SoFi Bank Review 2024: Extensive Guide on Savings and Checking Accounts

If you are planning to deposit your money with SoFi Bank but want to gain some knowledge regarding this bank. Here, we present you with unbiased SoFi bank reviews, which will help you make a better financial decision.

Opening a SoFi Bank account might be an ideal choice for those who want a high APY, as this bank provides 4.60% with no account fees.

Understandably, no matter how good SoFi is, an online bank with no physical branches will make people question its credibility and be skeptical about their deposits.

In this article, we have briefly talked about customers’ experiences whether is SoFi a good bank, its offerings, loan options, and other banking and financial institution tools so you can strategize your wealth. 

About SoFi Bank 

SoFi Bank was established in 2011 by four students, Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. The bank’s vision was to provide affordable loan options to students to fund their education. 

By 2023, it would be named one of the world’s top fintech companies. Currently, it has 6.9 Million members and has funded $73 Billion in loans. The bank has over 55,000+ ATMs partnered with Allpoint Network. Additionally, being an online bank, it has no physical branch.

SoFi savings accounts are a major attraction, but apart from that, there are many other financial offerings provided by this bank. Let’s discuss them in the following sections.

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Banking Products Offered by SoFi

Apart from SoFi savings account there are several banking products offered by the bank. Let’s take a look at each financial product offered by the bank before moving forward.

SoFi Checking and Savings Accounts

SoFi high yield savings account is a popular option among many customers. But, unfortunately, it doesn’t offer a Checking account and Savings account separately, as you have to sign up for both.

Talking about the best part of opening a SoFi bank account is that there is no minimum balance requirement and its attractive APY rates, which are 4.60% for Savings and 0.50% for checking. Plus, there will be no deductions for monthly fees or overdraft fees from your account. 

SoFi Credit Cards

Cardholders can earn up to 2% cash back by using a SoFi credit card, plus 3% cash back on trips booked by SoFi Travel. You can be eligible for this card if you are an existing SoFi member and have a good credit score. But make sure to avoid interest on credit cards as SoFi bank can charge up to 20% to 29% APR. 

Loans

There are several types of loans offered by SoFi Bank, such as personal loans, student loans, and business loans. The APR depends on your credit score, but generally, it may charge around 8.99% to 29.49% on personal loans. Also, the bank provides you with a mortgage option for housing with as low as 3-5% down payment. 

SoFi Insights

It is a service offered by the bank in which you can monitor your credit score without any fees. You can also supervise your spending for both the SoFi bank account and another financial institution account.  

SoFi Invest

SoFi Invest is a product offered to existing members to help them invest in stocks, IPOs, Mutual Funds, and ETFs. This option helps you to invest smartly by opening an automated investing account that invests your fund based on your preferred portfolio. 

SoFi Protect

Partnered with several insurance agencies, SoFi Bank has presented SoFi Protect to help you find the right insurance agencies to protect your valuable belongings. It offers various coverages for your house, auto, cyberattack, and life insurance. 

These are the popular products offered by this bank. Now let’s move forward and look at the SoFi bank reviews. 

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SoFi Bank Reviews and Customer Experience

If we compile all the reviews available, then customer experiences are quite mixed up. Here’s what customers have to say about their experience. 

SoFi Savings and Checking Reviews

The SoFi savings account reviews and SoFi checking account features are quite positive, but customers are unhappy with the fact that they don’t have the option to choose between them. 

Customer Care and Support

There are various ways to connect with customer support, but their response team is quite slow. Many customers have complained regarding their slow service time, which leads to frustration and distrust. 

However, being the largest online bank, they have 24/7 dedicated customer care support via call. You can chat with them Monday to Thursday 5:00 AM to 7:00 PM and on Friday to Sunday 5:00 AM to 5:00 PM. 

Loan Options and Repayment

The loan approval process is quite fast. Many people were satisfied with the loan process, and the entire web is filled with positive loan settlement reviews. SoFi bank has also been called a loan-friendly bank.

Overall Digital Experience

Being an online bank, it is important to have a swift and seamless experience. The bank has a dedicated mobile application for iOS and Android, where customers can get a financial insight dashboard. Although, the experience with the app is quite smooth, marketing notifications and various other promotional notifications could be quite annoying. 

Let’s move forward and check out a few online reviews posted by people:

Overall, the bank account features are quite positive and people faced no issues during the loan process. However, people occasionally face some minor issues with customer support.

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Pros and Cons of SoFi Bank

Every individual customer has a different experience in terms of dealing with the bank, so upon analyzing the platform, these are some positives and negatives that we experienced: 

Pros	Cons
High yield on savings account	No physical branch
No minimum deposit	The deposit must be more than $5000 to receive a $300 bonus
No maintenance and overdraft fees	Cannot choose between savings and checking account
$300 cash bonus on direct deposit for opening a savings account	You need to set up a direct deposit and a $1000 direct deposit is required to set up an overdraft protection
No-fee ATM withdrawal
Those who attend games at SoFi Stadium might get VIP access or cashback.
Nationwide ATM network

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Comparison With Other SoFi Alternatives

Below, we have mentioned some SoFi bank alternatives and their savings account offerings.

Bank	APY	Maintenance Charges	Minimum Balance
Ally Bank	4.35%	$0	No
Bank of America	0.46%	$8	$100
BlueVine Business	2% on basic, 4.25% on premier	$0	No
Quontic	4.50%	$0	$100
Cred.ai Bank	2-3%	$0	No
TAB Bank	5.27%	$0	No

You can use this table to effectively compare different savings account offerings and make an informed decision.

Our Verdict

So now the question arises, is SoFi a good bank for you? Well yes, SoFi bank reviews are mostly positive from our side, and there are always a few exceptions in terms of dealing.

However, this bank does offer a very good yield on savings accounts. But if you are looking to have the option to choose a current account, this bank might not be a good fit for you. You should keep your financial goals in mind while selecting your institution and investment opportunity.

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