SoFi Bank Review 2023 (2024)

Since there are no standalone bank accounts, SoFi Checking and Savings is a good choice for individuals who are in the market for both types of accounts. The bank offers a very competitive tiered interest rate structure—, one of the highest rates available on a checking account—and few fees. It also provides automated savings tools to help customers build up their savings.

Having a SoFi account opens the door to other potentially valuable benefits, like rate discounts, financial planning services, exclusive event access and career advice.

As with most online banks, there are no physical branch locations for in-person banking. However, live chat and phone service still keep you connected to real people when you need a little extra support.

SoFi vs. Chime®

Chime® is not a bank—it’s a financial technology company that offers banking products and services. The Chime® Checking Account functions like a checking account, while the Chime® High-Yield Savings Account lets you earn interest.

In terms of interest rates, SoFi offers a considerably higher APY on its combined Checking and Savings account than Chime offers on its standalone savings account: Up to 4.60% vs. 2.00%¹. Both SoFi and Chime are fee-friendly: SoFi doesn’t charge any overdraft fees, and Chime offers a SpotMe®² feature designed to help you avoid overdraft fees.

You can also open a credit card with Chime (Secured Chime Credit Builder Visa® Credit Card), though that card is intended to help you build credit rather than earn rewards. Chime offers access to over 60,000 fee-free ATMs³. It’s also possible to deposit cash into a Chime account at more than 8,500 Walgreens locations—with SoFi, you don’t have that convenience.

Fidelity vs. SoFi

The Fidelity Cash Management Account works like a checking account, in that you can use it to make purchases and pay bills. Like the SoFi Checking and Savings account, you can earn interest on balances, though the rate isn’t quite as competitive.

You won’t pay typical bank fees with a Fidelity account, and you can link it to a Fidelity brokerage account for easy transfers. Balances are FDIC-protected, and Fidelity reimburses ATM fees globally.

There are no other banking products offered at Fidelity, and you won’t find loans or credit cards here either. You can, however, open an IRA or a taxable brokerage account—something you can also do at SoFi.

Ally vs. SoFi

At first glance, there isn’t much difference between Ally Bank and SoFi Bank. Both offer checking and savings accounts with above-average interest rates and minimal fees.

Ally, however, is a full-service bank while SoFi is not. In addition to checking and savings accounts, Ally offers money market accounts and certificate of deposit (CD) accounts. You can apply for mortgages, personal loans, auto financing and credit cards from Ally, which also offers investment and retirement accounts. SoFi solely offers its unified Checking and Savings account.

On the other hand, you won’t find student loans or student loan refinancing with Ally, and the interest rate on Ally checking accounts lags behind SoFi’s rate. Ally also has a smaller ATM network, but you can get up to $10 in out-of-network ATM fees reimbursed each statement period.

¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
²Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
³Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.