What is an online bank account?
An online bank account conveniently allows you to manage your accounts from your computer or mobile device. This includes sending money, depositing checks, paying bills, and everything you’d normally do at a physical branch. Because SoFi does not have any physical branches, we’re able to pass those savings to our members!
How easy is it to open a bank account online?
Opening an account is quick and easy. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.
Can a student open an account?
Of course. Anyone over 18 can open an individual or joint online bank account. In fact, we have some special offers for students (must have an .edu email address to qualify).
Learn more about our Student Checking and Savings Offer.
How do I set up direct deposit?
Nine in 10 SoFi members agree—setting up direct deposit is easy.** Simply download this here.
Learn more: How to Set Up Direct Deposit
What will my APY be?
As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 3.30% APY on your savings & Vaults balances and 0.50% APY on your checking balances.* If you do not have a direct deposit or $5,000 in deposits every 30 days, you’ll earn 1.00% APY on savings & Vaults balances and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. Additional information can be found at sofi.com/legal/banking-rate-sheet.
Why do I need to sign up for direct deposit?
When you set up direct deposit into your account, you are trusting your paycheck with us. We want to repay that trust by making sure that we give you the best of what SoFi has to offer, including up to 3.30% APY (annual percentage yield)1, plus features like No-Fee Overdraft Coverage4 and up to 2-Day Early Paycheck.*
Are online bank accounts safe?
All SoFi Checking and Savings accounts receive industry-standard FDIC insurance of up to $250,000 per member (joint accounts are insured up to $500,000). SoFi Checking and Savings members can earn up to $2M of FDIC insurance by enrolling in the SoFi Insured Deposit Program 6. For more information on FDIC insurance coverage, please visit www.FDIC.gov.
How do I withdraw and deposit cash?
SoFi makes it easy to both withdraw and deposit money. To withdraw, simply visit any of the 55,000 Allpoint ATMs (more locations than Chase, Wells Fargo, and Bank of America combined!). You won’t pay any fee as long as you visit one of these ATMs. In order to deposit money, simply visit a retail location that offers GreenDot services.
Learn more: How to Deposit Cash at an ATM
Do I need a minimum balance to open an account or get the highest interest rate?
There is no minimum balance required to open a SoFi Checking & Savings account. Members can unlock 3.30% APY savings balances with either direct deposit (no minimum required) or by depositing at least $5,000 every 30 days.1 For more information, please visit sofi.com/banking.
Learn more: How Much Money Is Needed to Start a Bank Account?
Is there a minimum age?
You must be 18 years or older to open an individual or joint bank account.
Learn more: How Old Do You Have to Be to Open a Bank Account?
Can I sign up for an individual checking or savings account?
When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.
If I keep my entire balance in savings, will funds automatically move to checking as needed to pay bills?
Yes. As long as you have Overdraft Protection enabled, we’ll automatically pull from your available savings balances in the event that your checking balance is insufficient. Overdraft protection covers ACH withdrawals (bill pay, loans, P2P), checks and debit card transactions. Note that overdraft protection will not pull from your Vaults. To turn on Overdraft Protection, open the SoFi app, tap More > Overdraft and toggle the feature on.
Any limits on savings account withdrawals per month or transfers between accounts?
No, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.
To unlock the highest APY, does it matter where I direct deposit my funds
(checking vs savings?)
Nope, it doesn’t matter. To unlock the highest the highest APY, you may either:
-Get paid via direct deposit (into either your checking or savings). Eligible direct deposits are the electronic deposits of your paycheck, pension or government payments (e.g., Social Security) from your employer, benefits provider, or the government.
-Add $5,000 or more to your checking or savings account every 30 days.
Is there a maximum or ‘cap’ on the 3.30% APY?
There is not currently a maximum on the 3.30% APY for savings or Vaults.
What about fees?
We’re proud to say that banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.^ There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance. We also offer no ATM fees at 55,000+ Allpoint ATMs worldwide.3 Check out a full list of fees and service charges: No Fees.
