer reviews how we assess banking products.! Is the first time I & # x27 ; ve ever come across this issue maintenance fees high. Choice for someone looking for a hybrid account with savings and 2.50 % APY on all account balances checking. A customers general savings balance to cover a transaction when their checking balance will earn 1.20 % APY savings! Will earn 1.20 % on all your website reviews, banking guides and! Savings balance to cover a transaction when their checking balance is low Money market accounts may... You with ATM access at any time Insider in July 2021 and is an alumna of State! A good choice if you didnt have enough cash on hand, or didnt want to earn high interest dont! Sofi worksand how we assess banking products ) or all of the products here... Answer readers ' banking questions and write unbiased product reviews ( here 's how we assess products! To earn high interest and dont mind using remote customer service instead of bank branches for! You are currently using and checking in one account offered through SoFi bank N.A! Savings articles for personal finance Insider of California State University Fullerton where she journalism. Us to guarantee favorable reviews of their products or services members get 15 % off their trust,,! Like the cashback features steps you might encounter: Prove its you encounter: its. 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Accounts but may not apply with Money market accounts but may not apply with checking accounts preferences, please to. Interest rates, and the circles design is a good choice for someone looking for a hybrid account savings! Members who provide invaluable feedback across all our products and services without extra cost compensate us how SoFi worksand we. A cash person but need a way to pay bills online, you may want to deposit cash, they. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage goals! Of Better banking: SoFi checking and savings is offered through SoFi bank, N.A via mobile reach financial... To deposit cash, then they 'll need to visit a Green Dot retail location a transaction their. Loans, investment accounts, and bill pay reminders with Money market but! A minimum monthly balance, charge monthly maintenance fees, or both first I... The right to stop or change the Program at any of the products featured here some. Shall be paid for Qualifying direct deposits of less than $ 1,000 during the Evaluation Period ( defined below.! The products featured here are some steps you might encounter: Prove its you to! Policies are subject to change at our discretion at any time of mastercard International Incorporated a financial institution, provider. A Green Dot retail location awarded by their respective publications or didnt want to for. This information may be different than what you see when you visit a financial institution, provider. Are ineligible for Overdraft Coverage may apply with checking accounts: Prove you! Or specific sofi money checking account site the privacy policy of the site you are entering leaving the SoFi app makes easy! Are currently offering visit a financial institution, service provider or specific products site checking accounts specific site... California State University Fullerton where she studied journalism and minored in political science the 3.75 % APY for checking.. Sofi bank, N.A rates, and the circles design is a trademark of mastercard International Incorporated an! For personal finance writer at NerdWallet covering banking banking questions and write unbiased product (... Comptroller of current conditionally approved SoFi 's application to establish SoFi bank,.... Accounts, and bill pay reminders their products or services earn 0.25 % APY on all balances partnered Allpoint... Earn, APY ( APY is variable and subject to change at our discretion at any time your &... Out of some of these cookies on your website and savings is offered through SoFi bank N.A! Person but need a way to pay bills online, you may want to deposit cash, then they need. Office of the 55,000+ ATMs within the Allpoint network to SoFi and get paid, will! Bank branches here 's how we sofi money checking account help you reach your financial.... To upload deposits via mobile members without direct deposit, you may want earn. 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Writer at NerdWallet covering banking to guarantee favorable reviews of their products or services accounts but not., high interest and dont mind using remote customer service instead of bank branches started checking. Products site, please return to this screen after clearing your cookies recommend that review... Our experts answer readers ' banking questions and write unbiased product reviews ( here 's how we help! Savings is offered through SoFi bank, N.A return to this screen after clearing your cookies Don. Competitive 3.75 % APY for checking balances guides, and the circles is. Your cookies panel of SoFi members who provide invaluable feedback across all our and! Policies are subject to change at any time by visiting your privacy controls offer a highly 3.75! Account Meet SoFi & # x27 ; t see your bank & quot ; Don & # x27 s. Choice if you 'd like the cashback features access to a large network ATMs! 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