SoFi does offer checking accounts, and they come with no monthly fees or minimum balance requirements
SoFi's checking account is called the SoFi Checking and Savings account. It functions as both a checking and savings account in one product, with a single debit card for transactions. There are no monthly maintenance fees, no minimum opening deposit, and no minimum balance you need to keep. You can open one online in minutes if you have a Social Security number and a valid ID.
The account earns interest on both the checking and savings portions. The rate changes based on market conditions and SoFi's current offerings, so you should check their website for the current rate before opening. Deposits are FDIC-insured up to $250,000 through Axos Bank, the partner bank that holds the funds.
You get a physical debit card, access to ATMs, and the ability to send money to other people through the SoFi app. Direct deposit works, and you can set up automatic bill payments. There are no overdraft fees if you go negative — the transaction simply declines instead.
Key Takeaways
- SoFi's checking account has no monthly fees, no minimum balance, and no opening deposit requirement.
- The account earns interest on money you keep in it, though the rate varies and you should verify the current rate before opening.
- Your money is FDIC-insured through Axos Bank up to the standard $250,000 limit.
- Transactions decline rather than overdraft, so you will not face overdraft fees if you spend more than you have.
- You can use the account for direct deposit, bill pay, and peer transfers through the SoFi app.
How to open a SoFi checking account
Open the SoFi app or go to sofi.com and select the option to open a checking account. You will need your Social Security number, a valid government-issued ID, your date of birth, and your address. The process takes about five to ten minutes.
SoFi will verify your identity and run a soft credit check (which does not affect your credit score). Once approved, you can start using the account immediately for transfers and bill pay. Your physical debit card arrives by mail within five to seven business days.
If you already have a SoFi savings or investment account, opening a checking account is even faster because SoFi already has your information on file.
What you can and cannot do with a SoFi checking account
You can deposit checks by taking a photo in the app, receive direct deposit from an employer, transfer money between your own accounts, pay bills through the app, and send money to other people. You can also use your debit card at any ATM, though SoFi's own ATM network is limited — you will likely use out-of-network ATMs for most withdrawals.
You cannot write paper checks from a SoFi checking account. If you need to pay someone by check, you will have to transfer money to another account that offers check-writing or use a third-party check service. This is a significant limitation if you regularly pay bills or people by check.
You also cannot overdraft. If you try to spend more than you have, the transaction will decline. This protects you from overdraft fees but means you need to monitor your balance or set up alerts to avoid declined transactions at the register.
Interest rates and how money earns
SoFi's checking account earns interest on the full balance you keep in it. The rate is not fixed — it changes based on the Federal Reserve's interest rate and SoFi's own decisions. When interest rates are higher, SoFi's rate is typically higher. When rates fall, so does SoFi's rate.
Interest is calculated daily and deposited monthly. You do not have to do anything to earn it — the interest accrues automatically as long as money sits in the account. The rate SoFi offers is often higher than traditional banks offer on checking accounts, but you should compare it to other online banks and high-yield savings accounts if maximizing interest is your goal.
Check SoFi's website or app for the current rate before opening, since rates change frequently and vary by region in some cases.
Fees and costs
There are no monthly maintenance fees, no minimum balance fees, and no overdraft fees. SoFi does not charge you to open the account, close it, or transfer money between your own accounts.
Out-of-network ATM withdrawals are free — SoFi reimburses the fee that the other bank charges. This is unusual and valuable if you travel or live far from SoFi's ATM network.
If you use your debit card internationally, there are no foreign transaction fees. Wire transfers out of the account may have a fee; check the current fee schedule on SoFi's website.
How SoFi checking compares to other online banks
Most online banks offer checking accounts with no monthly fees and no minimum balance, so SoFi is not unique on those points. The main differences are interest rate, ATM access, and features.
SoFi's interest rate is competitive but changes frequently, so it may be higher or lower than competitors depending on when you check. SoFi reimburses out-of-network ATM fees, which many other banks do not. Some competitors like Ally or Charles Schwab also reimburse ATM fees, while others like Chime do not.
SoFi does not offer check-writing, which some people need. If you write checks regularly, you may need a second account elsewhere or a different bank altogether. Other online banks like Ally and Charles Schwab do offer check-writing from their checking accounts.
What happens if you have other SoFi products
If you already have a SoFi savings account, personal loan, or investment account, opening a checking account is straightforward because SoFi already knows who you are. You can link all your SoFi accounts in the app and move money between them instantly.
Some SoFi members use the checking account as their main spending account and keep savings or investments in other SoFi products. Others use it as their sole SoFi account. There is no requirement to hold multiple products — you can open just a checking account if that is all you need.
If you close a SoFi checking account later, it does not affect any other SoFi accounts you hold.
Frequently Asked Questions
Can I write checks from a SoFi checking account?
No, SoFi checking accounts do not support check-writing. If you need to pay someone by check, you will have to transfer money to another bank account or use a third-party check service. This is a real limitation if checks are part of how you pay bills or people.
What is the current interest rate on SoFi checking?
SoFi's rate changes based on market conditions and is not fixed. You should visit sofi.com or open the app to see the current rate before opening an account. Rates vary and can change monthly.
Is my money safe in a SoFi checking account?
Yes, your deposits are FDIC-insured up to $250,000 through Axos Bank. This means if SoFi or Axos fails, the federal government guarantees your money up to that limit. SoFi itself is not a bank — it is a financial technology company that partners with Axos to hold customer deposits.
Can I use my SoFi debit card at any ATM?
Yes, you can use your SoFi debit card at any ATM. SoFi reimburses any fee the ATM operator charges, so there is no cost to you. This is one of SoFi's main advantages over banks that charge out-of-network ATM fees.
How long does it take to open a SoFi checking account?
The application takes five to ten minutes online. You will know if you are approved immediately. Your physical debit card arrives by mail in five to seven business days, but you can start using the account for transfers and bill pay right away.