Does SoFi Really Have The Best Bank Account Right Now?

Without a doubt, the SoFi Savings & Checking Account is one of the best bank account deals of 2024. Sure, it may not have the absolute highest APY for your savings, and its criteria for getting the highest rate savings could be considered steep. But when all its benefits are put together, this hybrid of checking and savings accounts packs a powerful punch, one that few banks can truly match.

Whether you’re looking for a new bank or want a chance to earn up to $300 in bonus¹, here are four reasons why SoFi® has the best bank account right now.

1. No account fees

SoFi Checking and Savings has no account fees.³ And when I say “no account fees,” I don’t just mean no monthly service fee, which is what most banks mean when they use that verb. No tax in this case means not taxes.

Overdraft fee? Not.

Stop Paying Charge? Nada.

Inactivity fee? Inactive account fee? Item return fee? Research fee? No, no, no, and, not. Your only charge I might the meeting is on cash deposits. You’ll pay $4.95 per deposit when you deposit cash through its partner, Green Dot. An easy way to avoid this is to get a checking account with no cash deposit fees, such as Capital One 360 ​​Checking, and transfer money from one to the other.

2. Big bank bonus for new customers

SoFi® currently has one of the best banking bonuses for new customers.

New account holders can earn up to $300 when they receive at least $5,000 in direct deposit within a bonus period (25 days starting after SoFi® receives their first direct deposit).¹ If you don’t receive $5,000, you can receive next a $50. bonus for receiving between $1,000 and $4,999.99 in the same bonus period.

To be fair, this isn’t the biggest bank bonus out there right now. For example, the Axos Bank Rewards Checking Account will give you $100 for five months ($500 total) when you make direct deposits totaling $1,500 or more each month and maintain a daily balance of $3,000 for the promotional period . But the SoFi® bonus is much simpler than that and doesn’t require you to wait a long time to get your full payout.

3. Competitive APY with direct deposit activities

SoFi checking and savings account holders can score up to 4.30%² APY on their savings and 0.50% APY on checking account balances when setting up direct deposits or deposit $5,000 or more into their account every 30 days.² While this isn’t the highest APY available — many of the best high-yield savings accounts pay 5.00% APY or more — it is strong for an online bank.

SoFi® is an FDIC member and offers $250,000 of FDIC insurance per depositor, per bank, per property class.⁴ But SoFi® goes beyond that and can offer up to $2 million in FDIC insurance when you sign up for the SoFi® Insured Deposit Program.

This program will distribute large balances in SoFi Checking and Savings to numerous FDIC bank accounts, thus providing up to eight times the normal FDIC insurance limits.

All things considered, SoFi Checking and Savings is hard to beat. So far, my experience as a new account holder has been mostly positive, with only a few minor complaints (like being bombarded with personal loan ads). But if you’re looking for a new checking or savings account, compare it to other top options to see if it can meet your banking needs.