SoFi does offer checking accounts, and they come with no monthly fees, no minimum balance requirements, and no overdraft fees
SoFi's checking account is called the SoFi Checking and Savings account. It functions as both a checking and savings account in one product. You get a debit card, online and mobile banking, and the ability to write checks. The account earns interest on both the checking and savings portions, which is unusual—most banks pay nothing on checking balances.
The account is FDIC-insured up to $250,000 (or $500,000 if you hold it jointly), so your money is protected if SoFi fails. You can deposit checks by taking photos with the mobile app, transfer money to other banks via ACH, and set up automatic bill payments. There are no foreign transaction fees on debit card purchases made outside the United States.
Key Takeaways
- SoFi's checking account charges no monthly maintenance fee, requires no minimum balance, and does not charge overdraft fees even if you go negative.
- The account earns interest on money in both the checking and savings portions, though the rate changes and is currently lower than some competitors.
- You receive a physical debit card, can deposit checks by photo, and can pay bills online or by check.
- SoFi is a bank, not a fintech app, so your deposits are FDIC-insured and you have legal protections as a customer.
How interest and fees work on a SoFi checking account
SoFi pays interest on the money sitting in your checking account. The rate varies—SoFi changes it based on market conditions and Federal Reserve decisions. You can check the current rate on SoFi's website before you open the account. Interest is calculated daily and deposited monthly, so you earn money just by keeping your paycheck there.
There is no monthly fee, no minimum balance to avoid fees, and no overdraft fees. If you spend more than you have, SoFi will not charge you $35 per overdraft like most banks do. Instead, your account simply goes negative. SoFi may eventually close the account if it stays negative for a long time, but you will not see surprise fees appear on your statement.
If you link a SoFi savings account to your checking account, you can move money between them instantly through the app. The savings portion also earns interest at a separate rate.
Debit card, checks, and how to move money
SoFi sends you a physical debit card when you open the account. You can use it to withdraw cash at ATMs, make purchases at stores, and pay online. There are no foreign transaction fees, so if you travel or buy from international websites, you will not pay extra.
You can write checks from your SoFi checking account. Checks clear through the normal banking system and take the same time as checks from any other bank—usually one to three business days for the recipient to receive the funds.
To move money into your SoFi account, you can deposit checks by taking photos with the mobile app, transfer money from another bank using your routing and account number, or set up direct deposit from your employer. To move money out, you can write a check, use your debit card, transfer to another bank via ACH (which usually takes one to two business days), or withdraw cash at an ATM.
When SoFi checking makes sense and when it does not
A SoFi checking account works well if you want to earn interest on your checking balance and do not want to worry about monthly fees or overdraft charges. It is also useful if you already have other SoFi products—a personal loan, student loan refinancing, or investing account—because you can manage everything in one app.
SoFi checking may not be the best choice if you need to deposit cash frequently. SoFi does not have physical branches, so you cannot walk into a location and hand over cash. You would need to find an ATM that accepts deposits or use a partner bank's ATM network. SoFi also does not offer cashier's checks or money orders, which some people need for large or formal payments.
If you travel internationally and need to withdraw cash in foreign currencies, SoFi's debit card will work at most ATMs, but you may pay a fee charged by the ATM operator (not by SoFi). If you need a bank with physical branches in your area, a traditional bank or credit union may be more convenient.
How SoFi checking compares to other online banks
Most online banks—Ally, Charles Schwab, Discover, and others—also offer checking accounts with no monthly fees and no minimum balance. The main difference is interest rates. SoFi's rate changes, and it is currently competitive but not always the highest available. You should compare the current rate on SoFi's website to rates at other banks before opening an account.
Charles Schwab's checking account has a notable advantage: it reimburses ATM fees charged by other banks anywhere in the world. SoFi does not. If you withdraw cash frequently from out-of-network ATMs, Schwab may save you money.
Traditional banks like Chase or Bank of America also offer checking accounts, but most charge a monthly fee unless you maintain a high balance or set up direct deposit. They do offer physical branches and ATM networks, which online banks do not.
Opening a SoFi checking account and what you need
To open a SoFi checking account, you need a Social Security number, a government-issued ID, and a phone number. You can open the account entirely online through the SoFi website or mobile app—no visit to a branch is required.
SoFi will ask you to verify your identity by uploading a photo of your ID and answering questions about your financial history. This process usually takes a few minutes. Once approved, you can start using the account immediately for transfers and bill payments, though the physical debit card arrives by mail in five to seven business days.
You must be at least 18 years old to open an account. SoFi does not offer accounts for minors or joint accounts with someone under 18.
What happens if you close your SoFi checking account
You can close your SoFi checking account at any time through the mobile app or by contacting customer service. There is no penalty or fee for closing. SoFi will send you any remaining balance by check or ACH transfer to another bank account you specify.
Before you close, make sure all automatic payments and direct deposits are redirected to another account. If a bill payment or paycheck tries to go to your closed SoFi account, it will be rejected and may cause late fees or missed income.
Frequently Asked Questions
Can I use my SoFi debit card at any ATM?
SoFi's debit card works at most ATMs in the United States through the Allpoint network, which includes over 55,000 ATMs. You can also withdraw cash at any bank teller window by showing your ID. Some ATM operators charge a fee for out-of-network withdrawals, but SoFi does not charge you on top of that.
Does SoFi report to credit bureaus?
No. A checking account is not a credit product, so SoFi does not report your checking account activity to credit bureaus. Opening a checking account will not affect your credit score. However, if you overdraw your account and it goes to collections, that could appear on your credit report.
What if I need to deposit cash?
SoFi does not accept cash deposits at branches because it has no physical locations. You can deposit checks by photo through the app, but for cash you would need to transfer it to another bank first or find a partner ATM that accepts cash deposits. Some SoFi customers use a traditional bank's ATM or branch to deposit cash, then transfer it to SoFi.
Can I have multiple SoFi checking accounts?
SoFi allows you to open one checking account per person. You cannot have two separate checking accounts with SoFi under your name. However, you can have a joint account with another person.
Is my money safe in a SoFi checking account?
Yes. SoFi is a bank chartered by the Office of the Comptroller of the Currency, and deposits are FDIC-insured up to $250,000 per account holder. If SoFi fails, the FDIC will reimburse you for your balance up to the limit. This is the same protection you have at any other bank.