7 Reasons To Open a SoFi Bank Account Starting With High APYs

The SoFi Bank account is a combined checking and savings account offering simplicity as well as convenience. Having everything in one place makes it easier to manage your money, pay bills, transfer funds, and track your overall financial picture.

7 Reasons To Open a SoFi Bank Account

1. Earn 4.60% APY on Savings account
2. Up to a $325 bank bonus for opening an account
3. At SoFi Bank you can open a checking account with no deposit
4. Savings vaults to budget, organize and set goals
5. Deposit cash at over 90,000 locations for a fee
6. Cash back at local retailers up to 15%
7. Free professional financial and career planning

And, if you live near SoFi Stadium (home of the Los Angeles Rams and Chargers) in Inglewood, CA, account holders are eligible for exclusive perks during NFL games and concerts like 25% cash back rewards, express entry, and VIP access.

Earn up to 4.60% APY

To earn the maximum APY on a SoFi Savings Account there are two options:

(1) Set up a recurring direct deposit for any amount from your employer, payroll provider, or government benefits (such as Social Security).

(2) Deposit $5,000 or more in qualifying deposits every 30 days to your SoFi Checking or Savings account.

How to get a $325 bank bonus for opening account

Setting up direct deposit can earn you a generous bank bonus for opening account at SoFi Bank. The bank bonus is available for new customers with qualifying deposits through June 30, 2024. Plus, when you sign up for direct deposit you get your paycheck up to two days early.

• $300 set up qualifying deposit of $5,000 or more
• $50 set up qualifying deposit between $1,000 and $4,999
• $25 if your initial opening deposit is $50 or more

Open a checking account with no deposit

SoFi Bank doesn't require a minimum balance to start a checking account. But, just because it's one of the few banks to open a checking account with no deposit, we suggest you make at least an initial $50 deposit to earn a quick $25 bonus added to your new account balance. It's one of many perks that puts money in your pockets offered at SoFi Bank.

SoFi Bank Savings Vaults

SoFi Savings Vaults function as sub-accounts within your primary ” rel=”noopener” target=”_blank”>SoFi Checking and Savings account to help you manage and budget your money. Here's how they work:

Create vaults. Easily create multiple vaults with custom names and goals (e.g., “Vacation Fund,” “Emergency Fund,” “Down Payment”).
Allocate funds. You transfer money from your main SoFi Checking and Savings balance into specific vaults. There's no minimum amount needed to open a vault or make transfers.
Earn interest. Money in your SoFi Checking and Savings account, including vault balances, earns the same high APY. You're not sacrificing interest by having money in vaults.
Track progress. Each vault displays its current balance and lets you set target goals, making it easy to visualize progress towards your savings objectives.
Access funds. Vault money is always available. You can withdraw or transfer money back to your main balance whenever you need it.

Customers can also enroll in automatic roundups on all debit card purchases. Roundups are transferred to your savings Vault.

How to deposit cash at SoFi Bank

Deposit cash into a SoFi Bank account at over 90,000 participating retail locations for a $4.95 fee with the help of Green Dot. Simply log into your account to find a location near you. Once you are at the location, tell the cashier you want to deposit cash through Green Dot using your SoFi Money Mastercard debit card, let them know the amount, hand them the cash, swipe your SoFi Money debit card and retain your receipt for the deposit.

Earn up to 15% cash back on debit card purchases

Using your SoFi debit card can earn you up to 15% cash back on purchases at local retailers by simply activating specific offers from the SoFi App's “Shop local” page where you'll find local stores and restaurants that have rewards enabled.

SoFi offers free professional services

Financial Planning

SoFi members have access to complimentary consultations with Certified Financial Planners (CFPs®). These professionals can provide guidance on:

• Budgeting and cash flow management
• Investment strategies
• Retirement planning
• Debt management
• Saving for major goals (home purchase, education, etc.)

The SoFi website also offers a range of educational articles, tools, and calculators related to various financial planning topics.

Career Planning

SoFi provides career coaching sessions where members can receive advice on topics like:

• Resume and cover letter review
• Interview skills
• Career change exploration
• Job search strategies
• Networking and personal branding

SoFi occasionally partners with Udemy to offer free professional development courses for members.

