SoFi Checking and Savings

SoFi Bank has become one of the most popular choices in 2025 for people who want a digital-first banking experience with real benefits. From generous welcome bonuses and competitive interest rates to powerful savings tools and a complete ecosystem of financial products—all with zero monthly fees—SoFi offers more than just a basic bank account.

Welcome Bonus: A Great Start to Your SoFi Experience

The SoFi bonus is divided into two parts:

• Referral Bonus: You get $25 when you sign up using a friend’s referral link (or mine) and deposit at least $50 into your account.
• Direct Deposit Bonus: There are two tiers here. If you set up direct deposits totaling over $5,000 in your first month, you earn a hefty $300 bonus. If your deposits are between $1,000 and $5,000, you receive $50.

Combine the referral bonus with the direct deposit bonus, and you could get up to $325 just for opening and funding your SoFi bank account. This is one of the most generous welcome offers available today.

Interest Rates: Competitive and Rewarding

Checking Account Interest

Unlike many banks that pay almost nothing on checking accounts—Capital One and Ally Bank, for example, offer just 0.1% APY—SoFi pays 0.5% APY on checking balances. That’s five times higher and can add up if you keep a few thousand dollars in your checking account regularly.

Savings Account Interest

SoFi’s savings account interest rate is where it really shines, but there’s a catch. You can earn a very competitive 4.0% APY on your savings (including any sub accounts called “vaults”) if you:

• Set up any direct deposit, regardless of amount, or
• Deposit $5,000 or more into your account each month.

If you don’t meet these requirements, the savings account drops to a lower 1.2% APY, which is still decent but less competitive compared to other high-yield savings accounts.

Given the Federal Reserve’s rate changes over the past few years, including multiple hikes in 2022-2023 and cuts in late 2024, rates can fluctuate. SoFi’s rates remain strong relative to many competitors, but it’s smart to keep an eye on updates regularly.

No Fees: A Huge Advantage Over Traditional Banks

One of the biggest perks of SoFi is its fee-free approach. You won’t pay:

• Monthly maintenance fees
• Overdraft fees
• ATM fees
• Or any hidden charges

To put this in perspective, banks like Bank of America can charge $2.50 for using out-of-network ATMs in the U.S., $5 for international ATM withdrawals, monthly fees ranging from $4.95 to $25, and $10 per overdraft item. These fees add up quickly and can cost hundreds of dollars annually if you’re not careful.

Switching to a no-fee bank like SoFi can save you significant money and reduce banking headaches.

Savings Account Sub Goals (Vaults): Smart Money Management

Beyond interest rates, SoFi’s savings account offers a powerful feature called “vaults,” which are sub accounts tied to your main savings. This lets you set up multiple savings goals, each with its own target amount and automated deposits.

For example, you can:

• Automatically save $50 per month for Christmas gifts, building up $600 by December 2025
• Set aside funds for a home down payment or an engagement ring

This goal-oriented saving makes it easier to manage your money and stay motivated.

Zelle Integration: Finally Here in 2024

For years, the biggest downside of SoFi was the lack of Zelle, a popular peer-to-peer payment service. Thankfully, SoFi added Zelle support in 2024, making it much easier to send money to friends and family without juggling multiple bank accounts.

Accessing Cash: Easy Withdrawals, Limited Deposits

SoFi customers have access to over 55,000 Allpoint ATMs nationwide with no withdrawal fees. That’s more than what you get with Bank of America, Chase, or Wells Fargo.

However, depositing cash is less convenient and more expensive. The only way to deposit cash is through retailers in the Green Dot network, such as 7-Eleven, CVS, Rite Aid, and Walgreens. These deposits come with a fee of up to $4.95 per transaction.

Additionally, there are strict deposit limits:

$500 per transaction
$1,000 per day
$3,000 per week
$5,000 per month

For example, depositing $500 with a $4.95 fee means you lose about 1% of your deposit in fees, which isn’t practical if you frequently deposit cash. If you often deal with cash deposits, it’s recommended to consider Capital One or a local credit union.

Other Noteworthy Banking Features

• Early Direct Deposit: Get your paycheck up to two days early, a feature common among online banks.
• Round-Ups: Automatically round up debit card purchases to the nearest dollar and transfer the difference into your savings vaults. This effortless saving tool helps build your savings without thinking about it.

Beyond Banking: SoFi’s Ecosystem of Financial Products

One of SoFi’s biggest strengths is its full suite of financial products accessible through one app:

• SoFi Invest: Whether you want a taxable brokerage account, Roth IRA, or SEP IRA, SoFi Invest has you covered. You can choose robo-advisor managed portfolios or self-directed investing in stocks, ETFs, and options. I personally use their self-directed platform with recurring fractional share investments.
• Financial Planning: SoFi offers free access to financial planners, which can be invaluable if you want personalized advice to meet your financial goals.
• SoFi Credit Card: Earn 2% cash back on all purchases with no annual fee and no foreign transaction fees—ideal for travel. For example, I’ve used this card while traveling in Antigua and Guatemala without extra charges.
• SoFi Travel Portal: Partnered with Expedia, offering deals like 20% off select hotels and 3% cash back when booking with your SoFi credit card.
• Loan Products: Student loans, refinancing, mortgages, and personal loans are all available from SoFi.
• Insurance Offerings: Auto, life, homeowners, renters, and cyber insurance through SoFi’s partnerships.

Who Should Choose SoFi Bank in 2025?

If you want a modern, no-fee banking experience with competitive interest rates, SoFi is hard to beat. It’s especially great if you:

Can set up direct deposit or regularly deposit $5,000+ monthly to earn 4% APY on savings
Value features like round-ups, vault sub accounts, and early paychecks
Want access to a broad range of financial products within one app
Don’t rely heavily on cash deposits

On the other hand, if you frequently deposit cash or struggle to meet the direct deposit requirements for the highest savings rate, consider using SoFi’s checking account but parking your savings elsewhere to maximize interest.

Final Thoughts

SoFi Bank continues to be one of the best bank accounts in 2025, offering a compelling combination of no fees, strong interest rates, innovative savings tools, and a robust ecosystem of financial products. Whether you’re looking to simplify your finances, grow your savings, or invest with ease, SoFi provides a seamless platform to do it all.