SoFi Bank Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

SoFi Bank Review: Overall Rating

SoFi Bank Pros and Cons

SoFi Personal Banking Review

SoFi Checking and Savings - Product Name Only

SoFi Checking and Savings - Product Name Only is featured in our best high-yield savings accounts and best bank account bonuses. You'll get the most out of your account if you set up direct deposits or have qualifying deposits of $5,000 or more per month. That way, you'll qualify for the higher interest rate tier and earn more on your savings balances.

If you're a new customer or existing customer who hasn't set up direct deposits yet, you could also get a cash bonus of up to $250.

See Insider's SoFi Checking and Savings Review.

SoFi Personal Loans Review

SoFi Personal Loan - Product Name Only

You might like SoFi if you have a good credit score. A SoFi Personal Loan - Product Name Only does not have origination fees or late payment fees. SoFi also offers unemployment protection if you lose your job during your loan repayment. 

See Insider's SoFi Personal Loans Review.

SoFi Student Loans Review

SoFi Undergraduate Student Loans - Product Name Only

SoFi Graduate Student Loans - Product Name Only

SoFi offers student loans for undergraduate, graduate, law school, MBAs, and health profession degrees. SoFi student loans also stand out because they offer unemployment protection. 

See Insider's SoFi Student Loans Review.

SoFi Invest Review

SoFi Invest - Product Name Only

SoFi Invest - Product Name Only is a solid choice if you're a beginning investor. You may open an account with $0, and there's access to certified financial planners at no additional cost.

See Insider's SoFi Invest Review.

SoFi Credit Card Review

SoFi Credit Card - Product Name Only

The SoFi Credit Card - Product Name Only may be worthwhile if you're searching for a credit card with no annual fee that lets you earn 2% cash back on purchases. If you also open SoFi Checking and Savings - Product Name Only and set up direct deposit or deposit minimum $5,000 per month, there's an introductory rate bonus that lets you earn 3% cash back for a year on up to $12,000 in purchases.

See Insider's SoFi Credit Card Review.

SoFi Mortgages Review

SoFi Home Loans - Product Name Only

You may like SoFi if you're comfortable with an online lending experience. SoFi doesn't originate mortgages in Hawaii, though.

See Insider's SoFi Mortgages Review.

About SoFi Bank

SoFi is an online bank that helps you save and invest. You may also apply for personal loans, student loans, mortgages, and credit cards. 

SoFi Checking and Savings customers have access to over 55,000 fee-free ATMs in the Allpoint ATM network. 

Customer support is available through phone or live chat from 5 a.m. to 7 p.m. PT Monday through Thursday, or 5 a.m. to 5 p.m. PT Friday through Sunday.

The bank's mobile app is rated 4 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.

In March, SoFi announced that SoFi Checking and Savings members will be able to protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.

Is SoFi Bank Trustworthy?

The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints. The BBB gives SoFi an A+ rating.

A great BBB score doesn't guarantee your relationship with a company will be perfect. You'll also want to speak with current customers or read online customer reviews.

SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell SoFi customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.

SoFi Bank FAQs

Is your money safe with SoFi? 

Yes. SoFi is a full-service bank federally insured by the FDIC. In March, SoFi also announced that SoFi Checking and Savings members will be able to protect up to $2 million in deposits through the SoFi Insured Deposit Program. Money beyond the traditional FDIC insurance limit will be put into FDIC-insured accounts at partner banks.

How much money can I withdraw from SoFi Bank per day? 

You may withdraw up to $1,000 in cash from a SoFi ATM. SoFi's debit card limit is $6,000 per day.

Is SoFi a good bank? 

SoFi is a good option for people who are searching for an online bank where they may save, invest, and apply for credit cards and loans. You might prefer another bank if you'd like separate checking and savings account, or if you are interested in CDs or money market accounts. Other financial institutions may also offer more options for home loans and credit cards.

Methodology: How We Reviewed SoFi Bank

For our SoFi Bank review, we rated bank products and services using our editorial standards.

At Personal Finance Insider, we rate products on a scale from zero to five stars. We review different features for distinct products.

For example, for SoFi Checking and Savings we combined our bank account methodologies for savings and checking accounts to look at features like interest rates and ATM network size/fees. We also used distinct methodologies for reviewing credit cards, personal loans, student loans, home loans, and investment accounts. With credit cards, we examined annual fees and rewards rates, and with personal loans, we looked at fees and term options.

How SoFi Bank Compares

We compare SoFi Bank to two other national banks: Ally and Chase. 

SoFi vs. Ally

SoFi and Ally are online-only financial institutions. You'll have to be comfortable with online-only banking or consider other options.

Both Ally and SoFi are great choices if you're looking for a bank where you can save and invest. The two financial institutions are featured in our best savings accounts guide and best online brokerages for beginners. 

Ally has more banking options than SoFi, like money market accounts and CDs. But SoFi may be more compelling if you'd like to get a student loan.

SoFi vs. Chase 

Chase is a national bank with over 4,700 branches and 16,000 ATMs throughout the continental US. You'll likely prefer Chase over SoFi if you would rather bank at a branch than online. Chase may also be a better choice if you'd like more options for home loans or credit cards. 

If you'd like to get a competitive interest rate on a savings account, you'll want to go with SoFi. SoFi Checking and Savings - Product Name Only pays much higher rates than Chase's savings accounts.