What you need to open a SoFi account

To open a SoFi checking or savings account, you will need a Social Security number, a valid government-issued ID (like a driver's license or passport), and proof of your current address. SoFi will also ask for your employment information and annual income, though you do not need to be employed to open an account — you can list other income sources or leave this blank.

You will need access to a computer or smartphone with internet, since SoFi operates entirely online. There are no physical branches to visit. The whole process takes about 10 to 15 minutes if you have your documents ready.

One thing to know upfront: SoFi will run a soft credit check when you open your account. This does not affect your credit score and is different from the hard pull a lender does when you borrow money. SoFi uses it to verify your identity and check for fraud.

Key Takeaways

  • You need a Social Security number, valid ID, proof of address, and internet access to open a SoFi account online.
  • The account opening process takes 10 to 15 minutes and happens entirely through the SoFi website or mobile app.
  • SoFi runs a soft credit check that does not affect your credit score and is used only to verify your identity.
  • Your account becomes active when ready after you finish the setup steps, and you can start using it right away.
  • SoFi offers both checking and savings accounts, and you can open one or both during the same signup process.

Step-by-step account opening process

Start by going to the SoFi website or downloading the SoFi mobile app. Tap "Sign Up" or "Open an Account" and choose whether you want a checking account, savings account, or both. SoFi lets you open both at the same time if you want.

Enter your email address and create a password. SoFi will send you a verification code to your email — check your inbox and enter that code to confirm your email is real. Next, you will enter your full name, date of birth, and Social Security number. SoFi uses this to verify your identity and run the soft credit check.

Then you will provide your current address and phone number. If you have moved recently, use your current address, not an old one. SoFi may ask you to verify your address by uploading a recent utility bill, lease, or mortgage statement — anything with your name and current address dated within the last 90 days.

After that, you will answer questions about your employment and income. You can say you are unemployed, retired, a student, or self-employed — SoFi accepts all of these. If you have no income, you can still open an account; just leave the income field blank or enter zero.

What happens after you submit your information

Once you finish the signup steps, SoFi reviews your information. Most people are approved within minutes. You will see a message on screen telling you whether your account is open, and SoFi will also send you an email confirmation.

Your account is active when ready. You can start using it right away — you can set up direct deposit, transfer money in from another bank, or receive money from someone else. You do not have to wait for a debit card to arrive to start using the account.

SoFi will mail you a debit card within 7 to 10 business days. While you wait, you can use your account number and routing number to set up direct deposit with your employer, or you can transfer money from another bank account you own using the SoFi app.

Documents you may need to upload

SoFi usually asks for proof of your current address during signup. Common documents that work are a utility bill, lease agreement, mortgage statement, or recent bank statement — anything with your name and address on it, dated within the last 90 days.

If SoFi cannot verify your address from what you provide, they may ask for a second document. If you do not have a utility bill or lease in your name, a bank statement, credit card statement, or government mail (like a tax return or voter registration card) will work.

Keep these documents handy before you start the signup process. You can upload them directly through the app or website, so you do not need to mail anything in.

Account features and what to expect

SoFi checking accounts come with a debit card, online bill pay, and the ability to send money to other people through the app. You can also set up automatic transfers between your SoFi accounts or to accounts at other banks.

SoFi savings accounts earn interest on the money you keep in them. The interest rate changes over time based on what the Federal Reserve does, so check the SoFi website to see the current rate. You can move money between your checking and savings accounts when ready through the app.

Both account types have no monthly fees and no minimum balance requirements. You will not be charged for using ATMs at Allpoint, MoneyPass, or Bancorp networks — SoFi reimburses out-of-network ATM fees up to a certain amount each month.

If your account is not approved when ready

Sometimes SoFi needs more information before they can open your account. They may ask you to upload additional documents or call you to verify details. This usually happens if your address cannot be confirmed or if there is a mismatch between the information you provided and what they found in their verification systems.

If this happens, SoFi will send you an email explaining what they need. Follow the instructions in that email and upload the documents or information they ask for. Most people are approved within 24 hours after providing what SoFi requested.

In rare cases, SoFi may decline to open an account. This can happen if you have a history of fraud, if you are on a banking exclusion list, or if SoFi cannot verify your identity. If this occurs, SoFi will tell you why in writing, and you can contact their customer service to ask questions.

Moving money into your new SoFi account

Once your account is open, you can move money in several ways. The fastest way is to transfer from another bank account you own. In the SoFi app, go to "Move Money" and select "Transfer from Another Bank." SoFi will ask for your other bank's routing number and your account number there. The transfer usually takes 1 to 3 business days.

You can also set up direct deposit with your employer. Ask your HR or payroll department for the SoFi direct deposit form, or give them your SoFi account number and routing number. Direct deposit usually starts within one or two pay periods.

If someone wants to send you money, they can transfer it to your SoFi account if they know your account number and routing number. You can find both of these in the SoFi app under "Account Details" or on the checks that come with your account.

Frequently Asked Questions

Can I open a SoFi account if I do not have a credit card or credit history?

Yes. SoFi does not require you to have a credit history or credit score to open a checking or savings account. They run a soft credit check, which does not affect your credit score, but they do not deny accounts based on credit history. You only need a Social Security number, valid ID, and proof of address.

What if I do not have proof of my current address?

SoFi accepts many types of documents as proof of address: utility bills, lease agreements, mortgage statements, bank statements, credit card statements, and government mail. If you have recently moved and do not have a document yet, ask your landlord for a signed letter on their letterhead confirming your address, or use a recent bank statement if your address has been updated there.

How long does it take to get my debit card?

SoFi mails debit cards within 7 to 10 business days. You do not need to wait for the card to start using your account — you can transfer money in and set up direct deposit when ready. Once the card arrives, you can use it at any store or ATM that accepts Visa.

Can I open a SoFi account on my phone?

Yes. The SoFi mobile app lets you open an account from start to finish on your phone. You can upload documents directly through the app, and the process is the same as opening on a computer. Make sure you have good lighting when you take photos of your ID and address proof so SoFi can read them clearly.

What is the difference between a SoFi checking and savings account?

A checking account is for everyday spending — it comes with a debit card and bill pay. A savings account is for money you want to keep and earn interest on. You can open both at the same time and move money between them when ready. Many people use checking for bills and groceries, and savings for emergency money or goals.