Yes, SoFi offers checking accounts with no monthly fees

SoFi has two checking account products: the SoFi Checking and Savings account and the SoFi Money Account. Both are no-fee checking accounts, meaning you won't pay a monthly service charge. The main difference is that the Checking and Savings account combines checking and savings in one place, while the Money Account is checking only but includes some additional features like bill pay and budgeting tools built in.

Both accounts come with a debit card, online banking, and mobile app access. You can deposit checks by taking a photo with your phone, and you can withdraw cash at ATMs in the Allpoint network, which includes over 55,000 ATMs worldwide. There are no minimum balance requirements to open either account.

Key Takeaways

  • SoFi offers two checking account options, both with no monthly fees and no minimum balance requirements.
  • You can deposit checks remotely using your phone and withdraw cash at over 55,000 Allpoint ATMs worldwide.
  • The Checking and Savings account combines both products in one, while the Money Account is checking-focused with built-in budgeting tools.
  • SoFi accounts come with a debit card and full online and mobile banking access.

How to open a SoFi checking account

You can open a SoFi checking account entirely online through the SoFi website or mobile app. The process takes about 10 minutes. You'll need to provide your Social Security number, date of birth, address, and employment information. SoFi will run a soft credit check, which does not affect your credit score.

Once your account is open, SoFi will mail you a debit card, which typically arrives within 5 to 7 business days. In the meantime, you can use your account number to set up direct deposit or transfer money from another bank account to start using your checking account right away.

What SoFi checking accounts cost

There is no monthly maintenance fee, no minimum balance requirement, and no overdraft fees on SoFi checking accounts. You also won't pay fees for using the Allpoint ATM network. However, if you use an ATM outside the Allpoint network, you may be charged a fee by that ATM operator, though SoFi will reimburse you for out-of-network ATM fees up to a certain amount each month.

Other common banking fees do not explore: there are no fees for wire transfers, no fees for closing your account, and no fees for replacing a lost or damaged debit card. If your account goes negative, SoFi does not charge overdraft fees, though your account balance will still be negative and you'll need to deposit funds to bring it back to zero.

Interest rates on SoFi checking and savings accounts

The SoFi Checking and Savings account earns interest on both your checking and savings balances. The interest rate changes based on market conditions and SoFi's current offerings, so you should check the SoFi website for the current rate. Interest is compounded daily and deposited monthly.

The Money Account (checking only) does not earn interest on your checking balance. If you want to earn interest on savings, you would need to open the Checking and Savings account or keep a separate savings account elsewhere.

Depositing and withdrawing money

You can deposit checks by taking photos of the front and back with the SoFi mobile app — no trip to a branch needed. Direct deposit is also available, and you can transfer money from another bank account using ACH transfers, which typically take 1 to 3 business days. You can also receive wire transfers directly into your SoFi account.

To withdraw cash, you can use any ATM in the Allpoint network at no charge. If you need cash and don't have an Allpoint ATM nearby, you can also withdraw cash back when you use your debit card at a store. SoFi does not have physical branches, so you cannot withdraw money in person at a location.

Who should consider a SoFi checking account

A SoFi checking account works well if you want a straightforward, no-fee checking account and don't need access to physical bank branches. The account is particularly useful if you already use SoFi for other products like personal loans, student loan refinancing, or investing, since you can manage everything in one app.

If you frequently need to deposit cash (not checks), you may find SoFi less convenient, since you can't deposit cash directly into your account — you would need to use a store to get cash back or find another way to convert cash to a bank deposit. If you need in-person banking services or prefer working with a teller, a traditional bank or credit union might be a better fit.

Frequently Asked Questions

Can I get a debit card with a SoFi checking account?

Yes, every SoFi checking account comes with a debit card. SoFi mails it to you after you open your account, usually within 5 to 7 business days. You can use it to make purchases, withdraw cash at Allpoint ATMs, and get cash back at stores.

Does SoFi have physical bank branches?

No, SoFi is an online-only bank. You cannot visit a branch in person or speak to a teller face-to-face. All banking is done through the website, mobile app, or by phone. If you need in-person banking services, you may want to consider a traditional bank or credit union instead.

What happens if my SoFi account goes negative?

SoFi does not charge overdraft fees if your account balance goes negative. However, your account will still be in the negative, and you'll need to deposit funds to bring it back to zero. SoFi may restrict your account access if the negative balance persists.

Can I earn interest on a SoFi checking account?

The SoFi Checking and Savings account earns interest on both checking and savings balances. The Money Account (checking only) does not earn interest. Check the SoFi website for current interest rates, as they change based on market conditions.

How do I deposit checks with SoFi?

You can deposit checks using the SoFi mobile app by taking photos of the front and back of the check. The deposit typically posts to your account within 1 to 2 business days. You don't need to visit a branch or mail anything in.