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Both pros and cons
SoFi Savings and Checking
Annual Percentage Yoield (APY).
From 1.20% to 2.5%
Minimum Deposit Amount
$0
SoFi Savings and Checking
Annual Percentage Yoield (APY).
From 1.20% to 2.5%
Minimum Deposit Amount
$0
More Details
Annual Percentage Yoield (APY).
From 1.20% to 2.5%
Rates as at 9/30/22
Continue reading
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
SoFi Savings and CheckingThis is a great choice for those who don’t want standard bank fees. It’s free! Monthly service fees, overdraft feesYou can also call it: ATM fees outside-of-network.
There are also a few other perks that the account offers. Money Vaults is a savings tool that helps you save money for your individual goals. You can also get a higher interest rate than what you currently pay. Many traditional and high-yield savings account options pay if you set up direct deposits. You can still get a great rate of interest even if direct deposits are not set up.
How SoFi works
SoFi, a fintech platform, offers a variety of services. Lenders, Investment accountsBanking options and more
SoFi Bank, National Association offers the SoFi Savings and checking account. In January 2022The Office of the Comptroller of Current has conditionally approved SoFi’s application to create SoFi Bank, N.A. as a full service bank. As part of the conditional authorization, SoFi Bank is acquiring Golden Pacific Bank, N.A., an FDIC-insured bank with three branches in Northern California.
If you had SoFi Money before, the fintech’s money management account, you will be invited for an upgrade to the SoFi Savings and Checking account. New customers will not be able to access SoFi Money.
For customer support call or Chat liveYou can access the service anytime between 5 a.m.- 7 p.m. (PT) Monday through Thursday and 5 a.m.- 5 p.m. (PT Friday through Sunday).
It is possible to get as high as $250,000 FDIC insuredIn an individual savings and checking account.
Trustworthiness and BBB rating of SoFi
The Better Business Bureau rates companies to assess whether they have a good business practice, are honest in advertising, and address customer complaints effectively. SoFi is given an assessment by the BBB A+ rating.
Although a BBB rating is a good indicator of a company’s reliability, it doesn’t guarantee resiliency. Also, you should speak to current customers and review online customer reviews.
SoFi has had a recent scandal despite its excellent BBB score. 2019: Federal Trade CommissionSoFi was directed to cease running ads that falsely claimed customers could save money refinancing.
We compared SoFi Money and two other online accounts. Chime Ally.
How SoFi compares
Editor’s Rating
Editor’s Rating
Editor’s Rating
These accounts do not have monthly service fees or require a minimum deposit. This is great for those who are looking for accounts that can be opened and managed quickly.
It could come down to whether you want one or two accounts online.
SoFi offers a hybrid checking/savings account. This is a great option if you like cashback. This also had the highest interest rate. Direct deposit is required to earn 2.50% annual percentage yield.
Both Chime and Ally allow you to set up separate savings and checking accounts. Ally is a better choice if you don’t qualify for the highest interest rates at SoFi. The Ally High Yield Savings accountPays a flat interest rate at 2.35% Annual Percentage Yoeld (APY).
Ally is a better choice for those who don’t want the hassle of dealing with out-of network ATM fees. You won’t be charged a fee to use an ATM outside of your network. Additionally, you will receive up to $10 per calendar month in reimbursements. SoFi will not reimburse out-of network ATM fees and Chime charges a $2.50 fee.
Frequently Asked Questions (FAQ)
The Office of the Comptroller of Current approved SoFi’s request to create SoFi Bank, N.A. in January 2022. as a full service bank.
Keep in mind that SoFi, a fintech platform is not FDIC insured. However, its loan products and investments are. FDIC insurance is only available for banking options.
SoFi offers a hybrid savings/checking account. However, it does not have separate checking or savings accounts. SoFi Savings and SoFi Checking allow you to enjoy many of the same savings features as online accounts. You can earn interest on money you deposit and save for your individual goals with Money Vaults.
