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Let’s face it, switching banks can be a pain. If you have one main bank, your checking account is probably there, your paycheck lands there, and your bills, payment apps, and other accounts may all be connected there.

Even if you’ve thought about changing banks, it may feel a bit like switching gym memberships or cellphone plans: Whether you’re better off or not, it’s easier to just stick with what you have. With everything else going on, and the hassle and time it would take, it tends to fall low on the to-do list.

The thing is, there are tradeoffs — especially if inertia keeps you from earning a competitive interest rate on your savings. And these days, you don’t have to settle for just one bank. Thanks to online banking, setting up new accounts is pretty simple, making it easier to cherry pick the rates and products you like the best.

So what? A little curiosity can go a long way. And a growing share of people, especially younger folks, are rethinking where they keep their money. One in four U.S. households are now considering changing their main bank — a 10-year high, according to data from RFI Global, a market analytics firm for financial services companies.

If you’ve been toying with the idea of adding or switching banks, here are a few things to consider:

•  Interest rates: Online-only banks have a clear edge when it comes to savings accounts. They typically offer high-yield accounts with much higher interest rates than traditional banks, according to Bankrate. (SoFi offers an annual percentage yield, or APY, of up to 4.30%.¹)

  This gap adds up: Put $5,000 into a savings account earning an APY of 0.01% and after five years, you’d barely have earned enough to buy a hamburger. A high-yield account earning 4.30% would net you almost $1,200 in interest.

  (Caveat: The Federal Reserve is lowering benchmark interest rates. That means banks can borrow more cheaply and have less incentive to use strong APYs to attract customers. Translation: High-yield APYs have probably peaked for now.)

•  Rewards and incentives: This is the top reason people switch banks, according to the RFI data. (Though competitive interest rates are also high on the list.) “Rewards” can mean anything from cash sign-up bonuses and loan discounts to financial advice and access to special events. Only you’ll know what’s important to you — and what’s worth making a move for.

•  Fees: From overdraft and ATM fees to monthly account charges, small costs can quietly chip away at your balance. That doesn’t mean fees are always a dealbreaker — if you’re earning more in interest than you’re paying in fees, the trade-off can make sense. But you should know exactly what you’re paying for and whether you’re getting value in return.

•  Convenience: This one’s personal. Some people want a one-stop shop that includes crypto, investing, and budgeting tools. Others value physical branches and ATM access. Think about what you actually use your bank for — and whether you’re getting what you need.

Ultimately, you’re in control. If you’re a SoFi member, we hope we’ve earned a place in your financial life. But if your bank is profiting from your inertia, it may be time to take a closer look. Check your rates, tally your fees, and ask yourself whether your bank deserves your loyalty.

Related Reading

Banks Love Your Loyalty – Do They Actually Reward You for It? (U.S. News & World Report)

How Much Americans Are Losing by Keeping Money in Low-Yield Accounts (Bankrate)

How to Switch Banks: An Easy Step-by-Step Guide (Yahoo)

¹ Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20251110SW

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Most people carry a wallet full of plastic — maybe three to four active credit cards plus at least one debit card connected to their checking account.

But when it comes time to pay for something, which one do you pull out? If you have more than one rewards credit card, you probably choose the one that will reward you the most for whatever you happen to be buying — giving you extra cash back on gas or groceries, for instance.

But otherwise, how should you decide which one to use? Because credit cards are a loan product and debit cards aren’t, there are pros and cons to each, some of which can have ramifications for your credit score or budget.

Here’s what to consider when deciding which payment method is best and when.

Debit Cards

Pros:

•  Limits overspending: Debit cards deduct money directly from your checking account, so you can’t really spend more than you have. (You can get dinged with a fee for overdrawing your account, though, so don’t try it.)

•  No added costs: You’re not borrowing money, so there’s no potential for accruing interest charges or incurring late fees. You might also avoid the percentage fees some places charge for using a credit card (for example, when paying taxes to the IRS).

•  No debt: Again, no borrowing means you don’t run the risk of building up debt you’ll have to repay.

Cons:

•  No rewards for spending: One of the biggest downsides to debit cards is the lack of spending rewards like airline miles or cash back.

•  Doesn’t build credit history: Since you don’t have to repay anything, using a debit card doesn’t usually help build your credit history or improve your credit score.

•  More risk: If your debit card is stolen, any money that’s spent comes out of your account immediately, and resolving fraud can take time.

Credit Cards

Pros:

•  Rewards and perks: Many credit cards reward spending with cash back or travel points that can be redeemed for hotels or flights. Depending on your spending (you fly a lot or you’re a foodie,) these can add up to hundreds of dollars a year. (Though fancier cards can charge big annual fees.)

•  Builds credit history: Using a credit card responsibly can help establish and improve your credit score. While a good track record with auto loans or student loans will also help you build credit, on-time monthly credit card payments can be an important stepping stone if you’re just starting out.

•  Better fraud protection: Credit cards offer better protection against fraud, and you won’t immediately lose money from your checking account.

•  Time: Credit cards buy you a bit of time. Unlike debit cards, you don’t have to pay for your purchases right away and you’ll have a few weeks to pay your bill. This can be very convenient — as long as this doesn’t lead to overspending.

Cons:

•  Risk of overspending: Credit cards can tempt you to spend more than you can comfortably afford to pay, leading to debt. This isn’t a problem, however, if you use your credit card as if it were a debit card, paying your balance in full every month.