How to Open a SoFi Bank Account

The application process can take less than 10 minutes. After SoFi Bank Account is set up and funds are deposited to your account, you can expect to receive your debit card in the mail in 5 to 7 business days.

Here are the steps:

Visit the SoFi Website: Go to the SoFi website: https://www.sofi.com/

Start the Application: Click on “Open an Account” button and create your login.

Choose an Individual or Joint Account: Once you choose individual or joint account be prepared to provide the following:

• Name
• Physical address (no PO Boxes)
• Phone number
• Social Security number
• Date of birth
• Employment status

Make your initial deposit: Fund your account by making an opening deposit of at least $50 to earn the initial $25 bank bonus. Methods to fund your account might include:

• Linking an external bank account
• Use a debit card from a different account
• Mailing a check

More SoFi Bank Account Benefits

SoFi Bank has a top-rated banking app

The Apple Store as well as Google Pay rate SoFi's banking app highly:

• Apple Store rating: 4.8/5.0 stars
• Google Store rating: 4.0/5.0 stars

Here's wny the SoFi banking app is considered user-friendly:

• Clean and Intuitive Design: The app has a clean aesthetic and a well-organized layout. Navigation is straightforward, making it easy to find what you need.
• Diverse Features: The app provides access to most essential banking functions like bill pay, transfers, mobile check deposit, and budgeting tools.
• Responsive Customer Support: SoFi's customer support is generally helpful and accessible within the app.

$0 SoFi Bank Account Fees

SoFi customers don't have to worry about overdraft or monthly service fees. It's an online free checking/savings account.

Overdraft fees and NSF fees are on a general decline, but remain a significant revenue for many banks. According to the Consumer Financial Protection Bureau (CFPB) banks collect about $9 billion annually in overdraft fees.

Free overdraft coverage

Customers with direct deposit of at least $1,000 will be covered up to $50 with no fees for overdrafts on debit card purchases only.

SoFi Bank Account Pros and Cons

Here's a breakdown of some key pros and cons of the SoFi Checking and Savings account:

Pros

• High APY: SoFi often has some of the most competitive interest rates  for both checking and savings, significantly higher than traditional banks.
• No Fees: No monthly maintenance fees, overdraft fees, or ATM fees (they reimburse ATM fees charged by other banks).
• Early Paycheck Access: With direct deposit set up, you can get your paycheck up to two days early.
• All-in-one Account: Checking and savings are combined into one easy-to-manage account.
• Financial Tools: SoFi offers budgeting insights, savings vaults for goal setting and credit score monitoring.

Cons

• Online Only: No SoFi Bank brick-and-mortar locations – all banking is done through the app or website. If you prefer face-to-face banking, this isn't the best option.
• Direct Deposit for Top Benefits: The best interest rates and overdraft protection generally require qualifying direct deposits.
• Cash Deposit Fee: Depositing cash directly costs $4.95. The fee is not charged by SoFi, rather the retail locations tack on the fee taking the deposit.

Is SoFi Bank considered a Fintech?

Yes. Fintech stands for “financial technology”. While SoFi has evolved into a full-fledged bank with its national bank charter, it retains its core fintech identity due to its innovative approach and focus on technology to enhance financial products and services. Here are three reasons SoFi remains a fintech:

• Technology-Driven Approach: Fintech stands for “financial technology”. SoFi was founded on the principle of leveraging technology to improve financial services. Their online platform, automation, and focus on customer experience are all hallmarks of a fintech company.
• Innovation: SoFi consistently introduces new features and products that disrupt traditional banking, such as: early payday with direct deposit, integrated personal finance tools, investment options including fractional shares and cryptocurrency trading.
• Challenging the Status Quo: Fintechs are known for disrupting the established financial sector and offering alternative solutions. SoFi's initial focus on student loan refinancing and subsequent expansion into a broader range of financial services demonstrate this.

Final takeaway

The products offered by SoFi Bank are consistent with traditional brick-and-mortar banks. And, some services go beyond what more established banks offer. Overall the SoFi combined Checking and Savings is a fantastic choice if you're comfortable banking in an online-only environment.