•  High interest rates: If you don’t pay your balance in full each month, you’ll be charged some of the highest interest rates of any loan product. The average in August was 21.4%, the latest Federal Reserve data shows. And credit card debt can quickly rack up thanks to compounding interest.

•  Can hurt your credit score: Just as with any other credit product, late or missed payments can have a significant impact on your score.

•  More complex: Some cards will draw you in with a 0% interest rate for the first year (sometimes longer), making it easier to run up a balance you’re unable to handle once the finance charges kick in.

The right balance of credit vs. debit will vary from person to person and can fluctuate depending on your stage of life and financial situation. The most important thing is to keep control of your cards — rather than letting them control you.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025111201

As crypto ownership continues to grow, SoFi is expanding its one-stop shop to become the first and only nationally chartered, FDIC insured bank to offer crypto trading to consumers on a platform built with bank-grade safety and stability.

SAN FRANCISCO–(BUSINESS WIRE)–SoFi Technologies, Inc. (NASDAQ: SOFI), the one-stop shop for digital financial services, today announced the launch of SoFi Crypto, becoming the first and only nationally chartered bank where consumers can bank, borrow, invest — and now buy, sell and hold crypto – all in one place and on a platform they trust.

With SoFi Crypto, members will be able to buy, sell, and hold dozens of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), on a platform built for both first-time and experienced crypto investors and users. SoFi Crypto’s phased rollout starts today and will become available to more members over the coming weeks.

“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right,” said Anthony Noto, CEO of SoFi. “I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better. It’s critical to give our members a secure and regulated way to step into the future of money. As the first and only nationally chartered bank to launch crypto trading to consumers, we are uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency.”

SoFi Crypto Gives Members:

•  A Platform with Bank-Grade Stability and Security: Members can buy, sell and hold crypto with confidence knowing their assets are on a platform built with institutional-level security, rigorous compliance standards to provide safety and soundness, which is overseen by our nation’s bank regulators, and transparent operations.

•  A Single, Integrated App: SoFi Members can instantly buy crypto assets with money sitting in their award-winning SoFi Money Checking or Savings account (FDIC insured) without moving the money to a new account. They can buy crypto the moment they’re ready, and keep their cash earning interest in a bank account when they’re not. With all their finances connected in one app, members can manage crypto alongside their everyday banking, borrowing and investing with no friction or delays.

•  Education and Accessibility: One reason many people haven’t bought crypto yet is that they feel that they don’t understand it well enough. SoFi Crypto makes it easy to get started with in-app education, simple step-by-step guidance and seamless money movement. SoFi seeks to help members make informed decisions about how crypto fits into their financial lives and risk tolerance. Crypto and other digital assets are not bank deposits, not insured by the FDIC or SIPC, not guaranteed by any bank, and their value can go up or down — sometimes losing all of their value.

SoFi Crypto launches at a time when interest in digital assets is at an all-time high, with ownership doubling in 2025. This shift in how people manage and invest their money has created a growing demand for secure, stable, and regulated platforms. Data shows 60% of SoFi members who own crypto would prefer to buy, sell and hold their crypto with a licensed bank over their primary crypto exchange — a clear signal of the confidence consumers place in regulated institutions and SoFi’s unique position to meet this demand head-on.

This launch is the beginning of SoFi’s broader strategy to weave blockchain innovation throughout its entire ecosystem. SoFi is currently leveraging blockchain to power global crypto-enabled remittances that make sending money internationally faster and more affordable. SoFi also plans to introduce a USD stablecoin and integrate crypto into its lending and infrastructure services to unlock lower-cost borrowing, faster payments, and new embedded financial capabilities for clients and members.

Members and prospective customers can join the waitlist now to get priority access to SoFi Crypto. They can also enter for a chance to get one Bitcoin through joining the waitlist by November 30, opening a crypto account, and making three qualifying transactions of at least $10 by January 31, 2026.

To learn more about SoFi Crypto visit https://www.sofi.com/crypto/

About SoFi

SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 12.6 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across nearly 160 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

Disclosures

CRYPTOCURRENCY AND OTHER DIGITAL ASSETS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Cryptocurrency and other digital assets are highly speculative, involve significant risk, and may result in the complete loss of value. Cryptocurrency and other digital assets are not deposits, are not insured by the FDIC or SIPC, are not bank guaranteed, and may lose value.

All cryptocurrency transactions, once submitted to the blockchain, are final and irreversible. SoFi is not responsible for any failure or delay in processing a transaction resulting from factors beyond its reasonable control, including blockchain network congestion, protocol or network operations, or incorrect address information. Availability of specific digital assets, features, and services is subject to change and may be limited by applicable law and regulation.

SoFi Crypto products and services are offered by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. SoFi Bank does not provide investment, tax, or legal advice. Please refer to the SoFi Crypto account agreement for additional terms and conditions.

©2025 SoFi Technologies, Inc. All rights reserved.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for the roll-out of crypto investing as well as future products, our ability to navigate the regulatory environment related to the products we launch, demand for our products, our expectations regarding the future of financial services and the adoption of crypto, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “could”, “continue”, “expect”, “future”, “may”, “plan”, “will”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the impact on our business of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment, including new and evolving regulations and guidance with respect to crypto; (ii) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (iii) our ability to manage our planned products effectively and our expectations regarding the development and expansion of our business; (iv) our ability to predict the demand for new products and the future of the financial services industry; (v) our ability to develop new products, features and functionality that are competitive and meet market needs; (vi) our ability to maintain the security and reliability of our products; and (vii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last annual report on Form 10-K and subsequent quarterly filing on Form 10-Q, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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